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The shares of the Tata group stock, Indian Hotels 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. 

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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

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