Cox & Kings reported a disappointing set of Q3FY19 numbers. Revenues increased 25% YoY to | 499 crore (vs. I-direct estimates of | 457 crore, after adjusting for revenue share of education business) led by strong growth in Meininger business at 37% YoY to | 180 crore led by uptick in occupancy in newer hotels However, on margin front, EBITDA margin fell 755 bps YoY to 23.85% led by higher marketing expenses and additional expenses on account of a delay in launch of two Meininger properties. Thus,...