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BSE Limited Corporate Relationship Department 18t Floor, New Trading Ring, Rotunda Building, P. J. Towers, Dalal Street, Fort, Mumbai - 400 001. Scrip- Code: 500850
I ~CI~ November 14,2018
National Stock Exchange of India Limited Exchange Plaza Bandra Kurla Complex Bandra (E) Mumbai 400 051 Symbol: INDHOTEL
Kind Attn: Mr. S. Subramanian DCS- CRD
Dear Sirs,
Further to our letter of date, intimating the Financial Results of the Company for the
quarter/half year ended September 30, 2018, enclosed is a copy of the investors / analyst
presentation on the performance of the Company for quarter/half year ended
September 30,2018 for your records.
I<:indly acknowledge receipt.
Yours sincerely,
BE J ESAI Sen or Vice -P:;esident - Legal & Company Secretary
Encl: a/a
THE INDIAN HOTELS COMPANY LIMITED CIN L74999MH1902PLC000183
CORP Office: Ninth Floor, Express Towers, Barrister Rajni Patel Marg, Nariman Point, Mumbai 400021, Maharashtra, India
REGD Office: Mandlik House, Mandlik Road, Mumbai 400 001, Maharashtra, India www.taJhotels.com
o TAJ VIVANTA GINGER EXPRESSIONS
o TAJSATS
T + 91 22 6137 1637, F +91 22 6137 1919
T + 91 22 6639 5515, F +91 22 2202 7442
A TATA Enterprise
Analyst Meet
Results for the Half Year Ended
September 30, 2018
2
AGENDA
• Industry Trends
• Key Highlights
• Financial Performance
• Q&A
3
The FOMO Syndrome of Indian Hospitality
7989
57595496
3837
68.8%
66.6%
56.0%
58.0%
60.0%
62.0%
64.0%
66.0%
68.0%
70.0%
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
0 2 4 6 8 10 12
ARR RevPAR Occupancy
ARR Decline of 28%
Source: 2018 Indian Hospitality Trends & Opportunities Report, Hotelivate
4
Performance of Key Cities – FY 2008 / 09 to FY 2017 / 18
-28%
-39%
-15%
25%
-22%
-41%-33%
-13% -10%
-26% -27%
Mumbai Bengaluru Jaipur Goa Hyderabad Pune New Delhi Ahmedabad Kolkata Gurugram Chennai
Change in ARR
15% 15%13%
11% 11%
7%
4% 3% 2% 2%1%
Mumbai Bengaluru Jaipur Goa Hyderabad Pune New Delhi Ahmedabad Kolkata Gurugram Chennai
Change in Occupancy (Abs. % points)
Source: 2018 Indian Hospitality Trends & Opportunities Report, Hotelivate
5
Performance of Key Cities – H1 2018/19
2.9%
6.3%
2.9% 2.7%1.6% 1.9%
3.6% 4.3%
-1.6%
0.6%
5.4%
0.2%0.0%
7.8%
4.2%
10.6%9.9%
8.2% 7.8% 7.6% 7.2%
4.5% 4.1% 3.6% 3.1%
0.5%
-0.1%
-11.0%
Supply % Change Demand % Change
The supply–demand gap is still significant in most cities, which will positively impact RevPARs
Source: STR Global
6
Performance of Key Cities – H1 2018/19₹
3,2
33
₹ 5
,26
5
₹ 4
,18
1
₹ 3
,62
1
₹ 3
,76
1
₹ 3
,65
5
₹ 3
,40
6
₹ 3
,11
0
₹ 2
,93
1
₹ 3
,04
5
₹ 2
,68
3
₹ 2
,24
0
₹ 2
,38
0
₹ 2
,40
4
₹ 3
,35
2
₹ 5
,59
1
₹ 4
,19
2
₹ 4
,11
5
₹ 4
,03
8
₹ 3
,79
6
₹ 3
,58
3
₹ 3
,40
6
₹ 3
,32
8
₹ 3
,20
8
₹ 2
,73
1
₹ 2
,36
4
₹ 2
,27
8
₹ 2
,05
6
H1 2017-18 H1 2018-19
Industry RevPAR growth at 3.7%
Source: STR Global
7
Performance of Key Cities – IHCL (H1 2018/19)
Superior RevPAR performance
• All India RevPAR up 8.1% to ₹4,735
• All India Occupancy up 3.5% to 63%
• All India ADR up 2.0% to ₹7,573
City RevPAR ARR Occupancy
Mumbai ↑ ↓ ↑
New Delhi ↑ ↑ ↑
Bengaluru ↑ ↑ ↑
Chennai ↓ ↑ ↓
Goa ↑ ↑ ↑
Jaipur ↑ ↑ ↓
Pune ↑ ↓ ↑
Hyderabad ↑ ↑ ↑
Kolkata ↑ ↑ ↑
Gurugram ↑ ↑ ↑
Chandigarh ↑ ↓ ↑
Kochi ↓ ↓ ↑ Occupancy including International hotels is 64%
8
AGENDA
• Industry Trends
• Key Highlights
• Financial Performance
• Q&A
9
Retaining Iconic Status
10
14% 73%₹ (5) Crore
Vs₹ (58) Crore
Revenue EBITDA PAT
Consolidated Results – Q2 2018 / 19
11
11% 46%₹ 10 Crore
Vs₹ (83) Crore
Revenue EBITDA PAT
Consolidated Results – H1 2018 / 19
12
Particulars
Domestic International
CY PY Growth over PY % CY PY Growth over PY %
Room Revenue 911 847 7.5% 599 570 5.0%
RevPAR 4,735 4,381 8.1% 12,502 11,858 5.4%
F & B Revenue 914 822 11.3% 361 335 7.7%
₹ /crores
*Excluding Ginger brand
IHCL Network Revenue – H1 2018 / 19
13
Sustained Positive Performance (Q-o-Q)
1069920 864
1164995 981
0
500
1000
1500
Q4 Q1 Q2
Revenue (₹ Cr) – Up 9%
PY CY
195
9967
265
126 116
0
100
200
300
Q4 Q1 Q2
EBITDA (₹ Cr) – Up 29%
PY CY
40
-25
-58
76
15
-5
-100
-50
0
50
100
Q4 Q1 Q2
PAT (₹ Cr) – Up 150%
PY CY
18%
11%8%
23%
13% 12%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Q4 Q1 Q2
EBITDA Margin – Up 3.5 pp
PY CY
14
Re-imagining Portfolio: New Signings FY 18/19
Pawna Dam, Lonavla (145)
Makkah (340)
Taj Bangalore Expansion (220)
Deira Water Front, Dubai (200)
Udaipur Expansion (80)
Katra (80)
Vadodara Expansion (60)
Heathrow Airport (108)
Jhamel, Kathmandu (111)
Bhubaneswar (137)
Vizag (56)
Jhansi, (76)
Noida (119)
Bharuch (55)
Margao (47)
Nashik (56)
Connaught Hotel, New Delhi (85)
Aspiration 2022: Increase portfolio by 30% in the next 5 years (15 New Signings per annum)
YTD FY 2018 / 19 15 New Signings* (1825 keys)
*Excludes Vadodara, Udaipur Expansions
15
Pipeline Growth – YTD FY 2018 / 19
71%
7%
22%
Pipeline by Brand –2200 Keys as on 31st March 2018
Taj Vivanta Ginger
61%15%
22%
2%
Pipeline by Brand –4175 Keys as on 14th November 2018
Taj Vivanta Ginger SeleQtions
90% Growth in Pipeline
16
The New IHCL Corporate Website – www.theindianhotels.com
17
18
AGENDA
• Industry Trends
• Key Highlights
• Financial Performance
• Q&A
19
67
116
EBITDA
Q2 2017/18 Q2 2018/19
864
981
Total Revenue
Q2 2017/18 Q2 2018/19
₹ /croresConsolidated Key Indicators – Q2 2018/19
14% 73%
Margin Expansion 4 pp
20
(75)
(12)
Profit before Exceptional Items & Tax
Q2 2017/18 Q2 2018/19
(58)
(5)
Profit After Tax
Q2 2017/18 Q2 2018/19
₹ /croresConsolidated Key Indicators – Q2 2018/19
(This is despite a ₹50 cr negative swing on account of change in fair value of derivative contracts (MTM))
53
21
1,784 1,976
Total Revenue
H1 2017/18 H1 2018/19
166
242
EBITDA
H1 2017/18 H1 2018/19
₹ /croresConsolidated Key Indicators – H1 2018/19
11% 46%
Margin Expansion 2.9 pp
22
(116)
(12)
Profit before Exceptional Items & Tax
H1 2017/18 H1 2018/19
(83)
10
Profit After Tax
H1 2017/18 H1 2018/19
₹ /croresConsolidated Key Indicators – H1 2018/19
(This is despite a
₹116 cr negative swing on account of change in fair value of derivative contracts (MTM))
93
Positive H1 PAT for the first time
since 2008
23
ParticularsQ2 H1
18/19 17/18Growth vs
PY18/19 17/18
Growth vs PY
Revenue from Operations 965 852 13% 1,944 1,763 10%
Non Operating Revenue 17 13 33% 32 21 48%
Total Revenue 981 864 14% 1,976 1,784 11%
Total Expenditure 865 797 9% 1,734 1,618 7%
EBITDA 116 67 73% 242 166 46%
Operating EBITDA 99 55 82% 210 145 45%
EBITDA Margin 11.81% 7.76% 4.05pp 12.22% 9.33% 2.89pp
Depreciation and Amortization Expense 81 70 15% 160 142 13%
Finance Costs 47 72 -35% 94 141 -34%
Profit Before exceptional Items & Tax (12) (75) + (12) (116) +
Exceptional items Gain/(Loss) (45) 2 - (49) 18 -
Profit/ (Loss) before tax (57) (73) + (61) (98) +
Provision for Taxes (19) (21) + (29) (18) -
Profit/ (Loss) After Tax (38) (51) + (32) (81) +
Add: Share of Profit/(Loss) in Associates & JV’s 32 (9) + 35 (8) +
Less : Profit / (Loss due to Non Controlling interest) 0 2 - 7 6 +
Profit / (Loss) after Non controlling interest, share of associates and JV (5) (58) + 10 (83) +
Consolidated – Reported Profit & Loss Statement₹ /crores
24
ParticularsQ2
Var.H1
Var.2018/19 2017/18 2018/19 2017/18
Exchange Gain/ (Loss) on Long-term Borrowings/Assets (Net)
(2) 2 (1) 1
Change in fair value of derivative contracts (46) 4 (50) (96) 20 (116)
TIHK - Bjets advances w/off (1) 1
Boston lease modification income 1 - 1 47 - 47
Total (45) 2 (47) (49) 18 (67)
IHCL - Consolidated Exceptional Items
₹ /crores
On a post Tax basis, MTM losses ` 64 crores offset by post tax Boston Income of ` 47 crores and post tax share of profit on Vizag sale of ` 28 crores.
25
80
120
EBITDA
Q2 2017/18 Q2 2018/19
523 601
Total Revenue
Q2 2017/18 Q2 2018/19
₹ /croresStandalone Key Indicators – Q2 2018/19
15% 50%
26
(6)
38
Profit before Exceptional Items & Tax
Q2 2017/18 Q2 2018/19
(19)
(22)
Profit After Tax
Q2 2017/18 Q2 2018/19
₹ /croresStandalone Key Indicators – Q2 2018/19
27
1,059 1,180
Total Revenue
H1 2017/18 H1 2018/19
164
220
EBITDA
H1 2017/18 H1 2018/19
₹ /croresStandalone Key Indicators – H1 2018/19
11% 34%
28
(2)
59
Profit before Exceptional Items & Tax
H1 2017/18 H1 2018/19
(11)
(39)
Profit After Tax
H1 2017/18 H1 2018/19
₹ /croresStandalone Key Indicators – H1 2018/19
29
ParticularsQ2 H1
18/19 17/18Growth vs
PY18/19 17/18
Growth vs PY
Revenue from Operations 570 510 12% 1135 1038 9%
Non Operating Revenue 30 13 129% 45 21 114%
Total Revenue 601 523 15% 1180 1059 11%
Total Operating Expenditure 481 443 9% 961 895 7%
EBITDA 120 80 50% 220 164 34%
Operating EBITDA 89 67 33% 174 143 22%
EBITDA Margin 19.90% 15.36% 4.54pp 18.61% 15.49% 3.12pp
Depreciation and Amortization Expense 42 36 17% 82 73 12%
Finance Costs 40 51 -22% 79 94 -16%
Profit Before exceptional Items & Tax 38 (6) + 59 (2) +
Exceptional items (77) (31) - (128) (20) -
Profit/ (Loss) before tax (39) (37) - (69) (23) -
Provision for Taxes (17) (19) + (30) (12) -
Profit/ (Loss) After Tax (22) (19) - (39) (11) -
Effective Tax Rate 44% 51% 44% 52%
Standalone - Profit & Loss Statement₹ /crores
30
ParticularsQ2
Var.H1
Var.2018/19 2017/18 2018/19 2017/18
Exchange Gain/ (Loss) on ECB - (2) 2 - (1) 1
Exchange Gain/ (Loss) on Shareholders Deposit Revaluation
- - - (0)
Change in fair value of derivative contracts (46) 4 (50) (96) 20 (116)
Provision for impairment of investment in Pierre that incurred cash losses
(31) (33) 2 (32) (39) 7
Total (77) (31) (46) (128) (20) (108)
IHCL- Standalone Exceptional ItemsFor Q2 & H1 2018/19
₹ /crores
31
Debt Position
# Equity for consolidated ratios considers Net worth attributable to the owner
₹ /crores
Particulars
Standalone Consolidated
September 30, 2018
March 31, 2018 September 30, 2018
March 31, 2018
Gross Debt 1,757 1,784 2,448 2,427
Liquidity (270) (423) (366) (538)
Net Debt 1,487 1,361 2,082 1,889
Net Debt/ Equity # 0.35 0.31 0.50 0.45
Weighted cost of Debt 8.0 7.9 7.1 7.0
Net Debt / EBITDA (Trailing 12 months)
2.01 1.99 2.58 2.58
32
AGENDA
• Industry Trends
• Key Highlights
• Financial Performance
• Q&A
33
Disclaimer
These presentations may contain forward-looking statements within the meaning of applicable securitieslaws. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goalsalso are forward-looking statements.
Forward-looking statements are not guarantees of future performance and involve risks and uncertaintiesand other factors that may cause actual results to differ materially from those anticipated at the time theforward-looking statements are made. Future results, performance and achievements may be affected bygeneral economic conditions, regulatory environment, business and financing conditions, foreign exchangefluctuations, cyclicality and operating risks associated with the hospitality industry and other circumstancesand uncertainties.
Although we believe the expectations reflected in such forward looking statements are based uponreasonable assumptions, we can give no assurance that our expectations will be attained or that results willnot materially differ. We undertake no obligation to publicly update or revise any forward-looking statement,whether as a result of new information, future events or otherwise.
Please visit our corporate website www.theindianhotels.com for previous investor communications.
34
ANNEXURE
35
Our Operational Portfolio
As of November, 2018, IHCL has 144 hotels with 17,360 Rooms
Domestic, 14735
International, 2625
Inventory by Geography
Domestic International
Holding Company,
4357
Group Companies,
8569
Management Contracts,
4434
Inventory by Contract Type
Holding Company Group Companies
Management Contracts
36
Awards – YTD FY 2018 / 19
37
Group Major Companies
Company NameEffective
Holding %Company Name
Effective
Holding %
Subsidiaries Joint Ventures
Piem Hotels Ltd 51.57 Taj SATS Air Catering Ltd 51.00
Benares Hotels Ltd 51.68 Taj GVK Hotels & Resorts Ltd 25.52
United Hotels Ltd 55.00 Taj Madras Flight Kitchen Pvt Ltd 50.00
Roots Corporation Ltd 63.25 Taj Kerala Hotels & Resorts Ltd 28.30
Skydeck Properties Pvt Ltd 100.00 Taj Karnataka Hotels & Resorts Ltd 44.27
IHOCO BV [Investment Company] 100.00 Taj Safaris Ltd 38.15
United Overseas Holdings, Inc. 100.00 Kaveri Retreat & Resorts Ltd 50.00
St James Court Hotel Ltd 72.25 IHMS (SA) Pty Ltd 50.00
TAL Hotels & Resorts Ltd 27.49
Associates
Oriental Hotels Ltd 35.67
Lanka Island Resorts Ltd 24.66
TAL Lanka Hotel PLC 24.62
38
THANK YOU