EBITDA margin declined 16 bps YoY to 23.4% (vs. I-direct estimate of 24.6%) led by 174 bps YoY decline in international margins at 11.4% while domestic margins improved 28 bps YoY to 30.3% Net profit increased 16% YoY to | 107.9 crore Demand increase, lower room supply in domestic market to drive growth The hotel industry had been reeling under pressure mainly led by lower occupancy and subdued ARR (driven by room supply exceeding demand). However, in recent years, the industry has been witnessing...