Jan 7, 2013 ... Result analysis. Country Club India Ltd (CCIL) Q2FY13 net sales grew by 41.2%.
y-o-y and 3.4% q-o-q to Rs.114 crore. The company reported.
Country Club India Ltd.| BSE Scrip Code: 526550 January 07, 2013
Hotels Update for Q2FY13 (i.e. July 1, 2012 to September 30, 2012)
Equity Statistics Current Market Price Rs. 8.98 52 Week High/Low Rs. 10.10/5.40 Market Capitalisation Rs. Crores 80.33 Free Float Rs. Crores 38.43 Dividend Yield % 1.11 One Year Regression Beta Times 0.73 BSE Volumes Trend - Average = 90.87 Thousand 1200 1000 800 600 400 200 0
Result analysis Country Club India Ltd (CCIL) Q2FY13 net sales grew by 41.2% y-o-y and 3.4% q-o-q to Rs.114 crore. The company reported EBITDA of Rs.42 crore as compared to Rs.29.1 crore in the corresponding quarter last year. EBITDA margin witnessed an expansion of 86 bps y-o-y to 36.8%. Increase in EBITDA margin was as a result of lower employee cost (31% of total revenues in Q2FY13 vis-à-vis 32% in Q2FY12). The company reported net profit of Rs.11.9 crore in Q2FY13. Q2FY13, PAT margin were reported at 10.4%, down 293 bps, y-o-y mainly on account of higher interest cost (up 125% y-o-y) and higher depreciation costs (up 21.5% y-o-y).
During H1FY13, the company reported 42.1% y-o-y increase in net sales to Rs.224.8 crore. EBITDA for H1FY13 witnessed 50.3% y-o-y increase to Rs.78.4 crore. H1FY13 EBITDA margin stood at 34.9%, up 190 bps y-o-y. H1FY13 net profit stood at Rs.21.3 crore. CCIL is trading at 1.6 times to the trailing 12 months EPS as on January 07, 2013.
Relative Returns 129 109
89 69 Country Club (India) Ltd
Returns Absolute Rel. to Sensex
Sensex
1M 3M 6M 1 Yr 2% 0% 22% 12% 1% -5% 7% -10% Shareholding Pattern
100%
80% 60% 40%
20% 0% Dec `11
Mar `12 Promoter
DII
Jun `12 FII
Sep `12
Annual financial snapshot Income statement FY10 Net sales (Rs. crore) 308.5 Growth in net sales (%) (24.5) Per share data (Rs.) Adjusted BVPS 78.6 Diluted EPS* 4.4 Key financial ratios EBITDA margin (%) 27.4 Adjusted PAT margin (%) 12.9 RoCE (%) 5.9 RoE (%) 5.8 Net debt - equity (times) 0.2 Interest coverage (times) 5.8 Source: BSE, Capitaline and CARE Research
Others
Source:BSE, Capitaline and CARE Research
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Initiative of the BSE Investors’ Protection Fund
FY11 324.1 5.1
FY12 353.0 8.9
83.4 4.7
94.7 5.2
31.7 13.0 6.5 5.8 0.3 3.5
34.6 13.1 7.2 5.8 0.3 2.7
Quarterly financials Income statement (Rs. crore) Total income Net sales EBITDA Depreciation and amortisation EBIT Interest PBT Ordinary PAT Adjusted PAT Per share data (Rs.) Diluted EPS* Profitability ratio (%) EBITDA margin Adjusted PAT margin Source: BSE, Capitaline and CARE Research
Q2 FY13
Q2 FY12
Q1 FY13 110.2 110.2 36.3 9.0 27.3 15.5 11.9 9.4 9.4
Growth Y-o-Y (%) 41.2 41.2 44.6 21.5 52.9 125.0 11.2 10.3 10.3
Growth Q-o-Q (%) 3.4 3.4 15.6 3.9 19.5 13.9 26.8 26.9 26.9
114.0 114.0 42.0 9.3 32.7 17.6 15.0 11.9 11.9
80.8 80.8 29.1 7.7 21.4 7.8 13.5 10.8 10.8
1.3
1.2
1.0
10.3
26.9
36.8 10.4
36.0 13.4
33.0 8.5
Peer comparison Quarter ended Sep 30, 2012 Income statement (Rs. crore) CCIL DCL Mahindra Total income 114.0 2.4 167.7 Net sales 114.0 2.4 164.5 EBITDA 42.0 0.3 41.6 Ordinary PAT 11.9 (0.5) 27.0 Adjusted PAT 11.9 (0.5) 27.0 Per share data (Rs.) Diluted EPS* 1.3 (0.1) 3.2 Growth (Y-o-Y) (%) Growth in Total income 41.2 (11.7) 10.8 Growth in Net sales 41.2 (11.6) 11.0 Growth in EBITDA 44.6 1,516.7 14.8 Growth in Adjusted PAT 10.3 NM 12.3 Growth in EPS* 9.9 NM 12.2 Profitability ratio (%) EBITDA margin 36.8 (48.1) 25.3 Adjusted PAT margin 10.4 (50.5) 16.1 Valuation ratios (times) 1.6 NM 25.9 Price/EPS (P/E) (TTM) Source: BSE, Capitaline and CARE Research Note: DCL: Dhanada Corporation Ltd., Mahindra: Mahindra & Mahindra Holidays Ltd., Advani: Advani Hotels Ltd.
Advani 4.7 4.6 (2.2) (3.2) (3.2) (0.7) (15.6) (14.8) NM NM NM (47.0) (68.7) 69.6
DISCLOSURES Each member of the team involved in the preparation of this research report, hereby affirms that there exists no conflict of interest that can bias the research on the company. DISCLAIMER Please refer to our detailed disclaimer mentioned on the last page of the initial report on this company. Published by Credit Analysis & REsearch Ltd Head Office: 4th Floor Godrej Coliseum, Off Eastern Express Highway, Somaiya Hospital Road, Sion East, Mumbai – 400 022.|Tel: +91-22-67543456|Fax: +91-22-67543457|www.careratings.com| Regional Offices: New Delhi| Kolkata| Ahmedabad| Bangalore| Hyderabad| Chennai| Pune|
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Initiative of the BSE Investors’ Protection Fund
