The Indian Hotels Company Ltd (IHCL) posted its strong June quarter results. According to the results the forthcoming G20 summit, ODI World Cup and resurgence in international tourist arrivals may keep on driving demand for the Tata Group firm. As per the company management, the room rates and occupancy observed in the June quarter indicate that RevPAR (revenue generated per available room) growth may continue to remain healthy in FY24. Various industry predictions also suggest a double-digit demand CAGR over FY23-26 against the supply CAGR of 4-5 per cent. This made the company management realise that ARR (average room rate) trajectory is headed upward in the medium term.
Brokerages are excited as they share price targets of up to Rs 440 on the stock, which indicates up to 16 per cent potential upside on the stock over Friday’s trading price of Rs 388.55.
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