This is reflected in a strong 16.5% growth in consolidated hotel segment revenue in October, which is set to accelerate in the remaining months of Q3.
In its investor presentation, the company said that its hotel revenue bounced back in the September quarter, supplemented by TajSATS consolidation.
Jefferies said it has raised its target price for the stock to Rs 785 from Rs 690 earlier, implying 14.8% upside. “Given consolidation of TajSATS operations, our Ebitda estimates rise by 9-13% for fiscal 2024-2027,” it said.
“We build 12% CAGR in room count, 8-10% RevPAR growth, and margin expansion on operating leverage,” it said.
