CMP Rs99, Target price Rs90, Downside 9.1%
- Indian Hotels posted a 15.4% rise in Q1 sales, largely driven by normalization of occupancies across key markets as well as customer segments
- Topline was impacted by closure of the Heritage wing of the flagship Mumbai property which would re-open on August 15, 2010; ex-insurance claims of Rs225mn booked last year, Q1 revenues grew at a robust 25% yoy
- Tight control over staff and other overheads led to 413bps yoy margin improvement, resulting in a ~55% surge in operating profit
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