Q4 FY 2008 update RESEARCH
Sector Hospitality I

CMP Rs 151 I Target Rs 220

STOCK DATA Market Cap Book Value per share Eq Shares O/S (F.V. Rs.10) Median Vol (12 mths) 52 Week High/Low Bloomberg Code Reuters Code Rs9.5bn. Rs37.2 62.7mn. 42,233(BSE+NSE) Rs205 / 100 TAJG@IN TAJG.BO

TajGVK Hotels & Resorts Ltd. (TAJGVK) reported a 5% YoY growth in revenues to Rs714mn for Q4FY08. This could be attributed to a 7% YoY jump in Food & Beverages (F&B) income. Room revenues marginally up, but F&B income surges While its F&B income surged 7% YoY to Rs240mn, Average Room Realisations (ARR) across its 3 Hyderabad properties remained flat YoY at ~Rs8.3k. Occupancy Rate (OR) was flat YoY at 87% in Q4FY08, and the Revenue Per Available Room (RevPAR) for TAJGVK’s Hyderabad properties was staid at Rs7.5k in Q4FY08. The Chandigarh property turned in a creditable performance with a RevPAR of Rs5.4k (+18% YoY). Marginal rise in OPM, Net Profits grow 7% OPM improved marginally to 49.9% (+30bps YoY) as revenue growth outpaced that of the expenditure. Despite capital charges rising 30% YoY to Rs45mn on account of depreciation, net profits posted a 7% YoY growth to Rs200mn. Capacity Expansion The commissioning of TAJGVK’s greenfield property in Chennai is slated for Jun’08. The proposed 23 room addition at Taj Deccan is scheduled to take place by Q4FY09 and plans are afoot for setting up a new block of hotel rooms and serviced apartments at its existing properties viz. Taj Deccan & Taj Krishna resp. TAJGVK has also announced the signing of a management contract for a greenfield project in Begumpet (Hyderabad). It is also scouting for suitable locations for hotel properties in Amritsar (Punjab), Kodaikanal (T.N.) and Jaipur (Raj) & Bangalore (Karnataka). VALUATIONS AND RECOMMENDATION

SHAREHOLDING PATTERN (%) Qtr. Ended Promoters MFs/FIs FIIs PCBs Indian Public Sep-07 74.6 6.5 3.9 1.8 13.2 Dec-07 74.6 6.4 4.7 1.5 12.8 Mar-08 74.6 6.2 4.8 1.6 12.7

STOCK PERFORMANCE (%) 1M 42.3 28.8 3M 2.0 6.7 12M (15.9) (31.5)

Absolute Relative


400 300 200 100 0 Apr-07


BSE (Rebased)





There are multiple earning scale up triggers like the ramp up at Chandigarh, commissioning of the new property in Chennai and additional inventory in Hyderabad. This imparts strong revenue outlook for the company and hence we maintain our ‘BUY’ recommendation on the stock, with a price target of Rs220 with a 12 month investment horizon.
Yr Ended (March) Yr Ended (March)
2010E 3,782 Dil. EPS (Rs) ROCE (%) RONW (%) P/E (x) EV/Sales (x) EV/EBIDT (x) 2006 7.4 10.3 34.1 20.5 5.3 11.9 2007 10.1 12.4 37.4 15.0 4.1 8.7 2008 11.2 14.2 33.6 13.5 3.8 7.9 2009E 13.4 12.3 32.1 11.2 3.2 6.4 2010E 17.0 11.2 32.0 8.9 2.6 5.2

Rs mn
Net Sales

Quarter Ended
Sep-07 592 Dec-07 704 Mar-08 714 2006 1,887

2007 2,429

2008 2,575

2009E 3,159

YoY Gr. (%)
Op. Profits









Op. Marg.(%)
Net Profits Eq Capital

162 125

191 125

200 125

463 125

632 125

704 125

843 125

1,067 125

Analyst - Amol Rao I amolr@pinc.co.in I Tel: +91-22-6618 6378 Abhishek Dalal I adalal@pinc.co.in I Tel: +91-22-6618 6462

02 May 2008


As a result.000 6. Interest charges stood at Rs8mn for the quarter (v/s Rs7mn in Q4FY07 and unchanged on a QoQ basis).500 6. While ARR rose 18% YoY to Rs7. TAJGVK is still in the process of securing permissions for the launch of the property and has now targeted the end of Jun’08 for commissioning of the same.. costs declined as a %age of revenues.500 7. Depreciation rose 37% YoY due to the capitalisation of renovation carried out at the various Hyderabad properties. Income from food & beverages (F&B) witnessed an appreciable rise of 7% YoY to Rs240mn.500 6.5k. TAJGVK’s 3 Hyderabad based properties viz. room revenues grew by 3% YoY to ~Rs440mn.000 7.000 5. The unchanged ARR and marginal increase in OR could be attributed to the high base effect of the previous year.500 5. Taj Krishna.000 4. The company was scheduled to commission its 220 room Chennai property ‘Taj Mount Road’’’ in Oct’07.200 6. Taj Deccan & Taj Banjara clocked a combined OR of 87% (+1%YoY).500 2. net revenues for the company witnessed a 5% YoY jump to Rs714mn.7k OR stood at 82% (+11%age points YoY). Growth in ARRs for TAJGVK’s Hyderabad properties was flat at Rs8. Taj Chandigarh turned in a superlative performance in the quarter. On the expenditure front. ARR trend for Hyderabad (Rs/day) Taj Krishna 12. as the performance of the Chandigarh property evened out the stagnant room collections in Hyderabad.500 6. RevPAR at Chandigarh rose 19% YoY to Rs5. TAJGVK’s results in Q4FY08 were in line with our expectations. PINC Reasearch 85 89 87 2 85 88 86 .PERFORMANCE OVERVIEW Occupancies & Room Rates flat in Hyderabad.700 7.500 OR (%) (RHS) 90 75 60 45 30 Q4FY06 Q1FY07 Q2FY07 Q3FY07 Q4FY07 Q1FY08 Q2FY08 Q3FY08 Q4FY08 Source: Company. Hence.500 6. which got pushed back to Mar’08 since the property had yet to receive an Occupancy Certificate. Overall.7k.9%.. Net profits rose 7% to Rs200mn.. ARR & OR Trends for Taj Chandigarh ARR (Rs/day ) (LHS) 10..5k. Hence. OPM expanded by 30bps YoY to 49. RevPAR for the Hyderabad properties was flat YoY at Rs7.. 7% hike in F&B income gives fillip to total revenues.800 5..000 Q4FY04 Q4FY05 Q4FY06 Q4FY07 Q4FY08 Source: Company OR trend for Hyderabad (%) Taj Krishna 100 85 70 83 88 87 55 40 Q4FY04 Q4FY05 Q4FY06 Q4FY07 Q4FY08 74 90 82 Taj Deccan Taj Banjara Taj Deccan Taj Banjara 87 90 92 Creditable performance turned in by the Chandigarh property.700 2.000 9.

015 1. ‘Residency’ hotel in Begumpet CBD to tap rising demand in the city. which is increasingly being viewed as an alternative to the national IT capital. ‘Taj Mount Road’’ will help TAJGVK to capitalise on the shortage of rooms in the city. Greenfield Expansions a. Begumpet: With this project. Chennai: The new property. While the company had announced its intention to commence operations in Q3FY08. which is rapidly emerging as a new Central Business District (CBD). TAJGVK plans to capture incremental inbound travel into Hyderabad.0 0. to be commissioned in Jun’08 . b.6 3.(ii) Total Tentative Projects Bangalore (Near new airport) Jaipur Source: Company 350 NA 3. Expansion Plans for TAJ GVK Rooms Existing Properties Taj Deccan (30 rooms) Taj Krishna Serv..000 750 684 500 FY07 Source: Company 3 Ex isting Inv entory New Room Addition 233 243 684 FY08E 684 FY09E 927 FY10E 927 FY11E 1.7 5. coupled with auto & pharma companies should prove to be a significant driver for hospitality sector revenues in the city. Bangalore..(i) New Properties Taj Mount Road.3 Q3FY09 Q3FY10 FY13 Cost (Rs bn) Commission Chennai property delayed.9 Q4FY08 Q3FY10 FY12 FY12 30 50 300 260 0.. Kodaikanal & Bangalore.. as well as tap the demand emanating from the area.7 1.. Chennai Taj Begumpet Amritsar / Haryana Kodaikanal Sub Total . Room addition of TAJGVK (FY07-12) 1.250 1.500 1. Apt. 2) De-risking its revenue stream by foraying into new geographies like Chennai.. Taj Deccan Sub Total .4 0. thereby broad-basing its clientele.5 NA NA NA 220 190 150 75 635 1.0 2. The company is currently awaiting the Occupancy Certificate for its 220 room property. 3) Try and tap various price points in the hospitality value chain through different product offerings.3 1. Mix of greenfield & brownfield expansions aimed at widening of product & client profile . The growing presence of the IT/ITES sector in Chennai. the same has been pushed back to Jun’08 in light of the above. going forward.EXPANSION PLANS TAJGVK has lined up a slew of greenfield & brownfield expansions over the next 3 years which aim to achieve the following: 1) Consolidation of its leadership position in Hyderabad by augmenting capacities of existing Properties and by setting up a new property in the emerging Central Business District (CBD) of Begumpet.160 FY12E .0 1. Amritsar.

at an outlay of Rs30mn. To be set up at an outlay of Rs1bn. thereby expanding the profile of its clientele. TAJGVK is scouting for suitable location for this property and is targeting its commissioning by FY12 at an outlay of Rs1bn.. Amritsar: The city has immense potential as the recently commissioned international airport is expected to generate significantly higher volumes of travellers.000– 5. d. g. Park Hyatt. The annual lease rent will be calculated as a %age of turnover from the property. the luxury market in the state is underserviced since the only inventory in the 5-star or 5-star deluxe segment in the region is the Taj Chandigarh. We await clarity on the timelines and expenditure for this project. Royal Orchid and several 4-Star hotel companies (e. TAJGVK was looking to tap the same by leasing out an existing property. It also plans to tap the promising serviced apartments segment and has announced its intentions to launch 43 serviced apartments in the ‘Super-Luxury’ segment by the end of FY10. The company is increasing its room inventory at its Taj Deccan property. 4 . With an ARR of ~Rs5. TAJGVK hopes to commission the property by the end of CY09. In order to capitalise on the demand for F&B services. Ltd]. this will be housed on a plot adjacent to the existing property. TAJGVK hopes to tap the price-point immediately below those offered by its 3 existing Hyderabad properties. Brownfield Expansions TAJGVK is upgrading its current inventory with luxurious. Also. Bangalore: TAJGVK also plans to set up a hotel in Bangalore near the new airport. built to specifications post which. it will expend ~Rs800mn on outfitting & decorating the interior of the property. at Devanhalli. as the business activity in the state is rapidly scaling up. by converting a floor of executive rooms at the property into 23 rooms by Q3FY09. Under the terms of the agreement. Kodaikanal: The company has announced its intention to commission an upmarket spa & resort in the southern hill station of Kodaikanal.000-7.The company will position the ~190 room property as a ‘Residency’ hotel [as per standards set by its strategic stakeholder. f. It also has decided to convert additional 15k Sq.. the steady stream of business travellers on account of the new SEZ in the city is also a factor that enhances the appeal of the city to hospitality operators. Hilton. e. Le Meridien. It also plans to add 180 rooms at the Taj Deccan by FY12 at an outlay of Rs1bn.ft. floor space at theTaj Krishna into a high end shopping arcade. it is also setting up a contemporary restaurant. positioned as a ‘Gateway’ hotel [which is the one of the lowest price offerings from the IHCL stable] with an estimated ARR of Rs3. Radisson.a. All these will be accomplished at a cost of Rs250mn. Spread over 10 acres and having 75 rooms... per month translating into about Rs60mn p. TAJGVK intends to rent out this space to super-premium brands and we expect it to garner Rs400-Rs425 per sq. state-of-the-art rooms in order to ward off rivals like Hotel Leela. The company has signed the lease for the property for a period of 60 years (thereafter renewable for another 30 years). Company is venturing into leisure segment.ft. since the city is a tourist hotspot and receives a large number of tourists for 6 months in the year. Jaipur: The company plans to enter the Jaipur market. Indian Hotels Co. However. enabling the company to save on major operational costs. ‘Gateway’ hotel in Amritsar to tap new price point. c. in the form of a spa at Kodaikanal. it is expected to cost Rs550mn and is slated for commissioning by end FY11. though we await more details on the same. renovating and refurbishing the same proved to be unviable and the company now plans to set up a greenfield property with 160 rooms. Other offerings in the works include a shopping arcade and serviced apartments.g: Royal Orchid’s 4-Star property in its vicinity) that are set to enter Hyderabad from FY11 onwards.000. from Q4FY09 onwards. in addition to a ‘Resto-bar’. However. the company will receive the shell structure of the hotel.000. Haryana: TAJGVK is also mulling to set up a property in Haryana.. prospects for the property are bright considering its proximity to the new airport and acute shortage of rooms in the city. The city also attracts large numbers of religious tourists visiting the Golden Temple every year in addition to the traffic from the ‘Visiting Friends & Relatives’ (VFR) segment.. Additionally. The company is yet to outline a time frame or capex for the same since its commissioning is in the distant future.

One of the country’s largest convention & trade fair centres. This momentum is expected to sustain in the immediate future and build up in the near term.500 Source: Emaar-MGF Hyderabad International Convention Centre The last mega event hosted at the venue was the ‘International Astronautical Congress’ in Sep’07 which attracted ~2k people. Upon commissioning of the new international airport (at Shamshabad. Air deccan Air India Air Sahara Go Air Indian Airlines Kingfisher Airlines Jet Paramount Spice Jet Source: GMR Hyderabad Intl Airport Ltd. the Hyderabad International Convention Centre (by the Emaar-MGF consortium) has a capacity of 6. Conventions. 2008 September 16th.. Schedule of Major Events at Hyderabad International Convention Centre Event 4th Asia Pacific Conf.000 1. Manufacturing & IT to provide sustainable business in Chandigarh..000 2. the same should take at least 24-36 months to fructify. coupled with incremental revenues from Chennai property in FY09 & FY10 should help TAJGVK to comfortably raise the internal accruals required for the capex and help it to maintain a comfortable gearing of > 1x. Hence. 2008 January 30th. While capacities have been lined up. on Reproductive Health Infocom 2007 Cardiological Society of India Annual Conf. Hyderabad has witnessed a 13% rise in passenger volumes.500 seats and has hosted several prominent events and should continue to do so going forward. Society of Petroleum Geophysicists International Leprosy Conference . of delegates 1.. we do not foresee an immediate softening of ARRs & OR in the city over the next 18 months.s) Domestic Arriv als 5 4 3 1 0 FY03 FY04 FY05 FY06 FY07 International Arriv als New airport at Hyderabad will help maintain stable occupancies in the face of increased supply of rooms. In anticipation of the enhanced traffic on account of business travellers. 2007 November 28th. The city is set to host several other events.500 4.. 2007 January 14th. Airline Tie-ups for new airport Domestic Airlines Inter. we expect the company to finance these projects in a debt:equity mix of 2:1. new industries in the form of manufacturing facilities for FabCity (for semiconductors) & BioTech City (for pharma) are expected to generate substantial traffic for hotels . which is adding capacity of 75k seats over CY07-08. Airlines Air India Emirates Indian Airlines KLM Lufthansa Malaysia Airlines Oman Air Qatar Airways Saudi Arabian Airlines Singapore Airlines Sri Lankan Airlines Thai Airways Arrivals into Hyderabad (mn no. 2007 December 1st..000 2. 5 . semi-conductors and pharma sectors to propel growth in demand for rooms in Hyderabad. details of which are mentioned in the table above. 2008 No.As per the industry norm. Hyderabad also recently hosted the ‘World Military World Games’ in Oct’07. Steady cash flows from Hyderabad & Chandigarh properties. OUTLOOK IT.000 1. thereby boosting demand for rooms. which drew participation of ~5k athletes from all over the world and boosted room and F&B revenues for all hospitality players in the city.2008 PATA Travel Mart 2008 Start date October 29th. Incentives. Exhibitions) hub. In conjunction with the IT sector. Hyderabad is steadily metamorphosing into the country’s MICE (Meetings.. several players in the hospitality space have planned properties in the city. Hyderabad: In addition to being one of the largest IT hubs in India. commissioned in Apr’08).

Company description TAJGVK Hotels & Resorts Ltd is promoted by the GVK group of Hyderabad. in the Hyderabad properties over the next 2 years. In FY09E. the additional 23 rooms at the Taj Deccan as well as the rental income from the shopping arcade in the Taj Krishna . Although the company intends to commission the Begumpet property in Q3FY10.9x its FY10E EPS of Rs17. This should start bearing fruit over the next 24-36 months. new rooms at ‘Taj Deccan’ & shopping arcade at ‘Taj Krishna’. VALUATIONS We maintain our positive outlook on the company and expect buoyant OR with steady ARR growth of 6-10% p.28bn) on the back of stable collections from the 3 Hyderabad properties. which helps steady occupancies in the lean season. While there exists a locational risk to TAJGVK’s revenues as bulk of the company’s inventory is situated in Hyderabad. Till recently. but it is now expanding in cities like Chandigarh. We re-iterate our ‘BUY’ recommendation with a one year price target of Rs220.a. the aggressive capex phase it has embarked upon is accompanied by execution risk. primarily due to a full year’s contribution from the Taj Mount Road. The recently inaugurated Indian Premier League games are also expected to generate significant demand. Also. we estimate revenues and profits of ~Rs3. We expect OPM to stabilise at 49%. We have also modified our estimates on account of the delayed commissioning of the Chennai property. by maintaining OR of ~75%.. At the CMP of Rs151. with operating profits settling at ~Rs1. the company’s operations were limited to Hyderabad. Chennai.8bn & ~Rs1bn resp. acting as a strategic equity partner. We expect Chandigarh to continue to improve on its performance going forward. Lastly. Revenues to get a boost from Chennai. there will be a steady demand for rooms from business travellers in the near future.Chandigarh: With the recently commissioned IT park in Mohali and its proximity to the manufacturing clusters in Haryana and Punjab (Ludhiana. Parwanoo & Panchkula). Ltd.. during the months from Oct-Jan. Consequently.5bn. the stock is trading at a P/E of 8. in the backdrop of the proximity of the Mohali stadium to the city. 6 . while maintaining our price target of Rs220 over a 12 month investment perspective. est of Rs913mn). F&B revenues also get a boost during this period due to the festive/ marriage season. we estimate net profits to grow by 20% to Rs843mn (v/s our prev. it is mitigating the same by expanding into other cities. However. Capital charges will rise due to the commissioning of new capacities and higher leveraging of the balance sheet on account of new projects. we have not factored in any effect of the same and will do so only after monitoring the progress made on the project. We remain bullish on the near term prospects of the company and reiterate our ‘BUY’ recommendation on the stock. with the Tata Group’s Indian Hotels Co. we expect the property to register a 10-12% revenue growth from the current levels. the city is slowly emerging as a viable alternative to Delhi in the MICE segment.. In FY10E. We have now factored in 3 quarters of revenues from operations for the property with extremely low OR in FY09. A wide product portfolio. an improved performance in Chandigarh and inclusion of income from the new Chennai property and 23 new rooms at the Taj Deccan. While ARR growth may not be as steep as seen in the past. Chennai. continuous augmentation of inventory contributed by the expansions in Chennai. stable operations in a rapidly growing market (Hyderabad). expatriate Indians/NRIs form a sizeable chunk of visitors to this region [also known as the Visiting Friends & Relatives (VFR) segment].2bn (v/s our prev est of Rs3. Hyderabad. Begumpet (Hyderabad) & Amritsar and visibility of growth in revenues impart confidence in the outlook for TAJGVK. we estimate revenues to grow by 23% to Rs3.. Amritsar & Kodaikanal.

5 4. res.002 367 16 2 632 125 1.139 13 1.5 3.) EPS (Rs) Book Value (Rs) OPM (%) NPM (%) Exp.) Staff costs Power fuel and light Other expenses 7.4 36.6 4.4 Year Ended 31/03/07 2.2 37.2 47.9 31/03/08 2.291 200 319 118 654 1.6 7.4 4.1 5.2 31.355 212 352 125 666 1.6 6.575 1.2 29.429 1.9 12.4 13.204 11.8 (1.7 7.Financial Results for the quarter & year ended 31 March 2008 (Standalone) Particulars (Rs Mn) Net Sales Total Expenditure Materials Staff Cost Fuel and Power Other expenditure Operating profit Other Income PBIDT Interest Depreciation PBT & extra-ordinary items Provision for current tax Provision for deferred tax Provision for FBT Net Profit Equity Capital (F.8 (9.157 31 124 1.5) 14.4 2.220 16 1. (% of Net Sl.734 10.7 46.1 Gr % 6.8 1.2 49.7 4.9 6.0 4.0 49.5 5. Rs 2) Reserves (excl.4 27.4 24.2 10.1 4.V.9 25.9 7. rev.4 8.9 28.8 Median PE v/s Daily PE 36 27 18 9 0 Apr-04 Daily PE Median PE PE Band 400 300 200 100 0 Apr-04 30x 23x 16x 9x Apr-05 Apr-06 Apr-07 Apr-08 Apr-05 Apr-06 Apr-07 Apr-08 7 .7) 0.) Raw materials (adj.6 27.9 26.235 28 124 1.9 26.3) 5.6 Gr % 5.8 6.2 13.5 13.4 8.6 Quarter Ended 31/03/08 714 358 53 97 31 176 356 3 359 8 38 313 110 2 1 200 125 3.5 26.9 8.1 31/03/07 678 341 54 85 24 179 336 7 343 7 28 308 115 5 1 187 125 3.083 367 9 3 704 125 2.3 (1.

4 62.0 Balance Sheet 2005 125 1071 1.542 17 1.2 11.6 62.7 722 433 6 439 13 69 357 136 221 63.046 842 6 848 40 109 700 237 463 28.180 109 4.250 155 5.697 (50) 27 2.883 254 7 5.2 11.876 20 1.7 29.6 62.145 8 Equity Share Capital Reserves & Surplus Net worth Total Debt Deferred Tax liability Capital Employed Fixed Assets Net current assets Investments Misc exp.013 1780 43 140 51 2.4 62.674 2.7 13.7 1. sh.7 37.7 24.439 2.329 820 89 3.4 1.896 102 213 1.4 7.391 1.238 2009E 125 2.4 13.7 62.057 165 17 3. O/s (mn no) Book Value (Rs) Basic EPS (Rs) Diluted EPS (Rs) 73.740 1.238 3.013 2006 125 1.083 379 704 22.219 2010E 125 3.782 Growth (%) Total Expenditure Operating Profit Interest & dividend income EBIDT (-) Interest (-) Depreciation PBT & extraordinary items (-) Tax provision Net Profits 31.4 36.860 734 81 2.355 1. Total Assets .7 19.674 2008E 125 2.930 1.0 17.575 2009E 3.0 1.7 1.139 122 140 38 2.235 28 124 1.291 1.887 2007 2.219 4.580 513 1.7 62.805 2.220 16 1.734 1.906 1.6 17.616 1.559 80 199 1.7 1.067 Growth (%) Fully diluted Eq.516 858 65 2.7 46.4 26.7 59.204 2.1 3.614 3.1 10.280 437 843 19.155 2006 1.145 4.032 181 7 4.2 19.439 2007 125 1.152 31 124 997 365 632 6.5 3.1 11.5 109.139 13 1.7 10.159 2010E 3.429 2008 2.Year Ended March (Figures in Rs mn) Income Statement Revenues 2005 1.197 770 46 2.2 7.

1 11.4 1.Year Ended March (Figures in Rs mn) Cash Flow Statement PBT & extraordinary items Depreciation Interest & dividend inc.3 1.4 1.7 19.3 2007 47.2 33.174) 17 (1.2 32.2 8.3 11 10 25 2.6 1.4 0.0 42.7 23.8 7.4 37.4 12.8 0.2 3.467 (1.6 0.6 1.6 5.9 2006 44.9 20.9 10.2 11 10 23 3.2 6.1 8.9 13.7 15.580 213 (20) 102 (467) 59 1.4 12.9 9 9 (8) 4.7 0.1 2008E 48.2 2010E 50.0 14.3 11.5 9 .4 0.2 9 10 21 3.1 0.4 11.065) 20 (1.1 2009E 49.8 0. in cash 2005 357 69 (0) 13 13 (291) 160 (486) (140) (626) 488 (21) (13) 454 (11) 2006 700 109 (1) 40 12 (248) 612 (469) (469) 90 (64) (40) (15) 128 2007 997 124 (5) 31 11 (314) (100) 744 (348) (348) (122) (141) (23) (287) 109 2008E 1.9 0.157) 360 (242) (80) 38 183 2010E 1.3 32.280 199 (17) 80 10 (417) 166 1.083 124 (16) 28 10 (370) 13 873 (484) 16 (468) 86 (235) (28) (177) 228 2009E 1.0 5.302 (1.9 2.2 14 9 24 5.6 0. Interest paid Misc Exp W/off Tax paid (Inc) / Dec in working capital Cash from operations Net capital expenditure Net investments Interest recd Cash from investing activities Change in debt Dividend paid Interest paid Cash from financing activities Inc/Dec.7 0.045) 70 (258) (102) (290) 132 Key Ratios EBIDT (%) ROACE (%) ROANW (%) Sales/Total Assets (x) Debt:Equity (x) Current Ratio (x) Debtors (days) Inventory (days) Net working capital (days) EV/Sales (x) EV/EBIDT (x) P/E (x) P/BV (x) 2005 38.0 7.9 7.1 0.3 34.0 0.5 6.5 4.1 11 8 14 8.7 0.

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