Brigade Hotel Ventures (BRIGHOTEL) Q4 19/20 earnings summary

Executive summary

• FY20 total income was ₹22,856 lakh, while total comprehensive loss widened to ₹3,249 lakh from ₹1,217 lakh in FY19.

• Hotel operations comprised 1,345 operational keys at year-end, including 151 added during FY20; average occupancy was 61% and gross operating margin was 31%.

Financial highlights

• Revenue from operations was ₹22,752 lakh versus ₹20,453 lakh in FY19; other income was ₹104 lakh versus ₹182 lakh.

• Total expenses rose to ₹26,902 lakh from ₹22,398 lakh; loss before exceptional items and tax was ₹4,046 lakh versus ₹1,763 lakh.

• A ₹600 lakh COVID-related impairment charge took loss before tax to ₹4,646 lakh; deferred tax credit was ₹1,402 lakh and net loss was ₹3,244 lakh.

• Total comprehensive loss was ₹3,249 lakh versus ₹1,217 lakh; basic and diluted EPS was (₹1.15) versus (₹1.52).

Outlook and guidance

• FY21 impact was difficult to estimate amid the evolving pandemic; management expressed a positive business outlook and said overheads had been substantially reduced.

• Management expected hotel activities to resume in line with government measures and continued monitoring of the evolving situation.