Shares of Indian Hotels Co. climbed to a record high on Friday after its third-quarter profit rose, beating analysts' estimates.
The company's net profit grew 18.2% year-on-year to Rs 476.9 crore in the quarter ended December, according to an exchange filing. That compares with Bloomberg poll of analysts estimate that pegged net profit at Rs 437.2 crore.
Indian Hotels Q3 Results Highlights (Consolidated, YoY)
Revenue up 16.5% at Rs 1,963.8 crore. (Bloomberg estimate: Rs 1,914.7 crore).
Ebitda up 22.6% at Rs 732.38 crore. (Bloomberg estimate: Rs 690.4 crore).
Margin up 186 basis points at 37.3%. (Bloomberg estimate: 36.1%).
Net profit up 18.2% at Rs 476.9 crore. (Bloomberg estimate: Rs 437.2 crore).
Shares of the company rose as much as 4.33%, the highest level since its listing on Nov. 3, 1994, before paring gains to trade 1.87% higher at 10:52 a.m. This compares to a 1.06% advance in the NSE Nifty 50.
The stock has risen 58.51% in 12 months. Total traded volume so far in the day stood at 5.7 times its 30-day average. The relative strength index was at 69.72.
Of the 22 analysts tracking the company, 18 maintain a 'buy' rating and four recommend a 'hold', according to Bloomberg data. The average 12-month analysts' price target implies a downside of 8.9%.
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