First Cut-Indian Hotels Company

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RAJESH DESAI

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May 29, 2012, 12:31:44 AM5/29/12
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Dear Sir/Madam,

 

Indian Hotels Company announced its Q4FY12 & FY12 results on 28th may, 2012.

 

Quarterly performance-Q4FY12:

 

The company arrived at Net sales of INR560.16 crores, which was up by 5.52% on yearly basis and 7.42% sequentially. The EBITDA for the quarter was INR159.20 crores, which was down by 14.23% on yearly basis , but sharply up by 13.15% sequentially. The EBITDA Margin was 28.42%, which was again down by 655bps Y-o-Y, but up by 144bps sequentially. IHCL posted a net profit of INR65.21 crores, which was down by 30.58% Y-o-Y, but up by 29.18% sequentially.

 

Annual Performance-FY12:

 

The company arrived at consolidated Net sales of INR3432.71 crores, showing a yearly robust growth of 19.92%. The EBITDA for the year was INR545.71 crores, which was up by 8.10%. However, the margin was down by 174bps. The company turned profitable after giving huge losses for last two consecutive years. It arrived at net profit of INR3.06 crores, depicting a huge upside of 96.49%. The net profit margin increased by 314bps.

 

The Board recommended a dividend of 100 per cent or INR1 per share, an ordinary share in respect of the year ended March 31, 2012.

 

Thus, we recommend a “BUY” for the stock at the current level.

 

 

Standalone Results

Consolidated

Particulars

Q4FY12A

Q4FY11A

Q3FY12A

YoY(%)

QoQ(%)

FY12

FY11

YoY Change (%)

FY12

FY11

YoY Change (%)

Net Sales

560.16

530.87

521.48

5.52%

7.42%

1808.73

1673.45

8.08%

3432.71

2862.48

19.92%

EBITDA

159.2

185.62

140.7

-14.23%

13.15%

405.83

419.94

-3.36%

545.71

504.81

8.10%

EBITDA Margin (%)

28.42%

34.97%

26.98%

(655)bps

144bps

22.44%

25.09%

(265)bps

15.90%

17.64%

(174)bps

PAT

65.21

93.93

50.48

-30.58%

29.18%

146.35

141.25

3.61%

3.06

-87.26

96.49%

PAT Margin (%)

11.64%

17.69%

9.68%

(605)bps

196bps

8.09%

8.44%

(35)bps

0.09%

-3.05%

314bps

 EPS

0.86

1.28

0.68

-32.81%

26.47%

1.91

1.86

2.69%

0.04

-1.19

96.64%

Source: Company Data, Microsec Research. All data in INR crores unless specified. EPS represents diluted EPS.

 

 

Regards,

 

Team Microsec Research

 

Microsec

 

 

Microsec Capital Limited

Tel: 91 33 30512100

Fax: 91 33 30512020






--
CA. Rajesh Desai

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