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Motilal Oswal Report
We pored over the Q3 FY21 results and management commentaries of key hospitality players – such as The Indian Hotels Company Ltd., Lemon Tree Hotels Ltd., Chalet Hotels Ltd. and EIH Ltd. The following are our key insights:
Q3 FY21 aggregate revenue of hotel players declined 62% YoY, but grew 105% QoQ.
On a QoQ basis, the best performance was reported by EIH, which reported revenue growth of 149%.
Indian Hotels' revenues grew 118% QoQ, and the revenues of each Chalet Hotels and Lemon Tree grew 44% QoQ.
Excluding Lemon Tree and Chalet, all hotel players reported operating loss in Q3 FY21. However, operating loss declined across players sequentially.
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