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					                                                                                             Regd off: 4, Mangoe Lane, Kolkata - 700 001
EIH LIMITED                                                                                  E-Mail:    isdho@oberoigroup.com
                                                                                             Web site: www.oberoihotels.com
                                                                                             Telephone: (033) 2248 6751 Fax: (033) 2248 6785
HOTELS                                                                          OBEROI       Tr agent: In-house
Chairman: P. R. S. Oberoi (Chief Exec.)                                        SEC: Gautam Ganguli                                     AUD: Ray & Ray
Yr of Inc   B. Code       BL. Code    F.V.         Price        % ch 1-m       % ch 12-m       P/E       P/CF           Yield         Mkt cap               Vol.            ISIN
 1949   500840             EIH:IN      2           116.6          -0.4           -19.9         26.9      18.7            1.0          45,798.3              23.1       INE230A01023
SHAREHOLDING                                                     FX Transaction (FY09)                              ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 46.4%               Exports (fob)          Rs m         0                (Rs)
Foreign collaborators      :  0.0%               Imports (cif)          Rs m       507
Indian inst/Mut Fund       : 13.9%               Fx inflow              Rs m     5,009         250
FIIs/GDR                   :  3.4%               Fx outflow             Rs m       928                                                                       DAILY
Free float                 : 36.4%               Net fx                 Rs m     4,081
Shareholders               : 66,636                                                                                                                          100 DMA
                                                                                               200
                           No. of months                  12            12            12
                             Year ending            31/03/07      31/03/08      31/03/09
EQUITY SHARE DATA
                                                                                               150
High                                  Rs         115                    247           172
Low                                   Rs           68                     91            74
Sales per share                       Rs        25.6                   29.6          24.5
Earnings per share                    Rs         5.0                     5.6           4.3     100
Cash flow per share                   Rs          6.6                    7.3           6.2
Dividends per share                   Rs        1.40                   1.80          1.20
Dividend yield (eoy)                  %          1.5                    1.1            1.0
                                                                                                50
Book value per share                  Rs        28.2                   31.8          35.9
Shares outstanding (eoy)              m       392.95                392.95        392.95        Aug-06              Jun-07            Feb-08               Nov-08           Aug-09
Bonus/Rights/Conversions                    FV2,B1:2                       -             -
Price / Sales ratio                   x           3.6                    5.7           5.0                               No. of months                 12           12            12
Avg P/E ratio                         x         18.2                   30.0          28.4                                  Year ending           31/03/07     31/03/08      31/03/09
                                                                                              CASH FLOW
P/CF ratio (eoy)                      x         14.0                   23.2          19.7
Price / Book Value ratio              x           3.2                    5.3           3.4    From Operations                         Rs   m       2,142            2,759      2,286
Dividend payout                       %         27.9                   31.9          27.7     From Investments                        Rs   m      -2,621           -2,454     -3,304
Avg Mkt Cap                           Rs m    35,955                 66,409        48,333     From Financial Activity                 Rs   m         357             -531      1,342
No. of employees                      `000          8                      9             9    Net Cashflow                            Rs   m        -122             -226        324
Total wages/salary                    Rs m     1,989                  2,334         2,613
Avg. sales/employee                   Rs Th  1,228.7                1,266.5       1,050.1                                       INTERIM RESULTS
Avg. wages/employee                   Rs Th    243.4                  254.4         285.1                                           2QFY09  3QFY09             4QFY09        1QFY10
Avg. net profit/employee              Rs Th    241.6                  241.3         185.5     Net sales                   Rs    m     2,466   2,549              3,195         2,181
                                                                                              Gross profit                Rs    m       762      871             1,600           674
INCOME DATA                                                                                   Gross profit margin         %            30.9     34.2              50.1          30.9
Net Sales                             Rs     m        10,042        11,620         9,624      Net profit                  Rs    m       313      332               680           191
Other income                          Rs     m         1,101         1,326         2,472      Net profit margin           %            12.7     13.0              21.3            8.8
Total revenues                        Rs     m        11,143        12,946        12,096
Gross profit                          Rs     m         3,212         3,936         2,026                                            KEY DATA
Depreciation                          Rs     m           602           653           749      Parameters                          Unit              FY07            FY08       FY09
Interest                              Rs     m         1,147           904           953      Rooms                               No                2,137           2,137      2,137
Profit before tax                     Rs     m         2,564         3,705         2,796      Rooms revenue                       % of sales         50.2            51.3       47.5
Minority Interest                     Rs     m           -41           -57           -22      F&B                                 % of sales         38.0            36.6       37.5
Prior Period Items                    Rs     m             0             0             0      Average rooms rates                 Rs                8,761          10,606         NA
Extraordinary Inc (Exp)               Rs     m           443           -34             0      Occupancy rate                      %                  70.0            68.0       65.0
Tax                                   Rs     m           991         1,400         1,074
                                                                                                                                     NOTES
Profit after tax                      Rs     m         1,975         2,214         1,700
Gross profit margin                   %                 32.0          33.9          21.1     East India Hotels (EIH) is a member of the Oberoi Group that runs and manages
Effective tax rate                    %                 38.7          37.8          38.4     luxury hotels in India and abroad. It operates 27 hotels and three cruisers in five
                                                                                             countries under the luxury 'Oberoi' and five-star 'Trident' brands. The Group is also
Net profit margin                     %                 19.7          19.1          17.7
                                                                                             engaged in flight catering, airport restaurants, travel and tour services, car rentals,
BALANCE SHEET DATA                                                                           project management and corporate air charters. While the promoters hold 46% stake
                                                                                             in the company, ITC (the cigarette manufacturer with large interest in the hospitality
Current assets                        Rs m             3,703         3,814         5,355     sector) holds 14.9% stake. EIH's property mix is comparatively at a premium to Indian
Current liabilities                   Rs m             2,523         3,038         3,215     Hotels (Taj) and ITC (Welcome and Sheraton to name a few).
Net working cap to sales              %                 11.8            6.7         22.2
Current ratio                         x                   1.5           1.3           1.7    East Indian Hotels (EIH), like its peers, saw a topline decline of 7% YoY during FY09.
Inventory Turnover                    Days                12            12            13     Tough business conditions amid the financial crisis and the terrorist attacks on its
Debtors Turnover                      Days                43            41            40     hotels in Mumbai led to the fall. The terror attacks on the company's two properties,
Net fixed assets                      Rs m            17,149        19,686        22,032     The Oberoi and Trident, in November last year compelled EIH to close these hotels
Share capital                         Rs m               786           786           786     temporarily. While the Trident was restored and re-opened in late December last year,
"Free" reserves                       Rs m             8,242         9,620        10,768     The Oberoi will be re-opening next year. Also its new property, Trident (BKC in
                                                                                             Mumbai) will be commencing operations during FY10.
Net worth                             Rs m            11,075        12,491        14,125
Long term debt                        Rs m            14,994        14,844        20,474     Currently, the company is working on nine new hotel projects, including four
Total assets                          Rs m            24,059        26,195        30,231     overseas. It is however, now focusing on managing properties, rather than owning it.
Interest coverage                     x                   3.2           5.1           3.9    It is also looking at merging EIH Associated Hotels Ltd-a joint venture between the
Debt to equity ratio                  x                   1.4           1.2           1.4    Oberoi family and the Rajan Raheja group-with itself. EIH Associated Hotels owns
Sales to assets ratio                 x                   0.4           0.4           0.3    eight properties. This would increase the room inventory to meet the demand supply
Return on assets                      %                 12.0          11.4            7.7    gap.
Return on equity                      %                 17.8          17.7          12.0
Return on capital                     %                 15.8          16.5          10.8
Exports to sales                      %                   0.0           0.0           0.0
Imports to sales                      %                   9.2         15.2            5.3
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posted:11/6/2010
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