GQG Partners Sells Shares Worth 197 Crore in ITC Hotels Through Bulk Deal

New Delhi, April 9: Exchange data showed that GQG Partners Emerging Markets Equity Fund sold 1,28,87,559 shares of ITC Hotels at an average price of 152.67 per share.

Deal Details

• Shares sold: 1.29 crore

• Average price: 152.67 per share

• Total transaction value: ~197 crore

• Previous holding (Dec quarter): 4.11 crore shares (~1.97% stake)

• Nature: Partial stake sale (not full exit)

Stock Performance

• Stock correction (last 3 months): Nearly 20%

• Reason: Broader weakness driven by global uncertainty, geopolitical tensions, growth concerns

Q3 Operational Performance

• Occupancy: Improved by 200 basis points YoY

• Average room rates: Up 8.6%

• Real estate revenue: 81.5 crore

• Real estate EBIT: 26.5 crore

• One-time provision (gratuity regulation change): 52.5 crore

Brokerage View – Elara Capital

• Rating: Buy

• Target price: 253

• View: Recent correction is overdone; recovery possible as operational performance improves

Future Growth Drivers

• Hotel segment: Rising occupancy at newer properties; over 1,000 keys expected from FY27 onwards

• Real estate: Revenues expected to scale up as project deliveries pick up

• Owned hotel portfolio: Meaningful growth expected from FY28