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Name Value Change %
BSE 100 10,035.34 40.1 0.4
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Indian Hotels (Q4 FY10) – MP (Target Rs90, Downside 9.1%)
India Infoline Research Team / 18:25 , May 27, 2010

CMP Rs99, Target Rs90, Downside 9.1%

  • Q4 revenue rise of 6% yoy below our estimate; largely driven by improved occupancies but ARRs still under pressure
  • OPM below expectation but improves 481bps yoy due to tight control over staff and other overheads
  • Lower tax burden helps negate increased interest cost; reported PAT jumps ~57% yoy
  • ARR revival coupled with volume growth underpins our upgrade to Market Performer with a revised TP of Rs90
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