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Motilal Oswal Report
The Indian Hotels Co.'s performance improved sequentially on the back cost saving measures, which led to positive Ebitda at the consolidated level.
Revenue per available room performance has improved sequentially due to an improvement in occupancy.
Although Ebitda during Q4 FY21 was above our estimate, we have reduced our Ebitda estimate by 69% for FY22E, due to lower occupancy of 50% (versus 63% earlier) and lesser average room rate growth of 17% (versus 25% earlier) given the current demand scenario on account of the second Covid-19 wave, while maintaining our estimate for FY23E.
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