On consolidated basis
Quarter ended June 2023 compared
with Quarter ended June 2022.
Net sales (including other operating income) of Indian Hotels Co has increased
15.82% to Rs 1466.37 crore.
Operating profit margin has declined
from 29.85% to 27.97%, leading to 8.55% rise in operating profit to Rs 410.17
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 8.21% to 7.87%. Employee cost increased
from 28.40% to 29.23%. Other expenses rose from 33.54% to 34.92%.
Other income rose 81.90% to Rs 49.33
crore. PBIDT rose 13.46% to Rs 459.5 crore. Provision for
interest fell 9.37% to Rs 56.51 crore.
PBDT rose 17.61% to Rs 402.99
crore. Provision for depreciation rose 6.31% to Rs 109.05
crore.
Profit before tax grew 22.44% to Rs
293.94 crore. Share of profit/loss was 72.74% higher at Rs 25.41
crore. Provision for tax was expense of Rs 83.34 crore, compared to
Rs 64.81 crore. Effective tax rate was 26.10% compared to 26.38%.
Minority interest increased 25.76%
to Rs 13.57 crore. Net profit attributable to owners of the company
increased 30.81% to Rs 222.44 crore.
Promoters’ stake was 38.19% as of 30
June 2023 ,compared to 38.19% as of 30 June 2022 .
Full year results analysis.
Net sales (including other operating income) of Indian Hotels Co has increased
90.10% to Rs 5809.91 crore.
Operating profit margin has jumped
from 13.24% to 31.06%, leading to 345.85% rise in operating profit to Rs
1,804.56 crore. Raw material cost as a % of total sales (net of
stock adjustments) decreased from 8.42% to 8.14%. Employee cost
decreased from 37.64% to 27.23%. Other expenses fell from 40.70% to
33.57%.
Other income fell 10.48% to Rs 138.9
crore. PBIDT rose 247.10% to Rs 1943.46 crore. Provision
for interest fell 44.80% to Rs 236.05 crore. Loan funds declined
from Rs 3,887.87 crore as of 31 March 2022 to Rs 3,139.01 crore as of 31 March
2023. Inventories rose to Rs 109.21 crore as of 31 March 2023 from
Rs 100.83 crore as of 31 March 2022. Sundry debtors were higher at
Rs 446.45 crore as of 31 March 2023 compared to Rs 255.34 crore as of 31 March
2022. Cash and bank balance declined from Rs 1,187.81 crore as of 31
March 2022 to Rs 1,053.43 crore as of 31 March 2023. Investments
declined from Rs 1,966.80 crore as of 31 March 2022 to Rs 1,891.04 crore as of
31 March 2023.
PBDT rose 1,191.05% to Rs 1707.41
crore. Provision for depreciation rose 2.47% to Rs 416.06
crore. Fixed assets declined from Rs 7,985.97 crore as of 31 March
2022 to Rs 7,939.46 crore as of 31 March 2023. Intangible assets
increased from Rs 622.91 crore to Rs 1,211.12 crore.
Profit before tax reported profit of
Rs 1,291.35 crore compared to loss of Rs 273.80 crore. Extraordinary
items were decreased to Rs 3.29 crore. Provision for tax was debit
of Rs 323.21 crore, compared to credit of Rs 35.78 crore. Effective
tax rate was 23.49% compared to 11.90%.
Equity capital stood at Rs 142.04
crore as of 31 March 2023 to Rs 142.04 crore as of 31 March
2022. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 38.19% as of 31
March 2023 ,compared to 38.19% as of 31 March 2022 .
Cash flow from operating activities
increased to Rs 1,618.99 crore for year ended March 2023 from Rs 671.63 crore
for year ended March 2022. Cash flow used in acquiring fixed assets
during the year ended March 2023 stood at Rs 470.59 crore, compared to Rs
318.02 crore during the year ended March 2022.
Others:
Expansion:
HCL
marks yet another quarter of accelerated portfolio expansion with signing of 11
hotels with a 400-room hotel in Delhi and a 120-room hotel in Kochi and entered
new markets like Raichak in West Bengal and Dhaka in Bangladesh
HCL
opened 5 new hotels in the quarter taking the total operating hotels to 191
across brands
New Business:
Ginger
hotels revenue clocked Rs 100 Crore milestone.
The
air catering business TajSATS clocked a 55% growth in revenue at Rs 205 crores.
Qmin
has grown to 40 outlets.
amã
Stays & Trails portfolio crosses 125+ bungalows across 50+ holiday
destinations
Management Commentary
Commenting
on the performance, Mr. Puneet Chhatwal, Managing Director & CEO, IHCL,
said, IHCL ended the first quarter with a strong performance led by a double-digit
revenue growth. Turnover crossed the INR 1,500 crore mark, making it a
historical Q1.”
He
added, “Maintaining our industry leading portfolio, IHCL signed 11 and opened 5
new hotels across all its brands. With our vast footprint across 125+ locations
we will leverage the buoyancy in India’s travel and tourism sector. The outlook
for the upcoming quarters remains strong with pace of demand driven by domestic
consumption momentum, global events, and revival of international arrivals.”
Mr.
Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL
said, “A strong focus on profitability and cash flow resulted in IHCL
Consolidated reporting a steady EBITDA margin of 30.3% and net cash of INR 889
crores as on 30 th June 2023. In Q1, we have commenced capital investments
towards renovation and upgradation of select hotels in our portfolio.”
| Indian Hotels Co : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,466.37 | 1,266.07 | 15.82 | 5,809.91 | 3,056.22 | 90.10 | | OPM (%) | 27.97 | 29.85 | -187 bps | 31.06 | 13.24 | 1,782 bps | | OP | 410.17 | 377.88 | 8.55 | 1,804.56 | 404.75 | 345.85 | | Other Inc. | 49.33 | 27.12 | 81.90 | 138.90 | 155.16 | -10.48 | | PBIDT | 459.50 | 405.00 | 13.46 | 1,943.46 | 559.91 | 247.10 | | Interest | 56.51 | 62.35 | -9.37 | 236.05 | 427.66 | -44.80 | | PBDT | 402.99 | 342.65 | 17.61 | 1,707.41 | 132.25 | 1,191.05 | | Depreciation | 109.05 | 102.58 | 6.31 | 416.06 | 406.05 | 2.47 | | PBT | 293.94 | 240.07 | 22.44 | 1291.35 | -273.8 | LP | | Share of Profit/(Loss) from Associates | 25.41 | 14.71 | 72.74 | 81.4 | -42.57 | LP | | PBT before EO | 319.35 | 254.78 | 25.34 | 1372.75 | -316.37 | LP | | EO Income | 0 | -9.13 | - | 3.29 | 15.62 | -78.94 | | PBT after EO | 319.35 | 245.65 | 30.00 | 1376.04 | -300.75 | LP | | Taxation | 83.34 | 64.81 | 28.59 | 323.21 | -35.78 | PL | | PAT | 236.01 | 180.84 | 30.51 | 1052.83 | -264.97 | LP | | Minority Interest (MI) | 13.57 | 10.79 | 25.76 | 50.24 | -17.25 | PL | | Net profit | 222.44 | 170.05 | 30.81 | 1002.59 | -247.72 | LP | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 222.44 | 170.05 | 30.81 | 1002.59 | -247.72 | LP | | EPS (Rs)* | 1.57 | 1.24 | 26.25 | 7.04 | -1.85 | LP | | | * EPS is on current equity of Rs 142.04 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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