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ICICI Securities Report
We maintain our 'Add' rating with a target price of Rs 443 per share. The current market price of the share is Rs 385.
We recently hosted Indian Hotels Company Ltd.'s senior management for investor meetings in the USA. The positive cycle of consumer demand for branded hotels across India, company's aggressive expansion plans through the asset light management contract route, focus on premiumisation of Indian Hotels' brand portfolio and cost optimisation initiatives is encouraging and continues to flow into earnings.
Further, with various industry estimates suggesting room supply of 5-6% over FY23-27E versus demand compound annual growth rate of over 10%, the company remains in a sweet spot to capture growing demand with average room rate growth expected to increase much higher than inflation.
For FY24, demand drivers such as G20 Summit, Men's ODI World Cup and foreign inbound travel returning to pre-Covid levels is expected to boost demand.
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