Brigade Hotel Ventures (BRIGHOTEL) Q4 21/22 earnings summary

Executive summary

• FY22 revenue rose to ₹12,905 lakh from ₹6,428 lakh; total comprehensive loss narrowed to ₹6,984 lakh from ₹12,651 lakh.

• Operations remained affected by COVID-19; 1,474 hotel keys, including the subsidiary, were operational at year-end, with 44% average occupancy.

Financial highlights

• Revenue from operations was ₹12,356 lakh versus ₹6,291 lakh; other income was ₹549 lakh versus ₹137 lakh.

• Total expenses rose to ₹21,875 lakh from ₹18,670 lakh; loss before exceptional items and tax narrowed to ₹8,970 lakh from ₹12,242 lakh.

• Loss before tax was ₹9,914 lakh versus ₹15,742 lakh; FY22 tax credit was ₹2,887 lakh and net loss was ₹7,027 lakh versus ₹12,681 lakh.

• Basic and diluted EPS improved to a loss of ₹2.48 from a loss of ₹4.50.

Outlook and guidance

• Management viewed the COVID-19 impact on operations as temporary and expected the hotel portfolio to perform better in coming years.

• Management expected the carrying values of assets to be recoverable and did not foresee difficulty realizing assets or meeting liabilities; actual pandemic effects could differ.

• The holding entity committed financial and operational support for profitable operations in the foreseeable future.