On consolidated basis
Quarter ended December 2024 compared
with Quarter ended December 2023.
Net sales (including other operating income) of Indian Hotels Co has increased
28.98% to Rs 2533.05 crore.
Operating profit margin has jumped
from 37.29% to 37.97%, leading to 31.31% rise in operating profit to Rs 961.68
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 7.80% to 9.89%. Employee cost decreased
from 23.86% to 22.88%. Other expenses fell from 31.04% to 29.27%.
Other income rose 47.44% to Rs 58.68
crore. PBIDT rose 32.14% to Rs 1020.36 crore. Provision
for interest fell 1.45% to Rs 52.39 crore.
PBDT rose 34.62% to Rs 967.97
crore. Provision for depreciation rose 17.17% to Rs 133.94
crore.
Profit before tax grew 37.92% to Rs
834.03 crore. Share of profit/loss was 51.95% lower at Rs 18.71
crore. Provision for tax was expense of Rs 220.21 crore, compared to
Rs 166.72 crore. Effective tax rate was 25.82% compared to 25.90%.
Minority interest increased 101% to
Rs 50.21 crore. Net profit attributable to owners of the company
increased 28.85% to Rs 582.32 crore.
Promoters’ stake was 38.12% as of 31
December 2024 ,compared to 38.12% as of 31 December 2023 .
Year-to-date (YTD) results analysis.
Net sales (including other operating income) of Indian Hotels Co has increased
21.51% to Rs 5909.4 crore.
Operating profit margin has jumped
from 30.79% to 32.36%, leading to 27.73% rise in operating profit to Rs
1,912.55 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 7.83% to 9.12%. Employee cost
decreased from 27.51% to 26.44%. Other expenses fell from 33.87% to
32.08%.
Other income rose 23.41% to Rs
168.82 crore. PBIDT rose 27.37% to Rs 2081.37 crore. Provision
for interest fell 8.44% to Rs 154.48 crore.
PBDT rose 31.49% to Rs 1926.89
crore. Provision for depreciation rose 12.43% to Rs 376.16
crore.
Profit before tax grew 37.13% to Rs
1,550.73 crore. Share of profit/loss was 35.03% lower at Rs 54.19
crore. Provision for tax was expense of Rs 436.85 crore, compared to
Rs 322.34 crore. Effective tax rate was 22.84% compared to 26.55%.
Minority interest increased 78.14%
to Rs 90.14 crore. Net profit attributable to owners of the company
increased 64.66% to Rs 1,385.29 crore.
Promoters’ stake was 38.12% as of 31
December 2024 ,compared to 38.12% as of 31 December 2023 .
Full year results analysis.
Net sales (including other operating income) of Indian Hotels Co has increased
16.50% to Rs 6768.75 crore.
Operating profit margin has jumped
from 31.06% to 31.87%, leading to 19.54% rise in operating profit to Rs
2,157.13 crore. Raw material cost as a % of total sales (net of
stock adjustments) decreased from 8.14% to 7.69%. Employee cost
decreased from 27.23% to 26.67%. Other expenses rose from 33.57% to
33.77%.
Other income rose 31.69% to Rs
182.92 crore. PBIDT rose 20.41% to Rs 2340.05
crore. Provision for interest fell 6.71% to Rs 220.22
crore. Loan funds declined from Rs 3,139.01 crore as of 31 March
2023 to Rs 2,736.23 crore as of 31 March 2024. Inventories rose to
Rs 116.44 crore as of 31 March 2024 from Rs 109.21 crore as of 31 March
2023. Sundry debtors were higher at Rs 476.46 crore as of 31 March
2024 compared to Rs 446.45 crore as of 31 March 2023. Cash and bank
balance rose to Rs 1,485.50 crore as of 31 March 2024 from Rs 1,053.43 crore as
of 31 March 2023. Investments rose to Rs 2,261.20 crore as of 31
March 2024 from Rs 1,891.04 crore as of 31 March 2023 .
PBDT rose 24.15% to Rs 2119.83
crore. Provision for depreciation rose 9.19% to Rs 454.3
crore. Fixed assets increased to Rs 8,904.54 crore as of 31 March
2024 from Rs 8,496.96 crore as of 31 March 2023. Intangible assets
increased from Rs 653.62 crore to Rs 662.32 crore.
Profit before tax grew 28.98% to Rs
1,665.53 crore. Share of profit/loss was 58.05% higher at Rs 128.65
crore. Provision for tax was expense of Rs 463.94 crore, compared to
Rs 323.21 crore. Effective tax rate was 25.86% compared to 23.49%.
Minority interest increased 41.66%
to Rs 71.17 crore. Net profit attributable to owners of the company
increased 25.58% to Rs 1,259.07 crore.
Equity capital increased from Rs
142.04 crore as of 31 March 2023 to Rs 142.34 crore as of 31 March
2024. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 38.12% as of 31
March 2024 ,compared to 38.19% as of 31 March 2023 .
Cash flow from operating activities
increased to Rs 1,935.14 crore for year ended March 2024 from Rs 1,618.99 crore
for year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 636.96 crore, compared to Rs
470.59 crore during the year ended March 2023.
Q3 Performance :
Domestic same store hotels delivered
a 13% Consolidated RevPAR growth with a premium of 78% vs industry at
enterprise level.
International Consolidated portfolio
reported an occupancy of 78%, up 400 basis points, resulting in a RevPAR growth
of 9% led by 25% RevPAR growth in The Pierre, New York.
Management Fee income grew by 32% to
INR 177 crores on the back of not like for like growth.
Expansion:
In
Q3, the company signed 20 hotels which included 3 Taj hotels, in destinations
like Chail and Ayodhya, The Claridges, New Delhi, SeleQtions hotels in Diu and
Mandvi, a Vivanta in Surat, Tree of Life resorts in Udaipur and Naldehra, 6
under the newly reimagined Gateway and 5 Ginger hotels.
The
company opened 8 new hotels in Q3, taking the total operating hotels to 237
across brands with a Taj in Puri and Cochin International Airport, SeleQtions
in Thimpu, Goa and Kumbhalgarh, a Tree of Life resort in Bandhavgarh and 2 Ginger
hotels in Diu and Goa.
Management Commentary
Commenting
on the performance, Mr. Puneet Chhatwal, Managing Director & CEO, IHCL,
said, “Q3 marks eleven consecutive quarters of record performance with the
hotel segment reporting a strong revenue growth of 16% resulting in EBITDA
margin of 40.9%. The revenue performance was driven by 40% increase in New
Businesses, not like for like growth and double-digit growth in same store
hotels led by 20% growth in the US portfolio. With the consolidation of air and
institutional catering business, Revenue and PAT grew by 29% at INR 2,592
crores and INR 582 crores respectively. In Q4 and the subsequent quarters of
the next financial year, the sector will continue to witness demand buoyancy on
account of large-scale regional events, weddings and sustained transient
travel.”
He
added “In line with Accelerate 2030, IHCL sets a new growth benchmark with 55
signings and 20 openings till date this fiscal and 85% of these signings are
capital light. With a portfolio of 360 hotels and an industry leading pipeline
of 123 hotels, IHCL at this pace of growth is well poised to reach 700 hotels
by 2030.”
Mr.
Ankur Dalwani, Executive Vice President and Chief Financial Officer, IHCL said “With
continued demand buoyancy in the domestic market IHCL Standalone reported a
revenue of INR 1,517 crores, an increase of 15% over the previous year, EBITDA
margin 47.8%, an expansion 240 basis points and a 23% growth in PAT at INR 469
crores. Led by a broad-based business performance, IHCL Consolidated reported
EBITDA margin of 39.4% an expansion of 80 bps resulting in a strong gross cash
position as on 31st December of INR 2,823 crores.”
He
added, “The company in January has acquired 55% shareholding in Rajscape
Hotels, the brand holding company of Tree of Life and will form a part of IHCL
Consolidated from Q4.”
Indian Hotels Co : Consolidated Results | | Quarter ended | Year to Date | Year ended |
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Particulars | 202412 | 202312 | Var.(%) | 202412 | 202312 | Var.(%) | 202403 | 202303 | Var.(%) |
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Net Sales (including other operating income) | 2,533.05 | 1,963.84 | 28.98 | 5,909.40 | 4,863.41 | 21.51 | 6,768.75 | 5,809.91 | 16.50 | OPM (%) | 37.97 | 37.29 | 67 bps | 32.36 | 30.79 | 158 bps | 31.87 | 31.06 | 81 bps | OP | 961.68 | 732.38 | 31.31 | 1,912.55 | 1,497.33 | 27.73 | 2,157.13 | 1,804.56 | 19.54 | Other Inc. | 58.68 | 39.80 | 47.44 | 168.82 | 136.80 | 23.41 | 182.92 | 138.90 | 31.69 | PBIDT | 1,020.36 | 772.18 | 32.14 | 2,081.37 | 1,634.13 | 27.37 | 2,340.05 | 1,943.46 | 20.41 | Interest | 52.39 | 53.16 | -1.45 | 154.48 | 168.72 | -8.44 | 220.22 | 236.05 | -6.71 | PBDT | 967.97 | 719.02 | 34.62 | 1,926.89 | 1,465.41 | 31.49 | 2,119.83 | 1,707.41 | 24.15 | Depreciation | 133.94 | 114.31 | 17.17 | 376.16 | 334.57 | 12.43 | 454.3 | 416.06 | 9.19 | PBT | 834.03 | 604.71 | 37.92 | 1550.73 | 1130.84 | 37.13 | 1665.53 | 1291.35 | 28.98 | Share of Profit/(Loss) from Associates | 18.71 | 38.94 | -51.95 | 54.19 | 83.41 | -35.03 | 128.65 | 81.4 | 58.05 | PBT before EO | 852.74 | 643.65 | 32.49 | 1604.92 | 1214.25 | 32.17 | 1794.18 | 1372.75 | 30.70 | EO Income | 0 | 0 | - | 307.36 | 0 | - | 0 | 3.29 | - | PBT after EO | 852.74 | 643.65 | 32.49 | 1912.28 | 1214.25 | 57.49 | 1794.18 | 1376.04 | 30.39 | Taxation | 220.21 | 166.72 | 32.08 | 436.85 | 322.34 | 35.52 | 463.94 | 323.21 | 43.54 | PAT | 632.53 | 476.93 | 32.63 | 1475.43 | 891.91 | 65.42 | 1330.24 | 1052.83 | 26.35 | Minority Interest (MI) | 50.21 | 24.98 | 101.00 | 90.14 | 50.6 | 78.14 | 71.17 | 50.24 | 41.66 | Net profit | 582.32 | 451.95 | 28.85 | 1385.29 | 841.31 | 64.66 | 1259.07 | 1002.59 | 25.58 | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | Net profit after discontinued operations | 582.32 | 451.95 | 28.85 | 1385.29 | 841.31 | 64.66 | 1259.07 | 1002.59 | 25.58 | EPS (Rs)* | 4.09 | 3.18 | 28.85 | 8.19 | 5.91 | 38.49 | 8.85 | 7.03 | 25.88 | | * EPS is on current equity of Rs 142.34 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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