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Sector Hotel

Company Name
one Sinclairs
two Mahindra Holiday
three Byke
four fomento
five EIHAssociated

Gross Margin Mar-08 Mar-09 Mar-10 Mar-11 Mar-12
Sinclairs 87% 87% 87% 87% 86%
Mahindra Holiday 99% 98% 98% 97% 97%
Byke 91% 89% 98% 97% 93%
fomento 91% 90% 89% 90% 85%
EIHAssociated 93% 93% 92% 92% 92%
INDUSTRY 92% 91% 93% 93% 91%

EBITDA Margin Mar-08 Mar-09 Mar-10 Mar-11 Mar-12
Sinclairs 46% 44% 47% 57% 42%
Mahindra Holiday 41% 39% 42% 34% 30%
Byke 25% 16% 15% 12% 11%
fomento 42% 32% 33% 30% 26%
EIHAssociated 35% 33% 32% 33% 31%
INDUSTRY 38% 33% 34% 33% 28%

EBIT Margin Mar-08 Mar-09 Mar-10 Mar-11 Mar-12
Sinclairs 37% 34% 37% 48% 32%
Mahindra Holiday 38% 34% 38% 30% 26%
Byke 23% 10% 10% 10% 8%
fomento 37% 26% 26% 23% 19%
EIHAssociated 27% 26% 24% 25% 25%
INDUSTRY 32% 26% 27% 27% 22%

PAT Margin Mar-08 Mar-09 Mar-10 Mar-11 Mar-12
Sinclairs 24% 25% 25% 35% 21%
Mahindra Holiday 24% 20% 25% 20% 18%
Byke 15% 7% 6% 7% 5%
fomento 24% 16% 17% 15% 12%
EIHAssociated 8% 6% 4% 7% 7%
INDUSTRY 19% 15% 15% 17% 13%

CFO Margin Mar-08 Mar-09 Mar-10 Mar-11 Mar-12

Sinclairs 19% 16% 12% 20% 20%
Mahindra Holiday 13% 40% 39% 18% 36%
Byke 20% -83% 28% 1% 6%
fomento 22% 18% 29% 21% 22%
EIHAssociated 20% 13% 12% 32% 29%
INDUSTRY 19% 1% 24% 18% 22%

On most of the metric, Sinclairs has been better than industry average except Gr
Summary has been either better in managing employee, SGA and interest expenses or Sincl

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Gap Mean 87% 88% 88% 88% 88% 2% 87% 97% 96% 96% 98% 98% 2% 98% 93% 94% 92% 90% 90% 9% 92% 86% 86% 88% 88% 89% 6% 88% 92% 93% 92% 92% 92% 1% 92% 91% 91% 92% 91% 92% 2% 92% Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Gap Mean 91% 54% 40% 46% 47% 51% 37% 23% 22% 23% 17% 16% 27% 18% 18% 18% 21% 23% 23% 15% 16% 35% 34% 46% 46% 48% 22% 32% 30% 29% 30% 31% 31% 6% 25% 39% 32% 32% 32% 33% 11% 33% Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Gap Mean 79% 42% 24% 29% 30% 55% 37% 20% 17% 15% 11% 11% 28% 18% 14% 15% 15% 18% 18% 15% 16% 27% 27% 39% 40% 43% 24% 32% 24% 23% 21% 25% 25% 6% 25% 33% 25% 23% 24% 26% 11% 27% Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Gap Mean 73% 31% 16% 18% 19% 57% 27% 12% 11% 10% 5% 7% 19% 11% 8% 10% 11% 11% 12% 10% 10% 18% 16% 25% 24% 28% 16% 20% 10% 11% 11% 16% 16% 13% 10% 24% 16% 15% 15% 16% 12% 16% Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Gap Mean .

18% 35% 35% 36% 40% 28% 29% 30% 4% 25% 15% 12% 36% 19% 16% 13% 9% 12% 11% 111% 10% 22% 28% 21% 25% 17% 11% 22% 24% 24% 23% 27% 28% 21% 24% 22% 21% 23% 23% 22% 23% 19% stry average except Gross Margin. despite of being relatively poor on gross margin. So. siclairs is better as we go bel erest expenses or Sinclairs has been tweaking depreciation or tax numbers. Investigate .

8 Why so much variation in EBIT Margin? Cyclic/Operating 0.9 1.6 0.2 0.0 Sinclairs has been one of most consistent in managing COGS 1.9 Current: Mean Current:First Industry Hypothesis 0.1 1.7 0.3 leverage play? How to find if it is at lowest EBIT Margin? 1.8 Why Mac Charles work on such high margins? 0.5 1.0 compared to industry 1.9 1.3 0.0 1.4 1.0 1.2 Why FY13 had such high EBIT margin for Sinclairs? 1.6 0.1 0.3 1.9 1.8 1.8 PAT margins 1.0 0.Current: Mean Current:First Industry Hypothesis 1.2 1.3 Industry seems to work on good 1.0 1.0 1.0 Current: Mean Current:First Industry Hypothesis 1.0 0.0 1.0 0.0 1.9 0.0 0.0 1.8 0.8 Current: Mean Current:First Industry Hypothesis 0.0 1.9 Current: Mean Current:First Industry Hypothesis .0 0.0 1.5 0.0 1.4 1.4 1.6 2.

1 1.1 Industry generates good cashflow from operations on revenue 0.1 0.4 1. This shows that Sinclairs .6 0.9 1.2 1.8 0.1 s better as we go below in P&L.3 2.8 1.5 0. 1.

Sinclairs average EBIT margin is 24% and current is 19% One question. Company Absolute Hypothesis Company Relative Hypothesis Company Absolute Hypothesis Company Relative Hypothesis Company Absolute Hypothesis Company Relative Hypothesis Excluding FY13. It could be due to two things: 1. Cycle turning or 2. we are at much lower EBIT margin than average history. Sinclairs average EBIT margin is 35% and current is 30%. New hotel additions may have lower EBIT margins than older One key thing to note is that all other companies are more than their historical EBIT margins Company Absolute Hypothesis Company Relative Hypothesis Excluding FY13. even though COGS has been maintained. why Sinclairs faced margin pressure in last 3 years compared to history Company Absolute Hypothesis Company Relative Hypothesis .so.

. Key to margin businesses have high CFO note is in last 3 years though PAT and vice versa (Ambika and Kitex)? margins have been lower than histori mean. Need to be investigated.Sinclairs has been consistently 1. CFO as a % of Revenue has been higher than historic mean an has been continuously increasing. Why some of relatively low PAT deliverying on cashflows.

Is the industry cyclic? 2. Is the industry cyclic? 2. Were there any major event? 4. Does the industry has high share of COGS? 3. Does the industry has high share of COGS? 3. Does the industry has high share of COGS? 3. Are improvements sustainable and falls have possibility to revert? Industry Hypothesis 1. Were there any major event? 4. Is the industry cyclic? 2. Does the industry has high share of COGS? 3. Were there any major event? 4. Are improvements sustainable and falls have possibility to revert? Industry Hypothesis . Are improvements sustainable and falls have possibility to revert? Industry Hypothesis 1. Are improvements sustainable and falls have possibility to revert? Industry Hypothesis 1. Is the industry cyclic? 2. Were there any major event? 4. INDUSTRY INSIGHTS 1.

1. Is the industry a high CFO generator? .

Is there any company which can pass COGS to consumer? 3. Which of the companies are most consistent? 2. why and is it sustainable? Company Absolute Hypothesis 1. why and is it sustainable? Company Absolute Hypothesis . COMPANY INSIGHTS . why and is it sustainable? Company Absolute Hypothesis 1. Is there a company which has show tremedous improvement or deterioration? If so. Which of the companies are most consistent? 2. Which of the companies are most consistent? 2. Is there a company which has show tremedous improvement or deterioration? If so. Which of the companies are most consistent? 2.ABSOLUTE 1. Is there a company which has show tremedous improvement or deterioration? If so. Is there any company which can pass COGS to consumer? 3. Is there a company which has show tremedous improvement or deterioration? If so. Is there any company which can pass COGS to consumer? 3. Is there any company which can pass COGS to consumer? 3. why and is it sustainable? Company Absolute Hypothesis 1.

numbers have very high deviation? .1. Why Indocount despite of looking good currently on most of sccounting metric is relatively bad on cashflow metrics. why historically. Also.

COMPANY INSIGHTS - RELATIVE
1. Why some companies have low fluctuations and some very
high across the years?

2. How company 1 has maintained very low deviation and
why company 4 and 5 have such high deviations?

Company Relative Hypothesis
1. Why some companies have low fluctuations and some very
high across the years?

2. How company 1 has maintained very low deviation and
why company 4 and 5 have such high deviations?

Company Relative Hypothesis
1. Why some companies have low fluctuations and some very
high across the years?

2. How company 1 has maintained very low deviation and
why company 4 and 5 have such high deviations?

Company Relative Hypothesis
1. Why some companies have low fluctuations and some very
high across the years?

2. How company 1 has maintained very low deviation and
why company 4 and 5 have such high deviations?

Company Relative Hypothesis

1. Why some of relatively low PAT margin businesses have
high CFO and vice versa (Ambika and Kitex)?

Gross Margin

100%

95%

90%

85%

80%

75%
Jan-08 Ja n-09 Ja n-10 Ja n-11 Jan-12 Jan-13 Jan-14 Jan-15 Ja n-16 Ja
Sinclairs Mahindra Holiday Byke
fomento EIHAssociated INDUSTRY

EBIT Margin

90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Ja n-08 Ja n-09 Ja n-10 Ja n-11 Ja n-12 Ja n-13 Ja n-14 Ja n-15 Ja n-16 Ja
Sinclairs Mahindra Holiday Byke
fomento EIHAssociated INDUSTRY

0 40. EBITDA Margin 60.0 10.0 n-15 Ja n-16 Ja n-17 Jan-08 Ja n-09 Ja n-10 Ja n-11 Ja n-12 Ja n-13 Ja n-14 Ja n Sinclairs Mahindra Holiday Byke RY fomento EIHAssociated INDUSTRY PAT Margin 80% 73% 70% 60% 50% 40% 35% 30% 31% 24% 25% 25% 20% 20% 20% 21% 16% 17% 18% 18% 16% 15% 15% 12% 12% 10% 8% 10% 11% 10% 7% 6% 6% 7% 7% 5% 8% 4% 0% n-15 Ja n-16 Ja n-17 Jan-08 Ja n-09 Ja n-10 Ja n-11 Ja n-12 Ja n-13 Ja n-14 Ja n Sinclairs Mahindra Holiday Byke RY fomento EIHAssociated INDUSTRY .0 50.0 0.0 20.0 30.

n -13 Ja n-14 Ja n-15 Jan-16 Ja n-17 liday Byke d INDUSTRY 73% 31% 28% 25% 24% 18% 16% 18% 19% 16% 16% 16% 12% 10% 11% 10% 11% 10% 11% 12% 8% 5% 7% -13 Ja n-14 Ja n-15 Jan-16 Ja n-17 liday Byke d INDUSTRY .

3 fomento 7.5 0.3 26.1 0.8 5.1 9.9 Mahindra Holiday 7.5 6.3 Mahindra Holiday 67.7 Mahindra Holiday 2.0 1.6 5.4 6.5 1.8 Revenue per Unit Emp.2 12.2 53.5 0.3 2.1 4.3 5.1 1.5 INDUSTRY 6.2 2.4 1.8 4.0 9.9 24.8 5.9 16.3 6.3 1.0 Byke 1.0 Revenue per Unit COGS Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Sinclairs 7.1 8.5 2.0 5.4 6.2 4.2 45.6 0.2 EIHAssociated 4.4 Byke 12.1 7.4 0.6 5.4 7.1 1.5 39.4 9.2 1.9 4.5 6.6 0.9 4.1 18.0 7.4 Mahindra Holiday 1.1 fomento 10.5 34.6 1.4 fomento 4.8 11.7 4.7 0.9 6.2 0.5 7.6 44.9 0.3 1.7 7.6 5.5 5.1 9.7 INDUSTRY 1.7 4.1 1.3 39.5 5.1 EIHAssociated 0.0 21.8 7.3 2.2 Byke 14.8 4.1 fomento 1.1 6.6 4.8 13.5 1.5 7.3 10.6 14.2 INDUSTRY 8.6 13.2 1.3 6.6 EIHAssociated 13.4 0.3 INDUSTRY 22.8 Revenue per Unit SGA Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Sinclairs 6.9 1.Revenue per unit NFA Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Sinclairs 0.4 EIHAssociated 6.5 6.8 10.9 5.0 18.1 24.7 5.7 0.2 8.1 7.1 2.6 4.4 Byke 11.1 13.0 . Cost Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Sinclairs 8.0 10.0 16.

4 4.6 1.6 4.9 1.5 32.3 4.2 7.4 1.1 0.7 28.7 4. 5.8 0.5 8.4 14.8 1.0 4.0 0.6 16.0 1.9 4.7 2.8 4.8 5.7 5.5 21.0 2.7 8.4 5.1 2.5 5.4 13.6 0.2 5.3 6.5 2. 4.7 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Overall Avg.6 48.8 5.4 36.1 13.5 0.8 13.9 10.7 4.5 1.3 7.7 4.3 17.1 1.1 1.2 1.8 0.8 4.8 1.3 9.0 5.1 1.1 6.7 6.0 5.1 8.0 5.8 0.7 4.9 8.7 47.1 8.2 5.Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Overall Avg.9 31.8 5. 7.8 5.4 5.9 5.3 13.3 12.0 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Overall Avg.8 13.6 11.0 1.2 1.7 3.5 1.6 42.7 5.7 5.8 5.2 2.7 2.5 8.6 0.3 0.2 16.3 1.9 14.1 5.1 8.8 4.3 13.5 4.2 3.6 1.9 1.6 8.8 .9 1.3 2.4 2.5 14.1 4.0 65.8 5.6 12.4 5.1 10.8 29.1 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Overall Avg. 0.4 5.5 0.7 4.9 5.5 11.7 4.7 10.7 27.4 9.5 12.8 1.8 0.9 8.3 5.3 5.8 36.4 5.3 1.4 6.1 5.0 7.9 5.1 12.8 4.5 11.7 4.8 4.5 48.

3 Year Avg.5 4.7 of Revenue on Rs 1 of NFA 1.5 except Byke.0 8.6 11.3 Industry generates approx 1. Industry Hypothesis 0.7 Byke may be following a different business model and needs to be 5.1 5 Year Avg.8 10.5 Year Avg. 3 Year Avg.9 16.4 1.5 5 Year Avg.2 41.1 8.8 48.6 1.7 generating around Rs 5 Revenue out of Rs 1 employee expense 4.5 5. Industry Hypothesis 8.6 be due to promoters strength in 5.2 investigated further 11.8 3. IndustryinHypothesis Also. they 7.5 4.1 1.1 advertising business as promoter runs another business in 4.5 5.8 4.3 1.8 advertising space 5. recently last 3 years.8 .8 have shown tremendous improvement on this metric and 2.5 17.5 0.6 0.3 2. 3 Year Avg.4 5.0 7.3 35.7 12.9 1.9 6. 37.4 5 Year Avg.8 4.0 1.8 8. This might 5. 3 Year Avg.2 5.8 12.5 11. Industry similar Hypothesis levels in terms of 5.0 20-25% than industry.1 Rs 2.

Company Absolute Hypothesis Company Relative Hypothesis convert net fixed asset into revenue compared to peers. So. Why so? Looks like they operate in tier 2 . asset turns could be a lever if they can improve 1.5 Company Absolute Hypothesis Company Relative Hypothesis Company Absolute Hypothesis Company Relative Hypothesis Company Absolute Hypothesis Company Relative Hypothesis .2 1. tier 3 cities where occupancy rates are lower compared to tier I competitor properties but due to less competitor and better marketing skills. in ROE. they are able to deliver better margins.

5 0.0 5.0 25.0 Ja n-08 Ja n-09 Ja n-10 Ja n-11 Ja n-12 Ja n-13 Ja n-14 Ja n-15 Ja n-16 Ja Sinclairs Mahindra Holiday Byke fomento EIHAssociated INDUSTRY .0 Ja n-08 Jan-09 Jan-10 Ja n-11 Jan-12 Ja n-13 Ja n-14 Ja n-15 Jan-16 Ja Sinclairs Mahindra Holiday Byke fomento EIHAssociated INDUSTRY Revenue per SGA Rs 30.5 1.0 10.0 0.5 3.0 20.0 0.0 2.0 15. Revenue per Net Fixed Asset Rs 3.5 2.0 1.

0 40. Revenue per Employee Rs 3.0 n-15 Jan-16 Jan-17 Jan-08 Ja n-09 Jan-10 Jan-11 Jan-12 Jan-13 Ja n-14 Jan- Sinclairs Mahindra Holiday Byke RY fomento EIHAssociated INDUSTRY Revenue per COGS Rs 80.0 20.5 1.0 30.0 2.5 2.0 1.0 0.0 60.0 70.0 10.0 n-15 Ja n-16 Ja n-17 Jan-08 Ja n-09 Ja n-10 Ja n-11 Ja n-12 Ja n-13 Ja n-14 Ja n Sinclairs Mahindra Holiday Byke RY fomento EIHAssociated INDUSTRY .0 0.0 50.5 3.5 0.

yee Rs 13 Ja n-14 Jan-15 Ja n-16 Jan-17 liday Byke d INDUSTRY S Rs -13 Ja n-14 Ja n-15 Jan-16 Ja n-17 liday Byke d INDUSTRY .

5 3.1 0.0 1.4 Mahindra Holiday 0.1 0.0 Byke 1.2 1.8 EIHAssociated 0.7 fomento 0.1 -11.3 -0.4 1.8 0.0 Byke 0.8 EIHAssociated 2.0 0.0 1.3 1.2 1.9 3.3 4.8 CFO/Sales Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Sinclairs 19% 16% 12% 20% 20% Mahindra Holiday 13% 40% 39% 18% 36% Byke 20% -83% 28% 1% 6% fomento 22% 18% 29% 21% 22% EIHAssociated 20% 13% 12% 32% 29% INDUSTRY 19% 1% 24% 18% 22% FCF/Sales Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Sinclairs 0% -2% -1% -88% -52% Mahindra Holiday 0% -1% 8% 1% 0% Byke 0% -84% -45% -81% -28% fomento 0% 3% 22% 15% 10% EIHAssociated 0% 8% 9% 27% 25% INDUSTRY 0% -15% -1% -25% -9% .0 -0.0 FCF/PAT Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Sinclairs 0.1 INDUSTRY 1.6 0.2 fomento 0.9 1.0 0.6 0.4 -12.6 0.0 3.5 0.5 2.0 -0.4 2.7 4.1 1.5 -2.3 0.4 4.3 2.9 -0.2 -1.8 -5.7 -7.5 INDUSTRY 0.2 2.CFO/PAT Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Sinclairs 0.0 -2.0 0.9 2.6 -1.6 2.0 -12.0 -2.5 0.7 1.9 Mahindra Holiday 0.3 1.

2 1.1 0.1 2.0 1.9 1.7 2.1 0.2 1. -0.7 2.9 1.4 0.0 0.4 0.8 1.2 1.2 0.2 -1.0 -1.5 2.5 -0.1 0. 0.9 0.4 1.8 1.3 0.2 1.2 -0.7 1. 18% 35% 35% 36% 40% 29% 30% 4% 25% 15% 12% 19% 16% 13% 9% 12% 11% 10% 22% 28% 21% 25% 17% 22% 24% 24% 23% 27% 28% 24% 22% 21% 23% 23% 22% 21% Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Total Cuml.4 -0.4 2.7 1. -27% -9% -3% 21% 47% 0% -5% -7% 10% -9% 6% 0% 2% 5% 4% 4% 3% -2% 9% -15% -43% -61% -88% -21% 7% 21% 18% 24% 25% 19% -3% -1% -3% -4% -2% -1% .9 -1.2 2.3 1.7 1.4 0.3 0.8 1.6 1.1 1.0 1.2 0.4 -0.0 0.3 0.0 0.7 -2.7 0.3 -0. Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Total Cuml.0 2.7 0.3 1.2 2.2 2.1 2.3 -0.5 2.5 1.6 1.0 -0.4 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Total Cuml.8 0.1 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Total Cuml.9 1.5 0.7 1.5 -3.4 0.7 1.1 2.7 1.5 1.

3 Year Cuml.3 -1.5 1.3 1.5 Year Cuml.0 2.9 -2.0 0.3 2.0 1. 3 Year Cuml.8 2.1 0. Industry Hypothesis 14% 25% 0% 2% 4% 4% -43% -65% 19% 22% -1% -2% .5 1.4 0.2 0. Industry Hypothesis 1.1 0.5 1.1 2. 3 Year Cuml. Industry Hypothesis 0.6 5 Year Cuml. Industry Hypothesis 35% 37% 16% 15% 11% 11% 22% 21% 25% 26% 22% 22% 5 Year Cuml.5 1.6 0. 3 Year Cuml.8 1.4 0.2 5 Year Cuml.9 1.0 0.

Company Absolute Hypothesis Company Relative Hypothesis Company Absolute Hypothesis Company Relative Hypothesis Company Absolute Hypothesis Company Relative Hypothesis Company Absolute Hypothesis Company Relative Hypothesis .

CFO/PAT
5.0
4.0
3.0
2.0
1.0
Jan-08 Jan-09 Ja n-10 Ja n-11 Jan-12 Jan-13 Jan-14 Ja n-15 Ja n-16 Ja
0.0
-1.0
-2.0

Sinclairs Mahindra Holiday Byke
fomento EIHAssociated INDUSTRY

CFO/SALES
60%

40%

20%

0%
Ja n-08 Jan-09 Ja n-10 Jan-11 Ja n-12 Jan-13 Ja n-14 Jan-15 Ja n-16 Ja
-20%

-40%

-60%

-80%

-100%
Sinclairs Mahindra Holiday Byke
fomento EIHAssociated INDUSTRY

FCF/PAT
6.0
4.0
2.0
0.0
-2.0 Ja n-08 Ja n-09 Ja n-10 Ja n-11 Ja n-12 Jan-13 Jan-14 Jan
-4.0
-6.0
n-15 Ja n-16 Jan-17
-8.0
-10.0
-12.0
-14.0
Sinclairs Mahindra Holiday Byke
RY fomento EIHAssociated INDUSTRY

FCF/SALES
60%

40%

20%

0%
n-15 Ja n-16 Jan-17 Ja n-08 Jan-09 Ja n-10 Jan-11 Ja n-12 Jan-13 Ja n-14 Jan
-20%

-40%

-60%

-80%

-100%
Sinclairs Mahindra Holiday Byke
RY fomento EIHAssociated INDUSTRY

-13 Jan-14 Jan-15 Jan-16 Jan-17

liday Byke
d INDUSTRY

n-13 Ja n-14 Jan-15 Ja n-16 Jan-17

liday Byke
d INDUSTRY

3 fomento 0.7 0.1 44.4 56.5 Interest Coverage Ratio Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs #DIV/0! #DIV/0! #DIV/0! 89.0 0.1 INDUSTRY 0.0 1.2 Quick Ratio Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 0.1 1.8 fomento 1.3 0.5 13.0 Mahindra Holiday 0.8 3.1 1.0 1.0 0.2 INDUSTRY 0.0 28.3 1.9 6.2 39.1 1.8 0.2 1.8 2.8 0.4 INDUSTRY #DIV/0! #DIV/0! #DIV/0! 59.1 2.2 1.2 Interest as a % of Debt Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 0% 0% 0% 0% 0% 0% Mahindra Holiday 16% 31% 22% 21% 55% 27% Byke 0% 0% 0% 33% 6% 13% fomento 3% 3% 2% 2% 5% 2% EIHAssociated 9% 11% 11% 10% 12% 13% INDUSTRY 9% #NAME? #NAME? #NAME? #NAME? #NAME? .7 2.5 INDUSTRY 0.2 Byke 420.3 1.1 0.5 EIHAssociated 1.9 2.2 3.2 56.0 0.9 EIHAssociated 2.0 0.6 5.5 1.4 Current Ratio Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 0.0 0.0 1.6 2.3 2.9 1.3 0.5 2.1 1.7 1.0 0.7 7.3 EIHAssociated 2.0 1.0 1.6 55.1 1.1 1.4 2.5 0.1 1.7 0.7 Byke 0.8 0.2 194.8 0.Debt Equity Ratio Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 0.7 3.4 1.5 0.7 2.0 0.8 0.5 1.0 Mahindra Holiday 0.5 0.1 0.5 2.9 93.5 1.3 64.6 143.1 1.9 0.1 1.0 Byke 0.2 0.0 2.3 0.0 3.7 Byke 0.5 fomento 1.5 1.8 0.3 1.5 0.8 0.1 2.4 2.0 61.3 1.0 1.0 0.6 0.2 19.5 5.0 0.1 0.3 38.2 3.1 0.0 108.7 1.6 0.9 fomento 58.3 0.6 Mahindra Holiday 40.9 1.0 0.4 EIHAssociated 1.3 0.0 0.5 0.9 28.0 Mahindra Holiday 0.3 2.9 2.0 0.4 2.0 26.8 1.7 3.7 0.

5 2.6 6.2 1.3 2.1 34.4 -156% 0.0 0.1 50.9 28.8 24. Mar-14 Mar-15 Mar-16 Mar-17 Mean Current: Mean 0.1 .3 1.1 0.3 34.9 0.2 0.0 1.1 2.3 1.4 Mar-14 Mar-15 Mar-16 Mar-17 Mean Current: Mean 0.4 1.8 1% 1.9 1.1 1.9 -46% 60.6 1.6 2.1 14.1 0.5 Mar-14 Mar-15 Mar-16 Mar-17 Mean Current: Mean 94.2 1.1 0.4 0.9 0.8 1.1 1.1 0% 1.0 147% 17% 6% 4% 0.4 0.7 0.0 0.6 422% 37.6 35.1 1.2 0.8 0.6 0.5 -44% 1.0 0.2 75.4 8% 2.6 -47% 1.9 45.6 1.5 -72% 11.2 0.4 43.4 0.2 1.7 #DIV/0! Mar-14 Mar-15 Mar-16 Mar-17 Mean 0% 0% 0% 0% 0.3 2.3 1.0 1.5 0.4 5.0 0.1 62.4 #DIV/0! #DIV/0! 18.5 11.3 -303% 0.1 1% 3% 1% 1% 0.2 1.6 48% 4.4 2.4 1.3 12% 14% 13% 12% 0.7 0.0 0.3 0.1 #NAME? #NAME? #NAME? #NAME? 0.2 55.7 9% 2.6 0.8 16% 1.4 0.7 0.0 0.0 #DIV/0! 0.8 0.4 Mar-14 Mar-15 Mar-16 Mar-17 Mean Current: Mean 0.2 0.8 26.8 67.1 -48% 0.1 -49% 0.0 0.0 13% 13% 11% 11% 0.3 0.5 0.1 1.1 1.4 67.8 0.1 0.0 1.1 42% 0.7 2.7 6.2 0.4 0.5 80.9 2.8 0.3 100% 0.5 0.8 0.9 0.2 1.9 7.6 10.0 1.1 1.1 1.0 -2% 1.

With not much #DIV/0! demand coming and waiting for right cycle.Current:First Industry Hypothesis Company Absolute Hypothesis #DIV/0! The industry seems generating self-sustainable -839% cash. -193% looks like companies are sitting debt free with cash 100% Current:First Industry Hypothesis Company Absolute Hypothesis 394% -4% 328% -27% -3% Current:First Industry Hypothesis Company Absolute Hypothesis 312% 14% 239% -33% -1% Current:First Industry Hypothesis Company Absolute Hypothesis #DIV/0! -80% -90% 29% 1588% Industry Hypothesis Company Absolute Hypothesis . Has become debt free.

Company Relative Hypothesis Company Relative Hypothesis Company Relative Hypothesis Company Relative Hypothesis Company Relative Hypothesis .

0 Ja n-08 Jan-09 Jan-10 Ja n-11 Jan-12 Ja n-13 Ja n-14 Ja n-15 Jan-16 Ja Sinclairs Mahindra Holiday Byke fomento EIHAssociated INDUSTRY CURRENT RATIO 7.5 1.0 0.0 0.0 1.5 0.0 2.0 2.0 1.0 3.0 6.0 5.0 4. DEBT/EQUITY RATIO 3.0 Ja n-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Ja n-14 Ja n-15 Ja n-16 Ja Sinclairs Mahindra Holiday Byke fomento EIHAssociated INDUSTRY .5 2.

0 4.0 5.0 n-15 Jan-16 Jan-17 Jan-08 Ja n-09 Jan-10 Jan-11 Jan-12 Jan-13 Ja n-14 Jan- Sinclairs Mahindra Holiday Byke RY fomento EIHAssociated INDUSTRY INTEREST AS A % OF DEBT 160% 140% 120% 100% 80% 60% 40% 20% 0% n-15 Ja n-16 Ja n-17 Jan-08 Jan-09 Jan-10 Jan-11 Ja n-12 Jan-13 Jan-14 Jan Sinclairs Mahindra Holiday Byke RY fomento EIHAssociated INDUSTRY .0 1. QUICK RATIO 7.0 3.0 2.0 6.0 0.

13 Ja n-14 Jan-15 Ja n-16 Jan-17 liday Byke d INDUSTRY F DEBT -13 Jan-14 Jan-15 Ja n-16 Jan-17 oliday Byke d INDUSTRY .

Revenue Growth Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 19% 2% 11% -3% 35% Mahindra Holiday 11% 20% 6% 16% 28% Byke -26% 10% 121% 48% 106% fomento -7% -5% 5% 8% 0% EIHAssociated -11% -7% 17% 10% 12% INDUSTRY -3% 4% 32% 15% 36% PAT Growth (Core) Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs -69% 44% 26% -73% -980% Mahindra Holiday -48% 125% -22% -43% 178% Byke -67% 6% 119% 14% 209% fomento -46% 0% -31% -37% 111% EIHAssociated -36% -50% 116% -6% 120% INDUSTRY -53% 25% 42% -29% -72% EPS Growth Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs -6% -22% 52% -41% 363% Mahindra Holiday -5% 37% -14% 1% -10% Byke -82% -6% 57% 0% 223% fomento -36% 0% -11% -10% 50% EIHAssociated -32% -47% 127% 11% -1% INDUSTRY -32% -8% 42% -7% 125% CFO Growth Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs -3% -22% 88% -6% 25% Mahindra Holiday 240% 18% -52% 130% 7% Byke -400% -138% -91% 629% 466% fomento -25% 55% -25% 18% -4% EIHAssociated -42% -13% 219% -3% -5% INDUSTRY -46% -20% 28% 153% 98% TBD CFO/Share Growth Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs -3% -22% 88% -6% 25% Mahindra Holiday 240% 18% -52% 130% 7% Byke -400% -138% -91% 629% 466% fomento -25% 55% -25% 18% -4% EIHAssociated -42% -13% 219% -3% -5% .

Mar-14 Mar-15 Mar-16 Mar-17 Total Cum 5 Year Cum 15% 30% 33% 21% 17% 27% 11% -1% 97% 42% 23% 32% 54% 17% 28% 17% 35% 41% 9% 10% 7% 3% 3% 6% 2% 6% 7% 7% 4% 7% 18% 12% 35% 18% Mar-14 Mar-15 Mar-16 Mar-17 Total Cum 5 Year Cum -140% 267% 57% 18% 15% 89% -14% -13% 43% 33% 8% 31% 117% 27% 30% 22% 31% 68% -20% -14% 60% 114% 2% 38% 22% -4% 63% -4% 11% 32% -7% 52% 51% 37% Mar-14 Mar-15 Mar-16 Mar-17 Total Cum 5 Year Cum -47% -32% 49% 28% 9% 26% -9% -7% 8% 71% 5% 7% 105% -37% 30% 22% 6% 46% -3% 64% 5% 20% 5% 25% 15% 5% 57% 10% 7% 16% 12% -1% 30% 30% Mar-14 Mar-15 Mar-16 Mar-17 Total Cum 5 Year Cum 123% 29% 37% 33% 27% 46% -85% 506% 20% 14% 22% 6% 27% -18% 63% 7% 25% 60% 44% -20% 29% -27% 1% 1% -1% 4% 25% 10% 9% 6% 22% 100% 35% 7% Mar-14 Mar-15 Mar-16 Mar-17 Total Cum 5 Year Cum 123% 29% 37% 33% 22% 47% -85% 506% 20% 14% 21% 5% 27% -18% 63% 7% 2% 45% 44% -20% 29% -27% 1% 1% -1% 4% 25% 10% 4% -3% .

Sincalirs is doing best with consistenctly year over year delivering 13% cash flow growth unlike its peers. when it comes to profitability. Why? 26% 43% Create a company wise waterfall chart to understand whats eating up revenue growth to low profitability growth 15% 3 Year Cum Industry Hypothesis 9% 19% Byke looks like has done equity dilution and hence prfoitability growth could not convert into 0% EPS growth 27% 22% 3 Year Cum Industry Hypothesis 33% 103% Once we start seeing growth from accounting profitability to cash profitability. Sinclairs has not been able to convert 18% Revenue growth into profitability and it is odd one out as others with or without growth have been able to generate profit growth. Only Byke and Sinclairs have been able to grow CFO in -9% double digits on longer terms basis 13% 3 Year Cum 33% 103% -13% -9% 13% . This needs to be understood in detail. in last 3 years.3 Year Cum Industry Hypothesis 28% 41% 20% Sinclairs and Byke have led revenue growth across peers and even in downcycles 7% 7% 3 Year Cum Industry Hypothesis 89% However. scenario changes and looks like now.

Company Absolute Hypothesis Company Relative Hypothesis Company Absolute Hypothesis Company Relative Hypothesis Company Absolute Hypothesis Company Relative Hypothesis Company Absolute Hypothesis Company Relative Hypothesis .

DEBT/EQUITY RATIO 100% 80% 60% 40% 20% 0% Ja n-08 Ja n-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Ja n-16 Ja -20% -40% Sinclairs Mahindra Holiday Byke fomento EIHAssociated INDUSTRY CURRENT RATIO 400% 300% 200% 100% 0% Ja n-08 Jan-09 Ja n-10 Jan-11 Ja n-12 Jan-13 Ja n-14 Jan-15 Ja n-16 Ja -100% -200% Sinclairs Mahindra Holiday Byke fomento EIHAssociated INDUSTRY .

QUICK RATIO 100% 80% 60% 40% 20% 0% -20% Ja n-08 Jan-09 Ja n-10 Jan-11 Ja n-12 Jan-13 Ja n-14 Jan -40% n-15 Ja n-16 Ja n-17 -60% -80% -100% Sinclairs Mahindra Holiday Byke RY fomento EIHAssociated INDUSTRY INTEREST AS A % OF DEBT 160% 140% 120% 100% 80% 60% 40% n-15 Ja n-16 Jan-17 20% 0% Jan-08 Jan-09 Jan-10 Jan-11 Ja n-12 Jan-13 Jan-14 Jan Sinclairs Mahindra Holiday Byke RY fomento EIHAssociated INDUSTRY .

n-13 Ja n-14 Jan-15 Ja n-16 Jan-17 liday Byke d INDUSTRY F DEBT -13 Jan-14 Jan-15 Ja n-16 Jan-17 oliday Byke d INDUSTRY .

Revenue Growth Rate 50% 41% 41% 40% 35% 32% 30% 27% 28% 23% 20% 20% 17% 10% 4% 6% 7% 7% 7% 3% 0% -10% Total Cum 5 Year Cum 3 Year Cum -20% -30% -40% Sinclairs Mahindra Holiday Byke fomento EIHAssociated EPS Growth Rate 60% 50% 46% 40% 30% 26% 25% 27% 19% 22 20% 16% 9% 6% 7% 7% 9% 10% 5% 5% 0% Total Cum 5 Year Cum 0%Cum 3 Year -10% -20% -30% -40% Sinclairs Mahindra Holiday Byke fomento EIHAssociated .

PAT Growth Rate 100% 89% 89% 41% 80% 68% % 60% 20% 38% 40% 31% 31% 32% 7% 7% 20% 15% 11% 8% 3 Year Cum 2% 0% Total Cum 5 Year Cum -20% -40% Sinclairs Mahindra Holiday Byke fomento EIHAssociated CFO/Share Growth Rate 120% 100% 27% 22% 80% 19% 60% 47% 45% 40% 33% 22% 21% 0%Cum 3 Year 20% 2% 4% 5% 0% Total Cum 5 Year Cum -3% -20% -40% Sinclairs Mahindra Holiday Byke fomento EIHAssociated .

te 89% 43% 8% 32% 26% 18% 15% 3 Year Cum fomento EIHAssociated h Rate 103% 33% 13% -3% 3 Year Cum -13% fomento EIHAssociated .

Working Capital/Sales Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs -126% -104% 211% 212% -53% 3% Mahindra Holiday -30% -49% -61% -42% -60% -56% Byke -3% 112% 59% 35% 37% 16% fomento 15% 18% 29% 45% 39% 63% EIHAssociated 6% 6% 6% 2% 2% 9% INDUSTRY -27% -3% 49% 50% -7% 7% Debtor Days Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 13 8 13 14 15 19 Mahindra Holiday 417 448 489 319 327 310 Byke 15 67 23 19 22 43 fomento 43 41 43 50 42 33 EIHAssociated 35 18 26 29 28 31 INDUSTRY 105 116 119 86 87 87 Inventory Days Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 14 5 5 5 7 5 Mahindra Holiday 4 5 3 3 3 4 Byke 18 22 10 39 45 22 fomento 28 32 32 29 25 25 EIHAssociated 15 17 16 14 13 14 INDUSTRY 16 16 13 18 18 14 Working Capital Days Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 27 13 18 19 22 24 Mahindra Holiday 421 453 491 322 330 314 Byke 33 89 33 58 67 65 fomento 71 73 75 79 67 58 EIHAssociated 50 35 42 44 41 45 INDUSTRY 120 132 132 104 105 101 Receivables Turnover Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 28 46 29 25 25 19 Mahindra Holiday 1 1 1 1 1 1 Byke 25 5 16 19 17 8 fomento 8 9 9 7 9 11 EIHAssociated 10 20 14 12 13 12 INDUSTRY 15 16 14 13 13 10 Inventory Turnover Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 25 78 68 79 50 75 Mahindra Holiday 102 75 145 143 138 102 Byke 20 17 38 9 8 17 .

fomento 13 11 11 13 15 15 EIHAssociated 25 21 23 26 29 26 INDUSTRY 37 40 57 54 48 47 .

6 31 41 37 32 31 1.1 14 14 13 15 14 Mar-14 Mar-15 Mar-16 Mar-17 Mean Current: Mean 78 91 98 188 83 0.0 97 100 65 52 91 Mar-14 Mar-15 Mar-16 Mar-17 Mean Current: Mean 5 4 4 2 6 2.4 15 12 11 11 22 1.3 -39% -52% -17% -8% -41% 5.1 25 28 28 30 30 1.7 12 9 10 11 12 1.9 .3 11% 18% 19% 23% 33% 1.9 5 3 86 63 18 0.9 15 15 16 15 15 1.0 41 29 36 25 38 1.Mar-14 Mar-15 Mar-16 Mar-17 Mean Current: Mean -36% -35% -19% -14% 4% -0.6 39 40 38 45 51 1.8 5% 6% 8% 5% 6% 1.2 0% -14% -12% -3% 4% Mar-14 Mar-15 Mar-16 Mar-17 Mean Current: Mean 10 10 13 11 13 1.1 378 392 213 163 346 2.3 14 12 10 15 21 1.7 46 57 53 47 46 1.1 26 30 37 25 23 0.0 11 9 25 21 16 Mar-14 Mar-15 Mar-16 Mar-17 Mean Current: Mean 15 14 16 13 18 1.5 15 13 13 12 14 1.9 1 1 2 2 1 0.4 382 394 299 226 363 1.4 79 136 4 6 93 16.4 58% -6% -49% -22% 19% -0.0 108 110 91 73 108 Mar-14 Mar-15 Mar-16 Mar-17 Mean Current: Mean 35 35 29 33 30 0.2 9 12 10 15 10 0.1 55 42 47 36 60 1.

25 29 32 32 20 0.6 24 24 23 24 25 1.0 46 62 39 55 49 .

6 0.9 0.4 0.1 Current:First Industry Hypothesis Company Absolute Hypothesis 7.5 1.9 Current:First Industry Hypothesis Company Absolute Hypothesis 0.9 0.8 .3 2.4 1.3 Current:First Industry Hypothesis Company Absolute Hypothesis 1.1 1.1 Current:First Industry Hypothesis Company Absolute Hypothesis 0.1 3.2 2.7 1.9 -0.0 1.0 Current:First Industry Hypothesis Company Absolute Hypothesis 2.1 -0.4 2.8 1.Current:First Industry Hypothesis Company Absolute Hypothesis 9.1 17.1 0.1 1.6 0.7 2.7 0.

0 .0.4 1.

Company Relative Hypothesis Company Relative Hypothesis Company Relative Hypothesis Company Relative Hypothesis Company Relative Hypothesis Company Relative Hypothesis .

.

WORKING CAPITAL/SALES 100% 80% 60% 40% 20% 0% Ja n-08 Ja n-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Ja n-16 Ja -20% -40% Sinclairs Mahindra Holiday Byke fomento EIHAssociated INDUSTRY INVENTORY DAYS 100 90 80 70 60 50 40 30 20 10 0 Jan-08 Jan-09 Ja n-10 Ja n-11 Ja n-12 Ja n-13 Ja n-14 Jan-15 Jan-16 Ja Sinclairs Mahindra Holiday Byke fomento EIHAssociated INDUSTRY .

DEBTOR DAYS 600 500 400 300 200 100 n-15 Ja n-16 Ja n-17 0 Jan-08 Ja n-09 Ja n-10 Jan-11 Jan-12 Ja n-13 Ja n-14 Jan- Sinclairs Mahindra Holiday Byke RY fomento EIHAssociated INDUSTRY WORKING CAPITAL DAYS 600 500 400 300 200 100 0 n-15 Jan-16 Ja n-17 Ja n-08 Jan-09 Jan-10 Ja n-11 Jan-12 Jan-13 Jan-14 Jan Sinclairs Mahindra Holiday Byke RY fomento EIHAssociated INDUSTRY .

13 Ja n-14 Jan-15 Jan-16 Ja n-17 liday Byke d INDUSTRY DAYS -13 Jan-14 Jan-15 Jan-16 Jan-17 oliday Byke d INDUSTRY .

WCIP/NFA Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 2% 5% 6% 35% 34% 70% Mahindra Holiday 20% 14% 22% 26% 33% 34% Byke 18% 21% 104% 288% 42% 4% fomento 30% 35% 38% 23% 8% 18% EIHAssociated 1% 1% 1% 0% 1% 1% INDUSTRY 14% 15% 34% 74% 23% 25% CAPEX/GFA Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 8% 6% 46% 25% 23% Mahindra Holiday 42% 32% 17% 33% 32% Byke 2% 76% 174% 32% 18% fomento 18% 8% 7% 14% 14% EIHAssociated 3% 2% 3% 3% 13% INDUSTRY 14% 25% 50% 21% 20% CAPEX/Revenue Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 18% 13% 109% 72% 45% Mahindra Holiday 41% 32% 17% 36% 35% Byke 2% 73% 82% 33% 13% fomento 14% 7% 6% 13% 12% EIHAssociated 5% 3% 5% 4% 17% INDUSTRY 16% 25% 44% 32% 24% .

Capex/Revenue 44% 38% 15% -7% 30% 11% 15% 24% 6% 19% 7% 5% 8% 7% 12% 43% 64% 85% 106% 44% 3% 5% 3% 3% 5% 22% 25% 27% 23% .Mar-14 Mar-15 Mar-16 Mar-17 Industry Hypothesis 88% 30% 7% 0% Except fomento. 68% 131% 265% 452% fomento could be interesting if there are no execution challenges and legal issues 0% 0% 0% 1% 34% 35% 56% 94% Mar-14 Mar-15 Mar-16 Mar-17 Avg. Capex/GFA 26% 19% 8% -5% 15% 9% 12% 28% 10% 21% 14% 11% 21% 21% 24% 55% 82% 126% 170% 53% 2% 4% 3% 3% 4% 21% 26% 37% 40% Mar-14 Mar-15 Mar-16 Mar-17 Avg. none of the companies have 8% 9% 6% 13% done any major capex in last 2 years 5% 2% 4% 3% Based on current capex work in progress.

Company Absolute Hypothesis Company Relative Hypothesis Sincalirs has done major CAPEX between 2011-15 when it added 2 hotels to existing list of 5 hotels taking it to 7 Last 5 Yr Capex/GFA Last 3 Yr Capex/GFA 11% 7% 17% 16% 16% 16% 83% 117% 5% 3% Last 5 Yr Capex/Revenue Last 3 Yr Capex/Revenue 21% 12% 16% 14% 8% 7% 65% 86% 6% 4% .

Industry Hypothesis Company Absolute Hypothesis Industry Hypothesis Company Absolute Hypothesis .

Company Relative Hypothesis Company Relative Hypothesis .

WCIP/NFA 300% 250% 200% 150% 100% 50% 0% Ja n-08 Ja n-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Ja n-16 Ja Sinclairs Mahindra Holiday Byke fomento EIHAssociated INDUSTRY CAPEX/REVENUE 120% 100% 80% 60% 40% 20% 0% Ja n-08 Ja n-09 Jan-10 Ja n-11 Jan-12 Ja n-13 Jan-14 Jan-15 Jan-16 Ja -20% Sinclairs Mahindra Holiday Byke fomento EIHAssociated INDUSTRY .

CAPEX/GFA 200% 150% 100% 50% 0% Ja n-08 Ja n-09 Jan-10 Ja n-11 Jan-12 Ja n-13 Jan-14 Ja n n-15 Ja n-16 Ja n-17 -50% Sinclairs Mahindra Holiday Byke RY fomento EIHAssociated INDUSTRY n-15 Jan-16 Jan-17 RY .

-13 Jan-14 Ja n-15 Jan-16 Jan-17 liday Byke d INDUSTRY .

4 34.6 35.9 9.1 0.3 25.0 fomento 16.0 -0.3 44.4 26.3 0.9 59.8 INDUSTRY 5 12 14 16 8 EV/EBIT Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 13.3 Byke 1.6 10.0 0.8 4.8 8.7 Mahindra Holiday 0.8 -7.0 0.0 24.9 20.0 Mahindra Holiday 0.3 8.0 0.6 18.9 fomento 25.1 27.1 -0.5 .6 220.1 16.5 12.6 Byke -0.2 8.1 9.1 -0.3 -0.2 EIHAssociated 10.1 0.8 29.4 17.0 19.7 -0.P/E Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 20.0 0.1 8.1 Mahindra Holiday 0.9 0.0 22.9 -0.6 1.5 0.6 8.4 13.8 -12.2 0.7 2.0 Mahindra Holiday 0.3 20.3 -1.0 8.7 11.3 11.5 22.7 24.7 14.1 15.9 8.7 10.3 13.8 54.5 13.8 -0.3 -1.5 45.5 15.0 EIHAssociated 19.2 39.2 69.4 19.7 -0.8 -0.9 52.1 Byke -2.9 fomento -1.3 5.9 6.1 fomento 0.7 -1.8 Byke 1.2 0.4 0.5 11.4 7.8 -0.6 12.6 INDUSTRY 14 9 31 28 32 15 P/CFO Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 26.8 fomento 27.5 13.1 9.0 #DIV/0! 0.0 30.1 Byke 3.0 18.9 10.9 3.5 10.6 34.8 Mahindra Holiday #DIV/0! #DIV/0! 0.4 0.0 EIHAssociated 8.1 -3.8 -1.2 -0.0 104.0 6.3 18.6 INDUSTRY 13 9 24 65 26 15 PEG Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs -4.0 3.6 Mahindra Holiday 0.7 4.5 36.8 16.2 13.4 0.0 EIHAssociated 0.9 EIHAssociated 8.1 6.1 14.3 10.7 29.6 116.8 fomento 14.6 11.3 16.1 32.9 13.4 4.0 8.0 59.0 0.7 -0.2 INDUSTRY -1 20 0 25 -3 PCG Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 0.5 10.9 21.2 1.2 48.1 16.0 15.1 -1.0 -2.3 19.8 -1.3 0.4 EV/EBITDA Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 10.7 Byke 2.0 13.3 -2.2 15.7 -1.4 0.7 24.5 6.9 16.9 11.0 EIHAssociated -0.5 -0.

4 -2.1 -0.1 15.9 -32.5 EIHAssociated 15.9 8.2 456.1 8.2 17.9 38.4 218.6 0.4 9.7 -3.0 48.8 -3.8 15.6 10.1 Mahindra Holiday 0.4 -2009.4 -1.3 -0.0 fomento 27.0 6.3 23.2 fomento 2.6 Byke -0.6 -21.4 INDUSTRY 11 22 62 27 16 EV/FCF Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs -285.3 29.2 51.4 8.5 27.4 4.2 -38.8 Mahindra Holiday 1.5 36.5 21.3 58.4 46.1 -10.5 118.3 16.2 21.6 23.3 10.4 EIHAssociated 29.4 46.5 Byke 2.8 INDUSTRY -50 -110 95 -402 15 .9 8.INDUSTRY 6 15 17 20 9 EV/CFO Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 25.4 -684.8 79.0 -10.5 17.

4 8.2 -0.3 12.1 14.3 12.4 23.7 12.1 -4.5 -0.5 24.3 13.4 2.2 27.3 12.6 6.4 10.4 #DIV/0! 1.5 17.6 16.6 27.6 23.3 -0.5 0.7 14.0 11.1 13.6 15.7 17. -0.4 5.7 36.0 -0.5 16.0 69.2 -0.4 -1.3 13.1 22.6 23.6 0.8 1.5 12.2 -0.5 7.2 0.7 18 25 22 21 21 20 Mar-14 Mar-15 Mar-16 Mar-17 Overall 5 Year Avg.7 9.6 1.4 10.2 39.3 14.5 2.2 2.1 13.6 8.6 5.0 18.1 3.1 9.3 6.3 25.4 -0.6 3.2 11.1 21.5 28.1 16.4 9.8 25.4 #DIV/0! #DIV/0! 0.1 -0.2 12.0 18.3 28.1 0.6 -1 0 2 1 Mar-14 Mar-15 Mar-16 Mar-17 Overall 5 Year Avg.0 20.0 19.9 -0.7 17.5 4.0 12.3 0.1 25.4 11.8 0.7 12.3 9.9 9.5 0.4 24.1 9. 14.9 -2.1 -0. Mar-14 Mar-15 Mar-16 Mar-17 Overall 5 Year Avg.8 9.9 9.4 6.2 0.3 17.0 12.1 0.4 19.1 8.4 25.3 15.3 25.0 16.0 0.6 13.8 16.9 12.9 15.5 11.7 6.4 32.8 17.1 21.3 8.5 9.2 7.2 #DIV/0! 0.3 .7 23.7 5.4 12.9 9.5 24.6 19 18 14 17 34 23 Mar-14 Mar-15 Mar-16 Mar-17 Overall 5 Year Avg. 17.4 9 11 10 11 Mar-14 Mar-15 Mar-16 Mar-17 Overall 5 Year Avg.5 0.1 0.5 20.8 8.9 -1.0 0.4 0.8 13.6 13. 11.5 16.9 0.4 10.3 16.1 11.7 5.9 10.8 14.1 Mar-14 Mar-15 Mar-16 Mar-17 Overall 5 Year Avg.2 23.6 14.4 34. 19.5 11.5 29.6 12.1 7.5 16.0 4.5 26.2 14.0 16.4 43.3 16.0 2.3 0.4 20.8 27.3 0.5 0. -0.

2 41.6 -23.9 -20.2 16.7 22.3 11.0 12.2 -4.5 24.5 12.3 23.9 40.1 -179.1 21.8 28.8 16.2 40.8 74.7 14.1 10.9 16.2 -10 -12 17 27 .3 40.4 21.9 13.7 9.0 -4.3 11.0 6.9 89.8 -4.8 8.2 10.9 12.4 17.3 15.8 28.7 -25.2 32.6 12.3 23.1 86.0 -872.1 14. -65.4 12.1 8.5 51.9 20.4 -10.1 16.4 -11.1 25.8 11.9 14.4 19 17 14 18 Mar-14 Mar-15 Mar-16 Mar-17 Overall 5 Year Avg.3 10.6 113.7 1609. 17. 11 16 14 14 Mar-14 Mar-15 Mar-16 Mar-17 Overall 5 Year Avg.8 -316.4 2558.

7 15.6 21. Industry Hypothesis Company Absolute Hypothesis 28.5 20.7 6.5 9.8 0. Industry Hypothesis Company Absolute Hypothesis -0.9 12.3 23 3 Year Avg.8 16.4 0.7 14. Industry Hypothesis Company Absolute Hypothesis 12. Industry Hypothesis Company Absolute Hypothesis 3 Year Avg. Industry Hypothesis Company Absolute Hypothesis 18.2 0.0 25.4 12.3 14.3 31. Industry Hypothesis Company Absolute Hypothesis 11.1 18.7 18.2 3 Year Avg.2 5.0 3 Year Avg.6 27.2 20 3 Year Avg.1 -0.3 Year Avg.6 .

0 96.6 19. Industry Hypothesis Company Absolute Hypothesis 23.2 3 Year Avg.9 14.3 Year Avg.8 .3 130.7 13. Industry Hypothesis Company Absolute Hypothesis 13.6 -6.8 30.6 10.

Company Relative Hypothesis Company Relative Hypothesis Company Relative Hypothesis Company Relative Hypothesis Company Relative Hypothesis Company Relative Hypothesis .

Company Relative Hypothesis Company Relative Hypothesis .

PE RATIO 60 50 40 30 20 10 0 Jan-08 Jan-09 Jan-10 Jan-11 Ja n-12 Ja n-13 Ja n-14 Ja n-15 Ja n-16 Ja Sinclairs Mahindra Holiday Byke fomento EIHAssociated INDUSTRY PEG 5 4 3 2 1 0 -1 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Ja n-13 Ja n-14 Jan-15 Jan-16 Ja -2 -3 -4 -5 Sinclairs Mahindra Holiday Byke fomento EIHAssociated INDUSTRY .

P/CFO 50 45 40 35 30 25 20 15 10 5 0 n-15 Ja n-16 Jan-17 Ja n-08 Jan-09 Jan-10 Jan-11 Ja n-12 Ja n-13 Jan-14 Ja n- Sinclairs Mahindra Holiday Byke RY fomento EIHAssociated INDUSTRY EV/EBITDA 18 13 8 n-15 Jan-16 Ja n-17 3 -2 Ja n-08 Jan-09 Jan-10 Jan-11 Ja n-12 Ja n-13 Jan-14 Jan Sinclairs Mahindra Holiday Byke RY fomento EIHAssociated INDUSTR .

13 Jan-14 Ja n-15 Ja n-16 Jan-17 liday Byke d INDUSTRY -13 Jan-14 Jan-15 Ja n-16 Ja n-17 oliday Byke ed INDUSTRY .

Receivables/Sales Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 4% 2% 3% 4% 4% 5% Mahindra Holiday 114% 123% 134% 88% 90% 85% Byke 4% 18% 6% 5% 6% 12% fomento 12% 11% 12% 14% 12% 9% EIHAssociated 10% 5% 7% 8% 8% 8% INDUSTRY 29% 32% 32% 24% 24% 24% Inventory/Sales Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 4% 1% 1% 1% 2% 1% Mahindra Holiday 1% 1% 1% 1% 1% 1% Byke 5% 6% 3% 11% 12% 6% fomento 8% 9% 9% 8% 7% 7% EIHAssociated 4% 5% 4% 4% 4% 4% INDUSTRY 4% 4% 4% 5% 5% 4% Depreciation/GFA Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 3% 4% 4% 4% 4% 6% Mahindra Holiday 5% 4% 4% 4% 4% 3% Byke 3% 6% 7% 6% 2% 5% fomento 7% 8% 8% 8% 7% 8% EIHAssociated 5% 4% 4% 5% 5% 5% INDUSTRY 5% 5% 6% 5% 4% 5% Tax Rate Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 34% 26% 31% 26% 33% 8% Mahindra Holiday 35% 38% 34% 32% 29% 36% Byke 34% 34% 33% 30% 32% 33% fomento 35% 35% 33% 35% 32% 32% EIHAssociated 42% 31% 35% 34% 32% 31% INDUSTRY 36% 33% 33% 31% 32% 28% Other Income/PAT Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 26% 82% 74% 79% 90% 118% Mahindra Holiday 29% 61% 41% 46% 70% 6% Byke 1% 2% 1% 9% 2% 6% fomento 16% 30% 30% 46% 63% 47% EIHAssociated 9% 15% 20% 24% 36% 8% INDUSTRY 16% 38% 33% 41% 52% 37% Other Expense/Total Expense Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 7% 6% 4% 6% 4% 27% Mahindra Holiday 4% 5% 6% 3% 2% 0% Byke 0% 0% 1% 1% 0% 1% .

7 27.6 2.7 CFO per Share Growth/Revenue Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs -0.0 7.3 -0.8 13.5 11.4 INDUSTRY -0.8 0.7 Mahindra Holiday -4.7 -0.9 -1.1 5.6 0.5 -3.2 6.5 EIHAssociated -3.6 1.2 4.1 -3.2 -14.8 12.9 -1.4 -7.8 46.2 INDUSTRY -4.0 0.8 6.1 2.2 8.2 -8.1 4.5 1.4 fomento -3.2 Byke -15.2 6.7 -0.0 -5.fomento -6% -6% -5% 0% 2% 2% EIHAssociated 7% 3% 3% 3% 6% 4% INDUSTRY 2% 1% 2% 3% 3% 7% SSGR Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 2% 7% -2% 2% Mahindra Holiday 18% 10% 10% 6% Byke -5% -3% 1% 7% fomento 5% 6% 4% 7% EIHAssociated -3% -2% -2% 2% INDUSTRY 4% 3% 2% 5% Equity dilution Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 32% 30% 0% 0% 0% Mahindra Holiday 1% 8% 0% 0% 0% Byke 87% 11% 52% 5% 0% fomento 0% 0% 0% 0% 0% EIHAssociated 0% 0% 0% 0% 56% INDUSTRY 24% 10% 10% 1% 11% NFA/Assets Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 68% 44% 34% 37% 43% 39% Mahindra Holiday 30% 36% 30% 27% 30% 34% Byke 70% 37% 32% 19% 50% 64% fomento 43% 47% 43% 46% 52% 42% EIHAssociated 64% 65% 62% 61% 60% 73% INDUSTRY 55% 46% 40% 38% 47% 50% Pat Growth/Revenue Growth Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs -3.6 -13.1 -27.7 10.9 -9.4 Byke -2.4 -0.4 0.8 -0.1 -6.5 -4.6 242.3 -5.7 Mahindra Holiday 20.7 .4 0.7 EIHAssociated -3.3 -21.4 -0.0 fomento -6.8 -2.3 2.9 0.

7% 7% 9% 11% 6% 8% 4% 6% 7% 8% 5% 6% 6% 11% 12% 12% 7% 10% 9% 8% 8% 7% 8% 8% 5% 7% 6% 5% 5% 5% 6% 8% 8% 9% 6% 7% Mar-14 Mar-15 Mar-16 Mar-17 Overall 5 Year Cum 25% 33% 37% 35% 27% 26% 35% 25% 38% 35% 34% 35% 25% 21% 35% 35% 31% 31% 38% 35% 39% 35% 35% 36% 38% 38% 29% 34% 34% 34% 32% 30% 36% 35% 32% 32% Mar-14 Mar-15 Mar-16 Mar-17 Overall 5 Year Cum 85% 19% 14% 21% 66% 63% 16% 22% -5% 19% 31% 12% 1% 1% 1% 0% 1% 1% 56% 77% 65% 38% 48% 57% 2% 11% 8% 19% 13% 11% 32% 26% 17% 19% 32% 29% Mar-14 Mar-15 Mar-16 Mar-17 Overall 5 Year Cum 6% 4% 3% 3% 7% 8% 2% 5% 7% 7% 5% 5% 0% 0% 0% 0% 0% 0% .Mar-14 Mar-15 Mar-16 Mar-17 Overall 5 Year Cum 3% 3% 3% 3% 3% 3% 103% 107% 58% 45% 79% 69% 7% 8% 8% 8% 8% 8% 11% 8% 10% 7% 10% 9% 9% 11% 10% 9% 9% 9% 27% 27% 18% 14% 22% 20% Mar-14 Mar-15 Mar-16 Mar-17 Overall 5 Year Cum 1% 1% 1% 1% 1% 1% 1% 1% 24% 17% 10% 13% 4% 3% 3% 4% 4% 4% 4% 3% 3% 3% 6% 4% 4% 4% 4% 4% 4% 4% 3% 3% 7% 6% 5% 5% Mar-14 Mar-15 Mar-16 Mar-17 Overall 5 Year Avg.

2 -0.6 13.8 -8.3 0.8 -0.5 6.5 8.3 0.5 Mar-14 Mar-15 Mar-16 Mar-17 Overall 5 Year Cum 8.2 1.5 -1.0 0.1 0.9 1.3 8.7 3.6 -0.9 0.4 1.3 0.9 1.4 0.6 0.0 0.4 0.1 920.4 0.0 1.3 0.5 2.7 2.8 0.6 1.0 183.2 0.5 .0 2.7 0.1 34.7 -0.3 -1.1 4.3 0.3 -8.5 4.7 4.1 3.0 7.6 0.0 3.1 -1.5 1.5 1.1 3.9 1.2 0.1 1. 46% 65% 73% 63% 51% 57% 38% 36% 36% 32% 33% 35% 62% 58% 52% 49% 49% 57% 33% 22% 18% 13% 36% 26% 67% 66% 71% 67% 66% 69% 49% 49% 50% 45% 47% 49% Mar-14 Mar-15 Mar-16 Mar-17 Overall 5 Year Cum -9.7 -2.4 1.6 0.7 0.6 0.4 -24.2 1.9 3.8 0.6 -3.8 -2.2 0.7 8.1 1.1 2. 1% 2% 1% 2% 0% 2% 3% 3% 3% 3% 4% 3% 3% 3% 3% 3% 3% 4% Mar-14 Mar-15 Mar-16 Mar-17 Overall 5 Year Cum 6% -1% -1% 0% 3% -2% 1% 3% 11% 8% 14% 19% 7% 22% 26% 36% 0% -1% 5% 11% 5% 5% 9% 14% Mar-14 Mar-15 Mar-16 Mar-17 Overall 5 Year Prev -8% 0% 0% 0% 54% -8% 5% 0% 0% 0% 15% 5% 0% 100% 0% 0% 255% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 56% 56% -1% 20% 0% 0% 76% 31% Mar-14 Mar-15 Mar-16 Mar-17 Overall 5 Year Avg.

Are these assets 8% being utilized or there is scope of operating 6% leverage? 8% 3 Year Cum Industry Hypothesis Company Absolute Hypothesis 35% 34% 32% 36% 33% Looks ok for all 34% 3 Year Cum Industry Hypothesis Company Absolute Hypothesis 18% 13% Some of companies have very Need to investigate. One possible reason 1% high other income. Have they added lot of new depreciation than industry? properties? Check GFA. Industry Hypothesis Company Absolute Hypothesis 9% Why sincalirs was having high depreciation 7% recently. Needs validation 13% 21% 3 Year Cum Industry Hypothesis Company Absolute Hypothesis 3% 7% 0% . This signifies why CFO to PAT 12% Why Byke has higher ratio was high. ecept could be high cash as this is cyclic industry. Also. most of players have high Companies are sitting on cash but its is not 58% other income right time to expand.3 Year Cum Industry Hypothesis Company Absolute Hypothesis 3% 60% 8% Industry works on low Sinclairs is best among peers receivables 8% 10% 18% 3 Year Cum Industry Hypothesis Company Absolute Hypothesis 1% 17% 3% Industry works on low Sinclairs is best among peers receivables 3% 4% 6% 3 Year Avg. byke.

1 0.4 2.0 0. Change over Time 67% -31% 35% -5% 53% -8% 18% 51% 68% -3% 48% 3 Year Cum Industry Hypothesis Company Absolute Hypothesis 3.1 2.5 0.7 3 Year Cum Industry Hypothesis Company Absolute Hypothesis 0.3 6. 2% 3% 3% 3 Year Cum Industry Hypothesis Company Absolute Hypothesis 3 Year Prev Industry Hypothesis Company Absolute Hypothesis 0% 0% 100% 0% 0% 20% 3 Year Avg.6 1.1 1.2 0.4 1.7 .

Company Relative Hypothesis Company Relative Hypothesis Company Relative Hypothesis Company Relative Hypothesis Company Relative Hypothesis Company Relative Hypothesis .

Company Relative Hypothesis Company Relative Hypothesis Company Relative Hypothesis Company Relative Hypothesis .

RECEIVABLES/SALES 160% 140% 120% 100% 80% 60% 40% 20% 0% Jan-08 Ja n-09 Ja n-10 Ja n-11 Jan-12 Jan-13 Jan-14 Jan-15 Ja n-16 Ja Sinclairs Mahindra Holiday Byke fomento EIHAssociated INDUSTRY DEPRECIATION/GROSS FIXED ASSET 14% 12% 10% 8% 6% 4% 2% 0% Jan-08 Jan-09 Ja n-10 Ja n-11 Jan-12 Ja n-13 Ja n-14 Ja n-15 Ja n-16 Ja Sinclairs Mahindra Holiday Byke fomento EIHAssociated INDUSTRY .

INVENTORY/SALES 25% 20% 15% 10% 5% 0% n-15 Ja n-16 Ja n-17 Jan-08 Ja n-09 Ja n-10 Ja n-11 Ja n-12 Ja n-13 Ja n-14 Ja n Sinclairs Mahindra Holiday Byke RY fomento EIHAssociated INDUSTRY TAX RATE 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% n-15 Ja n-16 Ja n-17 Jan-08 Ja n-09 Ja n-10 Ja n-11 Ja n-12 Ja n-13 Ja n-14 Jan Sinclairs Mahindra Holiday Byke RY fomento EIHAssociated INDUSTR .

LES -13 Ja n-14 Ja n-15 Jan-16 Ja n-17 liday Byke d INDUSTRY n-13 Ja n-14 Jan-15 Ja n-16 Jan-17 oliday Byke ed INDUSTRY .

OTHER INCOME/PAT 140% 120% 100% 80% 60% 40% 20% 0% -20% Ja n-08 Ja n-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Ja n-16 Ja Sinclairs Mahindra Holiday Byke fomento EIHAssociated INDUSTRY EQUITY DILUTION 120% 100% 80% 60% 40% 20% 0% Ja n-08 Ja n-09 Jan-10 Ja n-11 Jan-12 Ja n-13 Jan-14 Jan-15 Jan-16 Ja -20% Sinclairs Mahindra Holiday Byke fomento EIHAssociated INDUSTRY .

OTHER EXPENSE/TOTAL EXPENSE 30% 25% 20% 15% 10% 5% 0% -5% Ja n-08 Ja n-09 Ja n-10 Ja n-11 Ja n-12 Jan-13 Jan-14 Jan n-15 Ja n-16 Ja n-17 -10% Sinclairs Mahindra Holiday Byke RY fomento EIHAssociated INDUSTRY NFA/TOTAL ASSETS 80% 70% 60% 50% 40% 30% 20% 10% n-15 Jan-16 Jan-17 0% Jan-08 Ja n-09 Ja n-10 Ja n-11 Ja n-12 Ja n-13 Ja n-14 Jan Sinclairs Mahindra Holiday Byke RY fomento EIHAssociated INDUSTR .

EXPENSE -13 Jan-14 Jan-15 Jan-16 Jan-17 liday Byke d INDUSTRY ETS n-13 Ja n-14 Jan-15 Ja n-16 Jan-17 oliday Byke ed INDUSTRY .

9 0.Depreciation/GFA Mar-08 Mar-09 Mar-10 Sinclairs 3% 4% 4% Mahindra Holiday 5% 4% 4% Byke 3% 6% 7% fomento 7% 8% 8% EIHAssociated 5% 4% 4% INDUSTRY 5% 5% 6% Return on Total Net Asset(EBIT) Mar-08 Mar-09 Mar-10 Sinclairs 10% 7% 6% Mahindra Holiday 18% 13% 12% Byke 23% 4% 4% fomento 24% 16% 15% EIHAssociated 12% 10% 9% INDUSTRY 17% 10% 9% Return on Total Average Net Asset (EBIT) Mar-08 Mar-09 Mar-10 Sinclairs 9% 7% Mahindra Holiday 15% 15% Byke 6% 4% fomento 16% 15% EIHAssociated 10% 9% INDUSTRY 11% 10% Return on Total Productive Net Asset (EBIT) Mar-08 Mar-09 Mar-10 Sinclairs 14% 15% 16% Mahindra Holiday 49% 32% 33% Byke 28% 10% 6% fomento 43% 26% 25% EIHAssociated 18% 15% 14% INDUSTRY 30% 20% 19% Return on Total Productive Average Net Asset Mar-08 Mar-09 Mar-10 Sinclairs 16% 17% Mahindra Holiday 39% 38% Byke 10% 7% fomento 27% 25% EIHAssociated 15% 13% INDUSTRY 21% 20% NFAT Mar-08 Mar-09 Mar-10 Sinclairs 2.9 .2 2.5 2.1 Mahindra Holiday 0.6 0.

Byke 0.4 9.3 Capex per Unit Revenue M1 Revenue M2 Profit Sinclairs 1.1 0.9 0.7 0.7 1.2 1.8 0.0 18.8 4440.9 Mahindra Holiday 0.8 EIHAssociated 1.9 221.8 INDUSTRY 3.2 1.8 2.3 1.6 fomento 13.8 INDUSTRY 1.8 0.2 EIHAssociated 1.5 1.8 fomento 0.5 1.1 946 .7 0.9 Byke 0.5 0.6 40.

8 1.8 0.2 1.2 2.3 1.6 .3 0.0 1.0 1.8 1. Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 4% 4% 6% 7% 7% 9% 11% 4% 4% 3% 4% 6% 7% 8% 6% 2% 5% 6% 11% 12% 12% 8% 7% 8% 9% 8% 8% 7% 5% 5% 5% 5% 7% 6% 5% 5% 4% 5% 6% 8% 8% 9% Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 8% 5% 17% 12% 8% 12% 14% 8% 8% 6% 5% 4% 5% 6% 5% 4% 12% 19% 20% 26% 26% 13% 11% 13% 12% 11% 11% 9% 10% 11% 14% 12% 12% 17% 18% 9% 8% 12% 12% 11% 14% 15% Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 8% 5% 17% 11% 9% 12% 15% 9% 8% 7% 6% 4% 5% 7% 6% 5% 13% 19% 21% 28% 28% 13% 11% 14% 13% 14% 12% 10% 10% 11% 13% 13% 12% 16% 18% 9% 8% 13% 12% 12% 15% 16% Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 16% 9% 26% 14% 10% 15% 23% 25% 19% 14% 13% 11% 12% 18% 6% 6% 18% 29% 34% 47% 53% 23% 20% 27% 21% 22% 17% 13% 17% 18% 18% 18% 18% 23% 27% 17% 14% 21% 19% 19% 23% 27% Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 19% 9% 27% 15% 10% 15% 21% 26% 21% 16% 14% 11% 13% 18% 9% 7% 20% 30% 33% 49% 55% 23% 20% 27% 24% 26% 20% 15% 17% 18% 19% 18% 18% 23% 26% 19% 15% 22% 20% 20% 24% 27% Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 2.0 1.6 2.8 1.0 1.

3 1.4 1.1 14.8 0.3 0.5 1.3 1.9 0.1 79.1 1.5 0.9 0.0 0.2 1.1 0.4 0.6 1.5 21 .4 0. 0.9 0.2 1.7 0.8 0.9 1.6 5.3 1.8 0.1 1.0 2.8 Cashflow 5.7 0.4 1.0 0.

0 1.1 1.8 1.8 2.3 Year Cum 5 Year Cum Total Cum Industry Hypothesis 2.0 1.1 1.0 0.1 2.0 1.9 1.0 1.7 0.0 1.0 1.1 1.3 2.3 1.0 1.3 3 Year Cum 5 Year Cum Total Cum Industry Hypothesis 37% 35% 29% 15% 16% 19% 11% 11% 10% 21% 22% 22% 26% 25% 24% 3 Year Cum 5 Year Cum Total Cum Industry Hypothesis 25% 14% 0% 2% 0% 0% 4% 4% -2% -65% -43% -21% 22% 19% 19% 3 Year Cum 5 Year Cum Total Cum Industry Hypothesis 52% 23% 11% 56% 49% 44% -8% 6% -4% -22% -1% 12% 45% 49% 57% 3 Year Cum 5 Year Cum Total Cum Industry Hypothesis 18% 78% 79% 14% 12% 39% 1% 1% 2% 59% 57% 51% 13% 10% 14% 3 Year Cum 5 Year Cum Total Cum Industry Hypothesis 1.0 2.0 .

0 1.0 .0 1.0 1.0 1.0 1.9 1.0 1.1.0 0.

Company Absolute Hypothesis Company Relative Hypothesis Company Absolute Hypothesis Company Relative Hypothesis Company Absolute Hypothesis Company Relative Hypothesis Company Absolute Hypothesis Company Relative Hypothesis Company Absolute Hypothesis Company Relative Hypothesis Company Absolute Hypothesis Company Relative Hypothesis .

.

5 0.5 1.0 2.0 Ja n-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Ja n-14 Ja n-15 Ja n-16 Ja Sinclairs Mahindra Holiday Byke fomento EIHAssociated INDUSTRY .5 2. Depreciation/Gross Fixed Asset 14% 12% 10% 8% 6% 4% 2% 0% Jan-08 Ja n-09 Ja n-10 Jan-11 Ja n-12 Ja n-13 Jan-14 Ja n-15 Ja n-16 Ja Sinclairs Mahindra Holiday Byke fomento EIHAssociated INDUSTRY Net Fixed Asset Turnover 3.0 0.0 1.

20 18 16 14 12 10 8 6 4 2 n-15 Ja n-16 Ja n-17 0 Revenue M1 Revenue M2 Profit RY Sinclairs Mahindra Holiday Byke fomento EIHAssociated .. EBIT Return on Total Productive Net Asset 60% 50% 40% 30% 20% 10% 0% n-15 Ja n-16 Jan-17 Jan-08 Ja n-09 Ja n-10 Ja n-11 Ja n-12 Ja n-13 Ja n-14 Ja n Sinclairs Mahindra Holiday Byke RY fomento EIHAssociated INDUSTRY Rs Capex Required to Generate Single Rs of.

. Profit Cas hflow fomento EIHAssociated .tive Net Asset -13 Ja n-14 Ja n-15 Jan-16 Ja n-17 ay Byke INDUSTRY ate Single Rs of.

6 EIHAssociated 4.9 fomento 0.6 0.1 1.5 3.2 0.4 0.1 5.4 0.6 1.7 1.2 Mahindra Holiday 0.1 3.6 1.2 1.2 0.2 0.4 3.9 INDUSTRY 2.8 3.5 0.2 0.3 Byke 1.4 0.6 INDUSTRY 0.7 1.5 0.3 0.6 0.0 4.2 1.2 1.4 0.3 4.4 0.5 1.4 0.2 2.6 0.4 0.3 0.3 1.6 0.0 0.5 PAT Margin Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 24% 25% 25% 35% 21% 73% Mahindra Holiday 24% 20% 25% 20% 18% 12% Byke 15% 7% 6% 7% 5% 8% fomento 24% 16% 17% 15% 12% 18% EIHAssociated 8% 6% 4% 7% 7% 10% INDUSTRY 19% 15% 15% 17% 13% 24% Leverage Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 1.9 2.6 0.4 0.5 3.3 2.2 2.3 0.4 0.5 0.7 Byke 1.1 1.4 1.1 Mahindra Holiday 5.7 2.4 0.4 0.Asset Turnover Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 0.0 3.0 Return on Equity Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 11% 7% 5% 7% 4% 18% Mahindra Holiday 58% 40% 27% 20% 18% 15% Byke 18% 3% 3% 4% 4% 11% fomento 31% 18% 16% 13% 11% 14% EIHAssociated 15% 9% 5% 11% 11% 10% INDUSTRY 27% 15% 11% 11% 10% 14% Return on Assets Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 6% 5% 4% 6% 3% 16% Mahindra Holiday 11% 8% 8% 6% 5% 4% Byke 15% 3% 3% 3% 3% 7% fomento 15% 10% 10% 8% 7% 9% EIHAssociated 3% 2% 1% 3% 3% 5% INDUSTRY 10% 6% 5% 5% 4% 8% ROIC Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 11% 7% 5% 7% 4% 18% Mahindra Holiday 52% 38% 26% 20% 19% 15% Byke 18% 3% 3% 4% 3% 10% .1 1.6 0.1 1.3 0.5 EIHAssociated 0.6 fomento 2.4 0.6 1.0 1.

fomento 24% 14% 13% 10% 10% 11% EIHAssociated 8% 8% 7% 8% 9% 12% INDUSTRY 23% 14% 11% 10% 9% 13% ROCE Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 16% 9% 7% 9% 6% 19% Mahindra Holiday 80% 61% 40% 29% 26% 23% Byke 28% 5% 4% 5% 5% 15% fomento 36% 22% 19% 16% 14% 17% EIHAssociated 14% 12% 10% 12% 14% 17% INDUSTRY 35% 22% 16% 14% 13% 18% EPA/Sales Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 2% -11% -30% -16% -32% 32% Mahindra Holiday 20% 16% 16% 10% 8% 4% Byke 7% -15% -16% -12% -12% 0% fomento 14% 5% 4% 0% -1% 2% EIHAssociated -4% -4% -8% -4% -2% 3% INDUSTRY 8% -2% -7% -4% -7% 8% Capital Turns Revenue Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 44% 27% 18% 19% 19% 24% Mahindra Holiday 213% 177% 104% 98% 101% 119% Byke 123% 45% 44% 53% 58% 109% fomento 98% 84% 74% 69% 73% 60% EIHAssociated 51% 45% 42% 49% 55% 71% INDUSTRY 106% 76% 56% 58% 61% 77% Capital Turns Profit Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 11% 7% 5% 7% 4% 18% Mahindra Holiday 51% 36% 26% 20% 18% 15% Byke 18% 3% 3% 4% 3% 8% fomento 23% 14% 13% 10% 9% 11% EIHAssociated 4% 3% 1% 3% 4% 7% INDUSTRY 21% 12% 9% 9% 7% 12% Capital Turns CFO Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 8% 4% 2% 4% 4% 4% Mahindra Holiday 28% 71% 41% 17% 36% 35% Byke 25% -37% 13% 1% 3% 17% fomento 21% 15% 21% 14% 16% 13% EIHAssociated 10% 6% 5% 16% 16% 17% INDUSTRY 19% 12% 16% 10% 15% 17% .

ROIIC (1 Year) Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 3% 0% 68% -802% 362% Mahindra Holiday -3% 16% -32% 7% -30% Byke -12% 0% 5% 2% 83% fomento -98% -1% -12% -21% 20% EIHAssociated 7% -344% -767% -55% -7% INDUSTRY -21% -66% -148% -174% 85% ROIIC (3 Year) Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 5% -1% 179% Mahindra Holiday 5% 6% -17% Byke -1% 3% 14% fomento -32% -9% 7% EIHAssociated 4% -64% -22% INDUSTRY -4% -13% 32% ROIIC (5 Year) Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 21% Mahindra Holiday 1% Byke 9% fomento -9% EIHAssociated -13% INDUSTRY 2% ROIIC (10 Year) Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs Mahindra Holiday Byke fomento EIHAssociated INDUSTRY Dividend Yield Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Sinclairs 0% 0% 44% 41% 79% 76% Mahindra Holiday 17% 29% 29% 34% 33% 39% Byke 24% 24% 66% 84% 83% 26% fomento 22% 34% 34% 26% 29% 19% EIHAssociated 33% 30% 56% 41% 44% 15% INDUSTRY 19% 24% 46% 45% 54% 35% .

3 0.2 1.4 0.4 1.4 3.2 3.3 0.4 1.5 0.3 1.7 2.7 2.3 0.7 Mar-14 Mar-15 Mar-16 Mar-17 3 Year Avg 5 Year Avg 11% 7% 10% 11% 9% 11% 11% 11% 17% 25% 18% 16% 19% 20% 21% 21% 21% 18% 13% 18% 17% 17% 18% 16% 11% 11% 16% 15% 14% 13% 13% 14% 16% 18% Mar-14 Mar-15 Mar-16 Mar-17 3 Year Avg 5 Year Avg 9% 5% 7% 9% 7% 9% 3% 3% 2% 4% 3% 3% 13% 15% 16% 17% 16% 13% 7% 7% 6% 6% 7% 7% 6% 6% 11% 12% 9% 8% 8% 7% 9% 9% Mar-14 Mar-15 Mar-16 Mar-17 3 Year Avg 5 Year Avg 11% 7% 10% 11% 9% 11% 12% 10% 9% 12% 10% 12% 18% 19% 20% 21% 20% 18% .6 0.3 1.9 7.6 0.3 1.4 1.3 1.3 0.3 0.5 1.8 2.0 2.9 1.6 1.9 1.4 1.4 0.4 0.8 2.2 1.3 1.2 2.5 1.7 2.6 0.3 6.3 1.3 0.7 0.7 0.6 0.4 0.7 Mar-14 Mar-15 Mar-16 Mar-17 3 Year Avg 5 Year Avg 31% 16% 18% 19% 18% 27% 11% 10% 5% 7% 7% 8% 10% 11% 11% 12% 11% 11% 16% 25% 24% 28% 26% 23% 11% 11% 16% 16% 14% 13% 16% 15% 15% 16% Mar-14 Mar-15 Mar-16 Mar-17 3 Year Avg 5 Year Avg 1.2 0.2 1.0 5.3 1.5 0.3 0.5 2.4 0.7 0.4 1.6 0.0 1.3 1.Mar-14 Mar-15 Mar-16 Mar-17 3 Year Avg 5 Year Avg 0.3 0.4 1.3 1.9 2.3 0.6 0.7 6.3 0.

9% 15% 13% 9% 12% 11% 11% 11% 15% 16% 14% 13% 12% 12% 13% 14% Mar-14 Mar-15 Mar-16 Mar-17 3 Year Avg 5 Year Avg 14% 11% 15% 17% 14% 15% 19% 14% 14% 19% 16% 18% 24% 24% 31% 32% 29% 25% 14% 23% 21% 14% 19% 18% 17% 18% 22% 24% 21% 19% 18% 18% 21% 21% Mar-14 Mar-15 Mar-16 Mar-17 3 Year Avg 5 Year Avg 2% -7% 0% 2% -2% 6% 2% 0% -1% 1% 0% 1% 5% 6% 6% 6% 6% 5% -2% 8% 5% -3% 3% 2% 1% 1% 6% 6% 4% 3% 2% 2% 3% 2% Mar-14 Mar-15 Mar-16 Mar-17 3 Year Avg 5 Year Avg 34% 43% 53% 56% 51% 42% 107% 96% 132% 166% 131% 124% 157% 161% 176% 173% 170% 155% 53% 59% 52% 32% 47% 51% 76% 82% 88% 93% 88% 82% 85% 88% 100% 104% Mar-14 Mar-15 Mar-16 Mar-17 3 Year Avg 5 Year Avg 11% 7% 10% 11% 9% 11% 11% 9% 7% 11% 9% 11% 16% 18% 20% 20% 19% 16% 9% 14% 12% 9% 12% 11% 8% 9% 14% 15% 13% 11% 11% 12% 13% 13% Mar-14 Mar-15 Mar-16 Mar-17 3 Year Avg 5 Year Avg 12% 15% 19% 22% 19% 15% 4% 24% 20% 20% 21% 21% 20% 15% 20% 18% 18% 18% 15% 12% 13% 6% 10% 12% 18% 19% 24% 26% 23% 21% 14% 17% 19% 18% .

Mar-14 Mar-15 Mar-16 Mar-17 3 Year Avg 5 Year Avg 49% -109% 41% 19% 0% -4% 5% 38% 115% 31% 28% 23% -1% -774% 2% 4% 32% 4% -2627% 30% 39% -170% -510% 23% Mar-14 Mar-15 Mar-16 Mar-17 3 Year Avg 5 Year Avg -15% -17% 100% 12% -4% -7% 2% 12% 41% 67% 44% 26% 6% 26% 15% 9% -2% 3% -35% -587% 5% 14% 25% -106% Mar-14 Mar-15 Mar-16 Mar-17 3 Year Avg 5 Year Avg 21% -21% -48% 95% 1% -8% 0% 8% 24% 26% 36% 41% 3% 18% 15% 9% -2% -9% -18% -18% 9% 1% -3% 27% Mar-14 Mar-15 Mar-16 Mar-17 3 Year Avg 5 Year Avg 11% 7% 21% 4% -23% 4% Mar-14 Mar-15 Mar-16 Mar-17 3 Year Avg 5 Year Avg 32% 47% 32% 0% 26% 37% 41% 44% 0% 0% 15% 25% 19% 20% 15% 13% 16% 19% 20% 12% 0% 0% 4% 10% 39% 37% 23% 0% 20% 23% 30% 32% 14% 3% .

3 4.3 0.4 0.3 2.5 Total Avg Industry Hypothesis Company Absolute Hypothesis 27% 11% 10% 20% 10% Total Avg Industry Hypothesis Company Absolute Hypothesis 1.8 Total Avg Industry Hypothesis Company Absolute Hypothesis 9% 24% 12% 17% 12% Total Avg Industry Hypothesis Company Absolute Hypothesis 7% 5% 9% 9% 5% Total Avg Industry Hypothesis Company Absolute Hypothesis 9% 21% 12% .6 1.5 0.9 0.0 2.Total Avg Industry Hypothesis Company Absolute Hypothesis 0.

13% 10% Total Avg Industry Hypothesis Company Absolute Hypothesis 12% 32% 17% 20% 16% Total Avg Industry Hypothesis Company Absolute Hypothesis -6% 8% -3% 3% 0% Total Avg Industry Hypothesis Company Absolute Hypothesis 34% 131% 110% 65% 65% Total Avg Industry Hypothesis Company Absolute Hypothesis 9% 20% 11% 12% 7% Total Avg Industry Hypothesis Company Absolute Hypothesis 10% 30% 9% 15% 16% .

Total Avg Industry Hypothesis Company Absolute Hypothesis Total Avg Industry Hypothesis Company Absolute Hypothesis Total Avg Industry Hypothesis Company Absolute Hypothesis Total Avg Industry Hypothesis Company Absolute Hypothesis Total Avg Industry Hypothesis Company Absolute Hypothesis 35% 27% 37% 20% 32% .

Company Relative Hypothesis Company Relative Hypothesis Company Relative Hypothesis Company Relative Hypothesis Company Relative Hypothesis Company Relative Hypothesis .

Company Relative Hypothesis

Company Relative Hypothesis

Company Relative Hypothesis

Company Relative Hypothesis

Company Relative Hypothesis

Company Relative Hypothesis

Company Relative Hypothesis

Company Relative Hypothesis

Company Relative Hypothesis

Company Relative Hypothesis

RETURN ON EQUITY
70%
60%
50%
40%
30%
20%
10%
0%
Jan-08 Jan-09 Ja n-10 Jan-11 Ja n-12 Jan-13 Jan-14 Ja n-15 Ja n-16 Ja
Sinclairs Mahindra Holiday Byke
fomento EIHAssociated INDUSTRY

RETURN ON INVESTED CAPITAL
60%

50%

40%

30%

20%

10%

0%
Ja n-08 Ja n-09 Ja n-10 Ja n-11 Ja n-12 Ja n-13 Ja n-14 Ja n-15 Ja n-16 Ja
Sinclairs Mahindra Holiday Byke
fomento EIHAssociated INDUSTRY

RETURN ON ASSET 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% n-15 Ja n-16 Jan-17 Ja n-08 Ja n-09 Ja n-10 Ja n-11 Ja n-12 Ja n-13 Ja n-14 Ja n Sinclairs Mahindra Holiday Byke RY fomento EIHAssociated INDUSTRY RETURN ON CAPITAL EMPLOYED 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% n-15 Ja n-16 Ja n-17 Jan-08 Ja n-09 Ja n-10 Ja n-11 Ja n-12 Ja n-13 Ja n-14 Jan Sinclairs Mahindra Holiday Byke RY fomento EIHAssociated INDUSTR .

SET -13 Ja n-14 Ja n-15 Jan-16 Ja n-17 liday Byke d INDUSTRY EMPLOYED n-13 Ja n-14 Jan-15 Ja n-16 Jan-17 oliday Byke ed INDUSTRY .

EPA/SALES 40% 30% 20% 10% 0% -10% Ja n-08 Ja n-09 Jan-10 Ja n-11 Ja n-12 Jan-13 Ja n-14 Jan-15 Jan-16 Ja -20% -30% -40% Sinclairs Mahindra Holiday Byke fomento EIHAssociated INDUSTRY INVESTED CAPITAL TURNS PROFIT 60% 50% 40% 30% 20% 10% 0% Ja n-08 Ja n-09 Ja n-10 Ja n-11 Ja n-12 Ja n-13 Ja n-14 Ja n-15 Ja n-16 Ja Sinclairs Mahindra Holiday Byke fomento EIHAssociated INDUSTRY .

INVESTED CAPITAL TURNS REVENUE 250% 200% 150% 100% n-15 Jan-16 Ja n-17 50% 0% Ja n-08 Ja n-09 Jan-10 Ja n-11 Jan-12 Ja n-13 Jan-14 Ja n Sinclairs Mahindra Holiday Byke RY fomento EIHAssociated INDUSTRY INVESTED CAPITAL TURNS CFO 80% 60% 40% 20% 0% Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Ja -20% -40% n-15 Ja n-16 Ja n-17 -60% Sinclairs Mahindra Holiday Byke RY fomento EIHAssociated INDUSTR .

S REVENUE -13 Jan-14 Ja n-15 Jan-16 Jan-17 liday Byke d INDUSTRY URNS CFO n-13 Jan-14 Ja n-15 Jan-16 Ja n-17 oliday Byke ed INDUSTRY .