Indian Hotel Industry Industry waiting out one of the longest down-cycle

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Indian Hotel Industry Industry waiting out one of the longest down-cycle"

Transcription

1 Indian Hotel Industry Industry waiting out one of the longest down-cycle ICRA RESEARCH SERVICES Corporate Ratings Contacts: Subrata Ray PavethraPonniah Shreekiran Rao Jaganathan A January 2015

2 Overview- Industry waiting out the longest down-cycle Industry outlook remains subdued given the anticipated demand-supply gap over the next months Stable to marginally improving occupancies indicate demand growth of around 10% during ; however this trend appears to be geographically concentrated in specific cities like Mumbai Rate integrity continues to be weak as witnessed during the past 18 months; Average Room Rates (ARRs) touch new lows on a month-on-month basis with a steady Rs discount to previous year, although the discount appears to be narrowing DEMAND: Easing visa and policy norms to support inbound demand even as a weaker global economy curtails traveller budget Domestic demand continues to grow at a healthy pace both from the leisure and business traveller; however the global volatile economic scenario makes demand forecasting and pricing the room inventory a difficult task Although easing visa norms and the GoI s focus on Tourism lend credence to a demand pick up in coming months, inbound tourism will be impacted by global economic weakness. The devaluing Rouble and soft oil prices have already hit inbound travellers from oil economies like Russia Outbound tourism continues to grow indicating lost domestic revenue SUPPLY: Premium room supply pipeline continues to be strong: 6,500 rooms to be added during as against 6,800 last fiscal This section details the city and property wise supply addition over the next five years for twelve cities based on the updated status of construction India has over 29,000 premium rooms under construction currently- to be launched over the next six years. Over 30% of this supply is targeted at the National Capital region (NCR). ANALYSIS: Breakeven Revenue per Available Room (RevPAR) stable through the down cycle despite the inflationary environment Despite the inflationary environment and a largely fixed cost business model, luxury hotels have maintained stable breakeven (at the EBITDA level) RevPARs of Rs. 4,200-4,350 between and indicating significant cost control and a lean operating model OUTLOOK: unlikely to post a positive surprise We expect revenues during Q3, to grow by 5-6% aided by modest improvement in occupancies and growing F&B income. While y-o-y operating margins are expected to be stable at 26-27%, operating profit before taxes (OPBT) is likely to fall (y-o-y) marginally to 3% due to higher depreciation and interest charges. ICRA maintains its subdued outlook and growth estimations for the industry at a muted 7-9% during with flat ARRs and 2%-4% uptick in occupancies. FEATURE: Tax burden on Indian hotels This section details the entire gamut of taxes hotels located in India face with an analysis covering the differential tax rates/structures across states An analysis of the top eight hotel markets indicates that the effective taxation varies- the highest is Tamil Nadu at 23.3%, while it is the lowest is Goa at 16.9% Implications of Goods & Service Tax (GST) FEATURE: The Mumbai Hotel market This section details the city s demand drivers, current supply, supply pipeline, status of construction (supported by photographs) and ICRA s projections for estimated operational metrics (Average Room Rates (ARR) and occupancy) over the next three years Page 2

3 Subscribe to the full report for the following or more I. Hotel industry trends - ARR and occupancy trends of Indian hotel markets - Demand trends in the hospitality sector - Update on supply in key cities - Breakeven RevPAR analysis for the premium hotels in India - Update on annual and quarterly performance of India hotel sector II. III. IV. Outlook for India Hotel industry for and beyond FEATURE: Tax Burden on Hotels in India FEATURE: The Mumbai Hotel Market V. Brief coverage of following hotel companies - Asian Hotels (West) Limited - EIH Limited - Hotel Leelaventures Limited - Oriental Hotels Limited - Speciality Restaurants Limited - Taj GVK Hotels & Resorts Limited - The Indian Hotels Company Limited - Thomas Cook (India) Limited VI. Annexure: ICRA s Ratings in the Hotels industry Page 3

4 CORPORATE OFFICE Building No. 8, 2nd Floor, Tower A, DLF Cyber City, Phase II, Gurgaon Ph: , Fax; REGISTERED OFFICE 1105, Kailash Building, 11 th Floor, 26, Kasturba Gandhi Marg, New Delhi Tel: Fax: MUMBAI Mr. L. Shivakumar Mobile: rd Floor, Electric Mansion, Appasaheb Marathe Marg, Prabhadevi, Mumbai Ph : /01 Fax : GURGAON Mr. Vivek Mathur Mobile: Building No. 8, 2nd Floor, Tower A, DLF Cyber City, Phase II, Gurgaon Ph: , Fax; Please contact ICRA to get a copy of the full report CHENNAI Mr. Jayanta Chatterjee Mobile: Mr. Leander Rayen Mobile: th Floor, Karumuttu Centre, 498 Anna Salai, Nandanam, Chennai Tel: , /9659/8080 Fax: KOLKATA Ms. Vinita Baid Mobile: A-10 & 11, 3rd Floor, FMC Fortuna, 234/ 3A, A.J.C. Bose Road, Kolkata Tel: / 8839, , Fax: AHMEDABAD Mr. Animesh Bhabhalia Mobile: & 908 Sakar -II, Ellisbridge, Ahmedabad Tel: /2008/5494, Fax: HYDERABAD Mr. M.S.K. Aditya Mobile: , CONCOURSE, 3rd Floor, No , Ameerpet, Hyderabad Tel: , Fax: PUNE Mr. L. Shivakumar Mobile: A, 5th Floor, Symphony, S. No. 210, CTS 3202, Range Hills Road, Shivajinagar, Pune Tel : , /196, Fax : BANGALORE Mr. Jayanta Chatterjee Mobile: 'The Millenia', Tower B, Unit No. 1004, 10th Floor, Level 2, 12-14, 1 & 2, Murphy Road, Bangalore Tel: , Fax: Page 4

5 ICRA Limited CORPORATE OFFICE Building No. 8, 2 nd Floor, Tower A; DLF Cyber City, Phase II; Gurgaon Tel: ; Fax: Website: REGISTERED OFFICE 1105, Kailash Building, 11 th Floor; 26 Kasturba Gandhi Marg; New Delhi Tel: ; Fax: Branches: Mumbai: Tel.: + (91 22) /01, Fax: + (91 22) Chennai: Tel + (91 44) /9659/8080, / 3293/3294, Fax + (91 44) Kolkata: Tel + (91 33) / / / , Fax + (91 33) Bangalore: Tel + (91 80) /4049 Fax + (91 80) Ahmedabad: Tel + (91 79) /5049/2008, Fax + (91 79) Hyderabad: Tel +(91 40) /7251, Fax + (91 40) Pune: Tel + (91 20) /95/96, Fax + (91 20) Copyright, 2015 ICRA Limited. All Rights Reserved. All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable. Although reasonable care has been taken to ensure that the information herein is true, such information is provided 'as is' without any warranty of any kind, and ICRA in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. Also, ICRA or any of its group companies, while publishing or otherwise disseminating other reports may have presented data, analyses and/or opinions that may be inconsistent with the data, analyses and/or opinions presented in this publication. All information contained herein must be construed solely as statements of opinion, and ICRA shall not be liable for any losses incurred by users from any use of this publication or its contents. Page 5

INDIAN RETAIL INDUSTRY: An Update

INDIAN RETAIL INDUSTRY: An Update INDIAN RETAIL INDUSTRY: An Update Relaxation of FDI norms for the Indian Retail Sector a positive; albeit implementation challenges persist June 2016 Fver In an environment where the global retailers are

More information

Indian General Insurance Industry

Indian General Insurance Industry ICRA RATING FEATURE Financial ICRA RATING Sector FEATURE Ratings Indian General Insurance Industry Industry Outlook and Performance Review Contacts: Karthik Srinivasan +91 22 6179 6365 karthiks@icraindia.com

More information

Indian Mortgage Finance Market Updated for Q1-FY16

Indian Mortgage Finance Market Updated for Q1-FY16 ICRA RESEARCH SERVICES Financial ICRA RATING FEATURE Sector Ratings Indian Mortgage Finance Market Updated for Q1-FY16 Performance Review of Housing Finance Companies and Industry Outlook Contacts: Vibha

More information

Akums Drugs & Pharmaceuticals Limited

Akums Drugs & Pharmaceuticals Limited Akums Drugs & Pharmaceuticals Limited Instrument Amount (Rs. Crore) Rating Action Term Loans 30.00 (enhanced from 3.10) [ICRA]A+ (stable) assigned Cash Credit Facilities 125.00 (reduced from 145.00) [ICRA]A+

More information

Indian Gold Jewellery Retail Industry

Indian Gold Jewellery Retail Industry Indian Gold Jewellery Retail Industry Proposed launch of Gold Bond Scheme and Gold Monetization Scheme is expected to have a moderately positive effect on reducing gold imports over the medium term; impact

More information

Indian Two-Wheeler Industry

Indian Two-Wheeler Industry The si ICRA RESEARCH SERVICES Indian Two-Wheeler Industry Corporate Ratings Anjan Deb ICRA Ghosh RATING FEATURE +91 22 6179 6392 aghosh@icraindia.com Contacts: Subrata Ray +91 22 6179 6386 subrata@icraindia.com

More information

Indian Two-Wheeler Industry

Indian Two-Wheeler Industry The si ICRA RESEARCH SERVICES Corporate Ratings Anjan Deb ICRA Ghosh RATING FEATURE +91 22 6179 6392 aghosh@icraindia.com Indian Two-Wheeler Industry Contacts: Subrata Ray +91 22 6179 6386 subrata@icraindia.com

More information

ICICI Bank Limited. Sep 2025 Apr 2020 Dec 2019 Apr 2019. Apr 2019 Apr 2013 Jan 2018 LAAA LAAA LAAA

ICICI Bank Limited. Sep 2025 Apr 2020 Dec 2019 Apr 2019. Apr 2019 Apr 2013 Jan 2018 LAAA LAAA LAAA ICICI Bank Limited Rating History Amount Outstanding (Rs. crore) as on September 30, 2010 Maturity Date Rating Outstanding Previous Ratings Dec 2010 May 2010 Dec 2009 Rs 1000 crore Unsecured Redeemable

More information

CBay Systems (India) Private Limited

CBay Systems (India) Private Limited CBay Systems (India) Private Limited Rating History Amount Outstanding Rating Outstanding Previous Ratings - February 2010 - - Rs. 216.5 million, term loans - LBBB- - - Rs. 10.0 million, long term, fund

More information

Wind Energy Sector: Re-introduction of Accelerated Depreciation benefit remains a key Fver

Wind Energy Sector: Re-introduction of Accelerated Depreciation benefit remains a key Fver Wind Energy Sector: Re-introduction of Accelerated Depreciation benefit remains a key positive Fver for the sector, though concerns on RPO compliance continue Summary February 2015 ICRA RESEARCH SERVICES

More information

TELECOM SECTOR. Telecom Sector: Trends & Outlook ICRA RATING FEATURE. Contacts: +91 124 4545 307 ICRA LIMITED 1

TELECOM SECTOR. Telecom Sector: Trends & Outlook ICRA RATING FEATURE. Contacts: +91 124 4545 307 ICRA LIMITED 1 TELECOM SECTOR F February 2015 Spectrum Auctions Incumbents to consolidate position; Debt metrics to deteriorate Fver Case for Payment Banks January 2015 ICRA RATING FEATURE Contacts: Sabyasach i Maju

More information

INDIAN BROKERAGE INDUSTRY

INDIAN BROKERAGE INDUSTRY ICRA RESEARCH SERVICES INDIAN BROKERAGE INDUSTRY Financial Sector Ratings ICRA RATING FEATURE Contacts: Karthik Srinivasan +91 22 6179 6365 karthiks@icraindia.com Vibha Batra +91 124 4545 302 vibha@icraindia.com

More information

Energy Equipments. Plot No: 5208, Phase IV, G.I.D.C. Vatva, T-1 Road (Towards Ramol), Ahmedabad- 382445 Profit sharing Ratio Mr.

Energy Equipments. Plot No: 5208, Phase IV, G.I.D.C. Vatva, T-1 Road (Towards Ramol), Ahmedabad- 382445 Profit sharing Ratio Mr. Fact Sheet Grading Drivers Energy Equipments ICRA has assigned a SP 4C grading 1 to Energy Equipments (EE), indicating the Weak Performance Capability and Moderate Financial Strength of the channel partner

More information

INDIAN BROKERAGE INDUSTRY

INDIAN BROKERAGE INDUSTRY ICRA RESEARCH SERVICES INDIAN BROKERAGE INDUSTRY Industry on its way to recovery; Rise in retail participation remains the key Financial Sector Ratings ICRA RATING FEATURE Contacts: Karthik Srinivasan

More information

ICICI Bank Limited. For complete rating scale and definitions please refer to ICRA s website or other ICRA rating publications

ICICI Bank Limited. For complete rating scale and definitions please refer to ICRA s website  or other ICRA rating publications ICICI Bank Limited Rating of [ICRA] AAA (pronounced ICRA triple A) with stable outlook has been assigned to the fresh Rs. 4000 crore Unsecured Redeemble Bonds of ICICI Bank Limited (IBL). ICRA has also

More information

Indian Mining and Construction Equipment Industry Demand revival still appears couple of quarters away

Indian Mining and Construction Equipment Industry Demand revival still appears couple of quarters away ICRA RESEARCH SERVICES Indian Mining and Construction Equipment Industry Demand revival still appears couple of quarters away Corporate Ratings Contacts: Subrata Ray +91 22 6169 3300 subrata@icraindia.com

More information

Durga Solar Enterprise

Durga Solar Enterprise Fact Sheet Grading Drivers Durga Solar Enterprise ICRA has assigned SP 3C grading * to Durga Solar Enterprise indicating the Moderate Performance Capability and Moderate Financial Strength of the channel

More information

Indian Steel Industry

Indian Steel Industry ICRA RESEARCH SERVICES Corporate Ratings Jayanta Roy +91 33 7150 1120 jayanta@icraindia.com Indian Steel Industry Safeguard duty likely to have a limited impact on domestic prices Priyesh Ruparelia +91

More information

INDIAN BROKERAGE INDUSTRY

INDIAN BROKERAGE INDUSTRY ICRA RESEARCH SERVICES INDIAN BROKERAGE INDUSTRY Financial Sector Ratings ICRA RATING FEATURE Contacts: Karthik Srinivasan +91 22 6179 6365 karthiks@icraindia.com Vibha Batra +91 124 4545 302 vibha@icraindia.com

More information

SREI Equipment Finance Private Limited

SREI Equipment Finance Private Limited SREI Equipment Finance Private Limited RATING HISTORY Rs. 15 billion, short-term debt programme Amount Outstanding Maturity Rating Outstanding Previous Ratings Mar-10 (in Rs. million) May-2010 September-

More information

ICICI Bank Limited. Amount Outstanding (Rs. crore) as on September 30, 2011

ICICI Bank Limited. Amount Outstanding (Rs. crore) as on September 30, 2011 ICICI Bank Limited Amount Outstanding (Rs. crore) as on September 30, 2011 Maturity Date Rating action Rs 1000 crore Unsecured Redeemable Bonds (Long- Term) To be placed Long-Term Subordinate Bonds (Lower

More information

New Capital Adequacy Framework under Basel II Guidelines

New Capital Adequacy Framework under Basel II Guidelines New Capital Adequacy Framework under Basel II Guidelines ICRA s Line of Credit Rating Products ICRA Limited An Associate of Moody's Investors Service www.icra.in ABOUT ICRA ICRA Limited (formerly Investment

More information

Power Finance Corporation Limited

Power Finance Corporation Limited Power Finance Corporation Limited Rating History Instrument Rs. 43500 crore ( enhanced from 27,500 cror Long Term Borrowing Programme 20- #$ Rs. 5000 crore (enhanced from Rs. 3,000 cror Short Term Borrowing

More information

Indian Automobile Industry

Indian Automobile Industry Indian Automobile Industry CCI s proposed penalty on Passenger Vehicle OEMs not materially credit negative Special Comment September 2014 ICRA RESEARCH SERVICES ICRA Comments Corporate Ratings Anjan Deb

More information

GMR Hotels and Resorts Limited

GMR Hotels and Resorts Limited GMR Hotels and Resorts Limited ICRA has assigned an LBBB(SO) (pronounced as L Triple B Structured Obligation) rating to the Rs. 140 crore term loan programme of GMR Hotels and Resorts Limited (GHRL). The

More information

Indian Mortgage Finance Market Updated for H1-FY16

Indian Mortgage Finance Market Updated for H1-FY16 \ RESEARCH SERVICES Financial Sector Ratings Indian Mortgage Finance Market Updated for H1-FY16 Performance Review of Housing Finance Companies and Industry Outlook Contacts: Vibha Batra +91 124 4545 302

More information

IFMR Capital Finance Private Limited

IFMR Capital Finance Private Limited IFMR Finance Private Limited ICRA has upgraded/reaffirmed the ratings of PTCs (Pass Through Certificates) in case of 4 transactions backed by Multi-Originator micro loan pools. The rating upgrade reflects

More information

ICRA rates India s first Basel III compliant Tier I Bond programme

ICRA rates India s first Basel III compliant Tier I Bond programme FOR IMMEDIATE RELEASE December 30, 2013 ICRA rates India s first Basel III compliant Tier I Bond programme ICRA has assigned a rating of [ICRA]A(hyb) 1 with stable outlook to the Basel III compliant Rs

More information

Claims Paying Ability Ratings for General Insurance Companies

Claims Paying Ability Ratings for General Insurance Companies Claims Paying Ability Ratings for General Insurance Companies ICRA's Claims Paying Ability Ratings (CPRs) for general insurance companies are opinions on their ability to honour policy-holder claims and

More information

CORPORATE CREDIT RATINGS A Note on Methodology

CORPORATE CREDIT RATINGS A Note on Methodology October 2009 ICRA Rating Feature CORPORATE CREDIT RATINGS A Note on Methodology The basic objective of credit rating is to provide an opinion on the relative credit risk associated with the instrument

More information

GODREJ INDUSTRIES LIMITED

GODREJ INDUSTRIES LIMITED Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Fundamental Assessment ICRA EQUITY RESEARCH SERVICE GODREJ INDUSTRIES LIMITED Q2, FY12 Results Update Industry: Diversified November 14, 2011 Strong operating

More information

Indian Telecommunication Equipment Market- Opportunities for US Companies

Indian Telecommunication Equipment Market- Opportunities for US Companies Indian Telecommunication Equipment Market- Opportunities for US Companies Overview With more than 638 million-line telephone network (fixed plus cellular) India is among the top 4 networks in the world.

More information

Online Travel Agents: Boon or bane?

Online Travel Agents: Boon or bane? Online Travel Agents: Boon or bane? ICRA RESEARCH SERVICES Contacts: Subrata Ray +91 22 6114 3408 subrata@icraindia.com Pavethra Ponniah +91 44 4596 4314 pavethrap@icraindia.com Shreekiran Rao +91 22 6169

More information

New SEBI guidelines on sectoral investment caps for funds could impact funding costs for HFCs and NBFCs adversely

New SEBI guidelines on sectoral investment caps for funds could impact funding costs for HFCs and NBFCs adversely October 2012 ICRA RATING FEATURE OCT 2012 New SEBI guidelines on sectoral investment caps for funds could impact funding costs for HFCs and NBFCs adversely ICRA Rating Feature Contacts Karthik Srinivasan

More information

Rating Methodology for Fast Moving Consumer Goods Industry

Rating Methodology for Fast Moving Consumer Goods Industry October 2015 ICRA Rating Methodology ICRA RATING FEATURE Rating Methodology for Fast Moving Consumer Goods Industry Overview The following note identifies the key factors considered by ICRA in assessing

More information

ICRA. Group ICRA. Enhancing Business Value through Intellectual Leadership

ICRA. Group ICRA. Enhancing Business Value through Intellectual Leadership ICRA Enhancing Business Value through Intellectual Leadership Group ICRA Credit Rating, Grading Equity Research Management Consulting Software Solutions and Services Knowledge Process Outsourcing Research

More information

Revised coal price mechanism: Sponge Iron, Cement units expected to be significantly affected; impact on power sector likely to be mixed

Revised coal price mechanism: Sponge Iron, Cement units expected to be significantly affected; impact on power sector likely to be mixed January 2012 ICRA Rating Feature Revised coal mechanism: Sponge Iron, Cement units expected to be significantly affected; impact on power sector likely to be mixed Contacts Anjan Ghosh aghosh@icraindia.com

More information

Quarterly Report. For the Quarter ended December 2014

Quarterly Report. For the Quarter ended December 2014 Quarterly Report For the Quarter ended December 2014 As on 31 December, 2014 Section I Economic & Real Estate Current Status A key development during the last few months has been the ~55% decline in international

More information

ICRA RESEARCH SERVICES. INDIAN PHARMACEUTICAL INDUSTRY New Pricing Policy: An Update

ICRA RESEARCH SERVICES. INDIAN PHARMACEUTICAL INDUSTRY New Pricing Policy: An Update ICRA RESEARCH SERVICES Corporate Ratings Subrata Ray +91 22 3047 0027 subrata@icraindia. com Shamsher Dewan +91 124 4545 328 shamsherd@icraindia. com INDIAN PHARMACEUTICAL INDUSTRY New Pricing Policy:

More information

Impact of Increased Competition on Mobile Service Industry

Impact of Increased Competition on Mobile Service Industry November 2009 Impact of Increased Competition on Mobile Service Industry Contacts: Anjan Ghosh aghosh@icraindia.com +91-22-30470006 Vikas Aggarwal vikas@icraindia.com +91-124-4545301 Manita Singh manitas@icraindia.com

More information

Corporates. Hotel Industry. Stress Levels Rising, Investments Stalled. Gaming, Lodging and Leisure. Special Report

Corporates. Hotel Industry. Stress Levels Rising, Investments Stalled. Gaming, Lodging and Leisure. Special Report Gaming, Lodging and Leisure Stress Levels Rising, Investments Stalled Special Report No Signs of Revival: India Ratings & Research (Ind-Ra) expects hotel companies to continue to face muted revenue growth,

More information

PLUNGE IN CRUDE OIL PRICES: IMPACT ANALYSIS

PLUNGE IN CRUDE OIL PRICES: IMPACT ANALYSIS Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 US$/bbl ICRA

More information

...and at the same time adversely impacting the profitability of Upstream gas producers

...and at the same time adversely impacting the profitability of Upstream gas producers ICRA Rating Feature October 2015 Second consecutive reduction in domestic gas price: Positive for user industries, however dampener for gas production Analyst Contacts K. Ravichandran ravichandran@icraindia.com

More information

The Return of Depression Economics By Paul Krugman: W.W. Norton & Company, New York, 1999

The Return of Depression Economics By Paul Krugman: W.W. Norton & Company, New York, 1999 The Return of Depression Economics By Paul Krugman: W.W. Norton Company, New York, 1999 I C R A B U L L E T I N RAJA J. CHELLIAH This book by the well-known M.I.T. Professor of Economics, written with

More information

City Wise Client Participation List

City Wise Client Participation List City Wise Client Participation List Branch Name Ahmedabad Institute Name Study Group-Australia & UTS : Insearch Total number of participants 15 Bangalore Bond Univevrsity Study Group-Australia and Charles

More information

Payroll Services. kpmg.com/in

Payroll Services. kpmg.com/in Payroll Services kpmg.com/in Payroll is a very important function for any organization after all, it determines the take home pay of its employees! Due to its sheer sensitivity, it is a service with no

More information

Ahmedabad. Bangalore. Chandigarh. Charles Sturt University Curtin University CQUniversity Deakin University James Cook University - Brisbane

Ahmedabad. Bangalore. Chandigarh. Charles Sturt University Curtin University CQUniversity Deakin University James Cook University - Brisbane Branch Ahmedabad Bangalore Chandigarh Cities Curtin University Chennai Coimbatore Curtin University Delhi Hyderabad Australian Catholic University Kochi Kolkata Ludhiana Curtin University Mumbai Pune Vadodara

More information

NEW CERC REGULATIONS TO ENCOURAGE INVESTMENT, EFFICIENCY IN POWER SECTOR

NEW CERC REGULATIONS TO ENCOURAGE INVESTMENT, EFFICIENCY IN POWER SECTOR ICRA Rating Feature January 2009 NEW CERC REGULATIONS TO ENCOURAGE INVESTMENT, EFFICIENCY IN POWER SECTOR Contact Anjan Ghosh Head, Corporate Ratings aghosh@icraindia.com +91-22-30470006 Sabyasachi Majumdar

More information

Calculating expected return on investment using Capital Asset Pricing Model

Calculating expected return on investment using Capital Asset Pricing Model Calculating expected return on investment using Capital Asset Pricing Model Calculating expected return on investment using Capital Asset Pricing Model Introduction: In a valuation exercise, the discounting

More information

Roadmap for Ind-AS implementation

Roadmap for Ind-AS implementation Tax Insights from India Tax & Regulatory Services Roadmap for Ind-AS implementation January 7, 2015 In brief In his maiden Budget speech, the Finance Minister indicated that the Indian Accounting Standards

More information

An overview. Ind AS: India s accounting standards converged with the IFRS are here!

An overview. Ind AS: India s accounting standards converged with the IFRS are here! An overview Ind AS: India s accounting standards converged with the IFRS are here! Notification of Rules for Ind AS implementation Consistent with its January 2015 announcement, the Ministry of Corporate

More information

KPMG Flash News 2 May 2011

KPMG Flash News 2 May 2011 KPMG IN INDIA KPMG Flash News 2 May 2011 TAX Short term capital gains arising from the transfer of depreciable assets held for more than 36 months under Section 50(2) of the Act can be set-off against

More information

Place of Provision of Service Rules

Place of Provision of Service Rules Place of Provision of Service Rules October 2012 Pratik Jain Partner, KPMG Framework Statutory provisions Section 66C read with section 94(2)(hhh) of Finance Act, 1994 Replacing Rules under erstwhile regime

More information

CBDT notifies rules for computation of fair market value and reporting requirements in relation to indirect transfer provisions

CBDT notifies rules for computation of fair market value and reporting requirements in relation to indirect transfer provisions 30 June 2016 CBDT notifies rules for computation of fair market value and reporting requirements in relation to indirect transfer provisions Section 9(1)(i) of the Income-tax Act, 1961 (the Act) provides

More information

Hotel Industry in India (2011-2015)

Hotel Industry in India (2011-2015) Brochure More information from http://www.researchandmarkets.com/reports/1948962/ Hotel Industry in India (2011-2015) Description: The Indian hospitality industry has emerged as one of the key industries

More information

KPMG Flash News 10 August 2011

KPMG Flash News 10 August 2011 KPMG IN INDIA KPMG Flash News 10 August 2011 TAX Expenditure incurred on in-house scientific research and development activity are deductible under Section 35(1)(i) or under Section 37(1) of the Income-tax

More information

East India Hotels (EIH) Ltd Growing Strategically

East India Hotels (EIH) Ltd Growing Strategically East India Hotels (EIH) Ltd Growing Strategically BSE Code 500840 NSE Code EIHOTEL Bloomberg Code EIH@IN Face Value 10 CMP Rs 224 Market Cap Rs 11.7bn (as on August 27th 2004) Share Holding Pattern Others

More information

Smruthi Organics Limited BSE Scrip Code: 590046

Smruthi Organics Limited BSE Scrip Code: 590046 Smruthi Organics Limited BSE Scrip Code: 590046 Pharmaceuticals September 21, 2012 Equity Statistics Current Market Price Rs. 218.1 52 Week High / Low Rs. 273.9 / 155 Market Capitalisation Rs. crores 83.2

More information

Indian Telecom Tower Industry: Consolidation Round the Corner

Indian Telecom Tower Industry: Consolidation Round the Corner Indian Telecom Tower Industry: Consolidation Round the Corner Contacts Anjan Ghosh aghosh@icraindia.com +91-22-30470006 Vikas Agarwal vikas@icraindia.com +91-124-4545300 Harsh Jagnani harshj@icraindia.com

More information

Sphere Global Services Limited

Sphere Global Services Limited Sphere Global Services Limited Date: 13 th January, 216 Stock Performance Details Shareholding Details September 215 Current Price : ` 3.95^ Face Value : ` 1 per share 52 wk High / Low : ` 9.35 / 31.1

More information

Sharing insights. News Alert 8 June, 2011

Sharing insights. News Alert 8 June, 2011 www.pwc.com/in Sharing insights News Alert 8 June, 2011 Reimbursement of salary costs to Group company pertaining to seconded employees is taxable as fee for included services. In brief In a recent ruling,

More information

Sharing insights. News Alert 9 February, 2012. Tax issues relating to assignment of keyman insurance policy to a keyman. In brief.

Sharing insights. News Alert 9 February, 2012. Tax issues relating to assignment of keyman insurance policy to a keyman. In brief. www.pwc.com/in Sharing insights News Alert 9 February, 2012 Tax issues relating to assignment of keyman insurance policy to a keyman In brief The Delhi High Court (HC), while considering a batch of appeals

More information

KPMG Flash News 13 October 2011

KPMG Flash News 13 October 2011 KPMG IN INDIA KPMG Flash News 13 October 2011 TAX Right to exercise an option to sell stock allotted under the Employee Stock Option Plan (held through a Trust) to be considered as a capital asset. Background

More information

Pharma MNCs focus on branded generics in India to drive growth

Pharma MNCs focus on branded generics in India to drive growth s focus on branded generics in India to drive growth Contacts Anjan Ghosh aghosh@icraindia.com +91-22-30470006 Subrata Ray subrata@icraindia.com +91-22-30470027 Gaurav Jain gaurav.jain@icraindia.com +91-20-25560195

More information

An ISO 9001 : 2008 Certified Company WINNING AND SUSTAINING CUSTOMER TRUST

An ISO 9001 : 2008 Certified Company WINNING AND SUSTAINING CUSTOMER TRUST An ISO 9001 : 2008 Certified Company WINNING AND SUSTAINING CUSTOMER TRUST. 15 YEARS OF INSURANCE BROKING WELCOME TO INDIA INSURE India s first Licensed Insurance Broker with a Team of 150 professionals

More information

KPMG Flash News 5 October 2011

KPMG Flash News 5 October 2011 KPMG IN INDIA KPMG Flash News 5 October 2011 TAX Reduction of Equity share capital without variation of shareholder s rights and without payment of any consideration to the shareholder is not subject to

More information

KPMG FLASH NEWS. Background. Facts of the case KPMG IN INDIA. 27 August 2012

KPMG FLASH NEWS. Background. Facts of the case KPMG IN INDIA. 27 August 2012 KPMG FLASH NEWS KPMG IN INDIA Buy-back of shares by an Indian company from a Mauritian company is not a tax avoidance scheme. Further there is no capital gain tax under India- Mauritius tax treaty 27 August

More information

Government issues clarifications in form of FAQs on one time compliance window scheme of the Black Money Taxation Act

Government issues clarifications in form of FAQs on one time compliance window scheme of the Black Money Taxation Act from India Tax & Regulatory Services Government issues clarifications in form of FAQs on one time compliance window scheme of the Black Money Taxation Act July 10, 2015 In brief The Black Money (Undisclosed

More information

Welcome to Apollo Munich Health Insurance Co. Ltd.

Welcome to Apollo Munich Health Insurance Co. Ltd. Welcome to Apollo Munich Health Insurance Co. Ltd. Factors Increase in Lifestyle Diseases Why Health Insurance? Urban spending in healthcare will increase due to a variety of factors Healthcare Spend in

More information

KPMG Flash News 7 July 2011

KPMG Flash News 7 July 2011 KPMG IN INDIA KPMG Flash News 7 July 2011 TAX Payment made for online banner advertisement on the portal of a foreign company is not taxable as royalty Recently, the Mumbai Bench of the Income-tax Appellate

More information

A REPORT ON HIRING ACTIVITY IN INDIA

A REPORT ON HIRING ACTIVITY IN INDIA A Naukri.com Report A NAUKRI.COM MAY 2016 REPORT A REPORT ON HIRING ACTIVITY IN INDIA by: Location, Industry and Experience TABLE OF CONTENTS Executive Summary... 4 Sectoral Analysis... 5 Functional Area

More information

RBI FINAL GUIDELINES ON SECURITISATION AND DIRECT ASSIGNMENT TRANSACTIONS TO ADVERSELY IMPACT VOLUMES IN THE NEAR TERM

RBI FINAL GUIDELINES ON SECURITISATION AND DIRECT ASSIGNMENT TRANSACTIONS TO ADVERSELY IMPACT VOLUMES IN THE NEAR TERM STRUCTURED FINANCE Rating Feature 7 ICRA RATING FEATURE May 2012 RBI FINAL GUIDELINES ON SECURITISATION AND DIRECT ASSIGNMENT TRANSACTIONS TO ADVERSELY IMPACT VOLUMES IN THE NEAR TERM Contacts Structured

More information

Capital gains arising from sale of shares of Sri Lankan Company are not taxable in India under India-Sri Lanka tax treaty

Capital gains arising from sale of shares of Sri Lankan Company are not taxable in India under India-Sri Lanka tax treaty KPMG FLASH NEWS KPMG IN INDIA Capital gains arising from sale of shares of Sri Lankan Company are not taxable in India under India-Sri Lanka tax treaty 13 August 2012 Background Recently, the Chennai Bench

More information

Share premium received on issue of shares is not taxable under the Incometax

Share premium received on issue of shares is not taxable under the Incometax KPMG FLASH NEWS KPMG IN INDIA Share premium received on issue of shares is not taxable under the Incometax Act 6 September 2013 14 August 2013 Background Recently, the Mumbai Bench of the Income-tax Appellate

More information

Cost Management for Sustainable Project Success

Cost Management for Sustainable Project Success Cost Management for Sustainable Project Success Creating Value based on Values Vincom Cost Management Pvt Ltd About Us Vincom Cost Management was established by Mr. Vinod Markanda, B Arch,PG in Town Planning,

More information

Q1 FY11 Analyst Presentation. 28 th July 2010

Q1 FY11 Analyst Presentation. 28 th July 2010 Q1 FY11 Analyst Presentation 28 th July 2010 1 SAFE HARBOUR This presentation contains certain forward looking statements concerning DLF s future business prospects and business profitability, which are

More information

India Solid Waste Management Vehicles Market Forecast and Opportunities, 2019

India Solid Waste Management Vehicles Market Forecast and Opportunities, 2019 Brochure More information from http://www.researchandmarkets.com/reports/2931908/ India Solid Waste Management Vehicles Market Forecast and Opportunities, 2019 Description: In India, municipal corporations

More information

Welcome to Apollo Munich Health Insurance Co. Ltd.

Welcome to Apollo Munich Health Insurance Co. Ltd. Welcome to Apollo Munich Health Insurance Co. Ltd. Factors Increase in Lifestyle Diseases Why Health Insurance? Urban spending in healthcare will increase due to a variety of factors Healthcare Spend in

More information

Sharing insights. News Alert 12 August 2013. HC holds in favour of expatriate taxpayers on taxability of several items. In brief. www.pwc.

Sharing insights. News Alert 12 August 2013. HC holds in favour of expatriate taxpayers on taxability of several items. In brief. www.pwc. www.pwc.in Sharing insights News Alert 12 HC holds in favour of expatriate taxpayers on taxability of several items In brief The Delhi High Court (HC) has recently delivered a judgement in the case of

More information

December 2008 Wireless network security landscape of India

December 2008 Wireless network security landscape of India Wireless security survey Wireless network security landscape of India December 28 Wireless network security landscape of India 1 Foreword Recent high-profile exploits of unsecured wireless networks in

More information

TAKE Solutions Ltd. Announces Results for the Quarter ended September 30, 2011

TAKE Solutions Ltd. Announces Results for the Quarter ended September 30, 2011 TAKE Solutions Ltd. Announces Results for the Quarter ended September 30, 2011 Chennai, India October 28, 2011 Highlights: Consolidated second quarter revenue grew to INR 1,709 million up 44.0% y-o-y Net

More information

Customisation of software amounts to production of computer program and entitled for benefit under Section 10B of the Income-tax Act

Customisation of software amounts to production of computer program and entitled for benefit under Section 10B of the Income-tax Act KPMG FLASH NEWS KPMG IN INDIA Customisation of software amounts to production of computer program and entitled for benefit under Section 10B of the Income-tax Act 29 March 2012 Background Recently, the

More information

Sharing insights. News Alert 8 June, 2012. Weighted deduction available for R&D expenditure incurred outside the approved facility;

Sharing insights. News Alert 8 June, 2012. Weighted deduction available for R&D expenditure incurred outside the approved facility; www.pwc.com/in Sharing insights News Alert 8 June, 2012 Weighted deduction available for R&D expenditure incurred outside the approved facility; Profit of tax holiday unit computed by considering actual

More information

Spectrum Insights. Time to float. Why invest in corporate bonds? - Value

Spectrum Insights. Time to float. Why invest in corporate bonds? - Value Spectrum Insights Damien Wood, Principal JUNE 25, 2015 Time to float Investing in floating rate bonds as opposed to fixed rate bonds helps protect bond investors from price slumps. Spectrum expects that

More information

Welcome to Apollo Munich Health Insurance Co. Ltd.

Welcome to Apollo Munich Health Insurance Co. Ltd. Welcome to Apollo Munich Health Insurance Co. Ltd. Factors Increase in Lifestyle Diseases Why Health Insurance? Urban spending in healthcare will increase due to a variety of factors Healthcare Spend in

More information

INDIAN TELEVISION BROADCASTING INDUSTRY: RECENT DEVELOPMENTS

INDIAN TELEVISION BROADCASTING INDUSTRY: RECENT DEVELOPMENTS INDIAN TELEVISION BROADCASTING INDUSTRY: RECENT DEVELOPMENTS QUARTERLY REVIEW JULY 2011 Summary A sample of television broadcasting companies selected by ICRA for the purpose of this study indicates a

More information

Rating Methodology for Auto Component Manufacturers

Rating Methodology for Auto Component Manufacturers June 2016 June 2016 ICRA Rating Feature Rating Methodology for This rating methodology updates and supersedes ICRA's earlier methodology note on the sector, published in August 2009. While this revised

More information

Attrition, Hiring and Salary Increase Study

Attrition, Hiring and Salary Increase Study Attrition, Hiring and Salary Increase Study Zinnov Management Consulting Pvt. Ltd. Nov 2013 Content Indian MNC R&D Landscape Attrition Hiring Salary increases Salary Levels (Location analysis) 2 Of the

More information

Brickwork Ratings B - S c h o o l a n d E n g i n e e r i n g C o le g e G r a d i n g

Brickwork Ratings B - S c h o o l a n d E n g i n e e r i n g C o le g e G r a d i n g Brickwork Ratings Brickwork Ratings PROMOTER / INVESTOR Strategic Partnership with a Hundred Year Old Bank APPROVED BY Wholly Owned by Reserve Bank of India with MOU 20 BANKS Governance Structure Infrastructure

More information

Management Policies of Nippon Express. March 2007

Management Policies of Nippon Express. March 2007 Management Policies of Nippon Express March 2007 1. Our Group's Business Framework 1. Our Group's Business Framework Nippon Express Group Overseas Japan Asia-Oceania Europe Americas Domestic transport

More information

Competition pipeline gas vs LNG in Europe

Competition pipeline gas vs LNG in Europe 17 th INTERNATIONAL CONFERENCE & EXHIBITION ON 17 th INTERNATIONAL CONFERENCE & EXHIBITION LIQUEFIED NATURAL GAS (LNG 17) ON LIQUEFIED NATURAL GAS (LNG 17) Competition pipeline gas vs LNG in Europe

More information

Welcome to Apollo Munich Health Insurance Co. Ltd.

Welcome to Apollo Munich Health Insurance Co. Ltd. Welcome to Apollo Munich Health Insurance Co. Ltd. Factors Increase in Lifestyle Diseases Why Health Insurance? Urban spending in healthcare will increase due to a variety of factors Healthcare Spend in

More information

Marsh India. Be Risk confident. Marsh Helps companies to optimize their approach to Managing Risk and insurance

Marsh India. Be Risk confident. Marsh Helps companies to optimize their approach to Managing Risk and insurance Marsh India Be Risk confident Marsh Helps companies to optimize their approach to Managing Risk and insurance Changing Reality of Risk Globalization, Terrorism, Litigation, Natural Catastrophes, Business

More information

List of Nodal Officers for Public Grievances in Public Sector Banks

List of Nodal Officers for Public Grievances in Public Sector Banks List of Nodal Officers for Public Grievances in Public Sector Banks S.No. Name of the Name and Contact Details of Nodal Officers Bank 1. Allahabad Bank Sri V.K.Chawla (IRM) Allahabad Bank, Head Office

More information

Welcome to Apollo Munich Health Insurance Co. Ltd.

Welcome to Apollo Munich Health Insurance Co. Ltd. Welcome to Apollo Munich Health Insurance Co. Ltd. Factors Increase in Lifestyle Diseases Why Health Insurance? Urban spending in healthcare will increase due to a variety of factors Healthcare Spend in

More information

BUDGET 2 16 Understanding the Business Impact

BUDGET 2 16 Understanding the Business Impact BUDGET 2 16 Understanding the Business Impact Impact on Foreign Portfolio Investors (FPIs) February 2016 www.deloitte.com/in The Finance Minister presented the Union Budget for the fiscal year 2016-17

More information

India Luxury Housing Market Analysis

India Luxury Housing Market Analysis Brochure More information from http://www.researchandmarkets.com/reports/2192697/ India Luxury Housing Market Analysis Description: India is blessed with one of the fastest growing real-estate markets

More information

Merger of ING Vysya Bank with Kotak Mahindra Bank

Merger of ING Vysya Bank with Kotak Mahindra Bank Merger of ING Vysya Bank with Mahindra Bank Significant Complementarity and Growth Potential Benefits To All Stakeholders November 20, 2014 The Transaction The Board of Directors of ING Vysya and have

More information

Consideration received for executing turnkey contract not taxable in India in absence of PE in India

Consideration received for executing turnkey contract not taxable in India in absence of PE in India from India Tax & Regulatory Services Consideration received for executing turnkey contract not taxable in India in absence of PE in India February 3, 2016 In brief In a recent decision in the case of a

More information

Grievance Management

Grievance Management APOLLO MUNICH HEALTH INSURANCE COMPANY LIMITED ApoIIo Munich HEALTH in R NC'L Grievance Management Procedural Code 2/16/2009 Contents Process & Organization Support... 3 Address of Corporate Office & Branch

More information