As ~65-70% of the total branded hotel rooms in India primarily exist because of corporate travel in India, we reckon the situation is likely to be grim over the next 2-3 months. With the "no-travel" policy and companies adopting "work from home", we expect the impact of the virus to begin waning by Jun-Jul, and business to pick up in H2 FY21. We also assume that, as the last few months of 2020 roll in, inbound travel is likely to be a fraction of what India gets in typical years. Considering the situation and its impact on hospitality, we cut our FY21e/FY22e EBITDA for Indian Hotels by 71.7%/39.7% and retain our Buy rating on the stock, with a lower target price of `100, from `180 (sum-of-parts valuation, see Page 4). Also, IHCL is in a comfortable position regarding debt, given its limited refinancing needs and strong promoter backing. Key assumptions taken for FY21 (standalone properties: 40% occupancy with 12% y/y cut in ARR; US and UK properties: 30% occupancy with 12% y/y cut in ARR).