Kamat Hotels (India) EBITDA jumped on 21.1% and EBITDA Margin increased slightly on 1.8 pp from 21.1% to 22.9%

28-05-2016 • About Kamat Hotels (India) ($KAMATHOTEL) • By InTwits

Kamat Hotels (India) reported FY2016 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.

Revenue and profitability

Kamat Hotels (India)'s Revenue surged on 11.6%. During FY2012-FY2016 Revenue growth bottomed in FY2014 at -4.9% and was accelerating since that time. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased slightly on 1.8 pp from 21.1% to 22.9% in FY2016.

Net Income margin jumped on 19.4 pp from -42.2% to -22.9% in FY2016.

Financial and operational results

Kamat Hotels (India) ($KAMATHOTEL) key annual financial indicators

mln. INR	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	1,477	1,685	1,603	1,545	1,724	11.6%
EBITDA	438	372	427	326	395	21.1%
Net Income	-296	-624	-423	-652	-394
Balance Sheet
Cash	57	99	91
Short Term Debt	1,144	2,431	4,121
Long Term Debt	4,868	4,297	2,436
Cash flow
Capex	594	478	41
Ratios
Revenue growth	22.8%	14.1%	-4.9%	-3.6%	11.6%
EBITDA growth	14.1%	-15.2%	14.9%	-23.8%	21.1%

EBITDA Margin	29.7%	22.1%	26.7%	21.1%	22.9%	1.8%
Net Income Margin	-20.0%	-37.0%	-26.4%	-42.2%	-22.9%	19.4%
CAPEX, % of revenue	40.2%	28.4%	2.6%

ROIC	3.2%	1.6%	2.3%
ROE	-15.7%	-33.5%	-28.7%
Net Debt/EBITDA	13.6x	17.8x	15.1x	0.0x	0.0x

Peers in Hotels

Below you can find Kamat Hotels (India) benchmarking vs. other companies in Hotels industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.

Top companies by Revenue growth, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Asian Hotels (West) ($AHLWEST)	-	-0.2%	3.1%	96.5%	16.3%
Sterling Holiday Resorts (India) ($STERLINH)	69.9%	50.6%	21.3%	26.2%	-
Royale Manor Hotels & Industries ($RAYALEMA)	-	2.2%	5.5%	18.9%	-16.0%
The Byke Hospitality ($THEBYKE)	-	105.7%	54.3%	16.5%	27.6%
Eih ($EIHOTEL)	-	4.4%	5.3%	7.9%	-0.6%
Median (15 companies)	14.6%	8.6%	5.9%	3.4%	3.6%
Kamat Hotels (India) ($KAMATHOTEL)	-	14.1%	-4.9%	-3.6%	11.6%

Top companies by EBITDA margin, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Jindal Hotels ($JINDHOT)	-	-	-	37.6%	-
Benares Hotels ($BENARAS)	-	-	-	33.6%	-
Fomento Resorts & Hotels ($FOMEHOT)	-	-	-	27.9%	-
Advani Hotels & Resorts (India) ($ADVANIHOTR)	-	-	-	25.9%	-
Country Club (India) ($COUNCLB)	34.2%	32.3%	24.2%	23.7%	-
Median (20 companies)	21.7%	22.9%	20.0%	20.0%	19.5%
Kamat Hotels (India) ($KAMATHOTEL)	29.7%	22.1%	26.7%	21.1%	22.9%

Top companies by CAPEX/Revenue, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Asian Hotels (North) ($ASIANHOTNR)	30.8%	60.2%	37.2%	36.1%	26.8%
Sayaji Hotels ($SAYAJIHOTL)	18.9%	17.5%	12.4%	30.3%	-
Country Club (India) ($COUNCLB)	58.7%	36.6%	49.6%	28.5%	-
Mahindra Holidays & Resorts India ($MHRIL)	26.0%	26.5%	15.4%	18.0%	12.6%
Eih ($EIHOTEL)	13.6%	12.0%	7.1%	9.0%	5.5%
Median (12 companies)	26.0%	17.6%	11.4%	6.2%	5.5%

Top companies by ROIC, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
The Byke Hospitality ($THEBYKE)	5.3%	14.5%	22.6%	24.1%	32.0%
Advani Hotels & Resorts (India) ($ADVANIHOTR)	-	-	-	15.9%	19.6%
Eih ($EIHOTEL)	5.5%	4.5%	5.8%	6.3%	6.6%
Mahindra Holidays & Resorts India ($MHRIL)	13.4%	22.2%	16.3%	6.3%	10.0%
Country Club (India) ($COUNCLB)	8.8%	8.9%	5.4%	5.3%	-
Median (29 companies)	5.9%	5.0%	4.1%	3.2%	2.5%
Kamat Hotels (India) ($KAMATHOTEL)	3.2%	1.6%	2.3%	-	-

Top companies by Net Debt / EBITDA


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Hotel Leelaventure ($HOTELEELA)	62.5x	40.2x	33.5x	46.7x	27.7x
Asian Hotels (North) ($ASIANHOTNR)	28.4x	11.0x	15.4x	24.8x	15.9x
Asian Hotels (East) ($AHLEAST)	-0.0x	9.8x	8.9x	7.1x	2.7x
Oriental Hotels ($ORIENTHOT)	4.3x	4.6x	6.0x	5.5x	6.5x
Tgb Banquets And Hotels ($TGBHOTELS)	3.7x	3.0x	2.7x	4.0x	3.7x
Median (19 companies)	1.8x	2.0x	0.9x	0.7x	1.5x
Kamat Hotels (India) ($KAMATHOTEL)	13.6x	17.8x	15.1x	0.0x	0.0x

Kamat Hotels (India) stock price chart

Kamat Hotels (India) financials

mln.	FY2010	FY2011	FY2012

Revenue	1,806	1,203	1,477
EBITDA	304.2	384.2	438.4
Net income	-81.341	-134.255	-295.807
CAPEX	0.000	613.9	594.3
Debt	0.000	5,817	6,012
Cash	0.000	67.987	56.992

About Kamat Hotels (India)

Kamat Hotels (India) Limited, together with its subsidiaries, is engaged in hospitality and allied businesses in India. The company operates hotels and restaurants in Mumbai, Nashik, Pune, Murud, Manor, Panvel, Wagunde, Benaulim, Puri, and Ramchandi, India under The Orchid, VITS, Gadh Hotels, and Lotus Resorts brand names. It is also involved in the management of hotels and restaurants owned by other parties under contract; provision of catering services; and timeshare business, as well as franchisee agreements for properties. Kamat Hotels (India) Limited was founded in 1958 and is based in Mumbai, India.