Indian Hotels (IHCL) reported a healthy performance, beating our estimates on a broad basis. The company registered 3.7% YoY growth in revenues to | 1372.7 crore (I-direct estimate: | 1404 crore). Standalone (domestic) business continued to outperform the international business for another quarter. International hotels saw a decline in RevPAR by 4.2% YoY; domestic business reported 5.6% growth YoY. EBITDA margins expanded 565 bps YoY to 31% (I-direct estimate: 27.1%). Adjusting for lease reclassification, EBITDA margins expanded 185 bps. Reported EBITDA...