The Byke Hospitality reported a good set of numbers for 1QFY17 with a 29% growth in revenue at Rs.619 mn vs Rs.481.4 mn YoY. The company reported ~46bps expansion in EBITDA margin to 32% YoY in this quarter. PAT increased by 37% to Rs.64mn from Rs.47mn YoY. The strong revenue performance of the company was supported by growth of 20% in F&B (Foods & Beverages) segment, increasing no. of hotels under asset light model, better utilization of capital through room chartering business and strong sales network.BOB Capital Markets Ltd valued the stock at 30x FY18 EPS and maintain BUY rating with target price of Rs.306.