IH's performance improved sequentially on the back cost saving measures, which led to positive EBITDA at the consolidated level. RevPAR performance has improved sequentially due to an improvement in occupancy. Although EBITDA during 4QFY21 was above our estimate, we have reduced our EBITDA estimate by 69% for FY22E, due to lower occupancy of 50% (v/s 63% earlier) and lesser ARR growth of 17% (v/s 25% earlier) given the current demand scenario on account of the second COVID wave, while maintaining our estimate for FY23E. We maintain our BUY rating on the...