Buy Indian Hotels Company, target price Rs 360: Axis Securities

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Buy Indian Hotels Company, target price Rs 360:  Axis Securities


Axis Securities has buy call on Company with a target price of Rs 360. The current market price of is Rs 313.5.

Indian Hotels Company, incorporated in the year 1902, is a mid cap company (having a market cap of Rs 44387.49 crore) operating in Tourism and Hospitality sector.

It’s key products/revenue segments include income from rooms, restaurants and other services for the year ended March 31, 2022.




Financials


For the quarter ended June 30, 2022, the company has reported a consolidated total income of Rs 1293.19 crore, up 35.43 per cent from last quarter total income of Rs 954.88 crore and up 249.23 per cent from last year same quarter total income of Rs 370.30 crore. Company has reported net profit after tax of Rs 166.13 crore in latest quarter.

The company’s top management includes Mr. N Chandrasekaran, Mr.Puneet Chhatwal, Mr.Venu Srinivasan, Mr.Mehernosh Kapadia, Ms.Anupam Narayan, Mr.Nasser Munjee, Ms.Hema Ravichandar, Mr.Venkataramanan Anantharaman. Company has B S R & Co. LLP as its auditors. As on March 31, 2022, the company has a total of 142 crore shares outstanding.

Investment Rationale
The Brokerage initiates coverage on

(IHCL) with a BUY rating and a target price of Rs 360 (EV/EBITDA 26x for FY25E EBITDA), implying an upside of 16 per cent from the current levels.

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

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