EIH reported a mixed set of Q4FY18 numbers. The reopening of the New Delhi property has started gaining traction and positively contributed to revenues and margins in Q4FY18 Consequently, revenues increased 16.7% YoY to | 431.4 crore (above our estimate of | 411.6 crore). EBITDA increased 73.2% YoY to | 98.8 crore (vs. I-direct estimate of | 103.6 crore). EBITDA margin increased 747 bps YoY to 22.9% led by a decline in employee expenses. The Board has recommended a dividend of | 0.90/share...