External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>We attended Indian Hotels Company Limited’s (IHCL) Capital Market Day held on 11 May 2023</li><li>The crux of the presentation given by the management was on the revised AHVAAN target, IHCL’s growth in asset-light business, Indian consumption affecting hotel demand and upcoming events driving the demand</li><li>IHCL now stands with 188 hotels in operation and 75 hotels in the pipeline</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We attended Indian Hotels Company Limited’s (IHCL) Capital Market Day held on 11 May 2023The crux of the presentation given by the management was on the revised AHVAAN target, IHCL’s growth in asset-light business, Indian consumption affecting hotel demand and upcoming events driving the demandIHCL now stands with 188 hotels in operation and 75 hotels in the pipelineContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thematic (Sector/Industry)

<ul><li>Kotak Mahindra Bank: Kotak Mahindra Bank (KMB) delivered a strong beat, led by healthy loan growth (+18% YoY), reflation in NIMs (+28bps QoQ), and lower-than-expected credit costs (20bps annualised)</li><li>Loan growth ex of wholesale was broad-based across segments, with continued traction in unsecured retail (10% of loans) in line with KMB’s efforts to improve its share of high-yield products</li><li>Deposit mobilisation picked up, primarily from term deposits, while CASA saw a 50bps QoQ decline to 52.8%</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kotak Mahindra Bank: Kotak Mahindra Bank (KMB) delivered a strong beat, led by healthy loan growth (+18% YoY), reflation in NIMs (+28bps QoQ), and lower-than-expected credit costs (20bps annualised)Loan growth ex of wholesale was broad-based across segments, with continued traction in unsecured retail (10% of loans) in line with KMB’s efforts to improve its share of high-yield productsDeposit mobilisation picked up, primarily from term deposits, while CASA saw a 50bps QoQ decline to 52.8%Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Kotak Mahindra Bank, Indian Hotels, Supreme Industries

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Indian Hotels (IHCL) has delivered strong consolidated revenue growth of 52.9% YoY on Pre-Covid levels of Q4FY20.</li><li>The standalone business reported improvement in occupancies by 1280 bps to 74.7% and an increase in realizations by 33 to Rs 16,915 as compared to Pre-Covid levels of Q4FY20.</li><li>The company’s International subsidiaries, to0, delivered a 300bps improvement in occupancies to 58%while realizations increased by 16% as compared to Pre-Covid levels of Q4FY20.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indian Hotels (IHCL) has delivered strong consolidated revenue growth of 52.9% YoY on Pre-Covid levels of Q4FY20.The standalone business reported improvement in occupancies by 1280 bps to 74.7% and an increase in realizations by 33 to Rs 16,915 as compared to Pre-Covid levels of Q4FY20.The company’s International subsidiaries, to0, delivered a 300bps improvement in occupancies to 58%while realizations increased by 16% as compared to Pre-Covid levels of Q4FY20.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indian Hotels Company Ltd - Unlocking Value Across Brands

<ul><li>The company’s consolidated revenue growth of 51.7% YoY was led by a 400bps improvement in occupancies to 68% QoQ and realizations increasing by 21% QoQ in the domestic enterprise business.</li><li>Margins improvement contributed by existing hotels (520bps), New Hotels (110bps), and New businesses (Ginger,Qmin Ama, Chambers, 150bps).</li><li>The current demand is led by strong domestic consumption patterns and supply constraints in key metro cities.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The company’s consolidated revenue growth of 51.7% YoY was led by a 400bps improvement in occupancies to 68% QoQ and realizations increasing by 21% QoQ in the domestic enterprise business.Margins improvement contributed by existing hotels (520bps), New Hotels (110bps), and New businesses (Ginger,Qmin Ama, Chambers, 150bps).The current demand is led by strong domestic consumption patterns and supply constraints in key metro cities.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indian Hotels Co - Best-Ever Growth with Robust Margins

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Indian Hotel’s (IH’s) new and re-imagined businesses Ama Stays, Qmin, Chambers, and Management contracts are expected to scale up rapidly on the lower base and high growth runway.</li><li>These businesses are margin accretive with higher margin flowthrough, thereby driving up the RoCE.</li><li>The new business is expected to contribute ~26% to the company’s operating profits by FY25.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indian Hotel’s (IH’s) new and re-imagined businesses Ama Stays, Qmin, Chambers, and Management contracts are expected to scale up rapidly on the lower base and high growth runway.These businesses are margin accretive with higher margin flowthrough, thereby driving up the RoCE.The new business is expected to contribute ~26% to the company’s operating profits by FY25.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indian Hotel’s (IH’s) - Rapid Scaling up of Margin-Accretive New Businesses

India

Indian Hotels Company Limited operates The Taj Group of hotels.  The Company owns or maintains long term leases/licenses for hotels in India, in addition to International hotels.  The Group's hotels are divided into three groups: Luxury, Business, and, Leisure.

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Indian Hotels (IH IN)

Indian Hotels - IHCL Capital Market Day

We attended Indian Hotels Company Limited’s (IHCL) Capital Market Day held on 11 May 2023The crux of the presentation given by the management was...

HDFC Securities

HSIE Results Daily: Kotak Mahindra Bank, Indian Hotels, Supreme Industries

Kotak Mahindra Bank (KMB) delivered a strong beat, led by healthy loan growth (+18% YoY), reflation in NIMs (+28bps QoQ), and lower-than-expected...

HDFC Securities

Indian Hotels Company Ltd - Unlocking Value Across Brands

he standalone business reported improvement in occupancies by 1280 bps to 74.7% and an increase in realizations by 33 to Rs 16,915 as compared to...

Axis Direct

Indian Hotels Co - Best-Ever Growth with Robust Margins

Margins improvement contributed by existing hotels (520bps), New Hotels (110bps), and New businesses (Ginger,Qmin Ama, Chambers, 150bps).

Axis Direct

Indian Hotel’s (IH’s) - Rapid Scaling up of Margin-Accretive New Businesses

Indian Hotel’s (IH’s) new and re-imagined businesses Ama Stays, Qmin, Chambers, and Management contracts are expected to scale up rapidly on the...

Motilal Oswal

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