MUMBAI, Feb. 25 -- The hotel industry has been recovering from the pain of the pandemic-led hit to demand, but is not out of the woods yet. Even so, the pace of recovery hasn't enthused investors. As things stand, hotel companies' stocks are languishing far below their pre-covid highs seen in early 2020. Shares of Chalet Hotels Ltd, Lemon Tree Hotels Ltd, EIH Ltd, and The Indian Hotels Co. Ltd are about 19-53% lower from their pre-covid highs.

As far as the December quarter goes, these four companies witnessed sequential improvement in their financial performance. On a consolidated basis, Chalet and Lemon Tree reported positive earnings before interest, tax, depreciation and amortisation (Ebitda) at Rs10.4 crore and Rs20 crore, respectiv...