Indian Hotels Co. - First Cut
Rajesh Desai
Dear Sir, Madam
Indian Hotels Company announced its Q3FY13 results on 11th Feb, 2013.
Note: Consolidated results on YoY basis are not comparable as figures for the same are not available.
The company surprised by arriving at consolidated net sales of INR1060.47 crores, which was up by 30.31% as compared to Q2FY13. The EBITDA for the quarter was INR209.99 crore, which was ~ 5times up as compared to the last quarter of FY13. The company posted a net profit of INR49.78 crore as compared to a loss of INR57.49 crore and INR33.36 crore in Q2FY13 and Q1FY13 respectively.
Hence, at the CMP of INR62, we recommend a BUY for the stock with a Target price of INR 81.
|
Indian Hotels Company Ltd Q3FY13 Consolidated Results |
IHCL Consolidated 9M Results | ||||||
|
Particulars |
Q3FY13A |
Q2FY13A |
Q1FY13A |
QoQ (%) |
9MFY13 |
9MFY12 |
Var (%) |
|
Net Sales |
1060.47 |
813.80 |
852.57 |
30.31% |
2726.84 |
2462.15 |
10.75% |
|
Other Operating Income |
0 |
0 |
0 |
|
0 |
0 |
|
|
Total Operating Income |
1060.47 |
813.8 |
852.57 |
|
2726.84 |
2462.15 |
|
|
Total Expenditure |
850.48 |
775.43 |
751.07 |
|
2376.98 |
2105.45 |
|
|
EBITDA |
209.99 |
38.37 |
101.5 |
447.28% |
349.86 |
356.7 |
-1.92% |
|
EBITDA Margin (%) |
19.80% |
4.71% |
11.91% |
1510bps |
12.83% |
14.49% |
(166)bps |
|
Other Income |
13.09 |
21.33 |
13.7 |
|
48.12 |
60.26 |
|
|
Operating Profit |
223.08 |
59.7 |
115.2 |
|
397.98 |
416.96 |
|
|
Depreciation |
72.3 |
73.7 |
71.42 |
|
217.42 |
189.32 |
|
|
PBIT |
150.78 |
-14 |
43.78 |
|
180.56 |
227.64 |
|
|
Interest |
42.84 |
37.97 |
43.79 |
|
124.6 |
167.37 |
|
|
Exceptional Items |
-1.8 |
10.33 |
-9.05 |
|
-0.52 |
-0.39 |
|
|
PBT |
106.14 |
-41.64 |
-9.06 |
|
55.44 |
59.88 |
|
|
Tax |
47.95 |
-1.01 |
9.72 |
|
56.66 |
66.53 |
|
|
PAT |
58.19 |
-40.63 |
-18.78 |
|
-1.22 |
-6.65 |
|
|
Minority Interest |
-7.75 |
-16.62 |
-8.05 |
|
-32.42 |
-25.3 |
|
|
Shares of Associates |
-0.66 |
-0.24 |
-6.53 |
|
-7.43 |
10.62 |
|
|
Consolidated PAT |
49.78 |
-57.49 |
-33.36 |
NA |
-41.07 |
-21.33 |
NA |
|
PAT Margin (%) |
5.49% |
-4.99% |
-2.20% |
NA |
-1.51% |
-0.87% |
NA |
|
|
|
|
|
|
|
|
|
|
Equity Capital |
80.75 |
80.75 |
80.75 |
|
80.75 |
76.61 |
|
|
Face Value |
1 |
1 |
1 |
|
1 |
1 |
|
|
No. of Outstanding shares |
80.75 |
80.75 |
80.75 |
|
80.75 |
76.61 |
|
|
|
|
|
|
|
|
|
|
|
EPS |
0.62 |
-0.71 |
-0.41 |
NA |
-0.51 |
-0.28 |
NA |
|
Adjusted EPS |
0.62 |
-0.71 |
-0.41 |
NA |
-0.51 |
-0.26 |
NA |
|
Source: Company Data, Microsec Research. All data in INR crores unless specified. | |||||||
|
Indian Hotels Company Ltd Q3FY13 Standalone Results | |||||
|
Particulars |
Q3FY13A |
Q3FY12A |
Q2FY13A |
YoY(%) |
QoQ(%) |
|
Net Sales |
544.55 |
521.48 |
379.1 |
4.42% |
43.64% |
|
Other Operating Income |
0 |
0 |
0 |
|
|
|
Total Operating Income |
544.55 |
521.48 |
379.1 |
|
|
|
Total Expenditure |
393.14 |
381.03 |
358.84 |
|
|
|
EBITDA |
151.41 |
140.45 |
20.26 |
7.80% |
647.33% |
|
EBITDA Margin (%) |
27.80% |
26.93% |
5.34% |
87bps |
2246bps |
|
Other Income |
6.1 |
9.57 |
25.78 |
|
|
|
Operating Profit |
157.51 |
150.02 |
46.04 |
|
|
|
Depreciation |
30.49 |
26.51 |
32.13 |
|
|
|
PBIT |
127.02 |
123.51 |
13.91 |
|
|
|
Interest |
25.21 |
31.33 |
23.34 |
|
|
|
Exceptional Items |
-1.5 |
-14.81 |
-0.28 |
|
|
|
PBT |
100.31 |
77.37 |
-9.71 |
|
|
|
Tax |
35.69 |
26.39 |
-3.44 |
|
|
|
PAT |
64.62 |
50.98 |
-6.27 |
26.76% |
NA |
|
Minority Interest |
0 |
0 |
0 |
|
|
|
Shares of Associates |
0 |
0 |
0 |
|
|
|
Consolidated PAT |
64.62 |
50.98 |
-6.27 |
26.76% |
NA |
|
PAT Margin (%) |
11.87% |
9.78% |
-1.65% |
209bps |
NA |
|
|
|
|
|
|
|
|
Equity Capital |
80.75 |
75.95 |
80.75 |
|
|
|
Face Value |
1 |
1 |
1 |
|
|
|
No. of Outstanding shares |
80.75 |
75.95 |
80.75 |
|
|
|
|
|
|
|
|
|
|
EPS |
0.80 |
0.67 |
-0.08 |
19.22% |
NA |
|
Adjusted EPS |
0.80 |
0.63 |
-0.08 |
26.76% |
NA |
|
Source: Company Data, Microsec Research. All data in INR crores unless specified. |
| ||||
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
--
CA. Rajesh Desai
