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EIH Ltd — Investor Presentation 2021
May 9, 2021
60730_rns_2021-05-09_9031ea6d-826c-4d57-a080-89c0a650a6bf.pdf
Investor Presentation
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CIN:L55101WB1949PLC017981
CORPORATE OFFICE: 7 SHAM NATH MARG, DELHI -110054, INDIA / TELEPHONE: +91-11-23890505/ WEBSITE: WWW.EIHLTD.COM
9[th] May 2021
| The National Stock Exchange of India Limited Exchange Plaza, 5thFloor Plot No..C/1, G Block Bandra Kurla Complex Bandra(E) Mumbai – 400 051. Code: EIHOTEL |
BSE Limited Corporate Relationship Dept. 1stFloor,New Trading Ring Rotunda Building Phiroze Jeejeebhoy Towers Dalal Street,Fort, Mumbai-400001 Code:500840 |
|---|---|
SUB: SUBMISSION OF PRESENTATION TO INVESTOR / ANALYSTS
Dear Sir / Madam,
Pursuant to Regulation 30(6) of SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015 (Listing Regulations), please find enclosed the copy of the presentation to be circulated to Investor / Analysts in respect of the Audited Financial Results (Standalone and Consolidated) of the Company for the Fourth Quarter and Financial Year ended 31[st] March 2021.
Kindly take the above in your records and host in your website.
Thanking you,
Yours faithfully
For EIH Limited
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S.N. Sridhar Company Secretary
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Investors’ Conference Call Quarter ended March 2021 | FY21
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Classification | External
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Industry Outlook
Classification | External
Impact of the global pandemic on travel industry
Trends in India Hospitality
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6,061
5,973
5,768
5,671 5,618
5,527
5,016
64.8% 65.7% 66.7% 65.4% 4,013 64.9%
63.3%
52.7%
33.8%
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
(Predicted) (Forecasted) (Forecasted)
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AVERAGE DAILY RATE Rs 4,013 | Decline by 34%
OCCUPANCY
33.8% | Decline by 48%
REVPAR
Rs 1,358 | Decline by 66%
Average Daily Rate Occupancy
Source: Indian Hospitality The Stats & Pulse Report, Hotelivate
Classification | External
Impact of the global pandemic on travel industry
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7,000 100.0%
5,973 6,061
6,000 5,527 5,671 5,768 5,618 90.0%
5,016 80.0%
5,000 70.0%
4,013
60.0%
4,000 63.3% 64.8% 65.7% 66.7% 65.4% 64.9%
50.0%
3,000 52.7%
40.0%
2,000 30.0%
33.8%
20.0%
1,000
10.0%
0 0.0%
FY21 FY22 FY23
FY16 FY17 FY18 FY19 FY20
(Predicted) (Forecasted) (Forecasted)
8,000 7,415 100.0%
7,112 7,112
6,578 6,747 6,852 90.0%
7,000 6,239
80.0%
6,000 5,425
70.0%
5,000
60.0%
66.0% 66.8% 67.2%
64.2%
4,000 61.8% 62.2% 50.0%
51.1% 40.0%
3,000
30.0%
2,000 33.8%
20.0%
1,000
10.0%
0 0.0%
Classification | External Source: Indian Hospitality The Stats & Pulse Report, Hotelivate
MARKET
INDIA LUXURY
MARKET
INDIA UPSCALE
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EIH Limited | PerformanceHighlights
Quarter ended March 2021
Classification | External
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Financial Agility | Handling the levers of change | Q4 FY2020
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Direct impact of Covid-19 pandemic, a force Efficient Working Capital Management
majeure occurrence resulting in minimal increase in borrowing
Income from Operations
DROP IN REVENUE 163 cr (46%) Drop in Net Operational
Assets and Liabilities in 12M Reduction in Borrowings
GROWTHTOTAL 169 cr (46%) CURRENCYEXCLUDING 138 cr (33%)
Other Income 146 cr (L.Y. 4.5 cr)
6 cr (37%)
Drop in Variable Expenses
DROP IN EXPENDITURE 27 cr (29%)
Reduction in WACD Reduction in Interest pay out
68 cr (24%) 76 bps 3 cr (33%)
Drop in Fixed Expenses
40 cr (22%)
Frugal cost management and structural Lower Interest payout despite
changes to lead to a new normal unprecedented pressure on liquidity
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Classification | External
Financial Agility | Positive Performance Trajectory QoQ vs. LY
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Q1 Q2 Q3 Q4
Revenue Variable Fixed Revenue Variable Fixed Revenue Variable Fixed Revenue Variable Fixed
Cost Cost Cost Cost Cost Cost Cost Cost
-20%
-22%
-29% -29%
-30%
-46%
-56%
-63%
-71%
-78%
-85%
-87%
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Strong & effective cost savings measures leading to fixed cost savings
Classification | External
Financial Agility | Significantly enhanced operational efficiencies
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450.0
-70%
400.0
-59% -58%
350.0
300.0
250.0
-37%
200.0
-31%
-29%
-26%
150.0
100.0
50.0
- 0%
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Consumption Of Other Consumables Provisions, Wines & Others
Passage and Travelling
Power & Fuel
Repairs incuding Advertisement, Payroll & Related replacement Publicity & Other (incl. TPC) Promotional
FY21 FY20 % Decrease
Efforts towards implementing efficient cost structure through rationalization of human capital and technological advancements have resulted into substantial saving in fixed and variable expenses
Classification | External
| STANDALONE P&L | QTR 4 | QTR 4 | |
|---|---|---|---|
| Figures in Rs. Crores rounded to nearest first decimal |
FY21 (Actual) |
FY20(L.Y.) | Variance % |
| Revenue from Operations | 187.9 | 351.0 | (-) 46% |
| Other Income | 10.3 | 16.5 | (-) 37% |
| TOTAL REVENUE (A) | 198.2 | 367.5 | (-) 46% |
| Consumption | 30.0 | 40.7 | (-) 26% |
| Employee Benefits | 85.0 | 116.6 | (-) 27% |
| Power, Fuel & Light | 18.0 | 22.3 | (-) 19% |
| Administrative & Other Expenses | 81.6 | 103.0 | (-) 21% |
| TOTAL EXPENDITURE (B) | 214.6 | 282.6 | (-) 24% |
| EBITDA = (A) – (B) | (16.4) | 84.9 | |
| Less:Depreciation & Amortization | 28.4 | 32.5 | (-) 13% |
| EBIT | (44.8) | 52.4 | |
| Less: Finance Costs | 7.5 | 11.3 | (-) 33% |
| PBT | (52.3) | 41.1 | |
| Less: Exceptional Items - Loss | 28.7 | 16.1 | |
| Less: Tax including Deferred Tax | (12.9) | 9.4 | |
| PAT Classification |
External | (68.1) | 15.6 |
| STANDALONE P&L | 12M | 12M | |
|---|---|---|---|
| Figures in Rs. Crores rounded to nearest first decimal |
FY21 (Actual) |
FY20(L.Y.) | Variance % |
| Revenue from Operations | 432.7 | 1350.3 | (-) 68% |
| Other Income | 40.9 | 84.0 | (-) 51% |
| TOTAL REVENUE (A) | 473.6 | 1434.3 | (-) 67% |
| Consumption | 70.0 | 168.9 | (-) 59% |
| Employee Benefits | 344.8 | 464.8 | (-) 26% |
| Power, Fuel & Light | 62.6 | 99.3 | (-) 37% |
| Administrative & Other Expenses | 230.0 | 391.9 | (-) 41% |
| TOTAL EXPENDITURE (B) | 707.4 | 1124.9 | (-) 37% |
| EBITDA = (A) – (B) | (233.7) | 309.4 | |
| Less:Depreciation & Amortization | 120.0 | 134.2 | (-) 11% |
| EBIT | (353.7) | 175.2 | |
| Less: Finance Costs | 40.4 | 49.5 | (-) 18% |
| PBEIT | (394.1) | 125.7 | |
| Less: Exceptional Items - Loss | 49.0 | 16.6 | |
| Less: Tax including Deferred Tax | (99.9) | (15.4) | |
| PAT | (343.1) | 124.4 |
| CONSOLIDATED P&L | QTR 4 | QTR 4 | |
|---|---|---|---|
| Figures in Rs. Crores rounded to nearest first decimal |
FY21 (Actual) |
FY20(L.Y.) | Variance % |
| Revenue from Operations | 216.3 | 410.4 | (-) 47% |
| Other Income | 14.5 | 20.7 | (-) 30% |
| TOTAL REVENUE (A) | 230.8 | 431.2 | (-) 46% |
| Consumption | 32.3 | 48.2 | (-) 33% |
| Employee Benefits | 86.1 | 116.9 | (-) 26% |
| Administrative & Other Expenses | 122.0 | 160.7 | (-) 24% |
| TOTAL EXPENDITURE (B) | 240.4 | 325.8 | (-) 26% |
| EBITDA = (A) – (B) | (9.6) | 105.4 | |
| Less:Depreciation & Amortization | 31.7 | 36.3 | |
| EBIT | (41.3) | 69.1 | |
| Less: Finance Costs | 8.9 | 13.3 | |
| PBEIT | (50.2) | 55.8 | |
| Share of net profit of associates and joint ventures |
(8.9) | (10.9) | |
| Less: Exceptional Items – Loss | 0.0 | 0.0 | |
| Less: Tax including Deferred Tax | 10.2 | (11.7) | |
| PAT Classification |
External | (48.8) | 33.2 |
| CONSOLIDATED P&L | 12M | 12M | |
|---|---|---|---|
| Figures in Rs. Crores rounded to nearest first decimal |
FY21 (Actual) |
FY20(L.Y.) | Variance % |
| Revenue from Operations | 497.1 | 1,596.2 | (-) 69% |
| Other Income | 57.9 | 78.5 | (-) 26% |
| TOTAL REVENUE (A) | 555.0 | 1,674.7 | (-) 67% |
| Consumption | 75.1 | 199.4 | (-) 62% |
| Employee Benefits | 351.9 | 469.2 | (-) 25% |
| Administrative & Other Expenses | 361.9 | 637.4 | (-) 43% |
| TOTAL EXPENDITURE (B) | 789.0 | 1,306.0 | (-) 40% |
| EBITDA = (A) – (B) | (234.0) | 368.7 | |
| Less:Depreciation & Amortization | 132.7 | 146.5 | |
| EBIT | (366.6) | 222.2 | |
| Less: Finance Costs | 45.7 | 55.6 | |
| PBEIT | (412.4) | 166.7 | |
| Share of net profit of associates and joint ventures |
(60.8) | (0.1) | |
| Less: Exceptional Items – Loss | (2.5) | (0.5) | |
| Less: Tax including Deferred Tax | 100.2 | (0.8) | |
| PAT | (375.4) | 165.3 |
Robust Balance Sheet
CAPITAL STRUCTURE OVERVIEW DEBT OVERVIEW
Equity WACD INR 2923 cr 7.89% Net Debt Debt to Equity INR 264 cr 9% Net Leverage Undrawn Facilities 0.09 x INR 493 cr
WEIGHTED AVERAGE COST OF DEBT
March 2020 8.66% p.a. March 2021 7.89% p.a.
Classification | External
Geography-wise Occupancy Growth QoQ
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90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Delhi / NCR Karnataka West Bengal Maharashtra Rajasthan Himachal Uttar Orissa Tamil Nadu Kerala Dubai Egypt Morrocco
Pradesh Pradesh
-----International-----
Q1 Q2 Q3 Q4
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Classification | External
Trends: India (April 2020 to March 2021)
Hotels | Quarterly Occupancy Movement | Including Managed Properties
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OCC % [FY21] OCC % [FY20]
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Oberoi Leisure (Vilas) Oberoi Metro Trident City Trident Leisure Trident Metro Others
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Classification | External
Encouraging RevPAR Recovery
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90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Q1 Q2 Q3 Q4
Oberoi Leisure Oberoi Metro Trident Metro Trident Leisure Trident City Others
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Q4FY21 witnessed strong recovery in business in comparison to previous quarters with Oberoi Leisure Hotels achieving 50%+
RevPAR in comparison to same quarter last year
Classification | External
Oberoi Leisure | Outperforming Expectations
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Q4FY21
Q3FY20
FY20 Q4FY20
Q1FY20
Q3FY21
Q2FY20
FY21
Q2FY21
Q1FY21
Occupancy
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List of Oberoi Leisure Properties
The Oberoi Udaivilas The Oberoi, MV Vrinda The Oberoi Vanyavilas The Oberoi Rajvilas The Oberoi Cecil, Shimla Wildflower Hall, Shimla The Oberoi Amarvilas The Oberoi Sukhvilas
ARR
Several Oberoi Leisure resorts outperformed Q4 performance in FY21 surpassing the corresponding Q4 performance in FY20
Classification | External
Food & Beverage
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Revenue Mix – FY20 Revenue Mix – FY21
45.4% 40.6% 14.0% Q1
35.6% 28.2% 36.2%
46.0% 40.4% 13.6% Q2
33.9% 43.0% 23.1%
50.1% 36.9% 13.1% Q3 28.3% 55.1% 16.7%
50.3% 37.4% 12.3% Q4 29.5% 59.4% 11.0%
48.2% 38.6% 13.2% Total 12M 30.1% 53.3% 16.6%
Room Revenue Food & Beverage Others
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Initiatives taken towards shift in revenue focus towards F&B segment resulted in share of F&B revenue to increase to ~53% in current year from ~39% in comparable period last year
Classification | External
Recovery in Affiliate Companies
In INR cr
| Q4 FY21 | FY21 | |||
|---|---|---|---|---|
| Company | Revenue | TCI | Revenue | TCI |
| EIH Associated Hotels Limited | 48.7 | -0.6 | 104.5 | -26.4 |
| Mashobra Resort Limited | 18.6 | 7.4 | 39.1 | 12.9 |
| Mumtaz Hotels Limited | 10.2 | -1.6 | 18.9 | -9.0 |
| Mercury Car Rentals Private Limited | 52.6 | -0.5 | 206.3 | -20.4 |
| EIH International Limited (Consolidated) | 2.5 | -12.1 | 18.3 | -50.2 |
| EIH Flight Services Limited, Mauritius | 2.1 | -3.5 | 8.0 | -12.1 |
The Company’s affiliates have displayed a recovery trend with 2 of them turning profitable in Quarter 3 of FY21
Classification | External
EIH Limited | BusinessFootprint Quarter ended March 2021
Classification | External
Corporate Structure
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Hotel Business
EIH Limited Non Hotel Business
Within EIH
Mumtaz Hotels Mashobra Resort EIH Associated Hotels
EIH International Ltd 13 Hotels + Luxury Cruiser
Limited Limited Limited
The Oberoi The Oberoi, New Delhi Wildflower Hall, Shimla
Amarvilas The Oberoi, Mumbai The Oberoi Rajvilas
EIH Holdings Ltd The Oberoi Cecil
The Oberoi, Bangalore Trident Chennai
The Oberoi, Bali The Oberoi Grand Trident Bhubaneswar
The Oberoi, Lombok (Managed by EIH) The Oberoi Udaivilas (Managed by EIH) Trident Agra
The Oberoi, Mauritius The Oberoi VanyavilasTrident, Nariman Point, Mumbai Trident JaipurTrident Udaipur
The Oberoi, Sahl Hasheesh, Egypt Trident, Bandra Kurla, Mumbai Trident Cochin
The Oberoi M.V Vrinda(Luxury Cruiser)
Managed Hotels: Maidens Hotel, Delhi (All hotels managed by EIH)
The Oberoi, Dubai Managed by EIH :
The Oberoi Beach Resort Al Zorah Trident, Gurgaon
The Oberoi Gurgaon
The Oberoi Zahra (Nile Cruiser) The Oberoi Sukhvilas
The Oberoi Marrakech Trident Hyderabad
EIH Flight Services
Other Businesses (Within EIH) Mercury Car Rentals (P) Limited
Limited, Mauritius
OFS & OAS Business EIH Printing Press Air Charter Services OFS, Mauritius Car Rental Business (Joint Venture with
Avis, Europe)
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Hospitality and Travel focused business model
Classification | External
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HOTELS IN INDIA
Shimla in the Himalayas
New Chandigarh
Trident,
Gurgaon
Trident, Agr a
Trident,
Jaipur
Jaipur
Resort,
Trident, Ranthambhore
Udaipur Udaipur
Kolkata
Mumbai
Trident Trident, Trident,
, Bandra Nariman Bhubaneswar
Kurla Point
Trident,
Hyderabad 33 Hotels and Resorts
in 7 countries.
Trident,
Chennai
Trident,
Cochin Where the
Luxury Kerala
Cruiser
Guest is Everything.
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Classification | External
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OBEROI HOTELS & RESORTS AROUND THE WORLD
The Oberoi Philae, Luxury Nile Cruiser, River Nile, Egypt The Oberoi Beach Resort, The Oberoi Zahra, Al Zohra The Oberoi, Marrakech Luxury Nile Cruiser The Oberoi, Dubai The Oberoi Beach Resort, Sahl Hasheesh, Egypt The Oberoi Madina The Oberoi Beach Resort, Bali The Oberoi Beach Resort, Lombok The Oberoi Beach Resort, Mauritius
Classification | External
THANK YOU
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Classification | External