The Indian Hotels Co. declined to near three-week lows on Thursday after the company's profit margin missed analysts' expectations.
The hotel and resort operator's profit margin rose 167 basis points to 34.6% in the quarter ended March 2024, according to an exchange filing. That compares with 35.5% consensus of analysts polled by Bloomberg.
Indian Hotels Q4 Earning Highlights (Consolidated, YoY)
Revenue up 17.23% at Rs 1,905 crore. (Bloomberg estimate Rs 1,914 crore).
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Ebitda up 23.2% at Rs 659.2 crore. (Bloomberg estimate Rs 679.5 crore).
Margin up 167 bps at 34.6%. (Bloomberg estimate 35.5%).
Net profit up 29.27% at Rs 438 crore. (Bloomberg estimate Rs 428 crore).
Board recommends dividend of Rs 1.75 per share.
Shares of The Indian Hotels declined 5.09% to Rs 577.05, the lowest level since April 5. It was trading 4.47% lower at Rs 580.90 as of 11:16 a.m., compared to a 0.11% advance in the NSE Nifty 50 index.
The stock gained 71.34% in the last 12 months and rose 32.54% on a year-to-date basis. Total traded volume so far today was 4.7 times its 30-day average. The relative strength index was at 47.26.
Out of X analysts tracking the company, 10 maintain a 'buy' rating, seven recommend a 'hold,' and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 2.9%.
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