EIH reported a weak set of Q3FY18 results. The results were below our estimates on all fronts. Revenues were flat YoY at | 362.1 crore (below I-direct estimate of | 376.0 crore) On the margin front, the EBITDA margin declined 282 bps YoY to 22.9% (below I-direct estimate of 25.8%) led by an increase in employee expenses (up 14.3% YoY) Net profit declined 21.5% YoY to | 42.7 crore EIH well poised to capture cyclical upturn in hotel sector...