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Mumbai, November 9, 2015 : The Indian Hotels Company Limited Financial Results – Half Year Ended Novemebr 9, 2015 with the Standalone Total Income at Rs 986 crores grows by 16% and Consolidated Total Income at Rs 2120 crores grows by 11%

 

Standalone Results

- The Company reported Total Income from Operations of Rs 924 crores for the half year ended September 30, 2015 which was 14% ahead of the Total Income from Operations reported for the corresponding period of the preceding year.

- EBITDA for the half year at Rs 131 crores improved over the corresponding half year period of the preceding year by 41%.

-Profit from Ordinary Activities after Tax for the half year ended September 30. 2015 was Rs 51 crores against the Loss of Rs(15) crores for the corresponding period of the preceding year.

-The company reported Total Income from Operations of Rs 470 crores for the quarter ended September 30,2015 which was 13% ahead of the total income from operations reported for the corresponding quarter of the preceding year.

- EBITDA for the quarter ended September at Rs 63 crores improved over the corresponding quarter of the preceding year by 36%.

Profit from Ordinary Activities after Tax for the quarter ended September 30,2015 was Rs 0.12 crores , against the Loss of Rs(8) crores for the corresponding quarter of the preceding year.

 

Consolidated Results

- The company reported a Total Consolidated Income from Operations of Rs 2054 crores for the half year ended September 30,2015 an improvement of 10% over corresponding period of the preceding year.

-Consolidated EBITDA for the half year ended September 30, 2015 at Rs 235 crores was higher than the EBITDA reported for the corresponding period of the preceding year by 76%.

-Consolidated Loss after Tax and Exceptional Items for the current half year was Rs(19) crores compared to the corresponding period of the preceding year loss of Rs(133) crores.

-The company reported Total Consolidated Income from operations of Rs 1021 crores for the quarter ended September 30,2015 which was 9% ahead of the Total income from Operations reported for the corresponding quarter of the preceding year by 174%.

-Consolidated Loss after Tax and Exceptional Items for the quarter ended September 30, 2015 was Rs (54) crores, against the Loss of Rs(98) crores for the corresponding quarter of the preceding year.

 

Restructing & Amalgamation

-On February 4,2015 the Company had communicated to the Stock Exchanges the approval of the Board of Directors to Undertake a restructing of the holdingstructure of the company's investments in its overseas subsidiaries / joint ventures/associate companies, thereby reflecting substantially all such existing investments, in its offshore assets, in a single 100% owned offshore subsidary company. No dilution of control nor ownership was sntailed in the proposed restructing. It was intended to undertake the aforementioned restructuring by shifting the company's overseas investments by way of intra group share transfers of the various overseas subsidiaries/associates/joint venture companies into IHOCO BV, presently a 100% wholly owned (indirect) subsidiary (a WOS) loacted in the Netherlands. The aforementioned restructuring, earlier approved by the Reverse Bank of India, is in an advanced stage of implementation.

-In effect, the company is relocating its investments held in offshore entities which were, in the past, either held directly , or through Taj International Hotels(HK) limited ( a WOS) or through International Hotels Management Services Inc. (IHMS Inc.)(a WOS) into IHOCO BV.

- Further as apart of the restructing plan , on Oct 2, 2015, “IHMS Inc”, the erstwhile holding Company of the company's assets in the US has transferred all its shareholding in its four 100% subsidiaries, namely IHMS LLC, IHMS(SF) LLC,IHMS(USA) LLC and IHMS(Boston) LLC( these LLC's hold the US assets) along with other assests and liabilities, to the United Overseas Holdings Inc., a WOS of IHOCO BV.

- On October 19,2015 the Board of Directors have approved the amalgamation of International Hotel Management Services L.L.C (formerly known as IHMS Inc.) and Lands End Properties Private Limited, each of which is a wholly owned subsidiary(“transfer companies”) into the Company , by the way of two seperate Schemes of Arrangement between the Company , each of the transferor companies and their respective shareholders and creditors, under sections 391 to 394 of the Companies Act , 1956 read with section 52 of the Companies Act, 2013 section 78 and sections 100 to 103 of the Companies Act 1956. The intended amalgamation is subject to the requiste approvals of the shareholders and creditors of the company and the sactionof the High Court of Judicature at Bombay. The Schemes are also subject to compliance with applicable laws and receipt of relevant regulatory approvals and third party consents , as may be applicable. The appointed dates for the Schemes are January 1,2016 and March 31,2016 respectively, for each of the transferor companies . Upon effectiveness of the Schemes,each of the transferor companies will cease to exist as a seperate legal entity and shall be deemed to be dissolved without winding up.

Capacity Expansion

-The company is poised to open the 283 rooms Taj Santacruz, hotel in Mumbai , a new 150 rooms Vivanta by Taj at Guwahati and 154 rooms at Taj at Devanhalli, Bangalore in the 4th quarter of the current financial year. In addition , the Company has , through a subsidiary added 78 rooms at the Gateway hotel in Nashik.

 

For further information, please contact:

 

Rediffusion/Edelman

 

Munavar Attari | Mob: +91 9930143535 | Email: Munavar.attari@edelman.com