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

Indian HotelsAnnouncement

14/11/2014 15:20

RNS Number : 1031X
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, 
We refer to our letter dated November 4, 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 / half year ended September 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.
Further, pursuant to Clause 3.2 of the SEBI (Prohibition of Insider Trading Regulations), 1992, Company has intimated its designated employees regarding the closure of the Trading Window from November 7, 2014 till November 15, 2014, for the purpose of adoption of the Audited Financial Results for the quarter / half year ended September 30, 2014. 
Kindly acknowledge receipt.
Yours sincerely,
BEEJAL DESAI 
Vice President - Legal & Company Secretary
Encl : a/a
cc: The Secretary - London Stock Exchange Ltd. 






AUDITED STATEMENT OF FINANCIAL RESULTS


FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2014 


Part I





` / lakhs


Particulars
Quarter Ended
Half Year Ended
Year Ended


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



Income from Operations









Net Sales/ Income from Operations
 41566 
 39780 
 39092 
 81346 
 78755 
 192951 



Other Operating Income
 - 
 - 
 - 
 - 
 - 
 - 



Total Income from Operations
 41566 
 39780 
 39092 
 81346 
 78755 
 192951 



Expenditure









a. Cost of Materials Consumed
 4116 
 3923 
 3924 
 8039 
 7522 
 17683 



b. Employee Benefits Expense
 12697 
 12014 
 11286 
 24711 
 22838 
 47253 



c. Licence Fees
 2749 
 2400 
 2670 
 5149 
 5256 
 12574 



d. Fuel, Power and Light
 4682 
 4485 
 4222 
 9167 
 8319 
 16570 



e. Depreciation and Amortisation Expense
 2950 
 2974 
 3024 
 5924 
 6033 
 12226 



f. Other Expenditure
 15311 
 13442 
 14445 
 28753 
 26937 
 59925 



Total Expenditure
 42505 
 39238 
 39571 
 81743 
 76905 
 166231 



Profit/ (Loss) from Operations before Other Income,
 (939)
 542 
 (479)
 (397)
 1850 
 26720 



Finance Costs and Exceptional Items



Other Income
 2581 
 1174 
 1581 
 3755 
 3706 
 4782 



Profit/ (Loss) before Finance Costs and Exceptional Items
 1642 
 1716 
 1102 
 3358 
 5556 
 31502 



Finance Costs
 2495 
 2465 
 2792 
 4960 
 5072 
 9882 



Profit/ (Loss) after Finance Costs but before Exceptional Items
 (853)
 (749)
 (1690)
 (1602)
 484 
 21620 



Exceptional item - Exchange Loss on Long term borrowings
 (471)
 (461)
 (683)
 (932)
 (1139)
 (2216)



Exceptional item - Others
 - 
 - 
 (28700)
 - 
 (28700)
 (71494)



Profit/ (Loss) from Ordinary Activities before tax
 (1324)
 (1210)
 (31073)
 (2534)
 (29355)
 (52090)



Tax Expense (Including adjustment relating to Earlier Years)
 (566)
 (495)
 (1041)
 (1061)
 (301)
 6959 



Profit/ (Loss) from Ordinary Activities after tax
 (758)
 (715)
 (30032)
 (1473)
 (29054)
 (59049)



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



Reserves (excluding Revaluation Reserves) 





 261309 



Earnings Per Share ( `)









Basic (* not annualised )
*(0.09)
*(0.09)
*(3.72)
*(0.18)
*(3.60)
 (7.31)



Diluted (* not annualised ) (Note 4)
*(0.09)
*(0.09)
*(3.72)
*(0.18)
*(3.60)
 (7.31)



Debt Service Coverage Ratio ( Note 5 )



 1.44 
 2.03 
 2.50 



Interest Service Coverage Ratio ( Note 5 )



 4.07 
 3.94 
 4.16 



See accompanying notes to the financial results































































THE INDIAN HOTELS COMPANY LIMITED


AUDITED STATEMENT OF FINANCIAL RESULTS


FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2014 


Part II: Select information for the quarter and half year ended September 30, 2014






Particulars
Quarter Ended
Half Year Ended
Year Ended


Sept 30,
2014
June 30,
2014
Sept 30,
2013
Sept 30,
2014
Sept 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
50,44,06,563
50,44,06,563



Percentage of Shareholding
 62.47 
 62.47 
 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
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 
 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 
 37.53 
 37.53 






















Items
Quarter Ended







Sept 30,
2014







B
Investor Complaints









Pending at the beginning of the quarter
-








Received during the quarter
4








Disposed off during the quarter
4








Remaining unresolved at the end of the quarter 
-




























THE INDIAN HOTELS COMPANY LIMITED
STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2014
` / lakhs
Particulars
Standalone
As at
Sept 30, 2014
March 31, 2014
Audited
Audited
EQUITY AND LIABILITIES
Shareholders' Funds: 
Share Capital 
8075
8075
Reserves and Surplus 
258961
261309
Sub-total - Shareholders' funds 
267036
269384
Non-current liabilities 
Long-term borrowings 
319963
215351
Deferred Tax Liabilities (Net) 
11365
10716
Other Long Term Liabilities 
63825
63917
Long Term Provisions 
2159
1926
Sub-total - Non-current liabilities 
397312
291910
Current liabilities 
Short-term borrowings 
5096
16159
Trade payables 
15193
17348
Other current liabilities 
65112
72578
Short-term provisions 
9316
9258
Sub-total - Current liabilities 
94717
115343
TOTAL - EQUITY AND LIABILITIES 
759065
676637
ASSETS
Non-current assets 
Fixed Assets (including Capital work-in-progress) 
212878
212929
Non-current investments 
276164
276164
Long-term loans and advances 
156657
155472
Other non-current assets 
432
470
Sub-total - Non-Current assets 
646131
645035
Current assets 
Current investments 
34476
-
Inventories 
4492
4018
Trade receivables 
14117
12441
Cash and Bank Balances 
46235
4317
Short-term loans and advances 
8045
6767
Other current assets 
5569
4059
Sub-total - Current assets 
112934
31602
TOTAL - ASSETS 
759065
676637
 


Notes
1. These 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. These results have also been audited by the Statutory Auditors of the Company.
2. 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 as the second quarter has traditionally been the off season period.
3. The Company 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 ` 26 lakhs and ` 44 lakhs respectively as compared to the useful lives estimated in earlier periods.
4. 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.
5. The formulae used for calculation of Debt Service Coverage Ratio and Interest Service Coverage Ratio are as follows:
 Debt Service Coverage Ratio = Profit before Tax + Interest (Net) + Provision for diminution in value of long term investments + Depreciation/(Interest (Net) + Principal Repayment of long-term Debt). 
 Interest Service Coverage Ratio = Profit before Tax + Interest (Net) + Provision for diminution in value of long term investments + Depreciation / Interest (Net). 
 The ratios have been computed on a trailing twelve month basis.
6. Disclosure of segment-wise information is not applicable, as hoteliering is the Company's only business segment.
7. Figures of the previous periods/year have been regrouped/reclassified, wherever necessary, to conform to the current period's classification. 
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

This information is provided by RNS
The company news service from the London Stock Exchange
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