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Dolat Capital Report
The Indian Hotels Company Ltd.'s Q3 FY22 was in-line with ours but above street estimates. Similar to Q2 FY22, the company witnessed robust recovery driven by leisure segment.
Revenues in Goa and Rajasthan markets surpassed pre-Covid-19 levels (as in Q2 FY22). Festive period and strong pent-up/ revenge travel post second Covid wave aided the Q3 FY22 performance.
Profit after tax turned positive for the first time in seven quarters since Covid.
We like Indian Hotels' business positioning and execution but remain vary of rich valuations at 27.8/25.2 times FY23/24E enterprise value/Ebitda (pre India-accounting standard) considering the cyclical nature of business.
In view of likely upcoming IPO of Oyo and in backdrop of healthy business recovery, Indian Hotel has seen decent rerating.
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