The shares of the Tata group stock, Indian Hotels (NS: IHTL ) Company Ltd reached a new 52-week high of Rs 349 on Friday. However, till the afternoon the shares trembled and were trading down by 7.5 percent at Rs 313 levels.
The company reported a 69 percent increase in its revenue which stood at Rs 1,232.61 crore in the quarter under review as compared to Rs 728.37 crore they earned in the same period a year ago.
Their net profit stood at Rs 122 Crores in Q2FY23 as against a loss of Rs 121 Crores which they incurred in the September quarter of 2021.
The strong performance was driven by the increase in demand in domestic market, which saw a growth of more than 20 percent over pre-Covid levels in key cities. Its properties in the US, UK, Dubai and Maldives too registered a strong recovery from the covid levels.
The stock price of Indian Hotels Company has risen from Rs 184 in January to the current levels loging a return of 70 percent YTD. In the span of two years, the stock has delivered a multibagger return of 185 percent.
ICICI Direct has a ‘Buy’ call on the stock with a target of Rs 388 per share which represents an upside of 24% from the current levels.
Indian Hotels Company is a Tata group company that manages a portfolio of hotels, resorts, jungle safaris, palaces, spas, and in-flight catering services. Their brand portfolio includes Taj Hotels and Resorts, Vivanta, SeleQtions, and Ginger.
The company has a market capitalization of Rs 44,671 Crores and a dividend yield of 0.13 percent. The promoters hold a 38.19 percent stake and the Foreign Institutional Investors (FIIs) have a 16.25 percent stake.
Written by Anoushka Roy
The post Tata Group Hospitality stock gets a buy call post good Q2 results; Check the latest target appeared first on Trade Brains.
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