(₹ Crores/10 Millions) APEEJAY SURRENDRA PARK HOTELS LTD Mar-25 << Latest available quarterly results

Narration Mar-15 Mar-16Mar-17 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Last 4 Quarters Total 10 Yrs TRENDS: 10Yr 7Yr 5Yr 3Yr TTM
Sales - - - 416 415 175 243 492 555 605 605 Sales Growth 8% 35% 0%
Operating Profit 0 0 0 82 82 15 44 160 186 197 197 OPM 26% 26% 29% 33% 32%
Operating Profit Margin (OPM%) 0% 0% 0% 20% 20% 9% 18% 32% 33% 32% 32% PAT Growth 29% -242% 0%
Other Income 0 0 0 10 11 (9) 10 14 13 25 25 75 Avg. PE 49.3 49.3 49.3 49.3 38.3
EBITDA 0 0 0 92 92 7 55 173 198 222 222 840
Interest 0 0 0 50 51 56 59 62 65 15 15 358
Income Statement
Depreciation 0 0 0 30 33 36 38 47 48 59 59 292 CMP 153
Profit before tax (PBT) 0 0 0 13 8 (85) (43) 64 85 148 148 P/E 38.3 EY>8 3% PEG**<1
Tax 0 0 0 2 (15) (10) (13) 17 19 63 63 Price to book value**<1
Tax% #DIV/0! #DIV/0!
#DIV/0! 19% -195% 12% 31% 26% 22% 43% 43% P/B 2.5 Price to Sales**<1.5
Net profit after tax (PAT) 0 0 0 11 23 (75) (30) 48 66 85 85 128 P/E*P/B 97.4 EV / EBITDA**
Net Profit Margin (NPM%) #DIV/0! #DIV/0!
#DIV/0! 3% 6% -43% -12% 10% 12% 14% 14% Div Yield 0.0% Current ratio
ROE >15% 0.0% #DIV/0!
#DIV/0! 3.6% 3.9% -13.1% -5.7% 9.0% 7.5% 6.9%
OCF/EBITDA >65% #DIV/0! #DIV/0!
#DIV/0! 110.7% 108.6% 385.0% 97.3% 99.3% 81.6% 68.4% 0.0%
Earnings Quality
ROIC >15% See in the screener
D/E <1 #DIV/0! #DIV/0! #DIV/0! 0.7 0.9 1.1 1.3 1.1 0.1 0.1
Cash from Operating Activity (CFO) - - - 102 100 26 53 172 162 152 CFO 768 Market Cap 3,254 SSGR & FCF main 2 pillers of
Capex {(NFA+WIP) change+Dep} - - 1,126 128 18 25 101 81 58 Capex 1,537 MOS
Cash Flow Analysis
FCF 0 0 (1,024) (28) 9 28 71 81 94 FCF (769) 128 Total Retained Earnings (RE) in 10 Yrs (A)
Total Debt (D) - - - 441 552 608 646 610 93 158 FCFE (Post Int. exp.) (1,128) 3,254 Total increase in Mcap in 10 yrs (B)
Balance sheet Analysis Share Capital - - - 17 17 17 17 17 21 21 Total Div 10 Yrs - 25.50 Value created per INR of RE (B/A)
Dividend Paid (Div) Without DDT - - - - - - - - - - Inc. in Debt in 10Yrs 158
Cash Flow Analysis Cash + Investments (CI +NCI) 0 0 0 4 10 7 7 14 54 74 Cash+Investments 74 0 Closing share price on March 31, 10 years back
FCF/CFO -100%
Return Ratio Analysis Self-Sustainable Growth Rate (SSGR) #DIV/0! #DIV/0! -8% -7% -8% -3% 1% Interest Outgo 364
Change in 10 Yrs
Trade Receivables - - - 26 20 18 18 25 32 36 (36)
Inventory - - - 14 11 10 10 13 15 111 (111)

PBT/Avg. NFA (<10%,>25%) #DIV/0! #DIV/0! 2% 1% -7% -4% 6% 7% 12%

ROE on Avg Equity (<7%,>25%) #DIV/0! #DIV/0! 4% 4% -13% -6% 9% 8% 7%
Return Ratio Analysis
ROCE (EBIT on Avg CE/TA) (<10%,>35%) #DIV/0! #DIV/0! 5% 5% -2% 1% 10% 11% 11%
Incremental ROE 3Yr Rolling #DIV/0! 221% -220% 99% -30% -246% 137%

Net Fixed Asset Turnover (High is better) #DIV/0! #DIV/0! 0.78 0.37 0.15 0.21 0.43 0.47 0.51
Receivables days (Low is better) #DIV/0! #DIV/0! 23 20 40 27 16 19 20
Operating η Analysis
Inventory Turnover (High is better) #DIV/0! #DIV/0! 30.4 33.3 16.8 25.3 43.3 39.7 9.6
Working capital cycle days (Rec + Inv Days) #DIV/0! #DIV/0! 35 31 62 41 24 28 58

Net Fixed Assets (NFA) 0 0 0 1,065 1,163 1,146 1,131 1,182 1,205 1,191
Balance sheet Analysis
Capital Work in Progress (CWIP) 0 0 0 31 28 27 29 32 41 54

Dividend Paid (Div) Without DDT - - - - - - - - - - 0 Div Growth

Dividend Payout (Div/PAT) #DIV/0! #DIV/0! #DIV/0! 0% 0% 0% 0% 0% 0% 0%
Div payout models 1.Traditional Retained Earnings (RE=PAT-Div) 0 0 0 11 23 (75) (30) 48 66 85
model 2.Walter model Price to earning #DIV/0! #DIV/0! #DIV/0! - - - - - 61.7 36.8
3.Gordon's Model Mcap - - - - - - - - 4,061 3,125 3,254
Cash + Investments (CI +NCI) 0 0 0 4 10 7 7 14 54 74 74

Total Debt (D) - - - 441 552 608 646 610 93 158 Debt -22% -37% 70%
Total Equity (E) 0 0 0 588 610 537 507 554 1,193 1,281 Book Value 16% 36% 7%
Balance sheet Analysis Debt to Equity ratio (D/E) #DIV/0! #DIV/0! #DIV/0! 0.7 0.9 1.1 1.3 1.1 0.1 0.1
Cost of funds 12.0%
Interest outgo (Rs. Cr.) 0 0 26 60 70 75 75 42 15 364
Interest Coverage (OP/Int. Out) #DIV/0! #DIV/0! 3.1 1.4 0.2 0.6 2.1 4.4 13.1

Mar-15 Mar-16 Mar-17 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Total 10 Yrs
Cash from Operating Activity (CFO) - - - 102 100 26 53 172 162 152 768
Cash from Investing Activity (CFI) 0 0 0 (60) (97) (24) (19) (41) (103) (185) (528)
Cash from Financing Activity (CFF) 0 0 0 (47) 3 (5) (34) (124) (36) 6 (238)
Net Cash Flow (CFO+CFI+CFF) 0 0 0 (4) 6 (3) (0) 7 23 (27) 2
Cash & Eq. at the end of year 0 0 0 4 10 7 7 14 54 20

Total Retained Earnings (RE) in 10 Yrs (A) 128

Total increase in Mcap in 10 yrs (B) 3,254
Value created per INR of RE (B/A) 25.50

Costs as % of Sales
Raw Material #DIV/0! #DIV/0! #DIV/0! 16% 0% 0% 14% 0% 0% 13%
Power & Fuel #DIV/0! #DIV/0! #DIV/0! 9% 8% 10% 9% 7% 7% 0%
Employee Costs #DIV/0! #DIV/0! #DIV/0! 19% 22% 31% 26% 20% 20% 23%
Selling & Admin Costs #DIV/0! #DIV/0! #DIV/0! 25% 22% 23% 18% 16% 16% 0%
Other Manufacturing Expenses #DIV/0! #DIV/0! #DIV/0! 23% 23% 23% 5% 23% 22% 0%
Other Expenses #DIV/0! #DIV/0! #DIV/0! -12% 5% 4% 10% 2% 1% 32%
Source: Screener.in

Increse in price Pass on the to customer

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Operating Profit Margin (OPM%) Raw Material