EIH reports healthy performance for Q1FY23EIHOTEL - 249 Change: 9.55 (3.99 %)
News: EIH reported 331% YoY growth in the revenues to Rs Rs342.4 crore (up 28.9% QoQ) led by improved traction in the business travel along with benefit of low base effect. Margin came in at 23.1% with reported net profit of Rs42.4 crore vs loss of Rs93.1 crore LY and loss of Rs7.3 crore last quarter.
Views: The current performance reflects the strong rebound in demand from business destinations like Mumbai, Delhi and Bengaluru. Also, with the re-opening doors for foreign tourists, we expect the performance of hotels at key gateway cities like Mumbai and Delhi to improve further going forward.