{"id":10061,"date":"2022-06-24T16:34:24","date_gmt":"2022-06-24T11:04:24","guid":{"rendered":"https:\/\/blogs.univest.in\/?p=10061"},"modified":"2022-10-13T14:38:44","modified_gmt":"2022-10-13T09:08:44","slug":"top-broker-picks-indian-hotels-company-dr-reddy-laboratories-ltd","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/top-broker-picks-indian-hotels-company-dr-reddy-laboratories-ltd\/","title":{"rendered":"Top broker picks:  Indian Hotels Company  &#038;  Dr Reddy Laboratories Ltd"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"10061\" class=\"elementor elementor-10061\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f602f34 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f602f34\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f99a517\" data-id=\"f99a517\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2ee52a4 elementor-widget elementor-widget-text-editor\" data-id=\"2ee52a4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/top-broker-picks-indian-hotels-company-dr-reddy-laboratories-ltd\/#Indian_Hotels_Company\" title=\"Indian Hotels Company \">Indian Hotels Company <\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/top-broker-picks-indian-hotels-company-dr-reddy-laboratories-ltd\/#ICICI_Securities_View_on_IHCL\" title=\"ICICI Securities\u2019 View on IHCL\">ICICI Securities\u2019 View on IHCL<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/top-broker-picks-indian-hotels-company-dr-reddy-laboratories-ltd\/#Motilal_Oswal_View_on_IHCL\" title=\"Motilal Oswal\u2019 View on IHCL\">Motilal Oswal\u2019 View on IHCL<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/top-broker-picks-indian-hotels-company-dr-reddy-laboratories-ltd\/#IDBI_Capital_View\" title=\"IDBI Capital\u2019 View\">IDBI Capital\u2019 View<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/top-broker-picks-indian-hotels-company-dr-reddy-laboratories-ltd\/#Dr_Reddy_Laboratories_Ltd\" title=\"Dr Reddy Laboratories Ltd\">Dr Reddy Laboratories Ltd<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/top-broker-picks-indian-hotels-company-dr-reddy-laboratories-ltd\/#ICICI_Direct_View\" title=\"ICICI Direct\u2019 View\">ICICI Direct\u2019 View<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/top-broker-picks-indian-hotels-company-dr-reddy-laboratories-ltd\/#Prabhudas_Liladhars_Views\" title=\"Prabhudas Liladhar\u2019s Views\">Prabhudas Liladhar\u2019s Views<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h4><span class=\"ez-toc-section\" id=\"Indian_Hotels_Company\"><\/span><strong>Indian Hotels Company <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>The Taj Mahal Palace &amp; Tower, in Mumbai, was the first hotel owned by Indian Hotels Company (IHCL), which was founded in 1903. IHCL is a part of the Tata Group, which operates 57 hotels in 40 cities in India. It has 18 hotels in the Maldives, Mauritius, Malaysia, Australia, United Kingdom, United States, Bhutan, Sri Lanka, Africa, and the Middle East in addition to India.<\/p>\n<p>Hotel chains under several brands, including Taj Hotels, Taj Safari, Taj Exotica, The Gateway Hotel, and Ginger, have been developed by IHCL.<\/p>\n<\/p>\n<p><strong><u>Broker\u2019s Call <\/u><\/strong><\/p>\n<\/p>\n<table>\n<tbody>\n<tr>\n<td width=\"150\">\n<p><strong>Broker House<\/strong><\/p>\n<\/td>\n<td width=\"150\">\n<p><strong>ICICI Securities<\/strong><\/p>\n<\/td>\n<td width=\"150\">\n<p><strong>Motilal Oswal<\/strong><\/p>\n<\/td>\n<td width=\"150\">\n<p><strong>IDBI Capital<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"150\">\n<p><strong>BUY (INR)<\/strong><\/p>\n<\/td>\n<td width=\"150\">\n<p>214<\/p>\n<\/td>\n<td width=\"150\">\n<p>215<\/p>\n<\/td>\n<td width=\"150\">\n<p>231<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"150\">\n<p><strong>Target (INR)<\/strong><\/p>\n<\/td>\n<td width=\"150\">\n<p>284<\/p>\n<\/td>\n<td width=\"150\">\n<p>278<\/p>\n<\/td>\n<td width=\"150\">\n<p>278<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"150\">\n<p><strong>Upside <\/strong><\/p>\n<\/td>\n<td width=\"150\">\n<p>+32%<\/p>\n<\/td>\n<td width=\"150\">\n<p>+30%<\/p>\n<\/td>\n<td width=\"150\">\n<p>20%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"150\">\n<p><strong>Time Period<\/strong><\/p>\n<\/td>\n<td width=\"150\">\n<p>12 Months<\/p>\n<\/td>\n<td width=\"150\">\n<p>12 Months<\/p>\n<\/td>\n<td width=\"150\">\n<p>12 Months<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h5><span class=\"ez-toc-section\" id=\"ICICI_Securities_View_on_IHCL\"><\/span><strong>ICICI Securities<\/strong>\u2019 View on IHCL<span class=\"ez-toc-section-end\"><\/span><\/h5>\n<\/p>\n<p><strong>Revenue Growth &amp; Margin Expansion:<\/strong><\/p>\n<p>By FY26E, the business anticipates management contracts and new brands (Ginger\/Qmin\/ama and Chambers) would contribute 25% of total revenue, up from 10% in FY20. With cost savings, a focus on the ideal staff-to-room ratio, and a rationalization of hotel level expenditures, the management is aiming for EBITDA margins of 33% by FY26E.<\/p>\n<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-10070 size-large\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/1-1-1024x515.png\" alt=\"\" width=\"1024\" height=\"515\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/1-1-1024x515.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/1-1-300x151.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/1-1-768x386.png 768w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/1-1.png 1127w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<\/p>\n<p><strong>Funding, capitalization, and simplification:<\/strong><\/p>\n<p>Through a rights issuance and a QIP, the Company added Rs39.8 billion in equity during the year. The company&#8217;s key interests were consolidated with the money raised from these offerings to streamline its holdings and pay off debt. This has enhanced the company&#8217;s capital structure and strengthened its balance sheet.<\/p>\n<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-10071 size-large\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/2-1-e1656070072145-1024x486.png\" alt=\"\" width=\"1024\" height=\"486\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/2-1-e1656070072145-1024x486.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/2-1-e1656070072145-300x142.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/2-1-e1656070072145-768x365.png 768w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/2-1-e1656070072145.png 1152w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<\/p>\n<p><strong>New development bids won in FY22:<\/strong><\/p>\n<p>During the year, the business won a contract for the development (including management and maintenance) of two hotels, a 4-star hotel and a 3-star hotel, in Kevadia, Gujarat, the location of the Statue of Unity. The winning bidder must form new businesses to serve as incubators for these initiatives in accordance with the bid requirement.<\/p>\n<h5><span class=\"ez-toc-section\" id=\"Motilal_Oswal_View_on_IHCL\"><\/span><strong>Motilal Oswal<\/strong>\u2019 View on IHCL<span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><strong>Traditional &amp; Innovative Business growth:<\/strong><\/p>\n<p>The Chambers, the private business club of Taj, has more than 2,200 members as of this writing. It made Rs 850 million in revenue in FY22 and has the potential to reach Rs 1.5 billion by FY26. With a flow through of 75%, &#8220;The Chambers&#8221; has a larger profit margin.<\/p>\n<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-10072 size-large\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/3-1-e1656070208144-1024x468.png\" alt=\"\" width=\"1024\" height=\"468\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/3-1-e1656070208144-1024x468.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/3-1-e1656070208144-300x137.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/3-1-e1656070208144-768x351.png 768w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/3-1-e1656070208144.png 1185w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><strong>&nbsp;<\/strong><\/p>\n<p><strong>Massive expansion plans<\/strong><\/p>\n<p>Indian Hotels has a pipeline of 60 Hotels (over 7,500 rooms) with a well-diversified mix of Taj (32%), SeleQtions (9%), Vivanta (19%), and Ginger (40%). Under this robust Hotel pipeline, the share of management contracts is 74%. The remaining 26% is owned by the company. And 92% of the owned hotels belong to the Ginger brand.<\/p>\n<p><strong>&nbsp;<\/strong><\/p>\n<h5><span class=\"ez-toc-section\" id=\"IDBI_Capital_View\"><\/span><strong>IDBI Capital<\/strong>\u2019 View<span class=\"ez-toc-section-end\"><\/span><\/h5>\n<\/p>\n<ul>\n<li>IHCL unveiled AHVAAN 2025, which focuses on the company&#8217;s strategy for profitable expansion through FY2025\/26.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-10073 size-large\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/4-1-e1656070279969-1024x505.png\" alt=\"\" width=\"1024\" height=\"505\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/4-1-e1656070279969-1024x505.png 1024w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/4-1-e1656070279969-300x148.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/4-1-e1656070279969-768x379.png 768w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/4-1-e1656070279969.png 1440w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<\/p>\n<ul>\n<li>With 100 Taj, 75 Vivanta &amp; Seleqtions, 125 Ginger, and +500 Ama stays, the firm will increase its portfolio of hotels to +300. It would aim for an EBITDA margin of 33% and anticipates a 35% EBITDA from new brands and management fees. It aims to have a 50-50 hotel portfolio and concentrates on having no net debt.<\/li>\n<\/ul>\n<ul>\n<li>Company stated by leveraging the Tata ecosystem it has potential to contribute 30% of IHCL\u2019s enterprise revenue in 3 years and synergize with Tata group aviation companies for driving base occupancies, curated trips ,Joint promotions and Air Catering.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-10074 size-full\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/5-1.png\" alt=\"\" width=\"781\" height=\"344\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/5-1.png 781w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/5-1-300x132.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/5-1-768x338.png 768w\" sizes=\"(max-width: 781px) 100vw, 781px\" \/><\/p>\n<p><strong>&nbsp;<\/strong><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Dr_Reddy_Laboratories_Ltd\"><\/span><strong>Dr Reddy Laboratories Ltd<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Dr Reddy&#8217;s Laboratories Ltd (DRL) is an integrated worldwide pharmaceutical corporation. The primary therapeutic areas on which the firm focuses include dermatology, cancer, diabetology, gastroenterology, and diabetology. Markets all around the world are served by Dr Reddy&#8217;s. The USA, India, Russia &amp; CIS nations, and Europe are some of its key markets.<\/p>\n<\/p>\n<p><strong><u>Broker\u2019s Call <\/u><\/strong><\/p>\n<\/p>\n<table>\n<tbody>\n<tr>\n<td width=\"150\">\n<p><strong>Broker House<\/strong><\/p>\n<\/td>\n<td width=\"150\">\n<p><strong>ICICI Direct<\/strong><\/p>\n<\/td>\n<td width=\"150\">\n<p><strong>Prabhudas Lilladhar<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"150\">\n<p><strong>BUY (INR)<\/strong><\/p>\n<\/td>\n<td width=\"150\">\n<p>4200<\/p>\n<\/td>\n<td width=\"150\">\n<p>4269<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"150\">\n<p><strong>Target (INR)<\/strong><\/p>\n<\/td>\n<td width=\"150\">\n<p>4960<\/p>\n<\/td>\n<td width=\"150\">\n<p>4900<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"150\">\n<p><strong>Upside <\/strong><\/p>\n<\/td>\n<td width=\"150\">\n<p>+18%<\/p>\n<\/td>\n<td width=\"150\">\n<p>+14%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"150\">\n<p><strong>Time Period<\/strong><\/p>\n<\/td>\n<td width=\"150\">\n<p>12 Months<\/p>\n<\/td>\n<td width=\"150\">\n<p>12 Months<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h5><span class=\"ez-toc-section\" id=\"ICICI_Direct_View\"><\/span><strong>ICICI Direct<\/strong>\u2019 View<span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><strong>Emerging Markets- <\/strong><\/p>\n<p>In the next five years, Dr Reddy&#8217;s wants to increase sales in China by 2-3 times. The business aims to win Chinese GPO bids. In the present, 17 files are awaiting clearance, and 15 more are anticipated in FY23. With a particular focus on cancer and institutional business, Dr. Reddy&#8217;s seeks to grow 4-5 times in Brazil in the next five years.<\/p>\n<\/p>\n<p><strong>Productivity Increased-<\/strong><\/p>\n<p>Operational productivity in the last four years has improved in the following areas \u2013 a) API: 35% lower operating expenditure as percentage of sales, b) OSD: 39% lower US$\/000\u2019 units and c) sterile: 83% lower US$\/unit.<\/p>\n<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-10075 size-full\" src=\"https:\/\/univest.in\/wp-content\/uploads\/2022\/06\/6-1.png\" alt=\"\" width=\"786\" height=\"275\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/6-1.png 786w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/6-1-300x105.png 300w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2022\/06\/6-1-768x269.png 768w\" sizes=\"(max-width: 786px) 100vw, 786px\" \/><\/p>\n<\/p>\n<h5><span class=\"ez-toc-section\" id=\"Prabhudas_Liladhars_Views\"><\/span><strong>Prabhudas Liladhar\u2019s <\/strong>Views<span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><strong>New growth avenues: <\/strong><\/p>\n<p>Company is planning to build its Immuno-oncology in NCEs, Biologics &amp; CGT, Nutraceuticals, CDMO, new disease management and digital services which will start contributing meaningfully from 2027. We believe, investments in these avenues will lead to overall 50-100bps increase of expenses. the-counter drugs, and inorganic routes will expand the local formulation industry.<\/p>\n<\/p>\n<p><strong>US \u2013robust pipeline: <\/strong><\/p>\n<p>Dr Reddy\u2019s has robust pipeline of 175 products with 90 filed, out of which 40% are injectables\/sterile products. Filings for complex products will continue to focus on +25 products across Drug-device combos, peptides and long-acting Injectables. Contribution from US has come down from 50% in FY16 to 37%. In the near term non US markets will continue to grow faster than US generics.<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c4094c0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c4094c0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-503e4ae\" data-id=\"503e4ae\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-71924fc elementor-widget elementor-widget-text-editor\" data-id=\"71924fc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><em>Note \u2013 This channel is for educational and training purpose only &amp; any stock mentioned here should not be taken as a tip\/recommendation\/advice<\/em><\/p>\n<p><em>Research done by:\u00a0Ketan Sonalkar,\u00a0SEBI Rgn No INA000011255<\/em><\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b74064d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b74064d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ebe8b82\" data-id=\"ebe8b82\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-332b016 elementor-shape-circle e-grid-align-left elementor-grid-0 elementor-widget elementor-widget-social-icons\" data-id=\"332b016\" data-element_type=\"widget\" data-widget_type=\"social-icons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-social-icons-wrapper elementor-grid\">\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-facebook elementor-repeater-item-b79fad1\" href=\"https:\/\/www.facebook.com\/Univest.in\" target=\"_blank\" rel=\"nofollow noopener\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Facebook<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-facebook\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-twitter elementor-repeater-item-d960058\" href=\"https:\/\/twitter.com\/InUnivest\" target=\"_blank\" rel=\"nofollow noopener\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Twitter<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-twitter\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-whatsapp elementor-repeater-item-1a41792\" href=\"https:\/\/wa.me\/+919810917800\" target=\"_blank\" rel=\"nofollow noopener\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Whatsapp<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-whatsapp\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-telegram elementor-repeater-item-0a982ac\" href=\"https:\/\/t.me\/Univest_in\" target=\"_blank\" rel=\"nofollow\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Telegram<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-telegram\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-instagram elementor-repeater-item-c9974a4\" href=\"https:\/\/www.instagram.com\/univest.in\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Instagram<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-instagram\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-linkedin elementor-repeater-item-6cd9e60\" href=\"https:\/\/www.linkedin.com\/company\/univest-in\" target=\"_blank\" rel=\"nofollow noopener\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Linkedin<\/span>\n\t\t\t\t\t\t<i class=\"fab fa-linkedin\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Indian Hotels Company The Taj Mahal Palace &amp; Tower, in Mumbai, was the first hotel owned by Indian Hotels Company (IHCL), which was founded in 1903. IHCL is a part of the Tata Group, which operates 57 hotels in 40 cities in India. It has 18 hotels in the Maldives, Mauritius, Malaysia, Australia, United Kingdom,<\/p>\n","protected":false},"author":6,"featured_media":26913,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":["post-10061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market"],"metadata":{"_edit_lock":["1665653534:8"],"_edit_last":["8"],"qodef_content_behind_header":["no"],"qodef_show_header_widget_areas":["yes"],"qodef_top_area_header_in_grid":["no"],"_yoast_wpseo_primary_category":["24"],"_yoast_wpseo_focuskw":["Indian Hotels Company & Dr Reddy Laboratories Ltd"],"_yoast_wpseo_title":["Top broker picks: Indian Hotels Company & Dr Reddy Laboratories Ltd"],"_yoast_wpseo_metadesc":["The Taj Mahal Palace & Tower, in Mumbai, was the first hotel owned by Indian Hotels Company (IHCL), which was founded in 1903."],"_yoast_wpseo_linkdex":["61"],"_yoast_wpseo_estimated-reading-time-minutes":["6"],"_elementor_edit_mode":["builder"],"_elementor_template_type":["wp-post"],"_elementor_version":["3.6.6"],"_wp_page_template":["default"],"_elementor_data":["[{\"id\":\"f602f34\",\"elType\":\"section\",\"settings\":{\"qodef_offset_top\":\"50%\",\"qodef_offset_left\":\"50%\"},\"elements\":[{\"id\":\"f99a517\",\"elType\":\"column\",\"settings\":{\"_column_size\":100,\"_inline_size\":null},\"elements\":[{\"id\":\"2ee52a4\",\"elType\":\"widget\",\"settings\":{\"editor\":\"<h4><strong>Indian Hotels Company <\\\/strong><\\\/h4>\\n<p>The Taj Mahal Palace &amp; Tower, in Mumbai, was the first hotel owned by Indian Hotels Company (IHCL), which was founded in 1903. IHCL is a part of the Tata Group, which operates 57 hotels in 40 cities in India. It has 18 hotels in the Maldives, Mauritius, Malaysia, Australia, United Kingdom, United States, Bhutan, Sri Lanka, Africa, and the Middle East in addition to India.<\\\/p>\\n<p>Hotel chains under several brands, including Taj Hotels, Taj Safari, Taj Exotica, The Gateway Hotel, and Ginger, have been developed by IHCL.<\\\/p>\\n<p><\\\/p>\\n<p><strong><u>Broker\\u2019s Call <\\\/u><\\\/strong><\\\/p>\\n<p><\\\/p>\\n<table>\\n<tbody>\\n<tr>\\n<td width=\\\"150\\\">\\n<p><strong>Broker House<\\\/strong><\\\/p>\\n<\\\/td>\\n<td width=\\\"150\\\">\\n<p><strong>ICICI Securities<\\\/strong><\\\/p>\\n<\\\/td>\\n<td width=\\\"150\\\">\\n<p><strong>Motilal Oswal<\\\/strong><\\\/p>\\n<\\\/td>\\n<td width=\\\"150\\\">\\n<p><strong>IDBI Capital<\\\/strong><\\\/p>\\n<\\\/td>\\n<\\\/tr>\\n<tr>\\n<td width=\\\"150\\\">\\n<p><strong>BUY (INR)<\\\/strong><\\\/p>\\n<\\\/td>\\n<td width=\\\"150\\\">\\n<p>214<\\\/p>\\n<\\\/td>\\n<td width=\\\"150\\\">\\n<p>215<\\\/p>\\n<\\\/td>\\n<td width=\\\"150\\\">\\n<p>231<\\\/p>\\n<\\\/td>\\n<\\\/tr>\\n<tr>\\n<td width=\\\"150\\\">\\n<p><strong>Target (INR)<\\\/strong><\\\/p>\\n<\\\/td>\\n<td width=\\\"150\\\">\\n<p>284<\\\/p>\\n<\\\/td>\\n<td width=\\\"150\\\">\\n<p>278<\\\/p>\\n<\\\/td>\\n<td width=\\\"150\\\">\\n<p>278<\\\/p>\\n<\\\/td>\\n<\\\/tr>\\n<tr>\\n<td width=\\\"150\\\">\\n<p><strong>Upside <\\\/strong><\\\/p>\\n<\\\/td>\\n<td width=\\\"150\\\">\\n<p>+32%<\\\/p>\\n<\\\/td>\\n<td width=\\\"150\\\">\\n<p>+30%<\\\/p>\\n<\\\/td>\\n<td width=\\\"150\\\">\\n<p>20%<\\\/p>\\n<\\\/td>\\n<\\\/tr>\\n<tr>\\n<td width=\\\"150\\\">\\n<p><strong>Time Period<\\\/strong><\\\/p>\\n<\\\/td>\\n<td width=\\\"150\\\">\\n<p>12 Months<\\\/p>\\n<\\\/td>\\n<td width=\\\"150\\\">\\n<p>12 Months<\\\/p>\\n<\\\/td>\\n<td width=\\\"150\\\">\\n<p>12 Months<\\\/p>\\n<\\\/td>\\n<\\\/tr>\\n<\\\/tbody>\\n<\\\/table>\\n<h5><strong>ICICI Securities<\\\/strong>\\u2019 View on IHCL<\\\/h5>\\n<p><\\\/p>\\n<p><strong>Revenue Growth &amp; Margin Expansion:<\\\/strong><\\\/p>\\n<p>By FY26E, the business anticipates management contracts and new brands (Ginger\\\/Qmin\\\/ama and Chambers) would contribute 25% of total revenue, up from 10% in FY20. With cost savings, a focus on the ideal staff-to-room ratio, and a rationalization of hotel level expenditures, the management is aiming for EBITDA margins of 33% by FY26E.<\\\/p>\\n<p><\\\/p>\\n<p><img class=\\\"alignnone wp-image-10070 size-large\\\" src=\\\"https:\\\/\\\/univest.in\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/1-1-1024x515.png\\\" alt=\\\"\\\" width=\\\"1024\\\" height=\\\"515\\\"><\\\/p>\\n<p><\\\/p>\\n<p><strong>Funding, capitalization, and simplification:<\\\/strong><\\\/p>\\n<p>Through a rights issuance and a QIP, the Company added Rs39.8 billion in equity during the year. The company's key interests were consolidated with the money raised from these offerings to streamline its holdings and pay off debt. This has enhanced the company's capital structure and strengthened its balance sheet.<\\\/p>\\n<p><\\\/p>\\n<p><img class=\\\"alignnone wp-image-10071 size-large\\\" src=\\\"https:\\\/\\\/univest.in\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/2-1-e1656070072145-1024x486.png\\\" alt=\\\"\\\" width=\\\"1024\\\" height=\\\"486\\\"><\\\/p>\\n<p><\\\/p>\\n<p><strong>New development bids won in FY22:<\\\/strong><\\\/p>\\n<p>During the year, the business won a contract for the development (including management and maintenance) of two hotels, a 4-star hotel and a 3-star hotel, in Kevadia, Gujarat, the location of the Statue of Unity. The winning bidder must form new businesses to serve as incubators for these initiatives in accordance with the bid requirement.<\\\/p>\\n<h5><strong>Motilal Oswal<\\\/strong>\\u2019 View on IHCL<\\\/h5>\\n<p><strong>Traditional &amp; Innovative Business growth:<\\\/strong><\\\/p>\\n<p>The Chambers, the private business club of Taj, has more than 2,200 members as of this writing. It made Rs 850 million in revenue in FY22 and has the potential to reach Rs 1.5 billion by FY26. With a flow through of 75%, \\\"The Chambers\\\" has a larger profit margin.<\\\/p>\\n<p><\\\/p>\\n<p><img class=\\\"alignnone wp-image-10072 size-large\\\" src=\\\"https:\\\/\\\/univest.in\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/3-1-e1656070208144-1024x468.png\\\" alt=\\\"\\\" width=\\\"1024\\\" height=\\\"468\\\"><\\\/p>\\n<p><strong>&nbsp;<\\\/strong><\\\/p>\\n<p><strong>Massive expansion plans<\\\/strong><\\\/p>\\n<p>Indian Hotels has a pipeline of 60 Hotels (over 7,500 rooms) with a well-diversified mix of Taj (32%), SeleQtions (9%), Vivanta (19%), and Ginger (40%). Under this robust Hotel pipeline, the share of management contracts is 74%. The remaining 26% is owned by the company. And 92% of the owned hotels belong to the Ginger brand.<\\\/p>\\n<p><strong>&nbsp;<\\\/strong><\\\/p>\\n<h5><strong>IDBI Capital<\\\/strong>\\u2019 View<\\\/h5>\\n<p><\\\/p>\\n<ul>\\n<li>IHCL unveiled AHVAAN 2025, which focuses on the company's strategy for profitable expansion through FY2025\\\/26.<\\\/li>\\n<\\\/ul>\\n<p><img class=\\\"alignnone wp-image-10073 size-large\\\" src=\\\"https:\\\/\\\/univest.in\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/4-1-e1656070279969-1024x505.png\\\" alt=\\\"\\\" width=\\\"1024\\\" height=\\\"505\\\"><\\\/p>\\n<p><\\\/p>\\n<ul>\\n<li>With 100 Taj, 75 Vivanta &amp; Seleqtions, 125 Ginger, and +500 Ama stays, the firm will increase its portfolio of hotels to +300. It would aim for an EBITDA margin of 33% and anticipates a 35% EBITDA from new brands and management fees. It aims to have a 50-50 hotel portfolio and concentrates on having no net debt.<\\\/li>\\n<\\\/ul>\\n<ul>\\n<li>Company stated by leveraging the Tata ecosystem it has potential to contribute 30% of IHCL\\u2019s enterprise revenue in 3 years and synergize with Tata group aviation companies for driving base occupancies, curated trips ,Joint promotions and Air Catering.<\\\/li>\\n<\\\/ul>\\n<p><img class=\\\"aligncenter wp-image-10074 size-full\\\" src=\\\"https:\\\/\\\/univest.in\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/5-1.png\\\" alt=\\\"\\\" width=\\\"781\\\" height=\\\"344\\\"><\\\/p>\\n<p><strong>&nbsp;<\\\/strong><\\\/p>\\n<h4><strong>Dr Reddy Laboratories Ltd<\\\/strong><\\\/h4>\\n<p>Dr Reddy's Laboratories Ltd (DRL) is an integrated worldwide pharmaceutical corporation. The primary therapeutic areas on which the firm focuses include dermatology, cancer, diabetology, gastroenterology, and diabetology. Markets all around the world are served by Dr Reddy's. The USA, India, Russia &amp; CIS nations, and Europe are some of its key markets.<\\\/p>\\n<p><\\\/p>\\n<p><strong><u>Broker\\u2019s Call <\\\/u><\\\/strong><\\\/p>\\n<p><\\\/p>\\n<table>\\n<tbody>\\n<tr>\\n<td width=\\\"150\\\">\\n<p><strong>Broker House<\\\/strong><\\\/p>\\n<\\\/td>\\n<td width=\\\"150\\\">\\n<p><strong>ICICI Direct<\\\/strong><\\\/p>\\n<\\\/td>\\n<td width=\\\"150\\\">\\n<p><strong>Prabhudas Lilladhar<\\\/strong><\\\/p>\\n<\\\/td>\\n<\\\/tr>\\n<tr>\\n<td width=\\\"150\\\">\\n<p><strong>BUY (INR)<\\\/strong><\\\/p>\\n<\\\/td>\\n<td width=\\\"150\\\">\\n<p>4200<\\\/p>\\n<\\\/td>\\n<td width=\\\"150\\\">\\n<p>4269<\\\/p>\\n<\\\/td>\\n<\\\/tr>\\n<tr>\\n<td width=\\\"150\\\">\\n<p><strong>Target (INR)<\\\/strong><\\\/p>\\n<\\\/td>\\n<td width=\\\"150\\\">\\n<p>4960<\\\/p>\\n<\\\/td>\\n<td width=\\\"150\\\">\\n<p>4900<\\\/p>\\n<\\\/td>\\n<\\\/tr>\\n<tr>\\n<td width=\\\"150\\\">\\n<p><strong>Upside <\\\/strong><\\\/p>\\n<\\\/td>\\n<td width=\\\"150\\\">\\n<p>+18%<\\\/p>\\n<\\\/td>\\n<td width=\\\"150\\\">\\n<p>+14%<\\\/p>\\n<\\\/td>\\n<\\\/tr>\\n<tr>\\n<td width=\\\"150\\\">\\n<p><strong>Time Period<\\\/strong><\\\/p>\\n<\\\/td>\\n<td width=\\\"150\\\">\\n<p>12 Months<\\\/p>\\n<\\\/td>\\n<td width=\\\"150\\\">\\n<p>12 Months<\\\/p>\\n<\\\/td>\\n<\\\/tr>\\n<\\\/tbody>\\n<\\\/table>\\n<h5><strong>ICICI Direct<\\\/strong>\\u2019 View<\\\/h5>\\n<p><strong>Emerging Markets- <\\\/strong><\\\/p>\\n<p>In the next five years, Dr Reddy's wants to increase sales in China by 2-3 times. The business aims to win Chinese GPO bids. In the present, 17 files are awaiting clearance, and 15 more are anticipated in FY23. With a particular focus on cancer and institutional business, Dr. Reddy's seeks to grow 4-5 times in Brazil in the next five years.<\\\/p>\\n<p><\\\/p>\\n<p><strong>Productivity Increased-<\\\/strong><\\\/p>\\n<p>Operational productivity in the last four years has improved in the following areas \\u2013 a) API: 35% lower operating expenditure as percentage of sales, b) OSD: 39% lower US$\\\/000\\u2019 units and c) sterile: 83% lower US$\\\/unit.<\\\/p>\\n<p><\\\/p>\\n<p><img class=\\\"aligncenter wp-image-10075 size-full\\\" src=\\\"https:\\\/\\\/univest.in\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/6-1.png\\\" alt=\\\"\\\" width=\\\"786\\\" height=\\\"275\\\"><\\\/p>\\n<p><\\\/p>\\n<h5><strong>Prabhudas Liladhar\\u2019s <\\\/strong>Views<\\\/h5>\\n<p><strong>New growth avenues: <\\\/strong><\\\/p>\\n<p>Company is planning to build its Immuno-oncology in NCEs, Biologics &amp; CGT, Nutraceuticals, CDMO, new disease management and digital services which will start contributing meaningfully from 2027. We believe, investments in these avenues will lead to overall 50-100bps increase of expenses. the-counter drugs, and inorganic routes will expand the local formulation industry.<\\\/p>\\n<p><\\\/p>\\n<p><strong>US \\u2013robust pipeline: <\\\/strong><\\\/p>\\n<p>Dr Reddy\\u2019s has robust pipeline of 175 products with 90 filed, out of which 40% are injectables\\\/sterile products. Filings for complex products will continue to focus on +25 products across Drug-device combos, peptides and long-acting Injectables. Contribution from US has come down from 50% in FY16 to 37%. 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