REG - Indian Hotels Co Ld - Half Yearly Report Consolidated <Origin Href="QuoteRef">IHTL.NS</Origin>

Indian HotelsAnnouncement

14/11/2014 15:21

RNS Number : 1035X
Indian Hotels Co (The) Ld
14 November 2014
November 14, 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 / half year ended September 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 AND HALF YEAR ENDED SEPTEMBER 30, 2014 








 in lakhs


Particulars
Quarter Ended
Half Year Ended
Year Ended




Reviewed
Audited


Sept 30,
2014
Jun 30,
2014
Sept 30,
2013
Sept 30,
2014
Sept 30,
2013
March 31, 2014





Income from Operations 









Net Sales / Income from Operations 
 93700 
 93746 
 89592 
 187446 
 180462 
 406619 



Other Operating Income 
 - 
 - 
 - 
 - 
 - 
 - 



Total Income from Operations 
 93700 
 93746 
 89592 
 187446 
 180462 
 406619 



Expenditure 









a. Cost of Materials Consumed 
 10124 
 10176 
 9794 
 20300 
 19312 
 42707 



b. Employee Benefits Expense 
 35804 
 35197 
 33606 
 71001 
 66510 
 137219 



c. License Fees 
 4776 
 4425 
 4772 
 9201 
 9319 
 20815 



d. Fuel, Power and Light 
 8403 
 8165 
 7932 
 16568 
 15328 
 31115 



e. Depreciation and Amortisation Expense 
 7486 
 6976 
 8035 
 14462 
 15360 
 30813 



f. Other Expenditure 
 33151 
 27817 
 29662 
 60968 
 55529 
 118806 



Total Expenditure 
 99744 
 92756 
 93801 
 192500 
 181358 
 381475 



Profit / (Loss) from Operation before Other Income, 
 (6044)
 990 
 (4209)
 (5054)
 (896)
 25144 



Finance Costs & Exceptional Items 



Other Income 
 2167 
 1749 
 2848 
 3916 
 4738 
 5975 



Profit / (Loss) before Finance Costs and Exceptional Items 
 (3877)
 2739 
 (1361)
 (1138)
 3842 
 31119 



Finance Costs 
 4599 
 4454 
 4606 
 9053 
 8543 
 16851 



Profit / (Loss) after Finance Costs but before Exceptional Items 
 (8476)
 (1715)
 (5967)
 (10191)
 (4701)
 14268 



Exceptional Items - Exchange Loss on Long term borrowings 
 (688)
 (609)
 (584)
 (1297)
 (1393)
 (2915)



Exceptional Item - Others 
 - 
 - 
 (36827)
 - 
 (36827)
 (52569)



Profit / (Loss) from Ordinary Activities before Tax 
 (9164)
 (2324)
 (43378)
 (11488)
 (42921)
 (41216)



Tax Expense (Including Adjustment relating to Earlier Years) 
 (63)
 109 
 (955)
 46 
 263 
 11095 



Net Loss from Ordinary Activities after Tax 
 (9101)
 (2433)
 (42423)
 (11534)
 (43184)
 (52311)



Add: Share of Profit / (Loss) in Associates 
 (261)
 (279)
 (428)
 (540)
 (909)
 (1325)



Less : Minority Interest in Subsidiaries 
 (407)
 (770)
 (497)
 (1177)
 (1164)
 (1749)



Net Loss after Taxes, Minority Interest and Share
of Profit / (Loss) in Associates 
 (9769)
 (3482)
 (43348)
 (13251)
 (45257)
 (55385)



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



Reserves Excluding Revaluation Reserves 





 249956 



Earnings Per Share () 









Basic (* not annualised) 
*(1.21)
*(0.43)
*(5.37)
*(1.64)
*(5.60)
 (6.86)



Diluted (* not annualised) (Note 6) 
*(1.21)
*(0.43)
*(5.37)
*(1.64)
*(5.60)
 (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, its subsidiaries, jointly controlled entities and associates (which constitute "the Group") for the aforementioned period have being provided as additional information. The unaudited consolidated results were reviewed by the Audit Committee of the Board and subsequently approved by the Board of Directors at its meeting held on November 14, 2014. The results for the half year ended September 30, 2014 have being subjected to a limited review by one of the Statutory Auditors of the Company.
2. The consolidated financial results are prepared in accordance with recognition and measurement principles of Accounting Standard - 21 (AS-21), "Consolidated Financial Statements", Accounting Standard - 23 (AS-23) "Accounting for Investment in Associates in Consolidated Financial Statements", Accounting Standard - 27 (AS-27), "Financial Reporting of Interests in Joint Ventures" and Accounting Standard - 25 (AS-25) "Interim Financial Reporting" specified under the Companies Act, 1956 (which are deemed to be applicable as per section 133 of Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014).
3. In view of the seasonality of the sector, the financial results for the quarter and half year ended September 30, 2014 are not indicative of the full year's expected performance.
4. The group has reassessed the useful lives of its tangible fixed assets on and from April 1, 2014, and based on a technical evaluation, revised the useful lives to 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 and half year ended September 30, 2014, is lower by 130 lakhs and 243 lakhs respectively as compared to the useful lives estimated in earlier periods.
5. 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 estimated 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. There is no material impact of this change in policy on the loss for the period.
6. On September 1, 2014, the Company allotted 18,18,01,228 Compulsorily Convertible Debentures ("CCDs") of  55 each aggregating to  999.91 crore on a "rights" basis. Each CCD is convertible into 1 equity share of 1 each at a premium of  54 per share after 18 months from the date of allotment of the CCD. The CCDs have been classified as a part of "Long term Borrowings" in the Balance Sheet as at September 30, 2014. The issue expenses of  3.35 crores (net of tax) have been adjusted against the Securities Premium Account. As the impact of the CCDs is anti-dilutive as on September 30, 2014, resulting in a decrease in loss per share from continuing ordinary activities, their effect has been ignored in calculating diluted earnings per share.
7. During the quarter under review, one of the Group's Jointly Controlled Entity has acquired 16.07% stake in Taj Safaris Limited, another Jointly Controlled Entity, at par, for an amount aggregating to  600 lakhs.
8. Samsara Properties Limited, an offshore wholly owned subsidiary of the Company, has completed the execution of its Share Sale Deed on October 31, 2014 in favour of Australia Hotels & Properties Limited (the "Buyer") for A $ 32 million for divestment of 100% of its shareholding in IHMS (Australia) Pty Limited which holds "The Blue Hotel", in Sydney. The Key financials of the IHMS (Australia) Pty Limited are as follows:
 in Lakhs
Particulars
Quarter Ended
Half Year Ended
Year Ended
Sept 30,
2014
Jun 30,
2014
Sept 30,
2013
Sept 30,
2014
Sept 30,
2013
March 31, 2014
Total Income from Operations 
1,244
1,197
1,381
2,441
2,610
5,815
Total Expenditure 
1,420
1,461
1,535
2,881
2,987
6,096
Loss before tax 
(176)
(264)
(154)
(440)
(377)
(281)
9. Figures for the previous period/year have been regrouped/reclassified, wherever necessary, to conform to the current period's presentation.
For THE INDIAN HOTELS COMPANY LIMITED
RAKESH SARNA
 (Managing Director)
DIN: 01875340
November 14, 2014
Registered Office: 
Mandlik House, Mandlik Road, 
Mumbai 400 001.
CIN: L74999MH1902PLC000183
Email: investorrelations@tajhotels.com
Website: www.tajhotels.com

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