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The Indian Hotels Company

Consolidated revenue up 183.78% YoY at Rs 728 crore , Net loss(after MI) lower by 47.6% at Rs 121 crore

October 22, 2021 8:40 IST | capital market
On consolidated basis

Quarter ended Sep 2021 compared with Quarter ended Sep 2020.

Net sales (including other operating income) of Indian Hotels Co has increased 183.78% to Rs 728.37 crore.  

Operating profit margin (OPM) has turned from negative 58.57% to positive 10%, Operating profit for the quarter stood at Rs 72.84 crore compared to loss of Rs 150.34 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 8.50% to 8.62%.   Employee cost decreased from 79.60% to 38.28%.   Other expenses fell from 70.47% to 43.10%.   

Other income fell 64.24% to Rs 23.91 crore.  PBIDT stood at Rs 96.75 crore compared to loss of Rs 83.47 crore.  Provision for interest rose 17.65% to Rs 113.85 crore.  Loan funds rose to Rs 5,977.67 crore as of 30 September 2021 from Rs 4,572.13 crore as of 30 September 2020.  Inventories rose to Rs 94.24 crore as of 30 September 2021 from Rs 93.64 crore as of 30 September 2020.  Sundry debtors were higher at Rs 228.77 crore as of 30 September 2021 compared to Rs 225.76 crore as of 30 September 2020.  Cash and bank balance rose to Rs 268.04 crore as of 30 September 2021 from Rs 198.21 crore as of 30 September 2020.  Investments rose to Rs 1,358.42 crore as of 30 September 2021 from Rs 1,340.14 crore as of 30 September 2020 .  

PBDT rose 90.51% to Rs 17.1 crore.  Provision for depreciation fell 1.05% to Rs 101.76 crore.  Fixed assets increased to Rs 7,929.86 crore as of 30 September 2021 from Rs 7,351.12 crore as of 30 September 2020.  Intangible assets declined from Rs 1,187.75 crore to Rs 615.44 crore.  

Loss before tax has fallen 58.01% to Rs -118.86 crore.  Share of profit/loss was 61.19% higher at Rs -12.57 crore.  Provision for tax was credit of Rs 11.34 crore, compared to credit of Rs 42.89 crore.  Effective tax rate was 7.97% compared to 14.54%.

Minority interest increased 53.17% to Rs -10.34 crore.  Net profit attributable to owners of the company increased 47.58% to Rs -120.58 crore.  

For year-to-date (YTD) results analysis.

Net sales (including other operating income) of Indian Hotels Co has increased 168.04% to Rs 1072.92 crore.  

Operating profit margin has jumped from negative 104.01% to negative 7.08%, leading to 81.75% rise in operating profit to Rs -75.99 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 7.74% to 8.47%.   Employee cost decreased from 110.95% to 49.16%.   Other expenses fell from 85.32% to 49.46%.   

Other income fell 49.63% to Rs 49.66 crore.  PBIDT rose 91.71% to Rs 26.33 crore.  Provision for interest rose 21.08% to Rs 223.59 crore.  Loan funds rose to Rs 5,977.67 crore as of 30 September 2021 from Rs 4,572.13 crore as of 30 September 2020.  Inventories rose to Rs 94.24 crore as of 30 September 2021 from Rs 93.64 crore as of 30 September 2020.  Sundry debtors were higher at Rs 228.77 crore as of 30 September 2021 compared to Rs 225.76 crore as of 30 September 2020.  Cash and bank balance rose to Rs 268.04 crore as of 30 September 2021 from Rs 198.21 crore as of 30 September 2020.  Investments rose to Rs 1,358.42 crore as of 30 September 2021 from Rs 1,340.14 crore as of 30 September 2020 .  

PBDT rose 50.25% to Rs 249.92 crore.  Provision for depreciation rose 0.65% to Rs 204.3 crore.  Fixed assets increased to Rs 7,929.86 crore as of 30 September 2021 from Rs 7,351.12 crore as of 30 September 2020.  Intangible assets declined from Rs 1,187.75 crore to Rs 615.44 crore.  

Loss before tax has fallen 35.61% to Rs -454.22 crore.  Share of profit/loss was 43.50% higher at Rs -44.1 crore.  Extraordinary items were decreased to Rs 9.50 crore.  Provision for tax was credit of Rs 56.31 crore, compared to credit of Rs 112.18 crore.  Effective tax rate was 11.52% compared to 16.57%.

Minority interest increased 36.85% to Rs -34.58 crore.  Net profit attributable to owners of the company increased 21.96% to Rs -397.93 crore.  

Equity capital stood at Rs 118.93 crore as of 30 September 2021 to Rs 118.93 crore as of 30 September 2020.  Per share face Value remained same at Rs 1.00.  

Promoters stake was 40.75% as of 30 September 2021 ,compared to 40.75% as of 30 September 2020 .  

Cash flow from operating activities has turned positive Rs 30.92 crore for YTD ended September 2021 from negative Rs 507.32 crore for YTD ended September 2020.  Cash flow used in acquiring fixed assets during the YTD ended September 2021 stood at Rs 149.84 crore, compared to Rs 62.51 crore during the YTD ended September 2020.  

Others: The board of Directors of the company announced the approval of Rs 4000 crore fund rising: Rs 2000 crore will be raised by way of rights issue and additional Rs 2000 crore through QIP, subject to receipt of requisite approvals.

Management Commentary

Commenting on the Q2 performance Mr. Puneet Chhatwal, Managing Director and Chief Executive Officer, IHCL, said, Overall recovery has been stronger and quicker after the second wave. IHCL has seen significant improvement in performance quarter on quarter and the revenues grew by 132% over Q2 last year. The company has delivered a positive EBITDA of Rs. 97 crore in this quarter. In line with IHCLs objective of driving growth and market leadership, the board approval of raising equity of Rs.4000 crore will enable us to be a zero-debt company in the future and help fund the companys expansion, as well as its capital expenditure plans. Confident about the potential of the reimagined Ginger brand, the board also approved the purchase of balance shares of Roots Corporation Limited (RCL) from existing shareholders, aggregating to 39.84% of equity share capital, at an equity valuation of Rs.1225 crore. Post acquisition, RCL will be a wholly owned subsidiary of IHCL.

Mr. Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL, said, We remain confident in the continued momentum of growth with very encouraging market indicators. The sustained cost optimization measures have helped the company improve cash flows and liquidity. The acquisition of the balance shares of Roots Corporation Limited is also in accordance with the companys strategic objective of consolidating and simplifying its holding structure.  

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