1 May 2019 Consolidated revenue grew 10.1% YoY to INR45.1b. EBITDA increased 24% YoY to INR8,297m, with the margin improving 200bp YoY to 18.4%. 7% YoY to INR8,430m in 4QFY19, primarily with higher ARRs (up 7% YoY, despite a 200bp dip in the occupancy) driving EBITDA growth of 15% YoY to INR2,945m. Although the consolidated performance continued to be driven by growth at the standalone level, the 16%+ revenue growth at key subsidiaries (St James, Piem and US) in FY19 was noteworthy. Management maintained its RevPAR growth guidance of 6%. (i) IHIN targets to add 1,800-2,000 rooms in FY20, predominantly under the management contract route. (ii) Capex for standalone/consolidated businesses is guided at INR2.25-2.5b/INR3.5b. The underlying thesis on the Indian hospitality industry remains intact, given the favorable demand-supply scenario. Moreover, management remains confident of achieving RevPAR growth of 6% and is focused on cost efficiencies, which would lend more support to EBITDA.