Hotels, Tourism Sector Check – Clear Sky Ahead: ICICI Direct

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BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

The past two years have been very challenging for the hotel sector due to pandemic related setbacks. While most of FY21 remained shut for tourism, gradual re-opening of the economy from H1 FY22 led to a rise of revenge tourism.

As a result, hotels across domestic leisure destinations, first witnessed a sharp rebound in bookings that was also aided by tourists who would have otherwise travelled abroad in the absence of any restrictions.

Now with full resumption of the economy along with opening-up of international borders for foreign tourists, we expect hotel business across key metro cities like Mumbai and Delhi to also improve significantly from FY23E.


As per the latest Directorate General of Civil Aviation data, domestic air traffic has now reached ~94% of pre-Covid levels based on last three month’s data despite higher air fares.

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