The company reported a standalone profit of ₹35 crore, compared to a loss of ₹10 crore in the year-ago quarter.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) rose 29% YoY to ₹44 crore from ₹34 crore, while the EBITDA margin expanded by 260 basis points to 47.3%.Three major brokerages initiated coverage on Schloss Bangalore recently.
JPMorgan has given an ‘Overweight’ rating with a target price of ₹510. BOFA Securities started coverage with a ‘Buy’ rating and a ₹520 target, while Morgan Stanley also initiated with an ‘Overweight’ view and a ₹549 target price.
Schloss Bangalore made its stock market debut on June 2, listing at a nearly 7% discount to the issue price.
Founded on March 20, 2019, Schloss Bangalore is a luxury hospitality company that owns, operates, manages, and develops hotels and resorts under “The Leela” brand. The company focuses on premium accommodations and personalised service rooted in Indian hospitality.
Shares of Schloss Bangalore recovered from the day’s lows but were last seen trading at ₹449.75 after the earnings announcement. The stock has gained over 15% in the past year.
