Buy Indian Hotels Company, target price Rs 284: ICICI Securities

ICICI Securities has buy call on Indian Hotels Company with a target price of Rs 284. The current market price of Indian Hotels Company is Rs 219.15. Time period given by analyst is one year when Indian Hotels Company Ltd. price can reach defined target.

Indian Hotels Company Ltd., incorporated in the year 1902, is a Mid Cap company (having a market cap of Rs 31177.77 Crore) operating in Tourism & Hospitality sector.

Indian Hotels Company Ltd. key Products/Revenue Segments include Income from Rooms, Restaurants & Other Services for the year ending 31-Mar-2022.



Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 954.88 Crore, down -15.79 % from last quarter Total Income of Rs 1133.92 Crore and up 52.42 % from last year same quarter Total Income of Rs 626.47 Crore. Company reported net profit after tax of Rs 79.72 Crore in latest quarter.

Investment Rationale
The brokerage reiterates BUY rating with a revised SoTP-based target price of Rs284/share (earlier Rs292), valuing the stock on 22x Jun’24E EV/EBITDA. Key risks to rating are fresh Covid waves impacting demand and rise in costs denting margins.


Promoter/FII Holdings
Promoters held 38.19 per cent stake in the company as of 31-Mar-2022, while FIIs owned 16.03 per cent, DIIs 28.51 per cent.