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IDBI Capital Report
The Indian Hotels Company Ltd.'s Q3 FY24 result was in-line with our estimate on net sales front, while margins were beat to our and consensus estimates. Indian Hotels robust performance was impressive on all key operating metrics, aided by strong demand momentum.
Further, the management's positive commentary on future outlook is encouraging. We believe the company is poised for robust earnings trajectory over next couple of years supported by many growth levers.
Net sales increased by 16.5% YoY to Rs 19.6 billion, while Ebitda came in at Rs 7.3 billion, a healthy growth of 22.6% YoY. Net profit stood at Rs 4.7 billion, higher by 18.2% YoY.
We remain positive on domestic hotels segment and continue to like Indian Hotels amongst the listed players. We roll over to FY26E and maintain 'Buy' with a revised target price of Rs 586 (earlier Rs 445), assigning 26 times enterprise value/ Ebitda to FY26E.
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