REG - Indian Hotels Co Ld - 1st Quarter Results Consolidated <Origin Href="QuoteRef">IHTL.NS</Origin>

Indian HotelsAnnouncement

29/10/2014 11:56

RNS Number : 8173O
Indian Hotels Co (The) Ld
11 August 2014
August 11, 2014
BSE Limited National Stock Exchange of India Limited
Corporate Relationship Department  Exchange Plaza
1st Floor, New Trading Ring,  Bandra Kurla Complex 
Rotunda Building, P. J. Towers, Bandra (E)
Dalal Street, Fort,  Mumbai 400 051
Mumbai - 400 001.  
 Kind Attn:  Mr. S. Subramanian
 DCS- CRD
Dear Sirs, 
Further to our letter of date, the Board of Directors of the Company at its meeting held earlier today, also considered and took on record the Un-audited Consolidated Financial Results for the quarter ended June 30, 2014 being provided as additional information besides the Audited Standalone Financial Results pursuant to Clause 41 (1) (e) of the Listing Agreement.
Enclosed is a copy of the said financial results of the Company, being forwarded to you, in terms of the Listing Agreement.
The said results shall be published in one English and one vernacular newspaper as required.
Kindly acknowledge receipt.
Thanking you,
Yours sincerely,
Sd/-
BEEJAL DESAI 
Vice President - Legal & Company Secretary
Encl : a/a
cc : The Secretary - London Stock Exchange Ltd 















THE INDIAN HOTELS COMPANY LIMITED

STATEMENT OF CONSOLIDATED FINANCIAL RESULTS

FOR THE QUARTER ENDED JUNE 30, 2014 






 in lakhs


Particulars
Quarter Ended
Year Ended




Reviewed
Audited


June 30,
2014
March 31,
2014
(Refer Note 6)
June 30,
2013
March 31, 2014





Income from Operations 







Net Sales / Income from Operations 
 93746 
 109396 
 90870 
 406619 



Other Operating Income 
 - 
 - 
 - 
 - 



Total Income from Operations 
 93746 
 109396 
 90870 
 406619 



Expenditure 







a. Cost of Materials Consumed 
 10176 
 11102 
 9518 
 42707 



b. Employee Benefits Expense 
 35197 
 35271 
 32904 
 137219 



c. License Fees 
 4425 
 5728 
 4547 
 20815 



d. Fuel, Power and Light 
 8165 
 7874 
 7396 
 31115 



e. Depreciation and Amortisation Expense 
 6976 
 7554 
 7325 
 30813 



f. Other Expenditure 
 27817 
 32478 
 25867 
 118806 



Total Expenditure 
 92756 
 100007 
 87557 
 381475 



Profit from Operation before Other Income, 
 990 
 9389 
 3313 
 25144 



Finance Costs & Exceptional Items 



Other Income 
 1749 
 1101 
 1890 
 5975 



Profit before Finance Costs and Exceptional Items 
 2739 
 10490 
 5203 
 31119 



Finance Costs 
 4454 
 4027 
 3937 
 16851 



Profit / (Loss) after Finance Costs but before Exceptional Items 
 (1715)
 6463 
 1266 
 14268 



Exceptional Items - Exchange Loss on Long term borrowings 
 (609)
 (614)
 (809)
 (2915)



Exceptional Item - Others 
 - 
 (15742)
 - 
 (52569)



Profit / (Loss) from Ordinary Activities before Tax 
 (2324)
 (9893)
 457 
 (41216)



Provision for Taxes (Including Adjustment relating to Earlier Years) 
 109 
 6070 
 1218 
 11095 



Net Loss from Ordinary Activities after Tax 
 (2433)
 (15963)
 (761)
 (52311)



Add: Share of Profit / (Loss) in Associates 
 (279)
 (414)
 (481)
 (1325)



Less : Minority Interest in Subsidiaries 
 (770)
 292 
 (667)
 (1749)



Net Loss after Taxes, Minority Interest and Share
of Profit / (Loss) in Associates 
 (3482)
 (16085)
 (1909)
 (55385)



Paid-up Equity Share Capital
(Face value per share - ` 1 each)
 8075 
 8075 
 8075 
 8075 



Reserves (Excluding Revaluation Reserves) 



 249956 



Earnings Per Share (`)







Basic and Diluted (* not annualised) 
*(0.43)
*(1.99)
*(0.24)
 (6.86)



See accompanying notes to the financial results 













Notes
1. The Company has exercised its option to publish audited standalone financial results, pursuant to Clause 41 of the Listing Agreement. In addition, the unaudited consolidated results of the Company and its subsidiaries for the aforementioned period are being provided as additional information. The unaudited consolidated results were reviewed by the Audit Committee of the Board on August 5, 2014 and subsequently approved by the Board of Directors at its meeting held on August 11, 2014. The results for the quarter ended June 30, 2014 have been subjected to a limited review by the Auditors.
2. The consolidated financial results are prepared in accordance with Accounting Standard - 21 (AS-21), "Consolidated Financial Statements", Accounting Standard - 23 (AS-23) "Accounting for Investment in Associates in Consolidated Financial Statements" and Accounting Standard - 27 (AS-27), " Financial Reporting of Interests in Joint Ventures" notified under the Companies (Accounting Standard) Rules, 2006 "as amended".
3. During the quarter ended June 30, 2014, the Company has reassessed the useful lives of its tangible fixed assets. On and from April 1, 2014, the revised useful lives, as assessed by Management, match those specified in Part C of Schedule II to the Companies Act, 2013, for all classes of assets, other than end-user computers, electrical installation and equipment, plant and machinery and select items of furniture. Management believes that the revised useful lives of the assets reflect the periods over which these assets are to be used.As a result of the change, the charge on account of depreciation for the quarter ended June 30, 2014, is lower by  113 lakhs as compared to the useful lives estimated in earlier periods.
4. Effective April 1, 2014, one of the subsidiary company, has with retrospective effect changed its method of providing depreciation on fixed assets from the 'Written Down Value' method to the 'Straight Line' method, for better presentation and also revised the estimate useful lives of its fixed assets. Accordingly, the subsidiary has recognized a credit of  496.40 lakhs in depreciation in order to give the retrospective effect of the change in the policy till March 31, 2014. Had the Company continued to use the earlier method of depreciation, the profit after tax for the current period would have been higher by  14.40 lakhs.
5. In view of the seasonality of the sector, the financial results for the quarter are not indicative of the full year's expected performance, nor are these comparable to the results of the quarter ended March, 2014.
6. The published figures for the quarter ended March 31, 2014 are derived after taking into account the audited financial information for the full financial year ended March 31, 2014 and the nine month period ended December 31, 2013 which was subject to limited review by auditors.
7. Figures for the previous period/year have been regrouped/reclassified, wherever necessary, to conform to the current period's presentation.
8. The Company vide its Letter of Offer dated July 16, 2014, has offered up to 18,18,18,181 Compulsorily Convertible Debentures (CCDs) of face value of ` 1/- each, at a price of ` 55 per CCD, for an amount aggregating up to ` 1000 crores to the existing shareholders of the Company on rights basis in the ratio of 9 CCDs for every 40 equity shares held by the equity shareholders. The Issue has opened on August 4, 2014 and closes on August 20, 2014. Such CCDs will be automatically and compulsorily converted into 1 fully paid up equity share of ` 1 each at a premium of ` 54, after 18 months from the date of allotment of the CCDs. 
9. Samsara Properties Limited, an offshore wholly owned subsidiary of the Company, has announced the execution of a Share Sale Deed for A $ 32 million for the divestment of 100% of its shareholding in IHMS (Australia) Pty Limited which holds "The Blue Hotel", in Sydney, in favour of Australia Hotels & Properties Limited (the "Buyer"). Subject to fulfilment of certain conditions, the transaction is scheduled to be completed by October 31, 2014. Key financials of the IHMS (Australia) Pty Limited are as follows:



 / Lakhs
Particulars
Quarter ended
Year ended
June 30, 2014
March 31, 2014
June 30, 2013
March 31, 2014
Total Income
1,196.67
1483.91
1,229.15
5,815.13
Total Expenditure
1,461.33
1479.47
1,451.98
6,096.14
Profit/(Loss) before Tax
(264.66)
4.44
(222.83)
(281.01)
For THE INDIAN HOTELS COMPANY LIMITED
RAYMOND N. BICKSON
 (Managing Director)
August 11, 2014
Registered Office: 
Mandlik House, Mandlik Road,
Mumbai 400 001.
CIN: L74999MH1902PLC000183
Email: investorrelations@tajhotels.com
Website: www.tajhotels.com

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The company news service from the London Stock Exchange
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