revenue grew 11% YoY to INR32.7b, with margin expansion of 230bp YoY to 16.7% (EBITDA up 28.1% YoY to INR5,454m). 6% YoY to INR8,027m, primarily led by higher ARRs. Consequently, EBITDA increased 13% YoY to INR2,607m. Subsidiary (domestic and international) revenue/EBITDA grew 19%/50% YoY to INR5,208m/INR749m, mainly driven by international subsidiaries (US and UK) due to higher occupancy, ARRs and currency tailwinds. RevPAR of international subsidiaries increased 9.4% YoY to USD208 (occupancy up 490bp to 72.8%; ARR up 2% YoY to USD286). IHIN has guided for rate hikes for corporate customers in 4QFY19. Thus, the underlying thesis of favorable demand-supply led growth in the Indian hospitality industry remains intact. We maintain our FY19/20/21 earnings estimates CAGR (FY18-21) of 10% to INR53.9b in revenue and of 24% to INR12.