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Shares of Indian Hotels- a Tata group entity- rallied over 4 per cent to day’s high price of Rs 603.6 as the company posted an in-line set of earnings for April-June period. The company during the review period posted a consolidated revenue of Rs 1,596 crore, up 5 per cent versus Rs 1,516 crore revenue reported in the same quarter last year. PAT at the company also rose 12 per cent on-year during the reporting quarter to Rs 248 crore in comparison to Rs 222 crore in the same quarter last year. EBITDA, a profitability metric, was reported at Rs 496 crore, while the EBITDA margin was at 31 per cent, clocking an expansion of 70 bps year-on-year (YoY). The same was at Rs 459 crore in the corresponding period last year. After the release of the company’s earnings, the company’s MD and CEO Puneet Chhatwal said, “IHCL consolidated reported a strong financial performance for the first quarter with an all -time high revenue of INR 1,596 crores and a healthy EBITDA margin of 31%. Our performance was enabled by a diversified top line, with new businesses growing at 37% over the previous year and incremental revenues from the not like for like growth.” At the last count, shares of Indian Hotels traded with gains of over 4 per cent at Rs 603.15, near day’s high. The company highlighted that it outperformed the industry on domestic same store RevPAR with a premium of 60 per cent vs competition. The compay’s new businesses vertical comprising of Ginger, Qmin and amã Stays & Trails reported a revenue of Rs 162 crores, a growth of 37% over the previous year. Global brokerage Jefferies has continued with its buy rating on the stock with a target of Rs 690. The suggested target implies an upside of 20 per cent from the last close. Morgan Stanley maintains overweight with a target of Rs 595. The brokerage said that the pent-up demand, shift in marriage dates to Q2 are driving growth in July. The favorable industry demand-supply dynamics, strong brand, & asset-light growth leading to better FCF & RoCE keep us OW, it added. Get Latest Business News , Stock Market Updates and Videos ; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Business Twitter and Facebook . Subscribe on YouTube . None
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