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Dolat Capital Report
Mahindra Holidays and Resorts India Ltd.'s Q3 FY23 was healthy financially ahead of estimates. Revenue/ Ebitda/adjusted profit after tax grew by a healthy 18/17/18% YoY.
In Q3 FY23, three-year compound annual growth rate of revenue/Ebitda/adjusted profit after tax stood at a healthy ~9/13/19% despite Covid.
Indian Hotels Company Ltd.'s three-year CAGR is 8/12/19%. However, operationally it was a tad soft new member additions at 4,176 versus 3,701/4,397 YoY/QoQ.
New member sales value at Rs 1.9 billion (including upgrades of Rs 0.5 billion), up 20% YoY is positive.
We foresee Mahindra Holidays as a potential re-rating candidate over the next one-two years driven by healthy room additions and consequent member adds, potential turnaround in holiday club resorts and likely strategic sale in it to recoup investments as well as Mahindra Holiday's entry into lucrative leisure hospitality business with large addressable market.
We increase our Ebitda estimates by 7-11% and earnings by 12-18% over FY23-25E to factor robust Q3 FY23E.
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