EIH stock rallies 6% after profit zooms over four-fold in Q2

Analysts expect the hotel sector’s revenue per available room (RevPAR) to remain resilient in most key markets in FY24, like in FY24

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Shares of EIH rallied 6 percent to the day’s high of Rs 235 on November 6 after the company reported strong September quarter (Q2FY24) performance on all fronts. The S&P BSE Sensex was up 383 points or 0.6 percent to 64,724 levels as of 12:20pm.

So far this year, the stock of this Oberoi Group hotel company zoomed 31 percent as against 6 percent rise in the benchmark Sensex. Earlier, the stock had hit 52-week high of Rs 274 per share on September 1.

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In Q2FY24, the company’s consolidated revenue surged 32.5 percent on-year to Rs 552 crore, whereas earnings before interest, tax, depreciation, and amortisation (EBITDA) jumped 64 percent on-year to Rs 164 crore.

EIH’s consolidated profit-after-tax (PAT), meanwhile, zoomed over four-fold to Rs 94 crore in the September-ended quarter.

“We are pleased with the outstanding financial results achieved in the second quarter of FY24. The substantial increase in revenue and profitability is a testament to the hard work of our team and the ongoing trust of our loyal guests,” said Vikram Oberoi, CEO and MD at EIH.

EIH owns and operates an exceptional portfolio of hotels and resorts under the prestigious ‘Oberoi’ and ‘Trident’ brands in India and abroad.

Also Read: Do Top Hotel Stocks in India Grow During Holidays?

The hospitality sector, analysts at India Ratings and Research said, is likely to have a resilient revenue per available room (RevPAR) in most key markets in FY24, like in FY23.

“The occupancy is likely to be supported by a continued demand from leisure travel, foreign tourist arrivals, business meetings, the cricket world cup 2023 and social events. Consumers may continue to show a strong tendency to spend the savings accumulated during Covid on services over goods. We expect occupanicies for hotel companies in FY24 to remain steady at the H2FY23 levels of 75-90 percent,” the brokerage firm added.

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