EIH ASSO.HOTELS 2020-21 Annual Report Analysis

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EIH ASSO.HOTELS 2020-21 Annual Report Analysis
Fri, 29 Oct

EIH ASSO.HOTELS has announced its results for the year ended March 2021. Let us have a look at the detailed performance review of the company during FY20-21.

EIH ASSO.HOTELS Income Statement Analysis

  • Operating income during the year fell 59.3% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 145.1% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 22.4% in FY21 as against 20.2% in FY20.
  • Depreciation charges increased by 6.2% and finance costs increased by 18.8% YoY, respectively.
  • Other income declined by 66.1% YoY.
  • Net profit for the year declined by 170.4% YoY.
  • Net profit margins during the year declined from 14.7% in FY20 to 25.6% in FY21.

EIH ASSO.HOTELS Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 2,491 1,014 -59.3%
Other income Rs m 90 31 -66.1%
Total Revenues Rs m 2,581 1,045 -59.5%
Gross profit Rs m 504 -227 -145.1%
Depreciation Rs m 160 170 6.2%
Interest Rs m 4 5 18.8%
Profit before tax Rs m 430 -371 -186.4%
Tax Rs m 50 -104 -306.6%
Profit after tax Rs m 380 -267 -170.4%
Gross profit margin % 20.2 -22.4
Effective tax rate % 11.7 28.0
Net profit margin % 14.7 -25.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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EIH ASSO.HOTELS Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 429 million as compared to Rs 627 million in FY20, thereby witnessing an decrease of -31.6%.
  • Current assets fell 37% and stood at Rs 878 million, while fixed assets fell 2% and stood at Rs 3 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 4 billion as against Rs 4 billion during FY20, thereby witnessing a fall of 13%.

EIH ASSO.HOTELS Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 3,452 3,187 -7.7
 
Current Liabilities Rs m 627 429 -31.6
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 4,467 3,895 -12.8
 
Current assets Rs m 1,392 878 -36.9
Fixed Assets Rs m 3,075 3,016 -1.9
Total Assets Rs m 4,467 3,895 -12.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



EIH ASSO.HOTELS Cash Flow Statement Analysis

  • EIH ASSO.HOTELS's cash flow from operating activities (CFO) during FY21 stood at Rs -119 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs 94 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -11 million, an improvement of 94% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -36 million from the Rs 50 million net cash flows seen during FY20.

EIH ASSO.HOTELS Cash Flow Statement 2020-21

Particulars No. of months 12 12 % Change
Year Ending Mar-20 Mar-21
Cash Flow from Operating Activities Rs m 570 -119 -
Cash Flow from Investing Activities Rs m -344 94 -
Cash Flow from Financing Activities Rs m -175 -11 -
Net Cash Flow Rs m 50 -36 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for EIH ASSO.HOTELS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -8.8, an decline from the EPS of Rs 12.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 390.9, stands at -55.8 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 2.3 times, while the price to sales ratio stands at 7.4 times.
  • The company's price to cash flow (P/CF) ratio stood at -121.8 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Sales per share (Unadj.) Rs 81.7 33.3
TTM Earnings per share Rs 12.5 -8.8
Diluted earnings per share Rs 12.5 -8.8
Price to Cash Flow x 22.1 -121.8
TTM P/E ratio x -55.8 -55.8
Price / Book Value ratio x 2.6 2.3
Market Cap Rs m 11,910 11,910
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for EIH ASSO.HOTELS

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 2.0x during FY21, from 2.2x during FY20. The current ratio measures the company's ability to pay short-term and long-term obligations.

    Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at -69.1x during FY21, from 97.4x during FY20. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company declined and down at -8.4% during FY21, from 11.0% during FY21. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

    Return on Capital Employed (ROCE): The ROCE for the company declined and down at -11.5% during FY21, from 12.6% during FY20. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

    Return on Assets (ROA): The ROA of the company declined and down at -6.7% during FY21, from 8.6% during FY20. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Current ratio x 2.2 2.0
Debtors’ Days Days 36 26
Interest coverage x 97.4 -69.1
Debt to equity ratio x 0.0 0.0
Return on assets % 8.6 -6.7
Return on equity % 11.0 -8.4
Return on capital employed % 12.6 -11.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how EIH ASSO.HOTELS has performed over the last 5 years, please visit here.

EIH ASSO.HOTELS Share Price Performance

Over the last one year, EIH ASSO.HOTELS share price has moved up from Rs 227.0 to Rs 390.9, registering a gain of Rs 163.9 or around 72.2%.

Overall, the S&P BSE SENSEX is up 48.6% over the year.

(To know more, check out historical annual results for EIH ASSO.HOTELS and quarterly results for EIH ASSO.HOTELS)

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