Motilal Oswal has given Buy recommendation for Indian Hotel recommended buy rating on the stock with a target price of Rs 183 in its research r with a target price of Rs. 183 in its research report issued on Aug 10, 2021
Motilal Oswal’s research report on Indian Hotels
Despite the second COVID wave, standalone RevPAR nearly doubled as compared to last year due to ARR growth and occupancy improvement, as the impact this time around was less severe and the recovery was faster as compared to the first wave. Additionally, IHIN’s operating performance was strong on the back cost saving measures and operating leverage. Revenue/EBITDA in 1QFY22 was above our estimate. Factoring the same, we have increased our FY22E revenue/EBITDA estimate by 2%/4%, and have maintained our estimate for FY23E.
We maintain our Buy rating on the stock, with a Sept’23E SoTP-based TP of INR183.