Indian Hotels Co Ltd

Indian Hotels Co Ltd

₹ 614 4.17%
14 Jun - close price
About

IHCL is one of India’s leading hospitality companies. IHCL and its subsidiaries comprise diversified portfolio across luxury, upscale/upper upscale and lean luxury/midscale segments. IHCL’s operations are spread across four continents, 12 countries and over 100 cities.[1]

Key Points

Hotels Portfolio
As of Mar'24, company has 218 operational hotels with a total inventory of 24,136 rooms. It also has a pipeline of 92 hotels with 12,953 rooms increasing the Taj (26 hotels with 4611 rooms), Vivanta (27 hotels with 3,797 rooms), SeleQtions (13 hotels with 1,518 rooms) and Ginger (26 hotels with 3,027 rooms) portfolios[1]
Company opened total 20 hotels with 650 rooms in Q4FY24: 3 SeleQtions (256 rooms) , 1 Vivanta hotel (48 rooms) under Mangement contracts, 2 ginger hotel (155 rooms) under ownership and 14 Tree of life resorts (191 rooms) under sales & distribution agreement.[2]
Company Signed 53 hotel in FY24 and opened 34 hotels.[3]

  • Market Cap 87,377 Cr.
  • Current Price 614
  • High / Low 622 / 371
  • Stock P/E 70.3
  • Book Value 66.4
  • Dividend Yield 0.29 %
  • ROCE 15.1 %
  • ROE 14.3 %
  • Face Value 1.00

Pros

  • Company has delivered good profit growth of 35.1% CAGR over last 5 years

Cons

  • Stock is trading at 9.24 times its book value
  • Company has a low return on equity of 8.84% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Hotels & Restaurants Industry: Hotels

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
615 345 728 1,111 872 1,266 1,233 1,686 1,625 1,466 1,433 1,964 1,905
544 493 656 789 713 888 939 1,089 1,090 1,056 1,078 1,231 1,246
Operating Profit 71 -149 73 322 159 378 294 597 535 410 355 732 660
OPM % 12% -43% 10% 29% 18% 30% 24% 35% 33% 28% 25% 37% 35%
37 46 13 12 99 18 37 58 29 49 48 40 46
Interest 106 110 114 125 79 62 60 57 57 57 59 53 52
Depreciation 104 103 102 100 102 103 103 103 108 109 111 114 120
Profit before tax -102 -315 -130 109 77 231 169 495 400 294 232 605 535
Tax % 12% 14% 9% 21% -3% 28% 26% 23% 24% 28% 31% 28% 26%
-98 -302 -131 96 72 181 130 404 339 236 179 477 438
EPS in Rs -0.69 -2.10 -0.91 0.58 0.52 1.20 0.86 2.69 2.31 1.57 1.18 3.18 2.93
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
3,743 4,066 4,189 4,023 4,021 4,104 4,512 4,463 1,575 3,056 5,810 6,769
3,202 3,504 3,762 3,411 3,411 3,432 3,682 3,496 1,937 2,651 4,005 4,609
Operating Profit 542 562 427 612 610 671 830 968 -362 405 1,805 2,160
OPM % 14% 14% 10% 15% 15% 16% 18% 22% -23% 13% 31% 32%
-374 -497 -193 -43 44 83 90 173 325 171 142 181
Interest 171 169 176 376 324 269 190 341 403 428 236 220
Depreciation 288 308 291 285 299 301 328 404 410 406 416 454
Profit before tax -292 -412 -232 -91 31 184 402 396 -850 -258 1,295 1,666
Tax % -34% -27% -49% -99% 372% 66% 39% 11% 18% 14% 25% 28%
-389 -536 -347 -203 -46 104 296 364 -796 -265 1,053 1,330
EPS in Rs -4.00 -5.14 -3.51 -1.75 -0.48 0.76 2.17 2.68 -5.45 -1.74 7.06 8.85
Dividend Payout % -15% 0% 0% -13% -55% 47% 21% 17% -7% -23% 14% 20%
Compounded Sales Growth
10 Years: 5%
5 Years: 8%
3 Years: 63%
TTM: 17%
Compounded Profit Growth
10 Years: 29%
5 Years: 35%
3 Years: 50%
TTM: 30%
Stock Price CAGR
10 Years: 21%
5 Years: 34%
3 Years: 67%
1 Year: 52%
Return on Equity
10 Years: 3%
5 Years: 4%
3 Years: 9%
Last Year: 14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 81 81 81 99 99 119 119 119 119 142 142 142
Reserves 2,899 2,556 2,146 2,481 2,419 4,062 4,229 4,238 3,530 6,920 7,840 9,314
3,818 4,252 5,074 4,526 3,383 2,427 2,326 4,501 5,518 3,888 3,139 2,736
2,494 2,626 2,582 2,691 2,698 2,706 2,840 2,584 2,268 2,052 2,391 2,541
Total Liabilities 9,291 9,514 9,884 9,797 8,599 9,314 9,514 11,442 11,435 13,002 13,512 14,733
5,896 6,215 6,299 6,762 5,815 6,163 6,422 8,059 8,438 8,415 8,819 9,311
CWIP 422 554 306 290 223 197 116 244 165 194 332 256
Investments 1,563 1,427 1,587 1,515 1,244 1,511 1,335 1,427 1,483 1,967 1,891 2,261
1,411 1,318 1,692 1,231 1,317 1,443 1,641 1,712 1,349 2,426 2,470 2,905
Total Assets 9,291 9,514 9,884 9,797 8,599 9,314 9,514 11,442 11,435 13,002 13,512 14,733

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
502 539 495 619 535 492 711 823 -319 672 1,619 1,935
-345 -297 -726 341 848 -521 -387 -497 -118 -1,641 -138 -1,208
-117 -212 491 -1,196 -1,381 96 -343 -265 280 1,659 -1,528 -985
Net Cash Flow 39 30 260 -237 1 67 -19 62 -157 689 -47 -257

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 27 25 26 22 25 29 26 24 51 30 28 26
Inventory Days 93 87 85 80 81 83 73 92 236 143 84 82
Days Payable 305 292 273 286 294 330 294 383 807 550 368 364
Cash Conversion Cycle -186 -179 -162 -184 -189 -217 -195 -268 -520 -376 -256 -257
Working Capital Days -32 -126 -63 -157 -112 -68 -109 -81 -220 -88 -51 -47
ROCE % 4% 4% 4% 5% 5% 6% 8% 7% -6% 1% 13% 15%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
40.75% 40.75% 41.05% 38.19% 38.19% 38.19% 38.19% 38.19% 38.19% 38.19% 38.12% 38.12%
12.56% 13.48% 15.19% 16.03% 15.07% 16.25% 19.00% 18.24% 21.64% 22.17% 23.28% 24.47%
27.85% 26.93% 25.16% 28.51% 29.56% 29.19% 26.55% 27.47% 24.05% 23.13% 22.19% 20.65%
0.14% 0.14% 0.14% 0.13% 0.13% 0.13% 0.13% 0.13% 0.13% 0.14% 0.14% 0.14%
18.70% 18.70% 18.47% 17.14% 17.05% 16.22% 16.12% 15.97% 15.98% 16.38% 16.27% 16.63%
No. of Shareholders 2,39,9792,61,0463,57,5953,41,8153,79,5604,00,1074,23,4884,30,8964,48,7424,83,9614,85,6095,35,253

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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