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ICICI Securities Report
Heading into FY23, the beleaguered hospitality sector, which has borne the brunt of multiple Covid-19 waves impacting business, is seeing a confluence of positives with leisure demand remaining strong and business travel set to see a strong leg up with reopening of offices, resumption of international flights and events/conferences also seeing a pick up.
According to the India hospitality industry overview 2021 by HVS Anarock, industry level occupancies are expected to touch pre-Covid levels of 66% sometime in CY22E/FY23E and reach 70% in CY24E.
Key risks are further Covid waves and rise in costs denting margins.
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