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Analyst Meet / AGM
04-Feb-10
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Conference Call
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Royal Orchid Hotels
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The total capex for FY11 was Rs 235 crore
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Royal Orchid Hotels has come out with the financial results for quarter ended December 09 and conducted concall on 2 February 2010 to discuss the financial performance and future prospects of the company. Keshav Baljee – President along with Amit Jaswal – G M finance addressed the call.
Highlights of the call are:
- The company has reported pale performance for the quarter ended December 09 with the 13% dip in the consolidated Net sales to Rs 31.29 crore and 42% dip in the Net Profit to Rs 3 crore. However, on q-o-q basis, the company has reported 18% increase in the topline and nearly three fold rise in the bottom line on q sequential basis.
- On the standalone basis the company has reported 16% dip in the Net sales to Rs 20.17 crore while the Net Profit has sharply slipped by 56% to Rs 2.10 crore in the quarter ended December 09.
- The company has opened its 13th hotel at Ahmadabad with inventory of 104 rooms in December 09.
- According to the geographic classification, Pune did very well in the quarter under review and has reached more than 70% of occupancy rates in quarter ended December 09.
- The revenues from the foreign tourists constitute nearly 65% of the revenues from five and four star hotels. On the other hand 50-55% of the revenues come from the corporate segment.
- Apart from Pune, Goa has also performed well this year as against corresponding previous year. Notable point in this quarter was that, most of the rooms were booked by domestic tourists compared to the foreign tourists, in Goa. The company expects that this trend continues for the coming year too.
- The occupancies of the hotels which fell sharply to 30-40% in beginning of 2009 have now bounced back to 50-70% in the quarter under review.
- Although the ARR (Average Room Rent's) have not moved up, the company has maintained ARR's and improved occupancy rates in the quarter under review.
- The Occupancies of different hotels of the company has increased on q-o-q basis in the quarter ended December 09. The Occupancy rates in Bangalore has increased from 52% to 55%, Pune from 70% to 74%, Mysore 58% to 68%, Jaipur from 65% to 75%, Goa from 35% to 59%. The Occupancies at Hyderabad were flat at 42$ in the quarter ended December 09.
- The 180 Key Royal Orchid and 150 Key Royal Orchid at Hyderabad and Jaipur respectively, are expected to get completed by November 2010 and December 2010 respectively.
- The Capex for Hyderabad Royal Orchid was Rs 180 crore and that of Jaipur was Rs 115 crore.
- The total capex for FY11 was Rs 235 crore.
- The debt on books of the company on consolidated basis was Rs 154 crore as on the quarter ended December 09. The Interest cost was 11.5% to 12%.
- Going ahead, the company expects the Occupancies in Goa, Bangalore and Ahmadabad to scale up and reach 75% occupancy rates. In the coming year, the company expects to perform well significantly (2x times) and predicts FY12 will be again a glorious year like that of FY08.
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