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Motilal Oswal Report
In this report, we highlight the current demand scenario in key cities and insights based on the Q4 FY22 results and management commentaries of major hospitality players – The Indian Hotel Company Ltd., Lemon Tree Hotels Ltd., Chalet Hotels Ltd., and EIH Ltd.
Occupancies surpassed the 65% mark in April 2022 – a first since the onset of the Covid-19 pandemic, with average room rate higher by 4% from April 2019 levels.
On a YoY basis, the hospitality basket reported a higher incremental Ebitda to incremental revenue in Q4 FY22 with EIH leading the pack (48%) followed by Indian Hotel Company, Chalet Hotels, and Lemon Tree Hotels.
Revenue per available room is seeing an uptick in business, with leisure travel near normalised levels in April-22. Momentum continued in May-22.
A demand versus supply crunch will propel mid- to long-term ARR growth.
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