TajGVK Hotels & Resorts Financial Statements

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Y/e 31 Mar Mar-2020 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth 8.45 8.98 (2) --
Op profit growth 3.51 23.70 (7.80) --
EBIT growth 2.79 26.40 (3.20) --
Net profit growth 37.80 382 17.60 --
Profitability ratios (%)        
OPM 23.70 24.80 21.90 23.30
EBIT margin 18.70 19.80 17 17.30
Net profit margin 8.99 7.07 1.60 1.33
RoCE 8.76 8.62 6.75 --
RoNW 1.81 1.41 0.30 --
RoA 1.05 0.77 0.16 --
Per share ratios ()        
EPS 3.80 3.35 1.66 1.31
Dividend per share -- 0.60 0.40 0.40
Cash EPS 1.80 0.50 (2.20) (2.40)
Book value per share 64.90 58.90 56.10 55.90
Valuation ratios        
P/E 27 48.90 93 55
P/CEPS 56.90 329 (70) (30)
P/B 1.58 2.78 2.75 1.29
EV/EBIDTA 11.20 16.70 19.30 11.10
Payout (%)        
Dividend payout -- 18.50 59.30 69.70
Tax payout (34) (34) (52) (46)
Liquidity ratios        
Debtor days 20.40 19.50 17.20 --
Inventory days 9.78 11.20 11.60 --
Creditor days (85) (96) (80) --
Leverage ratios        
Interest coverage (2.60) (2.30) (1.60) (1.50)
Net debt / equity 0.49 0.57 0.71 0.77
Net debt / op. profit 2.72 2.96 4.33 4.29
Cost breakup ()        
Material costs (11) (11) (12) (12)
Employee costs (21) (22) (23) (21)
Other costs (44) (43) (43) (44)
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Y/e 31 Mar( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Revenue 313 288 264 270
yoy growth (%) 8.45 8.98 (2) --
Raw materials (33) (32) (31) (32)
As % of sales 10.60 11 11.70 11.80
Employee costs (67) (62) (61) (57)
As % of sales 21.30 21.70 22.90 21.20
Other costs (138) (123) (115) (118)
As % of sales 44.30 42.50 43.50 43.80
Operating profit 74.10 71.60 57.90 62.80
OPM 23.70 24.80 21.90 23.30
Depreciation (17) (17) (18) (18)
Interest expense (23) (25) (29) (31)
Other income 1.22 2.63 5.28 2.22
Profit before tax 35.90 32 16 15.20
Taxes (12) (11) (8.30) (7)
Tax rate (34) (34) (52) (46)
Minorities and other 4.24 (0.60) (6.10) (4.60)
Adj. profit 28.10 20.40 1.59 3.60
Exceptional items -- -- 2.64 --
Net profit 28.10 20.40 4.23 3.60
yoy growth (%) 37.80 382 17.60 --
NPM 8.99 7.07 1.60 1.33
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2018 Mar-2017 Mar-2016
Profit before tax 35.90 32 16 15.20
Depreciation (17) (17) (18) (18)
Tax paid (12) (11) (8.30) (7)
Working capital 7.75 (0.20) 0.24 --
Other operating items -- -- -- --
Operating cashflow 14.80 3.50 (10) --
Capital expenditure 48.50 3.40 (3.40) --
Free cash flow 63.30 6.90 (14) --
Equity raised 704 679 694 --
Investments 0.35 (0.60) 0.62 --
Debt financing/disposal (61) (28) 27.60 --
Dividends paid -- 3.76 2.51 2.51
Other items -- -- -- --
Net in cash 707 661 711 --
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Y/e 31 Mar ( In .Cr) Mar-2020 Mar-2019 Mar-2018 Mar-2017
Equity capital 12.50 12.50 12.50 12.50
Preference capital -- -- -- --
Reserves 394 379 357 339
Net worth 407 392 369 352
Minority interest
Debt 209 197 227 255
Deferred tax liabilities (net) 63.20 62.60 61.60 57.50
Total liabilities 679 651 658 664
Fixed assets 526 508 508 517
Intangible assets
Investments 106 102 98.70 99.30
Deferred tax asset (net) 4.87 1.94 1.89 1.57
Net working capital 34.30 38 34.30 42
Inventories 8.16 7.51 8.60 9.03
Inventory Days 9.53 -- 10.90 12.50
Sundry debtors 15.70 18.70 19.30 11.40
Debtor days 18.30 -- 24.50 15.70
Other current assets 74.50 73.10 86.50 86.30
Sundry creditors (47) (45) (64) (50)
Creditor days 54.40 -- 81.40 69
Other current liabilities (17) (16) (16) (15)
Cash 7.77 1.86 15.30 4.06
Total assets 679 651 658 664
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Particulars ( Rupees In Crores.) Sep-2020 Mar-2020 Sep-2019 Mar-2019 Sep-2018
Gross Sales 13.70 167 145 173 144
Excise Duty -- -- -- -- --
Net Sales 13.70 167 145 173 144
Other Operating Income -- -- -- -- --
Other Income 0.17 0.68 0.54 6.75 0.47
Total Income 13.90 168 146 180 144
Total Expenditure ** 31.10 126 113 128 120
PBIDT (17) 42 33.40 51.80 24.60
Interest 9.87 10.80 11.90 10.50 11.10
PBDT (27) 31.20 21.50 41.30 13.50
Depreciation 8.40 8.39 8.40 8.17 8.53
Minority Interest Before NP -- -- -- -- --
Tax -- 6.98 3.90 13.90 (1.10)
Deferred Tax (9.30) 0.61 0.60 0.75 0.28
Reported Profit After Tax (26) 15.30 8.60 18.50 5.81
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest (34) 18.80 9.25 22.40 4.80
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item (34) 18.80 9.25 22.40 4.80
EPS (Unit Curr.) (5.40) 3 1.48 3.57 0.77
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 12.50 12.50 12.50 12.50 12.50
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) (125) 25.10 22.90 30 17.10
PBDTM(%) -- -- -- -- --
PATM(%) (191) 9.12 5.91 10.70 4.03
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