Indian Hotels Co. Ltd.’s (IHCL) Q3FY23 consolidated revenue of Rs16.9bn was 7% higher than I-sec estimate of Rs15.8bn led by stronger than expected ARRs. Consequently, Q3FY23 consolidated EBITDA of Rs6.0bn was 15% higher than I-sec estimate of Rs5.2bn with a reported EBITDA margin of 35.4% (I-sec estimate of 33.0%).