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EIH (Q4 FY10) - SELL (Target Rs101, Downside 14.4%)
India Infoline Research Team / 18:29 , May 31, 2010

CMP Rs118, Target Rs101, Downside 14.4%

  • Q4 revenues below expectation as ARRs still remain under pressure despite a likely improvement in occupancies
  • Lower room rates pull down OPM by over ~15ppts yoy
  • Reported PAT declines ~62% on increased interest cost
  • Volume growth from new Mumbai property may not be enough to offset weak ARR scenario in current fiscal; retain SELL
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