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IDBI Capital Report
Indian Hotels Co. had reported a strong comeback post initial hiccup of second wave of Covid-19 in Q1FY22.
The company's outperformance on key parameters was majorly driven by healthy growth in occupancy and average daily rate in both domestic and international operation.
Indian Hotels' net sales shot up by 184% YoY to Rs 7.2 billion. Ebitda came in at Rs 728 million compared to negative Rs 1,503 million in Q2FY21. The company's net loss has come down significantly from Rs 2,300 million to Rs 1,206 million.
Focus on prudent cost management, inventory addition through management contract and improved operations of Qmin and Chambers would be the key drivers to sustainable earnings growth in future. We have introduced FY24E in this report and recommend 'Hold' with a revised target price of Rs 228, assigning 20x EV/EBITDA to FY24E.
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