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

Indian HotelsAnnouncement

29/10/2014 11:56

RNS Number : 8170O
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, 
We refer to our letter dated August 1, 2014. A Meeting of the Board of Directors of the Company was held earlier today, at which meeting the Board inter-alia, considered and took on record the Audited Financial Results for the quarter ended June 30, 2014.
Enclosed is a copy of the said financial results of the Company, being forwarded to you, in terms of the Listing Agreement along with the Audit Report.
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


AUDITED STATEMENT OF FINANCIAL RESULTS

FOR THE QUARTER ENDED JUNE 30, 2014 


Part I



` / lakhs


Particulars
Quarter Ended
Year Ended


June 30,
2014
Mar 31,
2014
(Refer Note 5)
June 30,
2013
Mar 31,
2014



Income from Operations







Net Sales/ Income from Operations
39780
57772
39663
192951



Other Operating Income
-
-
-
-



Total Income from Operations
39780
57772
39663
192951



Expenditure







a. Cost of Materials Consumed
3923
4969
3598
17683



b. Employee Benefits Expense
12014
12389
11552
47253



c. Licence Fees
2400
3749
2586
12574



d. Fuel, Power and Light
4485
4039
4097
16570



e. Depreciation and Amortisation Expense
2974
3197
3009
12226



f. Other Expenditure
13442
17377
12492
59925



Total Expenditure
39238
45720
37334
166231



Profit/ (Loss) from Operations before Other Income,
542
12052
2329
26720



Finance Costs and Exceptional Items



Other Income
1174
362
2125
4782



Profit/ (Loss) before Finance Costs and Exceptional Items
1716
12414
4454
31502



Finance Costs
2465
2316
2280
9882



Profit/ (Loss) after Finance Costs but before Exceptional Items
(749)
10098
2174
21620



Exceptional item - Exchange Loss on Long term borrowings
(461)
(456)
(456)
(2216)



Exceptional item - Others
-
(42794)
-
(71494)



Profit/ (Loss) from Ordinary Activities before tax
(1210)
(33152)
1718
(52090)



Provision for Taxes
(495)
3394
740
7443



Excess Provision of Tax/ Deferred Tax of Earlier Years
-
-
-
(484)



Profit/ (Loss) from Ordinary Activities after tax
(715)
(36546)
978
(59049)



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



Reserves (excluding Revaluation Reserves) 



261309



Earnings Per Share ( `)







Basic and Diluted (* not annualised)
*(0.09)
*(4.53)
* 0.12
(7.31)



See accompanying notes to the financial results































THE INDIAN HOTELS COMPANY LIMITED


AUDITED STATEMENT OF FINANCIAL RESULTS


FOR THE QUARTER ENDED JUNE 30, 2014 


Part II: Select information for the quarter ended June 30, 2014





Particulars
Quarter Ended
Year Ended


June 30,
2014
Mar 31,
2014
June 30,
2013
Mar 31, 2014


A
PARTICULARS OF SHAREHOLDING






1
Public Shareholding:







Number of Shares
50,44,06,563
50,44,06,563
50,44,06,563
50,44,06,563



Percentage of Shareholding
 62.47 
 62.47 
 62.47 
 62.47 


2
Promoters and Promoter Group Shareholding:







a) Pledged/Encumbered







- Number of Shares







- Percentage of Shares (as a % of the total
 shareholding of promoter and promoter group)







- Percentage of Shares (as a % of the total
 share capital of the company)







b) Non-encumbered







- Number of Shares
30,30,66,224
30,30,66,224
30,30,66,224
30,30,66,224



- Percentage of Shares (as a % of the total
 shareholding of promoter and promoter group)
 100.00 
 100.00 
 100.00 
 100.00 



- Percentage of Shares (as a % of the total
 share capital of the company)
 37.53 
 37.53 
 37.53 
 37.53 


















Items
Quarter Ended





June 30,
2014





B
Investor Complaints







Pending at the beginning of the quarter
 - 






Received during the quarter
 2 






Disposed off during the quarter
 2 






Remaining unresolved at the end of the quarter 
 - 






















Notes
1. These 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. These results have been audited by the Statutory Auditors of the Company.
2. 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. 
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 ` 18 lakhs as compared to the useful lives estimated in earlier periods.
4. Disclosure of segment-wise information is not applicable, as hoteliering is the Company's only business segment.
5. The published figures for the quarter ended March 31, 2014 are derived after taking into account the audited financial information for the nine month period ended December 31, 2013.
6. Figures of the previous periods/year have been regrouped/reclassified, wherever necessary, to conform to the current period's classification. 
7. 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.
8. Samsara Properties Limited, an offshore wholly owned subsidiary of the Company, has announced the execution of a binding Share Sale Deed for A $ 32 million for the divestment of 100% of its shareholding in 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. 


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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