The Byke Hospitality Ltd // Hotels

Pros:
Company is virtually debt free.
Company has good consistent profit growth of 35.93% over 5 years
Cons:
Company might be capitalizing the interest cost

Peer Comparison

S.No. Name CMP Rs. P/E Mar Cap Rs.Cr. Div Yld % NP Qtr Rs.Cr. Qtr Profit Var % Sales Qtr Rs.Cr. Qtr Sales Var % ROCE %
1. EIH 155.10 49.19 8864.74 0.58 9.69
2. Mahindra Holiday 194.85 22.48 2602.30 2.04 13.73 -57.54 234.54 -12.19 30.58
3. Indian Hotels 125.45 170.76 14919.25 0.32 6.10 93.75 979.70 7.52 6.90
4. EIH Assoc.Hotels 301.30 25.73 918.06 1.49 1.89 -52.87 47.35 -8.98 20.47
5. The Byke Hospi. 80.45 9.25 322.59 1.24 5.44 -17.45 36.68 -1.05 30.66
6. TajGVK Hotels 173.15 46.02 1085.68 0.35 4.53 131.12 72.62 22.17 9.30
7. Mac Charles(I) 271.65 15.43 355.86 3.68 5.23 -17.77 19.32 5.29 9.16

Quarterly Results Figures in Rs. Crores

Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018
45.40 69.97 68.01 61.90 53.59 78.70 75.79 37.07 29.41 55.04 55.89 36.68
35.30 53.40 51.85 48.64 41.61 59.91 57.64 23.83 18.15 32.80 33.92 24.56
Operating Profit 10.10 16.57 16.16 13.26 11.98 18.79 18.15 13.24 11.26 22.24 21.97 12.12
OPM % 22.25% 23.68% 23.76% 21.42% 22.35% 23.88% 23.95% 35.72% 38.29% 40.41% 39.31% 33.04%
Other Income 0.04 0.04 0.03 0.14 0.16 0.18 0.17 0.18 0.19 0.20 0.20 0.22
Depreciation 2.29 2.42 4.61 2.82 3.01 2.51 4.43 3.18 3.29 3.32 3.86 3.57
Interest 0.40 0.33 0.36 0.32 0.31 0.23 0.23 0.17 0.20 0.22 0.17 0.45
Profit before tax 7.45 13.85 11.22 10.26 8.82 16.23 13.66 10.08 7.97 18.90 18.13 8.32
Tax 2.58 4.81 3.86 3.55 3.06 5.61 4.72 3.49 2.76 6.54 6.28 2.88
Net Profit 4.87 9.04 7.36 6.71 5.77 10.61 8.93 6.59 5.21 12.36 11.86 5.44

Profit & Loss Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
13 18 14 15 33 49 100 154 180 230 270 177 177
10 14 12 13 29 44 82 126 143 177 208 109 109
Operating Profit 3 5 2 2 4 5 18 29 37 53 62 69 68
OPM % 25% 25% 16% 15% 12% 11% 18% 19% 21% 23% 23% 39% 38%
Other Income 0 0 0 0 0 0 0 0 0 0 1 1 1
Interest 0 0 0 0 0 1 2 2 2 2 1 1 1
Depreciation 0 0 1 1 1 1 4 5 10 12 13 14 14
Profit before tax 3 4 1 1 3 4 12 21 25 40 49 55 53
Tax % 19% 34% 34% 33% 30% 32% 33% 25% 21% 35% 35% 35%
Net Profit 2 3 1 1 2 2 8 16 20 26 32 36 35
EPS in Rs 2.33 2.18 0.39 0.34 0.50 0.52 1.85 3.84 4.80 6.26 7.98 8.98
Dividend Payout % 25% 26% 25% 66% 84% 84% 26% 19% 20% 15% 13% 11%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:25.45%
5 Years:12.12%
3 Years:-0.45%
TTM:-27.79%
Compounded Profit Growth
10 Years:29.33%
5 Years:35.93%
3 Years:21.59%
TTM:9.31%
Return on Equity
10 Years:17.47%
5 Years:22.13%
3 Years:22.60%
TTM:21.40%

Balance Sheet Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
5 6 11 13 19 20 20 20 40 40 40 40
Reserves 4 9 19 21 44 47 52 65 60 81 113 144
Borrowings 0 0 0 0 0 17 20 15 12 11 8 20
3 4 3 4 8 10 22 27 24 29 27 32
Total Liabilities 12 19 33 38 71 94 114 126 137 161 189 236
10 13 12 12 13 47 73 78 79 84 92 103
CWIP 0 2 3 13 38 20 3 4 2 3 2 8
Investments 0 0 0 0 0 0 0 0 0 0 0 0
3 3 18 13 19 28 38 44 56 74 94 124
Total Assets 12 19 33 38 71 94 114 126 137 161 189 236

Cash Flows Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
5 4 -11 4 0 3 16 20 16 27 28 31
-6 -6 -0 -10 -29 -19 -14 -9 -9 -18 -19 -30
1 2 14 3 29 18 -2 -10 -7 -8 -8 6
Net Cash Flow 0 -0 3 -3 1 1 -1 1 0 1 1 7