Indian Hotels (IHCL) Q2FY21 revenue decline at 75% YoY was higher than our estimate of 69%. Yet, EBITDA/APAT was ahead of estimates led by higher than expected costs savings. IHCL's net debt has increased sharply by Rs 10.3bn (Rs 6.14bn in Q2) to Rs 29.4bn. We remain positive on IHCL led by its strong brand recall and footprint across segments, asset-light approach, monetization of non-core assets, focus on driving alternate revenue streams, repositioning Ginger in lean luxury segment and efficient costs management....