Reiterate BUY with revised TP of Rs 168 @ 20x Dec20E EV/E. Indian Hotels (IHCL) 3QFY19 was in-line but healthy. Standalone revenue growth at 5.6% (ARR +4.7%) was a bit soft, but offset by robust costs management (EBITDA +13% YoY). Subsidiaries performance was even healthier led by international operations on account of ARR growth and rupee depreciation.