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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
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Consolidated
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Particulars
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Q4FY12A
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Q4FY11A
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Q3FY12A
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YoY(%)
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QoQ(%)
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FY12
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FY11
|
YoY Change (%)
|
FY12
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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
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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 (%)
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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.
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Regards,
Team Microsec Research
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