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Motilal Oswal Report
The revenue per available room performance of Indian Hotels Company Ltd. standalone improved over April–June during the quarter, led by improvement in occupancy; however, average room rates declined over the same period.
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Thus, the performance been improving on a sequential basis, although on a low base. Indian Hotels reduced its total cost by 51% during the quarter, compared with the last year.
80% of this was contributed by variable cost and the balance came from fixed. The company expects further cost savings from the coming quarters, which would aid performance.
Consolidated revenue declined 86% YoY to Rs 1,436 million (estimate Rs 1,428 million) in April-June 2020. Ebitda loss was in line with our estimates and stood at Rs 2,660 million versus profit of Rs 1,734 million last year (estimate loss of Rs 2,673).
The company reported adjusted net loss of Rs 3,445 million versus profit of Rs 39 million last year.
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