Profit & Loss Sheet

Financial Year FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

Total Revenue 272.41 290.88 324.09 313.84 96.81
EBITDA 65.82 74.25 76.41 75.36 0.47
PBIT 47.69 56.98 59.71 58.57 -16.09
PBT 18.62 32.01 38.13 35.94 -36
Net Income 4.22 20.38 27.2 28.09 -39.97
EPS 0.67 3.25 4.34 4.48 -6.37
DPS 0.4 0.6 0.6 0 0
Payout ratio 0.59 0.18 0.14 0 0

Total Reveune= Sales Value

EBITDA= Earning Before Income Tax Depreciation and Amortisation
PBIT= Profit Before Interest & Tax
PBT= Profit Before Tax
Net Income= Revenue - All deductions
EPS= Earning Per Share
DPS= Dividend per Share
Payout Ratio= Dividend
 Valuation
350
Category Hotel
300
Market Capitalisation 907 Cr
250
Current Market Price 144.8
200
Price to Earnings Ratio -22.71 150
Return on Equity % -10.86% 100
50
0
FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
-50 Total Revenue Linear (Total Revenue)
EBITDA PBIT
-100 PBT Net Income
 FY 2020 FY 2021
Linear (Total Revenue)
PBIT
Net Income
 Profit & Loss Sheet
Financial Year FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
Total Revenue 1,630.08 1,721.68 1,903.59 1,674.69 554.97
EBITDA 324.26 421.78 413.94 368.08 -297.29
PBIT 196.15 304.45 281.38 221.62 -429.95
PBT 178.3 281.34 230.94 166.01 -475.69
Net Income 103.12 179.21 131.54 148.8 -369.7
EPS 1.77 3.08 2.26 2.55 -6.12
DPS 0.88 0.88 0.88 0 0
Payout ratio 0.5 0.29 0.39 0 0
 Valuation
Category Hotel
Market Capitalisation 8014 Cr
Current Market Price 128.15
2,500.00
Price to Earnings Ratio -21.68
Return on Equity % -11.71% 2,000.00

1,500.00

1,000.00

500.00

0.00
FY 2017 FY 2018 FY 2019 FY 2020 FY
-500.00

-1,000.00

Total Revenue Linear (Total Revenue) EBITDA

PBIT PBT Net Income
19 FY 2020 FY 2021

Revenue) EBITDA
Net Income
 Profit & Loss Sheet
Financial Year FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 Average
Total Revenue 4,172.86 4,190.86 4,643.62 4,658.27 1,899.83 3,913.09
EBITDA 653.78 754.53 919.69 1,140.90 -37.09 686.36
PBIT 354.41 453.33 591.84 736.66 -446.72 337.90
PBT 30.58 184.29 401.71 395.54 -849.54 32.52
Net Income -63.2 100.87 286.82 354.42 -720.11 -8.24
EPS -0.6 0.9 2.41 2.98 -6.06 -0.07
DPS 0.33 0.4 0.5 0.5 0.4 0.43
Payout ratio 0 0.45 0.21 0.17 0 0.17
 Valuation
Category Hotel
Market Capitalization 21894 Cr
Current Market Price 184.1
Price to Earnings Ratio -30.4
Return on Equity %

5,000.00
4,000.00
3,000.00
2,000.00
1,000.00
0.00
FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
-1,000.00
-2,000.00

Total Revenue Linear (Total Revenue) EBITDA

PBIT PBT Net Income
 Profit & Loss Sheet
Financial Year FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
Total Revenue 2,294.49 2,350.58 2,295.74 2,431.17 1,847.29
EBITDA 362.33 402.83 239.51 433.59 357.18
PBIT 256.41 302.85 138.17 186.47 93.18
PBT 224.12 216.58 98.04 101.34 2.47
Net Income 148.57 132.37 60.42 -132.05 -13.08
EPS 7.49 6.66 3.03 -6.62 -0.66
3,000.00
DPS 2.22 2.67 0 0 0
Payout ratio 0.3 0.4 0 0 0 2,500.00

2,000.00
Financial Year 1,500.00
Total Revenue
1,000.00
EBITDA
500.00

PBIT 0.00
Total Revenue Linear (Total Re
FY 2017 FY 2018
-500.00
Net Income
PBT

Net Income

EPS
DPS
Payout ratio
 Valuation
Category Hotel
Market Capitalisation 4878 Cr
Current Market Price 244.15
Price to Earnings Ratio -372.98
Return on Equity %

3,000.00

2,500.00

2,000.00

1,500.00

1,000.00

500.00

0.00
Total Revenue
FY 2017 Linear (Total Revenue)
FY 2018 FY 2019 EBITDA
FY 2020 PBIT FY 2021PBT
-500.00
Net Income
 Profit & Loss Sheet
Financial Year FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
Total Revenue 379.77 403.45 397.91 367.51 195.43
EBITDA 24.46 31.02 63.33 44.06 -28.21
PBIT 17.57 23.81 56.11 36.55 -35.15
PBT 16.7 23.25 55.45 35.55 -36.28
Net Income 7.45 11.59 39.29 20.87 -39.56
500
EPS 0.87 1.35 4.58 2.43 -3.89
DPS 1.33 1.85 2.1 0 0 400
Payout ratio 1.53 1.37 0.46 0 0
300

200

100

0
FY 2017 FY 2018
-100

Total Revenue Line

PBIT PBT

FY 2021
 Valuation
Category Hotel
Market Capitalisation 3616 Cr
Current Market Price 471.7
Price to Earnings Ratio -91.43
Return on Equity %

500

400

300

200

100

0
FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
-100

Total Revenue Linear (Total Revenue) EBITDA

PBIT PBT Net Income
 Comparative Analysis of Last 5 years Average
Taj GVK EHI IHCL MHRL ITDC
Gross Profit Margin (%) 19.666 10.104 13.346 15.996 5.244
Margin
Ratios Operating Margin (%) 11.456 -1.676 1.924 8.156 2.796
Net Profit Margin (%) -0.316 -5.448 -6.264 1.664 0.508
Return on Equity (%) 1.938 1.428 -1.022 6.304 2.66
Return
ROCE (%) 5.126 3.36 1.656 2.812 4.06
Ratios
Return On Assets (%) 1.06 0.934 0.03 1.174 1.268
Liquidity Current Ratio (X) 0.51 1.098 0.616 1.992 2.066
Ratios Quick Ratio (X) 0.424 0.99 0.572 1.548 2.022
P/E (x) 74.18 45.596 6.988 12.486 242.41
Valuation P/B (x) 2.554 2.512 3.698 -0.158 9.294
Ratios EV/EBITDA (x) 367.086 10.836 -0.054 12.354 54.478
P/S (x) 4.252 6.122 4.25 1.432 10.01
 Mahindra Holidays & Resorts Limited
Ratios Mar-21 Mar-20
Gross Profit Margin (%) 20.15 18.04
Margin Ratios Operating Margin (%) 4.89 7.62
Net Profit Margin (%) -0.81 -5.66
Return on Equity (%) 0 0
Return Ratios ROCE (%) 1.2 2.54
Return On Assets (%) -0.15 -1.48
Current Ratio (X) 1.74 1.54
Liquidity Ratios
Quick Ratio (X) 1.37 1.23
P/E (x) 0 -9.37
P/B (x) -3.79 -2.49
Valuation Ratios
EV/EBITDA (x) 12.92 7.78
P/S (x) 1.62 0.78

TAJ GVK
Ratios Mar-21 Mar-20
Gross Profit Margin (%) 0.48 24.1
Margin Ratios Operating Margin (%) -17.08 18.73
Net Profit Margin (%) -28.08 7.63
Return on Equity (%) -10.86 6.9
Return Ratios ROCE (%) -2.66 8.94
Return On Assets (%) -5.66 3.8
Current Ratio (X) 0.44 0.59
Liquidity Ratios
Quick Ratio (X) 0.37 0.49
P/E (x) 0 27.8
P/B (x) 1.86 1.58
Valuation Ratios
EV/EBITDA (x) 1768.42 10.3
P/S (x) 7.27 2.06

EIH Hotels
Ratios Mar-21 Mar-20
Gross Profit Margin (%) -47.07 23.09
Margin Ratios Operating Margin (%) -73.75 13.92
Net Profit Margin (%) -63.29 10.35
Return on Equity (%) -11.9 4.74
Return Ratios
 Return Ratios ROCE (%) -9.84 5.77
Return On Assets (%) -8.94 3.34
Current Ratio (X) 1.12 1.04
Liquidity Ratios
Quick Ratio (X) 0.99 0.94
P/E (x) 0 24.82
P/B (x) 1.87 1.2
Valuation Ratios
EV/EBITDA (x) -25.48 10.99
P/S (x) 11.66 2.36

IHCL
Ratios Mar-21 Mar-20
Gross Profit Margin (%) -12.5 24.64
Margin Ratios Operating Margin (%) -38.51 15.58
Net Profit Margin (%) -44.07 7.85
Return on Equity (%) -19.73 8.13
Return Ratios ROCE (%) -7.08 7.23
Return On Assets (%) -6.25 3.07
Current Ratio (X) 0.39 0.76
Liquidity Ratios
Quick Ratio (X) 0.36 0.71
P/E (x) 0 25.17
P/B (x) 3.62 2.04
Valuation Ratios
EV/EBITDA (x) -81.9 10.59
P/S (x) 8.37 2

ITDC
Ratios Mar-21 Mar-20
Gross Profit Margin (%) -15.31 12.78
Margin Ratios Operating Margin (%) -19.23 10.58
Net Profit Margin (%) -20.9 5.56
Return on Equity (%) -12.04 6.5
Return Ratios ROCE (%) -10.12 9.25
Return On Assets (%) -6.29 3.37
Current Ratio (X) 2.08 2.26
Liquidity Ratios
Quick Ratio (X) 2.03 2.21
P/E (x) 0 66.73
P/B (x) 11.49 3.48
Valuation Ratios
EV/EBITDA (x) -112.75 19.38
Valuation Ratios

P/S (x) 18.62 3.26

mited
Mar-19 Mar-18 Mar-17 Average

9.95 16.42 15.42 15.996

5.42 12.1 10.75 8.156
2.65 5.73 6.41 1.664
-11.95 18.6 24.87 6.304
2.03 3.72 4.57 2.812
0.82 2.93 3.75 1.174
1.87 2.31 2.5 1.992
1.43 1.76 1.95 1.548
35.08 19.57 17.15 12.486
-6.31 5.45 6.35 -0.158
16.71 12.02 12.34 12.354
1.42 1.67 1.67 1.432

Mar-19 Mar-18 Mar-17 Average

24.11 25.75 23.89 19.666
18.84 19.76 17.03 11.456
7.67 7.28 3.92 -0.316
6.93 5.52 1.2 1.938
9.66 9.03 0.66 5.126
3.82 2.76 0.58 1.06
0.46 0.56 0.5 0.51
0.38 0.48 0.4 0.424
55.13 50.2 237.77 74.18
3.8 2.78 2.75 2.554
21.56 16.29 18.86 367.086
4.7 3.57 3.66 4.252

Mar-19 Mar-18 Mar-17 Average

26.21 25.33 22.96 10.104

18.89 17.99 14.57 -1.676
7.54 11.19 6.97 -5.448
4.39 6.21 3.7 1.428
 9.5 8.22 3.15 3.36
3.09 4.39 2.79 0.934
1.03 1.01 1.29 1.098
0.93 0.92 1.17 0.99
87.83 49.7 65.63 45.596
3.87 3.15 2.47 2.512
25.12 23.27 20.28 10.836
6.39 5.69 4.51 6.122

Mar-19 Mar-18 Mar-17 Average

20.23 17.84 16.52 13.346

12.97 10.5 9.08 1.924
5.42 1.54 -2.06 -6.264
6.59 2.41 -2.51 -1.022
7.8 1.26 -0.93 1.656
2.99 1.07 -0.73 0.03
0.55 0.88 0.5 0.616
0.52 0.81 0.46 0.572
64.27 142.2 -196.7 6.988
4.22 3.62 4.99 3.698
22.6 24.57 23.87 -0.054
4.07 3.69 3.12 4.25

Mar-19 Mar-18 Mar-17 Average

12.99 4.34 11.42 5.244

10.93 2.25 9.45 2.796
11.29 4.14 2.45 0.508
12.65 3.76 2.43 2.66
10.06 2.01 9.1 4.06
6.33 1.73 1.2 1.268
2.02 1.99 1.98 2.066
1.99 1.95 1.93 2.022
54.97 548.31 542.04 242.41
7.25 12.65 11.6 9.294
45.53 237.91 82.32 54.478
6.75 11.24 10.18 10.01