The employee benefit expenses were up 201 bps to 29.3% of sales, while other expenses dipped 1129 bps to 52.5% of sales in Q4FY2020 over Q4FY2019.

Other income increased 7% to Rs 14.85 crore compared to Rs 13.84 crore. Interest cost was up sharply to Rs 3.71 crore in Q4FY2020 from nil in Q4FY2020. Depreciation was up 112% to Rs 25.75 crore. PBT moved up 27% to Rs 29.06 crore.

The Company has exercised the option of Lower Corporate Tax Rate and accordingly re-measuredaccumulated deferred tax asset & current tax, which has resulted in a one-time transitionimpact of Rs 199.7 crore in Profit & Loss account of current quarter and financial year. Thus, the company has posted net loss of Rs 169.22 crore in Q4FY2020.

The Company's operations have been severely affected during March 2020 on account of COVID-19. The Management is of the opinion that the Company has sufficient liquidity and astrong business model which will help it tide over this difficult period. We expect our memberfamilies to begin holidaying at our resorts, once the travel restrictions are eased off.

Financial Performance FY2020

For the year ended March 2020, sales increased 6% to Rs 977.01 crore. The company operating margins increased 698 bps to 18.6%. As a result operating profits increased 70% to Rs 181.50 crore.

Other income moved up 33% to Rs 60.11 crore. Interest cost increased to Rs 15.99 crore compared to Rs 0.02 crore in FY2019. Depreciation increased 98% to Rs 101.67 crore. PBT was up 24% to Rs 123.95 crore. Tax provision were higher at Rs 232.16 crore compared to Rs 36.312 crore, leading to net loss of Rs 108.21 crore.

• The company is sitting on deferred revenues of Rs 5519crore, which will be recognized over the tenure of membership
• The company has improved cash position to Rs 780 crore, which can support organic growth without relying on external debt
• Receivables stands at Rs 1682 crore providing opportunity for organic growth through securitization
• The company has strong assets base of Rs 1835crore including land assets of Rs 1129 crore.
• Room inventory increased to 3732 rooms end March 2020.
• The occupancy level declined to 72.2% in Q4FY2020 and 80.3% in 9MFY2019, which has been impacted due to unprecedented rains in Q2FY2020 and covid 19 spread in March 2020.
• The company has added new 3616 members in Q4FY2020. The member base rose to 2.58 lakh end March 2020 from 2.55lakh end December 2019 and 2.44 lakh end March 2019.

• 120+ branch offices, sales offices & channel partners
• Leads generated through Digital route, Referrals, Alliances, On-ground Events/Activities, Campaigns

Consolidated Results

The Consolidated turnover is Rs 631.4 crore for the quarter ended March 2020 as against Rs 656.6 crore for the same period last year.The Consolidated Profit before Tax is Rs 41.1 crore for the quarter ended March 2020 asagainst Rs 69.3 crore for the same period last year.The Consolidated Profit after Tax (before one-time transition impact on account of lower taxrate adoption) is Rs 38.2 crore for the quarter ended March 2020 as against Rs 52.3 crore forthe same period last year.

The Consolidated turnover is Rs 2431.1 crore for the year ended on March 2020, ascompared to 2295.7 crore for last year.The Consolidated Profit before tax is Rs 101.3 crore for the year ended on March 2020, ascompared to 98.0 crore last year. This is impacted by a forex loss of Rs 23.6 crore and Ind AS 116expense of Rs 20.2 crore for the year ended on March 2020.The Consolidated Profit after tax (before one-time transition impact on account of lower taxrate adoption) is Rs 65.5 crore for the year ended on March 2020 as compared to Rs 59.6 crore last year.

Holiday Club Resorts

The operations of Finnish subsidiary were adversely affected due to COVID-19 duringMarch 2020.Traditionally Q4 is the best quarter and March is a peak month for the business in Finland and turnoverhas been adversely affected due to COVID-19 impact in March-20.

The Company's material subsidiary, Holiday Club Resorts Oy, Finland (HCRO), has recorded aturnover of Euro 38.9 million for the quarter ended March 2020 as against Euro 46.7 million forthe same period last year. (Under Finnish GAAP).

The profit before tax is Euro 0.8 million for the quarter ended March 2020 as against Euro5.2 million for the same period last year. (Under Finnish GAAP).

The profit after tax is Euro 0.26 million for the quarter ended March 2020 as against Euro 3.4 million for the same period last year. (Under Finnish GAAP)

HCRO has recorded a turnover of Euro 157.3 million for the year ended March 2020, asagainst Euro 161.1 million for the same period last year. (Under Finnish GAAP)The profit before tax is Euro 0.26 million for the year ended March 2020 as against Euro 0.8 million last year. (Under Finnish GAAP)

The profit after tax is Euro 0.14 million for the year ended March 2020 as against Euro 0.5 million last year (Under Finnish GAAP).

SPA Hotel turnover has increased by 3% to Euro 72.58 million in FY20 backed by higher occupancy and growthin revenue compared to FY 19 (Euro 70.69 million).

Finance Cost has reduced by Euro 0.45 million in FY 20 as Loan of Euro 5.5 million has been repaid in current financialyear.

In September 2014, at the time of acquisition, debt in HCRO Books was Euro 51.7 million which as on Mar-20 stands at Euro 19.59 million.