For the
quarter ending Dec 2021, Consolidated net sales (including other operating income) of Indian Hotels Co has increased 98.48% to Rs 1111.22 crore compared to quarter ended Dec 2020.
Operating profit margin (OPM) has turned from negative 2.99% to positive 28.95%, Operating profit for the quarter stood at Rs 321.75 crore compared to loss of Rs 16.74 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 10.00% to 8.76%. Employee cost decreased from 43.22% to 28.13%. Other expenses fell from 49.78% to 34.15%. Other income fell 58.48% to Rs 22.7 crore. PBIDT rose 808.12% to Rs 344.45 crore. Provision for interest rose 11.46% to Rs 124.89 crore. PBDT stood at Rs 219.56 crore compared to loss of Rs 17.1 crore. Provision for depreciation fell 2.39% to Rs 99.87 crore. Profit before tax reported profit of Rs 119.69 crore compared to loss of Rs 176.44 crore. Provision for tax was debit of Rs 23.17 crore, compared to credit of Rs 30.74 crore. Effective tax rate was 19.45% compared to 18.75%. Promoters’ stake was 41.02% as of 31 December 2021 ,compared to 40.75% as of 31 December 2020 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Indian Hotels Co has increased 127.48% to Rs 2184.14 crore. Operating profit margin (OPM) has turned from negative 45.10% to positive 11.25%, Operating profit for the quarter stood at Rs 245.77 crore compared to loss of Rs 433.07 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 9.06% to 8.62%. Employee cost decreased from 71.45% to 38.46%. Other expenses fell from 64.59% to 41.67%. Other income fell 52.79% to Rs 72.36 crore. PBIDT stood at Rs 318.13 crore compared to loss of Rs 279.8 crore. Provision for interest rose 17.45% to Rs 348.48 crore. PBDT rose 94.74% to Rs 30.35 crore. Provision for depreciation fell 0.37% to Rs 304.17 crore. Loss before tax has fallen 62.06% to Rs -334.52 crore. Share of profit/loss was 63.23% higher at Rs -34.42 crore. Provision for tax was credit of Rs 33.14 crore, compared to credit of Rs 142.92 crore. Effective tax rate was 8.96% compared to 17.00%.Minority interest increased 78.83% to Rs -14.63 crore. Net profit attributable to owners of the company increased 48.81% to Rs -321.91 crore. Promoters’ stake was 41.02% as of 31 December 2021 ,compared to 40.75% as of 31 December 2020 .
Full year results analysis.
Net sales (including other operating income) of Indian Hotels Co has declined 64.71% to Rs 1575.16 crore. Operating profit margin (OPM) has turned from positive 21.68% to negative 22.97%, Operating profit for the quarter stood loss of Rs 361.76 crore compared to profit of Rs 967.53 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 8.30% to 9.13%. Employee cost increased from 33.49% to 56.76%. Other expenses rose from 36.53% to 57.08%. Other income rose 24.39% to Rs 164.72 crore. PBIDT stood at Rs 197.04 crore compared to profit of Rs 1099.95 crore. Provision for interest rose 18.09% to Rs 402.82 crore. Loan funds rose to Rs 5,518.33 crore as of 31 March 2021 from Rs 4,190.76 crore as of 31 March 2020. Inventories declined from Rs 93.61 crore as of 31 March 2020 to Rs 92.88 crore as of 31 March 2021. Sundry debtors were lower at Rs 219.84 crore as of 31 March 2021 compared to Rs 290.02 crore as of 31 March 2020. Cash and bank balance declined from Rs 315.58 crore as of 31 March 2020 to Rs 153.63 crore as of 31 March 2021. Investments rose to Rs 1,483.17 crore as of 31 March 2021 from Rs 1,426.59 crore as of 31 March 2020 . PBDT stood at Rs 599.86 crore compared to profit of Rs 758.83 crore. Provision for depreciation rose 1.33% to Rs 409.63 crore. Fixed assets increased to Rs 7,991.72 crore as of 31 March 2021 from Rs 7,688.35 crore as of 31 March 2020. Intangible assets declined from Rs 614.58 crore to Rs 610.97 crore. Profit before tax reported loss of Rs 1,009.49 crore compared to profit of Rs 354.59 crore. Extraordinary items were increased to Rs 159.95 crore. Provision for tax was credit of Rs 155.33 crore, compared to debit of Rs 44.77 crore. Effective tax rate was 16.33% compared to 10.96%. Equity capital stood at Rs 118.93 crore as of 31 March 2021 to Rs 118.93 crore as of 31 March 2020. Per share face Value remained same at Rs 1.00. Promoters’ stake was 40.75% as of 31 March 2021 ,compared to 40.75% as of 31 March 2020 . Cash flow from operating activities has turned negative Rs 318.69 crore for year ended March 2021 from positive Rs 823.47 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 215.47 crore, compared to Rs 487.39 crore during the year ended March 2020.
Other Highlights
During the
quarter the Company has allotted 13,21,31,257 Rights Equity Shares of face
value of Re 1 each at a price of Rs 150 per Rights equity share to the eligible
equity shareholders of the Company as on record date for an amount aggregating
Rs 1981.97 crore on Rights Basis. EPS for the quarter ended September 30, 2021,
quarter and nine months ended December 31, 2020 and year ended March 31, 2021
have been retrospectively adjusted for the bonus element in respect of the
Rights issue.
The Company
had signed a binding agreement for acquisition of balance equity stake of
14.28% in ELEL Hotels & Investments Ltd (ELEL), a step down subsidiary,
from its existing shareholders for a consideration of Rs 250 crore payable in a
phased manner on achievement of certain agreed milestones but not later than
the end of December 2021. The final instalment of Rs 174.80 crore (net of TDS)
was paid during the quarter out of the proceeds of the Rights issue.
| Indian Hotels Co : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,111.22 | 559.86 | 98.48 | 2,184.14 | 960.14 | 127.48 | 1,575.16 | 4,463.14 | -64.71 | | OPM (%) | 28.95 | -2.99 | 3,194 bps | 11.25 | -45.10 | 5,636 bps | -22.97 | 21.68 | -4,464 bps | | OP | 321.75 | -16.74 | LP | 245.77 | -433.07 | LP | -361.76 | 967.53 | PL | | Other Inc. | 22.70 | 54.67 | -58.48 | 72.36 | 153.27 | -52.79 | 164.72 | 132.42 | 24.39 | | PBIDT | 344.45 | 37.93 | 808.12 | 318.13 | -279.80 | LP | -197.04 | 1,099.95 | PL | | Interest | 124.89 | 112.05 | 11.46 | 348.48 | 296.71 | 17.45 | 402.82 | 341.12 | 18.09 | | PBDT | 219.56 | -74.12 | LP | -30.35 | -576.51 | 94.74 | -599.86 | 758.83 | PL | | Depreciation | 99.87 | 102.32 | -2.39 | 304.17 | 305.3 | -0.37 | 409.63 | 404.24 | 1.33 | | PBT | 119.69 | -176.44 | LP | -334.52 | -881.81 | 62.06 | -1009.49 | 354.59 | PL | | Share of Profit/(Loss) from Associates | 9.68 | -15.56 | LP | -34.42 | -93.62 | 63.23 | -101.42 | 12.97 | PL | | PBT before EO | 129.37 | -192 | LP | -368.94 | -975.43 | 62.18 | -1110.91 | 367.56 | PL | | EO Income | -10.24 | 28.04 | PL | -0.74 | 134.6 | PL | 159.95 | 40.95 | 290.60 | | PBT after EO | 119.13 | -163.96 | LP | -369.68 | -840.83 | 56.03 | -950.96 | 408.51 | PL | | Taxation | 23.17 | -30.74 | PL | -33.14 | -142.92 | 76.81 | -155.33 | 44.77 | LP | | PAT | 95.96 | -133.22 | LP | -336.54 | -697.91 | 51.78 | -795.63 | 363.74 | PL | | Minority Interest (MI) | 19.95 | -14.34 | PL | -14.63 | -69.1 | 78.83 | -75.52 | 9.32 | LP | | Net profit | 76.01 | -118.88 | LP | -321.91 | -628.81 | 48.81 | -720.11 | 354.42 | PL | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 76.01 | -118.88 | LP | -321.91 | -628.81 | 48.81 | -720.11 | 354.42 | PL | | EPS (Rs)* | 0.62 | -1.09 | LP | -2.43 | -5.66 | 57.06 | -6.53 | 2.41 | PL | | | * EPS is on current equity of Rs 132.14 crore, Face value of Rs 1, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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