Indian Hotels Company Ltd (IHCL) (Q2 FY08): BUY

Indian Hotels Company Ltd (IHCL) (Q2 FY08)

CMP Rs144, BUY

Target price Rs160, Upside 11.2%


ä       Sales growth of 15.7% yoy lower than our estimates due to lower room availability; ARR growth remains healthy

ä       Reduction in staff costs and other expenditure lead to a 420bps yoy improvement in operating margins

ä       Higher interest cost and tax outgo erode operational improvements; net profit up 16% yoy

ä       Earnings growth of 19.6% over FY07-FY09E; maintain BUY with a target price of Rs160, based on 18x FY09E EPS of Rs8.8.


Click below for the detailed update on Indian Hotels Company Ltd



Warm Regards,


India Infoline Research Team



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