ITCHOTELS

Jan 20 (Reuters) - ITC Hotels Ltd ITCT.NS:

• ITC HOTELS Q3 CONSOL NET PROFIT 2.35 BILLION RUPEES

• ITC HOTELS Q3 CONSOL REVENUE FROM OPERATIONS 12.31 BILLION RUPEES

Source text: ID:nNSEbxdQ3C

Further company coverage: ITCT.NS

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** ITC Hotels ITCT.NS shares fall 1% to 205.74 rupees as British American Tobacco BATS.L plans stake sale

** BAT, the second-biggest shareholder, to offload between 7% and its entire 15.3% stake worth up to $776 mln, according to a Reuters calculation, via accelerated bookbuild

** Block deal shows 187.5 mln shares traded worth 38.56 bln rupees ($429 mln) - exchange data

** BATS inherited stake through shareholding in ITC ITC.NS, which spun off its hotels business in January

** In May, BATS sold 2.5% stake worth $1.5 bln in ITC

** Seven analysts rate ITCT "buy" on avg; median PT 266 rupees - data compiled by LSEG

** Since Jan 31 listing, ITCT up about 26%

($1 = 89.8540 Indian rupees)

(Reporting by Urvi Dugar in Bengaluru)

(([email protected];))

** JM Financial starts ITC Hotels ITCT.NS with "sell", PT at 215 rupees

** Says growth will be restricted due to no new hotels being commissioned in near-term, stretched valuation

** Stock rated "buy" on avg; median PT at 270 rupees, per data compiled by LSEG

** ITCT drops ~1% to 243 rupees

** Stock gains 42% since listing on January 29

(Reporting by Komal Salecha)

(([email protected];))

** Shares of ITC Hotels ITCT.NS rise as much as nearly 7% to a record high of 244.40 rupees; last up 5.6%

** Hotel operator's Q1 consol net profit rises nearly 54% Y/Y, revenue up 15.5 Y/Y

** Trading volume at 12.5 mln shares so far, more than 3x 30-day avg

** ITCT up about 40% since listing on Jan 29

($1 = 85.9100 Indian rupees)

(Reporting by Vijay Malkar)

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May 15 (Reuters) - ITC Hotels Ltd ITCT.NS:

• MARCH-QUARTER CONSOL NET PROFIT 2.57 BILLION RUPEES

• MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 10.61 BILLION RUPEES

• APPROVED CAPITAL EXPENDITURE FOR CONSTRUCTION OF A HOTEL IN VISAKHAPATNAM

• INVESTMENT REQUIRED FOR NEW HOTEL AT 3.28 BILLION RUPEES

Further company coverage: ITCT.NS

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** India's Kotak Mahindra Bank KTKM.NS, ICICI Bank ICBK.NS, ITC Hotels ITCT.NS, Mankind Pharma MNKI.NS, BSE BSEL.NS and others rise as FTSE's March semi-annual rebalancing comes into effect

** Index provider FTSE added BSEL, Kaynes Technology KAYN.NS, and others to FTSE All World Index; increased weights for ICBK, KTKM, ITCT, MNKI and others

** Rebalancing to lead to $1.4 billion net inflows into Indian stocks, say analysts; biggest beneficiary ICBK rises 1.6%

** Several global investors track index providers like FTSE for their portfolio allocations

** Central Depository Services CENA.NS, BSEL, KAYN, Apar Industries APAR.NS up between 3.2% and 3.6%, while KTKM and ITCT gain 2.3% and 4.9%, respectively

** Premier Energies PEME.NS and National Aluminium Co NALU.NS buck the trend, down 2.5% and 3%, respectively, despite FTSE inclusion

(Reporting by Vivek Kumar M)

(([email protected];))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Ujjaini Dutta

BENGALURU, Feb 12 (Reuters Breakingviews) - Indian Hotels IHTL.NS, owner of the luxury Taj brand, is emerging as a flag bearer of the South Asian country's tourism boom. The $12 billion company on Monday unveiled a fifth hotel under development in Mumbai. Overall it plans to more than double its footprint of properties to over 700 by 2030, and at least 10% of the additions will be overseas. But as domestic room tariffs hit the roof, Indians are increasingly eyeing overseas destinations.

The company shows no sign of being affected by a domestic consumption slowdown that is rippling across the economy. Revenue hit 25.9 billion rupees ($296 million) in the three months to the end of December, up 29% year-on-year, and its EBITDA margin grew 80 basis points to over 39%. Over the past 12 months, the stock outperformed the rallying Nifty 50 .NSEI by 34 percentage points and Indian Hotels is valued at 63 times its earnings for financial year 2025, roughly double the multiple for Marriot International MAR.O and Hilton Hotel HLT.N.

Rich Indians are splurging on weddings and events, and people are hungry for experiences. Coldplay’s concert in Ahmedabad in January had an audience of 134,000, and room rates for one nearby Taj property leapt as high as 120,000 rupees, roughly $1,386, for a double-occupancy two-night stay. It's not a one-off: a shortage of hotels in prime locations is pushing up prices across the board even though foreigners are visiting India in fewer numbers than before the Covid pandemic.

Overseas destinations start to look relatively attractive to domestic travellers beyond a certain expense, says Amit Kumar at HDFC Securities. India may become the world’s fourth-largest market for outbound tourism after the United States, China and Germany, up from 10th, by 2035, says Capital Economics. Popular destinations for the South Asian country's travellers include the Maldives, United Arab Emirates, Oman and Thailand.

Concerns about the sustainability of room rates within India are growing, however. Karan Khanna, an analyst at Ambit Capital, warns of a potential faster-than-expected surge in domestic supply as rivals including ITC Hotels ITCT.NS announce significant expansion plans in smaller cities. To address those worries, Indian Hotels is talking up its capital-light investment strategy. For now, it is on the move with rich India.

Follow @ujjainidutta_

CONTEXT NEWS

Indian Hotels Company on January 17 reported revenue of 25.9 billion rupees ($296 million) in the three months to the end of December, up 29% from the same period last year. Net profit for the period also rose 29% to 5.8 billion rupees.

(Editing by Una Galani and Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on DUTTA/
[email protected]))

Updates with analyst comments, shares and valuations of rivals in paragraphs 5 through 8

By Hritam Mukherjee

Jan 29 (Reuters) - Shares of ITC Hotels ITCT.NS fell in debut trade on Wednesday, following its spin-off from consumer goods firm ITC ITC.NS, valuing the luxury hotels operator at 366.2 billion rupees ($4.23 billion).

The stock fell to as low as 172 rupees, compared to a discovered price of 180 rupees determined during a pre-open trading session. It was last down 2.2% at 176 rupees.

ITC ITC.NS spun off its hotel business into a separately listed firm to focus on its core cigarettes and food business, as the unit is among the conglomerate's smallest by revenue and also capital-intensive.

Shares of the parent firm, which now owns a 40% stake in ITC Hotels, were down 0.8%.

ITC Hotels' listing performance was in line with expectations, but the stock is witnessing selling pressure as it is set to exit key indices such as Nifty 50 .NSEI, Nifty FMCG .NIFTYFMCG and BSE Sensex .BSESN, said Prashanth Tapse, senior vice president of research at Mehta Equities.

Brokerage Jefferies estimated post-listing outflows to the tune of $190 million to $200 million.

Shares of rivals EIH EIHO.NS and Indian Hotels IHTL.NS, which own the "Oberoi" and "Taj" brands respectively, were up roughly 2% each.

ITC Hotels' market valuation is second only to Indian Hotels, which is valued at 1.08 trillion rupees. EIH has a market value of 222.67 billion rupees.

ITC Hotels, with its luxury property offerings, is stepping into the equity market at a time when affluent Indians are splurging on premium products ranging from watches to cars, apartments, and even bathrooms.

It operates more than 140 properties across India, Nepal and Sri Lanka, and offers premium amenities including private swimming pools, jacuzzis, and desert safaris.

India's luxury hotels market is expected to be valued at $4.83 billion by 2030 from $2.99 billion in 2025, estimates from market analytics firm Mordor Intelligence showed.

($1 = 86.5790 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Varun H K)

(([email protected]; X: @MukherjeeHritam;))