Indian Hotels Co. Ltd.’s (IHCL) Q4FY23 consolidated revenue of Rs16.3bn was 6% higher than the I-sec estimate of Rs15.4bn led by stronger than expected ARRs in domestic enterprise business. However, muted international hotels performance led to Q4FY23 consolidated EBITDA of Rs5.4bn which was 2% lower than the I-sec estimate of Rs5.5bn with a reported EBITDA margin of 32.9% (I-sec estimate of 35.7%).