India's Leela Palaces hits record high on six-fold jump in June quarter profit
BUZZ-India's Leela Palaces hits record high on six-fold jump in June quarter profit ** Luxury hospitality company Leela Palaces Hotels & Resorts' shares LEEA.NS rise as much as 4.72% to a record high of 517.95 rupees apiece
** Uptick after LEEA posts a nearly six-fold year-on-year rise in consolidated net profit in the June quarter to 488 million rupees, during market hours on Friday
** LEEA gained 5.7% on Friday
** Morgan Stanley reiterates "overweight" rating, citing resilient domestic luxury demand, pricing power and operating leverage
** Kotak institutional equities upgrades LEEA to "buy" from "add"; says LEEA will deliver a 17% operating profit CAGR over FY2026-2030 on the back of industry-leading double-digit RevPAR growth
** Axis Capital retains "buy", hikes PT to 676 rupees from 571 rupees on the back of strong June quarter earnings
** Average rating of 16 analysts tracking LEEA is a "strong buy"; median PT is 585 rupees, according to data compiled by LSEG
(Reporting by Bharath Rajeswaran in Bengaluru)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))
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