Performance set to improve sharply from H2FY22E onwards As the economy is now coming out of pandemic induced pain, LTH is also gradually moving to its full functionality with operational inventory rising from 71.5% in Q1 to 86.8% in Q2, 91.2% in Q3, 93.4% in Q4. Although improvement is getting visible in tourist destinations, a recovery in corporate travel may take at least five to six months due to ongoing work from home policy. We model occupancy of 60%, 69% and ARR of | 3930, | 4710 in FY22E, FY23E, respectively. LTH has taken measures to curtail costs, by taking salary...