HSBC expects 2019 growth to be better than 2018. "Occupancy is already near record-high levels in major cities."
Indian Hotels share price gained 7 percent intraday on Monday after global brokerage firm HSBC retained its Buy rating on the stock with increased target price to Rs 165 (from Rs 155) following strong earnings growth.
The research house expects 2019 growth to be better than 2018. "Occupancy is already near record-high levels in major cities."
Net profit of the company shot up more than 70 percent to Rs 79.3 crore for the quarter ended March 2018, compared to Rs 46.53 crore in same period last year.
Revenue from operations during the quarter increased nearly 9 percent year-on-year to Rs 1,144 crore in March quarter.
EBITDA (earnings before interest, tax, depreciation and amortisation) grew by 38 percent to Rs 245 crore and margin expanded by 450 basis points to 21.4 percent YoY.
Indian Hotels reduced its finance cost sharply by 33 percent to Rs 52 crore compared to year-ago period.
At 13:16 hours IST, the stock price was quoting at Rs 144, up Rs 6.90, or 5.03 percent on the BSE.