Motilal Oswal's research report on Indian Hotels
Indian Hotels (IH)’s consolidated revenue/EBITDA in 2QFY23 sustained above pre-Covid levels (2QFY20) by 22%/1.8x, led by a strong recovery in standalone occupancy/ARR (up 200bp/27% v/s 2QFY20), respectively. Occupancy (like-for-like) in the Business/Leisure segments remained above 2QFY20 levels by 4pp/6pp to 76%/54% in 2QFY23, while the same for Palaces/Ginger is lower by 3pp/10pp to 43%/58%, respectively. We largely retain our FY23/FY24 EBITDA estimates aided by robust demand in 2HFY23E due to the strong wedding season, increase in inbound travel, and India assuming the G20 presidency (meetings across India). Maintain BUY with an SoTP-based TP of INR365.
Outlook
We largely retain our FY23/FY24 EBITDA estimates aided by robust demand in 2HFY23E due to the strong wedding season, increase in inbound travel, and India assuming the G20 presidency (meetings across India). Maintain BUY with an SoTP-based TP of INR365.
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