Indian Hotels Co Ld IHTD Consolidated Half Yearly Results

  Indian Hotels Co Ld (IHTD) - Consolidated Half Yearly Results

RNS Number : 5264Q
Indian Hotels Co (The) Ld
07 November 2012




                                                              November 6, 2012

                                                                             

BSE Limited

Corporate Relationship Department

Rotunda Building, Dalal Street

      Mumbai - 400 001



 Kind Attn:  Mr. S. Subramanian

 DCS- CRD

Dear Sirs,



Further to our letter of  date, the Board of Directors  of the Company at  its 
meeting held earlier today, also considered and took on record the  Un-audited 
Consolidated Financial Results for the quarter / half year ended September 30,
2012 being provided as additional  information besides the Audited  Standalone 
Financial Results pursuant to Clause 41 (1) (e) of the Listing Agreement.



Enclosed are three copies of the said financial results of the Company,  being 
forwarded to you, in terms of the Listing Agreement.



The said  results  shall  be  published in  one  English  and  one  vernacular 
newspaper as required.



Kindly acknowledge receipt.



Thanking you,



Yours sincerely,



 s/d



BEEJAL DESAI

Vice President - Legal & Company Secretary



Encl : a/a



cc : The Secretary - National Stock Exchange Ltd.

The Secretary - London Stock Exchange Ltd

                       THE INDIAN HOTELS COMPANY LIMITED
             STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS
                  FOR THE HALF YEAR ENDED SEPTEMBER 30, 2012
                                                                     ` Lakhs
                                                                

                             Half Year Ended                 Year Ended
                       Unaudited           Unaudited           Audited
                                             
                                                              March 31,
                       Sept 30,            Sept 30,
                                                                 2012
       Items              2012                2011
   Net Sales /
   Income from         166637     145550   343271
   Operations
   Total Income       166637     145550   343271
   Expenditure
   a.                17756    16072  36257
   Consumption of
   Raw Materials
   b. Employee       62905    54084   114912
   Benefits
   Expense
   c. License       8404   6673  12387
   Fees
   d. Fuel,          14330    11727  24240
   Power and
   Light
   e.                14512    12929  25507
   Depreciation
   and
   Amortisation
   Expense
   f. Other          49255    41768   100905
   Expenditure
   Total              167162     143253   314208
   Expenditure
   Profit /                                                    
   (Loss) from
   Operation                                                   
   before Other   (525) 2297  29063
   Income

   and Finance
   Costs &
   Exceptional
   Items
   Other Income     3503   3981     
                                                                        7094
   Profit before    2978   6278  36157
   Finance Costs
   and
   Exceptional
   Items
   Finance Costs    8176    11045  21354
   Profit /        (5198)  (4767)  14803
   (Loss) after
   Finance Costs
   but before
   Exceptional
   Items
   Exceptional                                
   Items -         (1267)              (573)             (1348)
   Exchange Loss
   on Long term
   borrowings /
   Assets
   Exceptional      1395  999     
   Item - Others                                                        1302
   (Refer note 4)
   Profit /        (5070)  (4341)  14757
   (Loss) from
   Ordinary
   Activities
   before Tax
   Provision for   871   2705  12175
   Taxes
   Profit /        (5941)  (7046)     
   (Loss) from                                                          2582
   Ordinary
   Activities
   after Tax
   Less :          (2467)  (1056)      
   Minority                                                           (3840)
   Interest in
   Subsidiaries
   Add: Share of  (677)   1069     
   Profit /                                                             1564
   (Loss) in
   Associates
   Profit /        (9085)  (7033)  
   (Loss) after                                                          306
   Taxes,
   Minority
   Interest and
   Profit /
   (Loss) in
   Associates
   Paid-up
   Equity Share
   Capital                                                    
                     8075   7561               7561
   (Face value
   per share - `
   1 each)
   Earnings Per
   Share (`)
   Basic and                  *(1.16)            *(0.93)   
   Diluted (* not                                                       0.04
   annualised)



 Notes

1. The  Company  has exercised  its  option to  publish  audited  standalone 
financial results,  pursuant  to  Clause  41  of  the  Listing  Agreement.  In 
addition,  the  unaudited  consolidated  results   of  the  company  and   its 
subsidiaries for the  aforementioned period are  being provided as  additional 
information. The unaudited  consolidated results  were reviewed  by the  Audit 
Committee of the Board on November 5, 2012, subsequently approved by the Board
of Directors at its meeting held on November 6, 2012. The results for the half
year ended September 30, 2012 have been  subjected to a limited review by  the 
Auditors

2. The unaudited consolidated financial  results are prepared in  accordance 
with Accounting Standard  - 21 (AS-21),  "Consolidated Financial  Statements", 
Accounting Standard - 23 (AS-23)  "Accounting for Investment in Associates  in 
Consolidated Financial  Statements" and  Accounting  Standard -  27  (AS-27), 
" Financial Reporting of Interests  in Joint Ventures" notified  under 
the Companies (Accounting Standard) Rules, 2006 "as amended".

3. Net Sales/Income from  Operations for the half  year ended September  30, 
2012, improved  by 14%  over the  corresponding period  of the  previous  year 
supported by improved business in  the Company's domestic hotel portfolio,  as 
also on account of consolidation benefit of Piem Hotels Limited which became a
subsidiary since May 25, 2011. In view  of the seasonality of the sector,  the 
financial results  for the  half year  are  not indicative  of the  full  year 
expected performance.

4. Exceptional items  includes profit  on sale  of long  term investment  by 
subsidiary companies amounting to ` 1395 lakhs.

5. The auditors  in their  report have  invited attention  to the  Company's 
exposures  in  long-term  investments  (including  through  its  wholly  owned 
subsidiaries) aggregating ` 138393 lakhs, wherein the carrying costs of  these 
investments as at September 30,  2012, significantly exceed the  book/market 
values as on that date. In view of the strategic nature of the investments and
the Company's  long term  commitment and  strategies, in  the opinion  of  the 
Management there is no diminution, other  than temporary, in the value of  the 
afore said investments.

6. The Company has been a shareholder of Orient-Express Hotels Ltd,  through 
a  wholly  owned  subsidiary,  and  currently  holds  approximately  6.9%   of 
Orient-Express' Class A common shares. Following the strategic nature of  the 
existing investment,  at a  meeting held  on October  18, 2012,  the Board  of 
Directors have  authorized  the Company  to  make an  offer  to the  Board  of 
Directors of  Orient-Express Hotels  Ltd to  acquire the  balance  outstanding 
93.1% Class A common  shares of the latter  at a price of  $ 12.63 per  share. 
Thereafter, on October 18,  2012 itself, the Company  has formally written  to 
the Board of Directors  of Orient-Express Hotels  Ltd communicating the  offer 
and seeking the Board's consent and approval towards the proposal. This offer
has also been filed with the SEC in New York, in line with USA regulations. A
formal response to the Company's offer is awaited from the Board of  Directors 
of Orient-Express Hotels Ltd. The proposal is valued at approximately $  1.86 
billion, including  Orient-Express' existing  outstanding debt.  The  proposed 
acquisition would be financed through a combination of debt and equity,  along 
with a financial  investor, and  the total  funds required  to consummate  the 
transaction are  in  place  whilst  bearing in  mind  the  Company's  existing 
leverage levels.

7. Figures for the previous year  and periods have been regrouped,  wherever 
necessary, to conform to the current period's presentation.



                                         For THE INDIAN HOTELS COMPANY LIMITED

                                                                             

    s/d

                                                                             

RAYMOND N. BICKSON

 (Managing Director)



November 6, 2012

Registered Office:

Mandlik House,

Mandlik Road,

Mumbai 400 001.





                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


IR UBOKRUAAARRA -0- Nov/07/2012 09:35 GMT
 
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