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Taj GVK: Profits decrease on high costs - Views on News from Equitymaster

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Taj GVK: Profits decrease on high costs
Jan 31, 2012

Taj GVK Hotels & Resorts Limited announced the third quarter results of financial year 2011-2012 (3QFY12). The company has reported a 5.6% YoY and 52.8% YoY decline in sales and net profits respectively. Here is our analysis of the results.

Performance summary
  • Net sales of the company for 3QFY12 declined by 5.6% YoY.
  • Both operating profit and operating margin saw a decline of 32% YoY and 11% YoY respectively. This was due to increase in expenditure on a new hotel at Hyderabad.
  • Net profit for 3QFY12 declined by 52.8% YoY and net profit margin declined by 50%.
  • Net sales and net profits for the nine months ended December 2011 declined by 3.4% YoY and 26.3% YoY respectively.
Financial Performance Snapshot
(Rs m) 3QFY11 3QFY12 Change 9mFY11 9mFY12 Change
Sales 702 663 -5.6% 1910 1845 -3.4%
Expenditure 424 474 11.7% 1210 1255 3.7%
Operating profit (EBDITA) 278 189 -32.0% 700 590 -15.7%
Operating profit margin (%) 39.6% 28.6%   36.6% 32.0%  
Other income 0 0        
Interest (net) 30 40 33.8% 86 101 17.2%
Depreciation 53 56 6.8% 153 157 2.0%
Profit before tax 196 93 -52.5% 460 332 -27.8%
Exceptional Item 0 0        
Tax 66 32 -52.0% 156 108 -30.6%
Profit after tax/(loss) 129 61 -52.8% 305 224 -26.3%
Net profit margin (%) 18.4% 9.2%   15.9% 12.2%  
No. of shares (m)         63  
Diluted earnings per share (Rs)*         5.6  
P/E ratio (x)*         13.1  

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