External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<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

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<ul>
<li>Improved connectivity has led to an increase in leisure travel, resulting in reduced seasonality of the hotel business.</li>
<li>Premium branded hotels have seen an increase in ARR due to an increase in customers' spending power and demand for value.</li>
<li>While entering the industry poses no major challenges, running a hotel is becoming increasingly difficult due to rising costs and competition.</li>
</ul>


Improved connectivity has led to an increase in leisure travel, resulting in reduced seasonality of the hotel business.
Premium branded hotels have seen an increase in ARR due to an increase in customers' spending power and demand for value.
While entering the industry poses no major challenges, running a hotel is becoming increasingly difficult due to rising costs and competition.


India Channel Insight #49 | Hotels - Demand and Occupancy Trends

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

<ul>
<li>Travel and Tourism was one of the forefronts in the 2023-24 union budget speech.</li>
<li>While majority of the sectors have seen revival, the travel and tourism sector is still in recovery mode that awaits extraordinary growth.</li>
<li>Given the recent uptick in sectoral tailwinds and the conscious push by the government, travel and tourism looks set to be one of the 'Theme of the year'.</li>
</ul>


Travel and Tourism was one of the forefronts in the 2023-24 union budget speech.
While majority of the sectors have seen revival, the travel and tourism sector is still in recovery mode that awaits extraordinary growth.
Given the recent uptick in sectoral tailwinds and the conscious push by the government, travel and tourism looks set to be one of the 'Theme of the year'.


<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

Jubilant Foodworks Ltd. owns and operates fast food chains. The Company offers donuts, baked goods, coffee, bagels, muffin, fruit milkshakes, smoothies, tea, sandwiches, pizza, and beverages. Jubilant Foodworks serves its products to customers throughout India.

EIH Limited owns and operates luxury hotels and resorts in India under the name "Oberoi."  The Company also manages a mid-price hotel chain in India, in addition to hotels in Egypt, Australia, Sri Lanka, Indonesia and Saudi Arabia.

Thomas Cook (India) Ltd. operates as an authorized dealer in foreign exchange and as a travel agent. The Company also offers packaged tours, cargo services and travel related insurance. Thomas Cook (India) has offices and foreign exchange counters at various international airports in major cities in India.

Mahindra Holidays & Resorts India Ltd. provides leisure hospitality. The Company offers family holidays with a range of services through vacation memberships. Mahindra Holidays gives its members the choice to stay at resorts with furnished accommodations, such as apartments and cottages, and resort amenities, such as restaurants, kids clubs, and other activities.

Westlife Development Limited is an operating-cum-investment company that puts up and operates quick service restaurants. The Company, through its subsidiary, operates fast food franchise restaurants across western and southern India.

Lemon Tree Hotels Limited owns and operates a chain of hotels and resorts. The Company offers room accommodations, resorts, transportation, swimming pools, on-site restaurants, meeting rooms, fitness gym, and spa facilities. Lemon Tree Hotels serves customers in India.

India Tourism Development Corp Ltd (known as ITDC) develops tourism infrastructure and promotes India  as a tourist destination. ITDC provides tourism services including accommodation, catering, travel-related services, event management, publicity, hotel consultancy, duty free shops, in-house travel agency, entertainment and shopping.

Wonderla Holidays Limited owns and operates two amusement parks in Kochi and Bangalore, India.

Delta Corp Limited a diversified business group having a presence in the entertainment and gaming, real estate business in India and Kenya. The Company's business includes offshore casinos, and real estate consulting & development.

Adlabs Entertainment, Ltd. operates a theme park. The Company manages a theme park with rides, shopping, dining, accommodation, and other entertainment services. Adlabs Entertainment serves customers near Mumbai, India.

Genting Singapore Limited, through its subsidiaries, develops resort properties as well as operates casinos. The Company has casinos and integrated resorts in different parts of the world, including Australia, the Americas, Malaysia, the Philippines and the United Kingdom.

MGM China Holdings Ltd. owns a luxury resort, hotel, and casino located in Macau. The Company is also exploring other casino gaming development opportunities in Macau.

Wynn Resorts, Limited owns and operates luxury hotels and destination casino resorts in Las Vegas, Nevada, Macau, and China. The Company offers amenities such as guest rooms and suites, restaurants, golf course, and an on-site luxury automotive dealership.

Hyatt Hotels Corp. is a global hospitality company. The Company manages, franchises, owns, and develops branded hotels, resorts and residential and vacation ownership properties around the world.

ZENSHO Holdings CO., LTD. operates a fast food chain specialized in GYUDON which serves bowls of rice topped with seasoned beef based in Kanto.      The Company operates also diversifying into other types of food chains such as "Coco's" and "Big Boy" in Japan.

Norwegian Cruise Line Holdings Ltd. operates a fleet of passenger cruise ships. The Company offers an array of cruise itineraries as well as theme cruises, while markets its services through various distribution channels including retail and travel agents, consumer direct, international sales, as well as incentive sales. Norwegian Cruise extends its services worldwide.

Wingstop Inc. owns and operates restaurants. The Company specializes in cooked-to-order, hand-sauced, and tossed chicken wings. Wingstop serves customers worldwide.

Planet Fitness, Inc. owns and operates a chain of fitness clubs. The Company offers offers personal fitness training programs for its members. Planet Fitness serves customers in the United States.

Scientific Games Corporation provides services, systems, and products to both the pari-mutuel gaming and instant ticket lottery industries.  The Company operates an instant ticket and online lottery products, systems, and services business.  Scientific also operates wagering and communications, venue management, and telecommunications products businesses.

Churchill Downs Incorporated is a horse racing company whose flagship operation, Churchill Downs, is the home of the Kentucky Derby.  The Company has additional racing and simulcast-wagering operations in Kentucky, Indiana, and Florida, as well as interests in various racing services companies.

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 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

India Channel Insight #49 | Hotels - Demand and Occupancy Trends

Travel industry trends in India: Improved connectivity leads to rise in leisure destinations, seasonal fluctuations reduced, customers seek value.

Pranav Bhavsar

Travel and Tourism: Theme of the Year

Given the recent uptick in sectoral tailwinds and the conscious push by the government, travel and tourism looks set to be one of the 'Theme of the...

Nitin Mangal

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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