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EIH: Not upto the mark

Jul 5, 2004

East India Hotels (EIH), the Oberoi chain of hotels, announced its results recently. While the company's performance in the fourth quarter was impressive, EIH's numbers dwarfs when compared with the market leader, Indian Hotels (the Taj chain of hotels). In line with the industry trend, both ARRs (average room rates) and occupancy rates seem to have recovered in 2HFY04 for EIH.

(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Net sales 1,122 1,405 25.3% 3,833 4,450 16.1%
Other income 226 200 -11.5% 519 595 14.5%
Expenditure 841 989 17.6% 3,540 3,860 9.1%
Operating profit (EBDITA) 281 416 48.1% 294 590 100.9%
Operating profit margin (%) 25.0% 29.6%   7.7% 13.3%  
Interest 72 96 33.5% 185 348 87.7%
Depreciation 113 103 -8.3% 346 389 12.4%
Profit before tax 322 417 29.3% 282 448 59.0%
Extraordinary items (3) (13) 284.8% (7) (34) 373.2%
Tax 145 193 33.3% 120 133 10.7%
Profit after tax/(loss) 174 211 21.1% 155 282 82.1%
Net profit margin (%) 15.5% 15.0%   4.0% 6.3%  
No. of shares (m) 52.4 52.4   52.4 52.4  
Diluted earnings per share (Rs)* 13.3 16.1   3.0 5.4  
P/E ratio (x)         44.8  
(* annualised)            

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