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Indian Hotels Company Ltd.’s Q4 FY21 result was a mixed as net sales was a tad below our estimate, while sequential Ebitda margin improvement was a positive surprise.
Net sales declined by 42.1% YoY to Rs 6,150 million.
Ebitda came in at Rs 713 million compared to Rs 2,079 million in Q4 FY20.The company reported net loss of Rs 977 million.
After a healthy recovery in H2 FY21, the occupancies are under pressure from second half of March 2021 on account of increasing second wave of Covid-19 pandemic across the country.
The management guided that though domestic operations have witnessed traction, recovery in international business is commendable.
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