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Consolidated Standalone

Benares Hotels

₹9007 -81.8 | 0.9%

Market Cap ₹1171 Cr.

Stock P/E 32.5

P/B 8.8

Current Price ₹9007

Book Value ₹ 1023

Face Value 10

52W High ₹10051

Dividend Yield 0.28%

52W Low ₹ 3616

Edit Ratio

Benares Hotels Research see more...

Overview Inc. Year: 1971Industry: Hotel, Resort & Restaurants

Benares Hotels Ltd is engaged within the commercial enterprise of hospitality and food manufacturing. The Company's business includes hotel operations. The Company's hotels consist of The Gateway Hotel Ganges and Nadesar Palace in Varanasi and The Gateway Hotel, Gondia in Maharashtra. The Gateway Hotel Ganges and Nadesar Palace in Varanasi has about 140 rooms and suites. Its offerings are hoteliering and catering. The Company's ultimate holding organisation is The Indian Hotels Company Ltd.

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Benares Hotels Share Price

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Peer Comparison

Benares Hotels Quarterly Results

#(Fig in Cr.) Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Net Sales 19 16 20 18 28 27 25 26 34 36
Other Income 0 0 0 1 0 0 1 1 1 1
Total Income 19 16 20 18 29 28 26 27 34 37
Total Expenditure 12 10 12 13 16 16 16 16 18 20
Operating Profit 8 6 8 6 13 12 10 11 17 17
Interest 0 0 0 0 0 0 0 0 0 0
Depreciation 2 2 2 2 1 1 1 1 1 1
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 6 4 6 4 11 10 8 9 15 15
Provision for Tax 1 1 2 1 3 3 2 2 4 4
Profit After Tax 4 3 5 3 8 8 6 7 11 12
Adjustments 0 0 0 0 0 -0 0 -0 -0 -0
Profit After Adjustments 4 3 5 3 8 8 6 7 11 12
Adjusted Earnings Per Share 33.9 23.3 34.9 22.8 63.7 58.4 48.5 52.6 87 89.2

Benares Hotels Profit & Loss

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 39 43 47 50 50 47 60 64 24 50 93 121
Other Income 1 1 1 1 2 1 1 0 1 0 2 4
Total Income 40 44 48 51 51 48 60 64 25 50 95 124
Total Expenditure 26 28 31 35 36 36 42 43 24 35 57 70
Operating Profit 14 16 17 16 15 12 18 21 1 15 38 55
Interest 0 0 0 0 0 0 1 1 1 1 0 0
Depreciation 2 2 3 3 5 4 5 6 7 6 6 4
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 13 14 14 13 11 8 12 13 -7 8 31 47
Provision for Tax 4 5 5 5 4 1 3 3 -2 2 8 12
Profit After Tax 9 9 9 8 7 6 9 11 -5 6 23 36
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 9 9 9 8 7 6 9 11 -5 6 23 36
Adjusted Earnings Per Share 66 69.1 71 64.9 51.2 49.9 67.1 81.6 -40.2 43.5 179.8 277.3

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 86% 13% 15% 9%
Operating Profit CAGR 153% 22% 26% 11%
PAT CAGR 283% 28% 31% 10%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 140% 94% 45% 30%
ROE Average 26% 9% 11% 14%
ROCE Average 36% 13% 15% 21%

Benares Hotels Balance Sheet

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 37 43 49 58 61 65 72 78 72 78 100
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 2 3 3 6 8 6 7 10 8 10 10
Total Current Liabilities 10 9 11 8 10 18 18 17 11 8 11
Total Liabilities 50 55 63 71 79 89 97 105 91 95 120
Fixed Assets 25 26 44 43 41 54 81 91 84 78 73
Other Non-Current Assets 6 11 2 5 8 21 5 3 2 7 8
Total Current Assets 18 18 18 23 30 14 10 11 5 10 39
Total Assets 50 55 63 71 79 89 97 105 91 95 120

Benares Hotels Cash Flow

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 6 12 2 6 6 2 5 1 2 1 1
Cash Flow from Operating Activities 12 10 13 10 11 9 16 17 2 16 28
Cash Flow from Investing Activities -3 -17 -7 -6 -12 -8 -16 -13 -1 -11 -17
Cash Flow from Financing Activities -2 -3 -3 -3 -3 3 -3 -3 -2 -6 -2
Net Cash Inflow / Outflow 7 -10 4 0 -4 3 -4 1 -1 -0 9
Closing Cash & Cash Equivalent 12 2 6 6 2 5 1 2 1 1 10

Benares Hotels Ratios

# Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 65.97 69.08 70.97 64.89 51.16 49.87 67.1 81.63 -40.22 43.48 179.85
CEPS(Rs) 79.86 83.71 91.53 85.38 86.92 81.97 107.32 130.72 13.12 92.43 226.07
DPS(Rs) 20 20 20 20 15 15 15 7.5 0 10 20
Book NAV/Share(Rs) 285.93 331.61 378.51 443.39 470.48 502.38 551.56 602.41 555.65 598.75 767.5
Core EBITDA Margin(%) 34.94 34.11 33.6 29.34 27.36 23.82 29.25 32.61 1.62 29.11 38.74
EBIT Margin(%) 31.99 31.85 30.23 26.13 21.32 16.81 21.68 22.9 -24.64 16.77 33.91
Pre Tax Margin(%) 31.99 31.85 30.23 26.13 21.32 16.55 20.41 21.21 -28.75 15.47 33.52
PAT Margin (%) 21.88 20.79 19.56 16.8 13.42 13.67 14.62 16.68 -21.57 11.34 25.05
Cash Profit Margin (%) 26.48 25.2 25.23 22.11 22.8 22.47 23.38 26.7 7.04 24.11 31.49
ROA(%) 18.97 17.17 15.59 12.55 8.87 7.73 9.4 10.54 -5.34 6.08 21.71
ROE(%) 24.93 22.37 19.99 15.79 11.2 10.25 12.73 14.15 -6.95 7.53 26.33
ROCE(%) 36.44 34.27 30.89 24.55 17.79 12.13 17.6 18.16 -7.39 10.74 35.64
Receivable days 22.77 20.3 18.81 22.03 28.98 31.9 25.78 24.89 38.48 7.94 11.11
Inventory Days 8.84 8.17 8.52 8.45 8.55 9.23 7.74 6.7 14.13 5.95 3.98
Payable days 308.26 283.7 263.47 289.89 329.27 405.46 402.76 369.84 492.16 195.13 182.23
PER(x) 8.96 8.6 17.88 15.35 24.47 23.06 23.34 15.84 0 46.91 18.06
Price/Book(x) 2.07 1.79 3.35 2.25 2.66 2.29 2.84 2.15 2.3 3.41 4.23
Dividend Yield(%) 3.39 3.37 1.58 2.01 1.2 1.3 0.96 0.58 0 0.49 0.62
EV/Net Sales(x) 1.64 1.73 3.37 2.35 3.03 3.12 3.45 2.69 7.02 5.19 4.2
EV/Core EBITDA(x) 4.47 4.78 9.39 7.49 9.89 12.19 11.32 8.17 176.68 17.57 10.41
Net Sales Growth(%) 12.54 10.2 9.2 6.43 -1.26 -4.32 25.83 6.63 -61.91 105.62 87.25
EBIT Growth(%) 30.39 9.72 3.64 -8.01 -19.43 -24.56 62.26 12.66 -140.98 239.94 278.74
PAT Growth(%) 38.5 4.71 2.74 -8.57 -21.16 -2.52 34.55 21.66 -149.27 208.11 313.61
EPS Growth(%) 38.5 4.71 2.74 -8.57 -21.16 -2.52 34.55 21.66 -149.27 208.11 313.61
Debt/Equity(x) 0 0 0 0 0 0.08 0.07 0.07 0.08 0 0
Current Ratio(x) 1.81 1.92 1.65 3.03 2.99 0.8 0.57 0.64 0.47 1.36 3.56
Quick Ratio(x) 1.72 1.81 1.54 2.88 2.87 0.73 0.5 0.58 0.4 1.25 3.44
Interest Cover(x) 0 0 0 0 0 64.71 17.06 13.54 -5.99 12.89 86.07
Total Debt/Mcap(x) 0 0 0 0 0 0.03 0.02 0.03 0.03 0 0

Benares Hotels Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 62.57 62.57 62.57 62.57 62.57 62.57 62.57 62.57 62.57 62.57
FII 0 0 0 0 0 0 0 0 0 0.01
DII 0 0 0 0 0 0 0 0 0 0
Public 37.43 37.43 37.43 37.43 37.43 37.43 37.43 37.43 37.43 37.42
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company has delivered good profit growth of 30% CAGR over last 5 years
  • Debtor days have improved from 195.13 to 182.23days.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 9% over the last 3 years.
  • Stock is trading at 8.8 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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