{"id":29751,"date":"2024-06-03T06:01:40","date_gmt":"2024-06-03T00:31:40","guid":{"rendered":"https:\/\/fundsindia.com\/blog\/?p=29751"},"modified":"2024-06-03T10:49:55","modified_gmt":"2024-06-03T05:19:55","slug":"alpha-indian-hotels-co-ltd-equity-research-desk","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-indian-hotels-co-ltd-equity-research-desk\/29751","title":{"rendered":"Alpha | Indian Hotels Co Ltd. &#8211; Equity Research Desk"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/indian-hotels-ltd.png\"><img loading=\"lazy\" width=\"1024\" height=\"512\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/indian-hotels-ltd-1024x512.png\" alt=\"\" class=\"wp-image-29763\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/indian-hotels-ltd-1024x512.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/indian-hotels-ltd-300x150.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/indian-hotels-ltd-768x384.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/indian-hotels-ltd-1536x768.png 1536w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/indian-hotels-ltd.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>Incorporated in 1902 and headquartered in Mumbai, The Indian Hotels Company Ltd. (IHCL) is part of the Taj Group. It owns, operates, and manages hotels, palaces, and resorts under brands like Taj, Vivanta, SeleQtions, and Ginger. IHCL&#8217;s portfolio includes 310 hotels (218 operational and 92 in the pipeline) as of March 31, 2024. The company also offers diverse F&amp;B, wellness, and lifestyle services through brands like am\u00e3 Stays &amp; Trails, Taj SATS Air Catering, and Qmin.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image.png\"><img loading=\"lazy\" width=\"748\" height=\"483\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image.png\" alt=\"\" class=\"wp-image-29754\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image.png 748w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-300x194.png 300w\" sizes=\"(max-width: 748px) 100vw, 748px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Products and Services<\/span><\/h2>\n\n\n\n<ul><li>Luxury, Upscale, and Midscale Hotels: IHCL operates hotels under Taj (luxury), Vivanta\/SeleQtions (upscale), and Ginger (midscale).<\/li><li>F&amp;B and Wellness: Offers air catering, salons, spas, and food delivery services.<\/li><li>Boutiques and Trails: Includes am\u00e3 Stays &amp; Trails and business clubs.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-1.png\"><img loading=\"lazy\" width=\"818\" height=\"298\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-1.png\" alt=\"\" class=\"wp-image-29755\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-1.png 818w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-1-300x109.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-1-768x280.png 768w\" sizes=\"(max-width: 818px) 100vw, 818px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Subsidiaries<\/strong>: As of FY23, IHCL has 29 subsidiaries, 5 associates, and 6 joint ventures.<\/p>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Strategies<\/span><\/strong><\/h2>\n\n\n\n<ul><li><strong>New Businesses and Initiatives<\/strong>: New verticals grew by 35%, generating Rs. 1,600 crore (12% of turnover). TajSATS and Ginger reported revenues of Rs. 900 crore and Rs. 486 crore, respectively.<br><\/li><li><strong>Portfolio Expansion<\/strong>: Signed 53 and opened 34 hotels in FY24, including 15 re-imagined Gateway hotels.<br><\/li><li><strong>Strategic Alliances:<\/strong> Partnered with Ambuja Neotia Group&#8217;s Tree of Life Resorts, portfolio of 14 resorts.<\/li><li><strong>Brand Expansion<\/strong>: Under Taj, signed 12 and opened 5 hotels; under SeleQtions, signed 10 and opened 6 hotels; under Vivanta, signed 11 and opened 3 hotels; under Ginger\/Tree of Life, signed 6 and opened 14 hotels.<\/li><\/ul>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Financial Highlights<\/span><\/strong><\/h2>\n\n\n\n<p><img loading=\"lazy\" width=\"602\" height=\"457\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXdCTXMw4JZCle67Za1hFFUp060TYEigDYyv85Ru7-N6g6Qvj_jpTI-y-HwvBww2F5hwc-KcUHYwOcgfSnVoCpopBHke6hVu6iYt8wA_cXlaUd7FedRB6-sTBjvnsV0M08wivpLdSWFuK_ol8gkznnJq817kyxFgMWHSpls6Dw?key=m01S_4zBx86oOo3cVnw6aw\"><\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Q4FY24&nbsp; Performance<\/span><\/h2>\n\n\n\n<ul><li>Revenue: Rs. 1,951 crore (18% YoY growth)<\/li><li>Operating Profit: Rs. 706 crore (25% YoY growth)<\/li><li>Net Profit: Rs. 418 crore (40% YoY growth)<\/li><li>Room Revenues: Rs. 600 crore (20% YoY growth)<\/li><li>F&amp;B Revenues: Rs. 471 crore (13% YoY growth)<\/li><li>Management Fees: Rs. 153 crore (24% YoY growth)<\/li><li>Occupancy: 79.1% (440 bps YoY improvement)<\/li><li>ARR: Rs. 17,546 (3.7% YoY growth)<\/li><li>RevPAR: Rs. 13,885 (10% YoY growth)<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">FY24&nbsp; Performance<\/span><\/h2>\n\n\n\n<ul><li>Revenue: Rs. 6,769 crore (17% YoY growth)<\/li><li>Operating Profit: Rs. 2,340 crore (20% YoY growth)<\/li><li>Net Profit: Rs. 1,259 crore (26% YoY growth)<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-2.png\"><img loading=\"lazy\" width=\"743\" height=\"346\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-2.png\" alt=\"\" class=\"wp-image-29756\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-2.png 743w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-2-300x140.png 300w\" sizes=\"(max-width: 743px) 100vw, 743px\" \/><\/a><\/figure>\n\n\n\n<h3><span class=\"has-inline-color has-vivid-cyan-blue-color\"><strong>Financial performance<\/strong>&nbsp;<\/span><\/h3>\n\n\n\n<ul><li>Revenue CAGR (FY21-24): 63%<\/li><li>PAT CAGR (FY21-24): 50%<\/li><li>Average ROE &amp; ROCE (FY21-24): 9% and 10%<\/li><li>Debt-to-Equity Ratio: 0.29<\/li><li>Cash Reserve: Rs. 2,200 crore<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-3.png\"><img loading=\"lazy\" width=\"752\" height=\"212\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-3.png\" alt=\"\" class=\"wp-image-29757\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-3.png 752w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-3-300x85.png 300w\" sizes=\"(max-width: 752px) 100vw, 752px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Industry Outlook<\/span><\/h2>\n\n\n\n<ul><li>Tourism and Hospitality contribute significantly to India&#8217;s GDP, projected to reach US$ 250 billion by 2030.<br><\/li><li>The sector will generate employment for 137 million individuals.<br><\/li><li>The expansion of the e-Visa scheme is expected to double tourist inflow.<br><\/li><li>India&#8217;s diverse geography and cultural experiences make it a top destination for international tourism.<br><\/li><li>The industry is a crucial part of the Make in India initiative, driving job creation and economic growth.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Drivers<\/span><\/h2>\n\n\n\n<ul><li>The Indian travel market is projected to reach US$ 125 billion by FY27, up from US$ 75 billion in FY20.<\/li><li>100% FDI allowed in the tourism industry under the automatic route.<\/li><li>The Union Budget 2023-24 allocated US$ 290.64 million to the Ministry of Tourism, a 44% increase from the previous year.<br><\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Competitive Advantage<\/span><\/h2>\n\n\n\n<p>Compared to competitors like Lemon Tree Hotels Ltd. and Mahindra Holidays &amp; Resorts India Ltd., IHCL is undervalued with robust returns on capital and strong sales growth.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-4.png\"><img loading=\"lazy\" width=\"1024\" height=\"149\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-4-1024x149.png\" alt=\"\" class=\"wp-image-29758\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-4-1024x149.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-4-300x44.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-4-768x112.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-4.png 1436w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Outlook<\/span><\/h2>\n\n\n\n<ul><li>IHCL expects double-digit topline growth, driven by strong demand.<\/li><li>New businesses projected to grow by 25-30%.<\/li><li>Capex plans of Rs. 2,500 crore for renovations, new properties, and technology upgrades.<\/li><li>Strong pricing power in key markets, with a 65% RevPAR premium over competitors.<\/li><li>Diversified presence in 100 hotels across the top 7 cities.<\/li><li>Positioned to capture spiritual tourism demand with 50+ village\/spiritual destinations.<\/li><li>60\/40 mix of capital light and capital heavy assets, enhancing profitability and balance sheet strength.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-5.png\"><img loading=\"lazy\" width=\"1024\" height=\"712\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-5-1024x712.png\" alt=\"\" class=\"wp-image-29759\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-5-1024x712.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-5-300x208.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-5-768x534.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-5.png 1226w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Valuation<\/span><\/h2>\n\n\n\n<p>Industry demand is expected to grow at over 10% annually for the next 3-4 years. IHCL is projected to deliver consistent topline growth with sustained margins and portfolio expansion. We recommend a BUY rating with a target price of Rs. 666, 49x FY26E EPS.<\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Risks<\/span><\/h2>\n\n\n\n<ul><li>Macro-economic Factors: Economic slowdowns may impact travel demand and company turnover.<\/li><li>Launch of New Hotels: Delays in launching new hotels\/rooms can affect profitability.<\/li><\/ul>\n\n\n\n<p dir=\"ltr\" style=\"line-height: 1.8; margin-top: 0pt; margin-bottom: 0pt; text-align: center;\"><a href=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/Indian+Hotels+Co+Ltd+-+Jun+24.docx.pdf\" target=\"_blank\" rel=\"noopener\"><img alt=\"\" src=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/button_read-the-full-alpha-report.png\" style=\"width: 320px; height: 49px;\"><\/a><\/p>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Recap of our previous recommendations (As on 31 May 2024)<\/span><\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-6.png\"><img loading=\"lazy\" width=\"1024\" height=\"227\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-6-1024x227.png\" alt=\"\" class=\"wp-image-29760\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-6-1024x227.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-6-300x67.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-6-768x170.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-6.png 1158w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-cipla-ltd-equity-research-desk\/29725\">Cipla Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-indus-towers-ltd-equity-research-desk\/29702\">Indus Towers Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-gulf-oil-lubricants-india-ltd-equity-research-desk\/29633\">Gulf Oil Lubricants India Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-aurobindo-pharma-ltd-equity-research-desk\/29563\">Aurobindo Pharma Ltd<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Incorporated in 1902 and headquartered in Mumbai, The Indian Hotels Company Ltd. (IHCL) is part of the Taj Group. It owns, operates, and manages hotels, palaces, and resorts under brands like Taj, Vivanta, SeleQtions, and Ginger. IHCL&#8217;s portfolio includes 310 hotels (218 operational and 92 in the pipeline) as of March 31, 2024. The company [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":29763,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[743,59],"tags":[744,1033,745,897,1055,892,648,1056,870],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Indian Hotels Co Ltd.(June 2024) - ALPHA Report<\/title>\n<meta name=\"description\" content=\"INDHOTEL, stock name of Indian Hotels Company Ltd, is a premier player in India&#039;s hospitality industry, owning, operating, and managing a diverse portfolio of luxury and midscale hotels, palaces, and resorts.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fundsindia.com\/blog\/equities\/alpha-indian-hotels-co-ltd-equity-research-desk\/29751\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Indian Hotels Co Ltd.(June 2024) - 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