Indian Hotels shares jump 4% after Q2 profit rises 20%; Nomura raises target price to Rs 850
The brokerage raised its sum-of-the-parts-based target price to Rs 850, based on an unchanged 26 times FY28 estimated EV/EBITDA. The stock trades at 23 times FY28 estimated EV/EBITDA, it said.
Shares of Indian Hotels Company climbed over 4% on Thursday, October 22, after the hospitality company reported a strong set of results for the September quarter, with net profit rising 19.5% year-on-year and revenue increasing 21.7%. The stock was trading at Rs 783.20, up Rs 30.20, or 4.01%, at 12:54 pm on the NSE. Indian Hotels reported a net profit of Rs 380 crore for the September quarter, while revenue rose to Rs 2,484 crore.
