The Indian Hotels Company (INDHOTEL) Q4 04/05 earnings summary

Executive summary

• FY2004-05 standalone income rose 25% YoY to ₹873.24 crore; hotel operating income increased 27% to ₹847.63 crore.

• Consolidated income grew 29% to ₹1,337.90 crore; consolidated PAT rose 79% to ₹128.50 crore.

Financial highlights

• Standalone EBITDA before non-recurring items was ₹207.30 crore, up 56% YoY; PBT before exceptional items rose 119% to ₹118.69 crore.

• Standalone PAT was ₹105.86 crore, up 75% YoY; PBT including exceptional items was ₹141.68 crore, up 77%.

• Room revenue increased 34% to ₹423.14 crore; F&B income rose 19% to ₹336.46 crore.

• Consolidated diluted EPS before extraordinary items was ₹21.69 versus ₹10.82; after extraordinary items, ₹22.47 versus ₹15.47.

Outlook and guidance

• FY2005-06 outlook was positive, supported by first-quarter operating trends and expected continued excess hotel-room demand over supply in India.

• Expansion priorities include luxury and premium leisure properties, management contracts, Smart Basics hotels, wildlife lodges and selected international gateway cities.

• Nine wildlife lodges were planned to be operational within three years; Smart Basics rollout was underway in 10 locations.