Scheduleforming part of the Balance Sheet - Domain-b

The Indian Hotels Company Limited
14
DIRECTORS’ REPORT
TO THE MEMBERS
The Directors have pleasure in presenting the 107 th Annual Report of the Company together with its Audited Profit and Loss
Account for the year ended March 31, 2008 and the Balance Sheet as on that date:
FINANCIAL RESULTS
Particulars 2007/08
Rs/Crores
2006/07
Total Income 1823.16 1617.31
Profit before Depreciation, Interest and Tax 760.23 637.97
Less: Depreciation 85.48 91.44
Less: Interest 94.28 71.89
Profit before tax 580.47 474.64
Less: Provision for tax 198.91 152.25
Less: Short Provision of Tax of earlier years (Net) 4.10 -
Profit after tax 377.46 322.39
Add: Balance brought forward from the previous year 331.33 156.80
Profit before Appropriations
APPROPRIATIONS
708.79 479.19
(i) General Reserve 38.00 35.00
(ii) Dividend:
An interim dividend of 190% i.e. Re. 1.90/- per Ordinary Share
was declared by the Board of Directors on 15th April, 2008
and paid to Members on the Record date ‘April 23, 2008’.
(In respect of the previous year, a dividend of 160% i.e.
Re. 1.60/- per Ordinary Share was declared and paid to the Members) 114.54 96.46
Tax on Dividend 19.47 16.40
(iii) Balance carried to Balance Sheet 536.78 331.33
708.79 479.19
INCOME
The total income for the year ended March 31, 2008 at Rs. 1,823.16 crores was higher than that of the previous year by 13%.
Room Income was higher than the previous year by 16%. The Average Room Rate (ARR) increased by 16% over the previous
year, contributing significantly to the total increase in room income.
Food & Beverage (F&B) income was 12% higher than the previous year. Banquets income grew by 16% over the previous year.
INTEREST AND DEPRECIATION
Interest cost was higher at Rs. 94.28 crores for the year ended March 31, 2008 as compared to Rs. 71.89 crores in the previous year
consequent to complete utilization of FCCB proceeds and incremental debt to fund acquisition of Campton Place in San Francisco,
USA.
Depreciation for the year was lower due to one time charge on leased assets taken in the previous year.