Strong performance (ex-residential), aided by improving occupancy and steady ARR growth: Domestic RevPAR grew 12% YoY to Rs.11,200/night, aided by higher occupancy at 75% (+290bps YoY) and high-single digit ADR growth (+9% YoY). As per our calculations, Room revenues grew 13% YoY to Rs.544cr, while F&B revenues grew 8% YoY to Rs.411cr. ITC-Ratnadipa posted 1.4x YoY RevPAR growth and turned EBITDA-positive on a YTD basis. We expect events such as the ICC Cricket T20 World Cup in Feb,26 (in India & Sri Lanka) to support occupancy and...