Fundamental Analysis of Companies in Hospitality Sector in India

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DECLARATION

This is to declare that I Amritpal Kaur Virk student of Universal Business School, Mumbai

(Karjat), PGDM batch 2015-2017, has given original data and information to the best of my knowledge

in the project report titled Fundamental Analysis of Companies in Hospitality Sector in India is a

record of independent work carried out by me under the guidance and supervision of the Prof. Siddhartha

Bose name towards the partial fulfilment of requirement for the PGDM course.

I also agree in principal not to share the vital information with any other person outside the

organization and that I have not submitted it for any award or any other title, degree or diploma.

Date: 29/08/2016

Place: Mumbai (Karjat)

Name: Amritpal Kaur Virk

Roll No: 1503

Specialization: Finance

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CERTIFICATE

This is to certify that the project entitled “Fundamental Analysis of Companies in Hospitality Sector in

India”, submitted to Universal Business School, Mumbai (Karjat) in the partial fulfilment of the

requirements for the award of the Post Graduate Diploma in Management (PGDM) embodies the results

of bonafide project work carried out by Amritpal Kaur Virk under my guidance and supervision.

To the best of my knowledge the results embodied in this project have not been submitted to any other

university or institute for the award of Degree or Diploma. The assistance and help received during the

course of this investigation has been duly acknowledged.

Project Guide: Prof. Siddhartha Bose Program Director (PGDM): Prof. Vijay Tandon

Date: 29/08/2016

Place: Mumbai (Karjat)

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ACKNOWLEDGEMENT

It gives me immense pleasure to present this Concurrent Project Report. However, it would not have

been possible without help and support of all the team members of Elara Securities Pvt. Ltd.

I would like to thank Mr. Sumant Kumar for guiding me in my tenure of internship on Fundamental

Analysis of Companies in Hospitality sector in India. Without his support and guidance I wouldn’t

have come so far to prepare this report.

I would like to express my thankfulness to Universal Business School, who has given me great

opportunity to work on this project.

I am also grateful to my loving parents and my kind friends whose prayers, affection and support are

always a source of encouragement. Their suggestions and supply of information were really very

valuable and helpful to me. Their continuous encouragement and support helped me for completing this

project successfully.

Amritpal Kaur Virk

Roll No.-PGDM2/1503

Specialization: Finance

Universal Business School, Mumbai (Karjat)

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TABLE OF CONTENTS

SERIAL

NO

PARTICULAR PAGE

NO

1 Executive Summary 6

2 Industry Profile 9

3 Company Profile 11

4 Work Flow Model 18

5 PESTEL and SWOT Analysis 23

6 Company Analysis of Hospitality Sector 27

7 Industry Key Success Factors 42

8 Research and Analysis 43

9 Findings 44

10 Learnings 46

11 Conclusion 47

12 Bibliography and References 48

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EXHIBITS

Exhibit 1: What is Equity Research? ………………………………………………………Pg. No. 9

Exhibit 2: Elara’s Global Presence. ………………………………………………………..Pg. No. 12

Exhibit 3: An Overview of Company’s Offerings to its clients across their lifecycle………Pg. No. 14

Exhibit 4: Contribution of Tourism and Hospitality Sector to the GDP of India…………...Pg. No. 19

Exhibit 5: Foreign Tourists arriving in India in a particular time period…………………....Pg. No. 20

Exhibit 6: Total Number of Rooms and Hotels in Different Category…………………........Pg. No. 20

Exhibit 7: Structure of Hotel Industry in the world…………………………….....................Pg. No. 21

Exhibit 8: Segmentation of Hospitality Sector……………………………............................Pg. No. 23

Exhibit 9: Location of Taj hotels all over the world……………………………....................Pg. No. 29

Exhibit 10: Share Price and Volume of the company during a particular day……………….Pg. No. 30

Exhibit 11: Room Inventory of the Taj Hotel Group over a period of time………………….Pg. No. 32

Exhibit 12: Evolution of Hotel Leela…………………………………………………………Pg. No. 39

Exhibit 13: Indian Hospitality Market Share............................................................................Pg. No. 43

Exhibit 14: 2017 Estimates of Hospitality Industry of India………………………………… Pg. No. 44

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EXECUTIVE SUMMARY

An investment is a commitment of funds made in expectation of some positive rate of return in future.

An investor makes some sacrifice in the present in the hope of desiring benefit in the future. Now the

most common question that arises is, which stock to pick from the wide range of securities and sectors.

This calls for Security Analysis and Security valuation.

The Indian Stock market is semi-strong and is very volatile. The economy of different countries like

USA and China have bearing on our economy. An example to mention is US recession which caused

crash in stock market. Excluding such systematic risk, one can evaluate the future prospects of the

company using fundamentals.

An investor should make through comparison of the price of the security with its true value. Value here

refers to the intrinsic value worth or the Value anchor. Only with the help of such evaluation the investor

can decide as to buy hold or sell.

In light of the above this report focuses on the importance of equity research in the country and the work

done by me during my internship i.e. in the hospitality sector. So the fundamental analysis of hospitality

sector becomes the prime agenda of my internship to understand how the equity research firms do their

work to serve their clients and manage them to handle their money in the most appropriate way.

The report includes following:

Industry profile of equity research companies

Profile of Elara Securities Pvt. Ltd.

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Work flow model i.e. how I commenced my work to reach the end target.

Pestle Analysis of Equity Research Industry

SWOT Analysis of Equity research Industry

Statistics relating to this Industry

Part A of the report consists of the overview of equity research industry and Elara Capital Pvt. Ltd. and

Part B consists of the Hospitality sector which was the main sector of the research conducted by me

during my internship. It also includes the analysis and my learnings during the whole process.

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PART-A

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INDUSTRY PROFILE

Equity research refers to the process of closely following particular sectors or industries and

collecting valuable information for traders, brokers, customers, sales staff, and the public.

Equity research is all about finding the valuation of a listed company (Listed companies trade on

stock exchange like NYSE, NASDAQ etc. Equity Research primarily means

analyzing company’s financials, perform ratio analysis, forecast the financials (financial

modeling) and explore scenarios with an objective of making BUY/SELL stock investment

recommendation. Equity Research analyst discuss their research and analysis in their equity

research reports.

Exhibit 1: What is Equity Research?

The equity research reports of the company are used by the sales department of that company to

pitch the company’s working in front of their clients and bring business to the company. Indian

equity research industry consists of various big and small players.

Some of them are listed below:

Source: Financewalk.com

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1. Motilal Oswal

2. Prabhudas Liladhar

3. Citigroup India

4. JP Morgan Equity

5. Morgan Stanley

6. HDFC Securities

7. ICICI Securities

8. Deutsche Bank

9. IDBI Capital

10. Elara Capital Pvt. Ltd.

11. Kotak Securities

12. Dolat Capital

13. Brics Securities

14. Ventura Securities

15. HSBC

16. UTI Securities

17. ASK Securities

18. Niche Research

19. Finquest Securities

20. Goldman Sachs

21. Sharekhan

22. Pranav Securities

23. Religare, Religare Securities and Religare Online

24. DSP Merrill Lynch

25. Emkay Research

26. Almondz

27. PINC Research

28. SSKI

29. Prime Broking

30. Ambit Capital

The company that I worked in was Elara Capital Pvt. Ltd. which had various segments.

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COMPANY PROFILE

Background and Inception

Raj Bhatt and a team of few finance professionals came together in the year 2002 to start a firm

in the global financial market sector and named it as Elara Capital Private Limited Company.

The company was started in the era in which the foreign investors were looking forward to invest

in the Indian market and the Indian investors were trying to spread their reach to the global

markets.

Elara Capital Private Limited is a private company which is limited by shares. It has an

authorized and paid up capital of Rs. 48, 00, 00,000. This company has currently 7 directors and

falls under the jurisdiction of registrar of company- Mumbai. It is an unlisted company and forms

a part of Finance Industry.

So the Company got engaged in the process of helping the owner of funds to meet the corporates

which are in a dire need of funds and this becomes the primary task of the company. The

company got a pace in its development when the global economy took an upturn. Elara Capital is

authorized and regulated by the Financial Conduct Authority in United Kingdom and registered

as a category ‘A’ investment bank.

The company is present in almost seven countries in the world and providing its valuable

services there through its expert financial guides. It has successfully completed its 75+

assignments (Source: Elaracapital.com) in a decade and is looking forward for more

assignments which time to time help the company to realize its full potential.

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Exhibit 2: Elara’s Global Presence.

Nature of the Business Carried

Elara Capital Pvt. Ltd. is engaged in the business of providing financial services to its customers.

Initially the company was engaged in fund raising activities and but soon after its inception, it

has evolved into full service investment bank. The company has completed various transactions

which has helped it to earn billions of dollars worldwide.

The company is involved in various types of businesses as mentioned below:-

1. Mergers and Acquisitions and Private Equity Advisory Services- the clients of Elara

capital wanted the company to enter this field by advising them about the credibility of

the stocks in various sectors and industries. So this became the major type of business of

the company and this business was registered under the name of Elara Securities Pvt. Ltd.

in India.

2. Broking Services- the company is authorized and registered in UK and London Stock

exchange. So it helps its clients to trade on various shares in various equity and stock

New York

UK

Dubai

Mauritius

Delhi, India

Singapore

Mumbai,

India

Source: Elara Capital Official Website

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markets with a view to earn capital gains as well as dividend based on the requirements

and investment objectives of the business.

3. Asset Management- The company gives advisory services to its institutional investors to

help them manage their assets like bonds, equities etc.

Vision, Mission and Company Policies

The company aims at becoming the best business and the preferred business partner for its

clients. The company wants to reflect its positive image through the thoughts and behaviors.

It always value its customers along with its employees because it considers its employees to be

the most valuable asset without which they cannot survive in this global and ever changing

market. Integrity and Honesty is the basis on which the business of the company is surviving.

Company’s vision is to learn and understand each client’s business and provide the tailor made

solution to cater to their varied needs. The company wants to apply proven market research

techniques to various business issues.

Products and Services offered by the Company

Investment Banking- The team of Elara Capital consists of 20 bankers which provide strategic

advice and capital raising expertise. Elara has been a leading advisor in the Asia Pacific Region

with prominent positions in League tables. The company possess industry specific knowledge

and have extensive relationships in the investor community across products and geographies.

Under this particular function company gives advisory services and helps the clients in the below

mentioned situations:

Mergers and Acquisitions

Private Equity/ Debt Placements

Capital Markets

Restructuring, Recapitalization and Special Situation Advisory

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Thus this becomes an essential part of the business of the company and derives a business worth

billions of dollars to the company across the globe.

Exhibit 3: An Overview of Company’s Offerings to its clients across their lifecycles

Source: Elaracapital.com

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Research and Analysis- the Company is having a 20 member strong global market research

team and these members are allotted with different sectors and they analyze the current trends of

these sectors and advice the clients to invest their scarce funds in the most profitable business

firms which can help them to earn good amount of return on their investment.

Apart from the equities to invest in, it advices its clients to invest in equity derivatives and the

convertibles. The research analyst publishes the report after particular intervals and these reports

are rated among them other companies.

Sales and Trading- The institutional sales team of the company is powered by the knowledge

given to it by the research team of the company seeks to maximize the client’s benefits by

disseminating the only pertinent recommendations with quantifiable impact in a timely and

efficient manner. The company also provides information to its overseas clients regarding the

Indian market and the viable instruments of Indian market.

Elara Web Trader- the company is having its own platform through which its various clients

can trade in Global Securities, Options, Futures, Fixed Income, Foreign Exchange, Commodities,

Derivatives and Structured Products. The company operates 25 markets and one clearing house

and five central depositories offering trading and marketing services across multiple asset

classes. The customers can trade via mobile, desktop and HTML based trading platform.

Asset Management- This Business was started in the year 2006. In this year only company was

granted a license by Securities and Exchange Board of India as an institutional investor into

India and this company currently manages the several subaccounts for global institutions under

its FII registrations. The team under this business serves as a host of international clients

including Private Banks, Hedge Funds, Sovereign-Wealth Funds, Pension Funds, Family Offices

and High net worth individuals, all of whom hold an explicit view on the future growth and

development of India and other Asian economies.

Competitors Information

There are various equity research firms in India. The top being CRISIL which along with

performing the function of equity research also performs the function of credit rating of the

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company. The other competitor of the company is the arms of top notch banks in the country

ICICI Securities, IDBI Capital, HSBC Securities etc.

In the area where Elara Securities is situated in Mumbai, the major competitor is Motilal Oswal

Securities. The company is also having JP Morgan as its competitor.

The list of other competitors of the company are:

Kodak Securities

Bajaj Capital

Venture Securities

India Bulls Research

Dolat Capital

UBS Investment

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PART B

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WORK FLOW MODEL

The industry in which I worked for was the Hospitality sector. The work done was carried on in

the following sequence.

Industry Analysis

Financial Statement Analysis and

Data Collection

Company Analysis

Findings and Results

INDUSTRY ANALYSIS

Indian Tourism and Hospitality Industry is of major importance and its contribution is a lot to

the revenue of the service sector of India. The combined wing including Trade, Repair

services, Hotels and Restaurants together contributed 19.2% of GDP in the year 2015-

16(Source: IBEF’s report on Tourism and Hospitality Industry in India).If Travel and

Tourism Industry is considered separately, its total contribution to GDP in FY16 is expected

to be 3.7% which is expected to rise to 3.8% p.a. in the year 2025. (Source: World Travel

and Tourism Council).

The basic reason for the growth of Tourism and hospitality industry in India is the diversity in

culture and the rich cultural heritage of India which attracts various foreign tourists as well as

the Indians going to various places to explore India’s cultural diversity.

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Exhibit 4: Contribution of Tourism and Hospitality Sector to the GDP of India

Tourism and Hospitality Industry is also a major employment generator for the country. The

industry is expected to generate 13.45 million jobs! across sub-segments such as Restaurants

(10.49 million jobs), Hotels (2.3 million jobs) and Travel Agents/Tour Operators (0.66 million)

(IBEF’s report on Tourism and Hospitality Industry in India).There has been increase in the

occupancy ratio and average room rates due to increase in the demand of hotel rooms by various

visitors in the recent past. The Pan India Occupancy rate in FY16e is expected to be somewhat

around 63% as compared to the previous year’s occupancy rate of 60 %( Indian Hotel Industry

FY2017 outlook: Report by ICRA Research Services).

The growth in the revenue (topline) of the industry is expected to be around 8 % during the year

2015-16(Business news-Money control.com). This may be due to increase in the room inventory

of the country and also increase in the arrival of foreign tourists in the country.

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Exhibit 5: Foreign Tourists arriving in India in a particular time period

India has near about 200000 hotel rooms across various hotel categories but still there is a

shortage of around 100000 rooms( Source: FHRAI) and the total investment in the near future

in this industry will be approximately 400 million rupees ( Source: HVS). The hospitality

industry is always impacted by the tourism industry of the country and the fate of this industry is

always linked with it. So growth in tourism industry clearly indicates the growth of the

hospitality industry. The visa on arrival facility by Government of India, Five Year Tax Holiday

to hotels, 30 world heritage sites and 25 bio-geographic zones had led to increase in the tourist

footfall in India and the topline growth of hospitality sector.

Exhibit 6: Total Number of Rooms and Hotels in Different Category

(Source: hotsindia.in)

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Exhibit 7: Structure of Hotel Industry in the world

Apart from the above mentioned initiatives of the Government, the Indian Government has also

started abhiyans like Swachh Bharat Abhiyan, Make in India initiative and other initiatives that

are contributing a lot towards making the image of the country positive in mind of world tourists

so that they are attracted towards this country and which will ultimately lead to rise in the

demand for hotels and rooms to stay and thus helping the tourism as well as the hospitality

industry to grow and reach its potential limit. Along with all this Government of India has started

various campaigns like “Incredible India” which does the same work as of the above mentioned

initiatives.

“Project Mausam” has also been started by the Government of India as an inception of

developing a bond between the 39 Indian Ocean Countries to share our rich cultural heritage

with them and indirectly attract foreign exchange to our country. Currently Government of India

has initiated 29 mega tourism projects across 22 states in the country. (Source:

Financialexpress.com)

Increase of the use of mobile apps for hotel booking has allowed the customers to have more

personalized experience of their stay in hotels and various apps like make my trip, goibibo,

Booking.com and various other apps have given the customers a chance to get good hotels at

affordable prices and can read the reviews of other people during their stay in that hotel to

choose the best one from them. On the hotel front, these apps have reduced the distribution costs

of these hotels, the marketing costs and lower down various other expenses.

Structure of Hotel Industry

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But certain macroeconomic factors like Chinese rebalancing, fall in the prices of various

commodities as well oil, and sudden decrease in the inflow of capital in the emerging and the

developing countries has led to global slowdown of every kind of business which has also

effected the Hospitality Industry despite of the various initiatives of the Government to promote

it.

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PESTEL ANALYSIS OF HOSPITALITY INDUSTRY IN INDIA:

In a country like India which is known globally for various factors, Hospitality is one of them. In

such scenarios this industry not only plays an important role in recognizing the country globally,

but also has its influential impact on the political, economic and various sectors. Hospitality

industry is not just analysis of hotels but is also inclusion of service industry, lodging,

restaurants, transportation, cruise line etc.

In this section, we will try to analyze this industry for the same considering the factors that get

impacted directly or indirectly because of this sector. This study is referred to as PESTEL

Analysis, where in we study the factors affecting or influencing a specific sector with respect to

its Political, Economic, Social, Technological, Environmental and Legal impact of the nation.

Before directly jumping to the analysis, lets us look at the various factors influencing this

analysis.

Political:

Political meetings of International

leaders is held in premium hotels,

thus playing important role in

politics.

With the political situation at unrest

the situations are diverting the

investor’s attention from the

industry.

Unstable govt. policies are only

making it difficult for industries to

survive or earn profitable margins.

Economical:

With the battle fought on losing side, the staff do not have enough and efficient trainings

to meet international standards.

Exhibit 8: Segmentation of Hospitality

Sector

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The growing foreign investments will only help better the industry situations.

The huge investments make it not as attractive as any other industry.

Social:

The improvements in hospitality industry reflects the improvement in social standards.

Hospitality industry also acts as a looking forwards for concept and design for middle

class customers.

As the labor cost is less comparatively, the jobs are more thus help improve the social

conditions around.

Technological:

As the industry is growing,

so is the need for

technological

advancements in the

industry.

Technology is used

initially to woo customers

and investors towards the

luxury the industry

provides.

In the recent, technology is

used to market the industry to gain new customers and provide better facilities to

customers than the competitors.

Environmental:

Like every other industry, hospitality has its own impact on the environment it’s built in.

Stricter rules are being implied by the govt. to ensure minimal impact on the

environment.

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Solar energy is being adopted to conserve energy ensuring a safer and durable future.

Legal:

The industry has seen huge changes in the legal formalities towards increasing the safety

of the industry.

The changes in foreign policies of the country impacts the legal authorities indirectly

making survival difficult.

With hotels becoming the new target for terrorism, legal authorities have straightened the

laws and taxes making them lesser of profits.

SWOT ANALYSIS OF HOSPITALITY INDUSTRY IN INDIA:

Any and every industry in the world has its own merits and demerits which help investors in

deciding how attractive a sector is. Hospitality industry is no excuse to the same, and with being

an important factors for tourism, travelling and real estate business it is still a sector of strength.

Hospitality industry has seen a huge investment from the local players in India, but this does not

mitigate the fact that the sector’s success are also dependent on outside factors like high profile

travelling, change of govt. rules and regulations, in stock market and also IT industry in India.

Hospitality is a sector which has got huge entry barriers due to the amount needs to be invested

for entering into it but most players entering into this do not quit as quickly as the exit barriers

are also similarly high. These factors make the business sector a more reliable and riskier both at

the same time.

SWOT Analysis is a factor analysis of any given industry done by professionals to help them

find if a given sector is attractive for investment or not, and if yes them how much investment

can be made and for how long. This analysis is helps know the risks and benefits related to a

given industry balancing of which either brings in or divests the investor’s attention.

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Strength:

With over 1000 classifieds in the industry, it is

capable of meeting a wide set and variety of

needs of consumers.

There are more foreign players in the Indian

market than that of the local, meaning the

sectors has foreign investment flowing in huge.

The cost of labor involved in the sectors is far

low in comparison to the rest of the sectors.

With the recent rise in the popularity of the country, the flow of investments towards the

sectors is also hugely effected.

Weakness:

A strength is only as good as its weakness.

Real Estate owns almost 50% of the total project cost, against the 15% outside India.

The country has a higher tax rate structure inflating the business greatly.

The huge fluctuating market restrict the industry to grow at a faster pace, allowing a lot

of divestment than investment in the industry.

Opportunity:

The growing popularity of the country plays key role in the returns from Hotel Industry.

The unmatched and unexplored topographies of the country are yet to be explored.

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As the holiday season varies for domestic and foreign tourists, the industry is under stable

business over the year.

Threats:

The bigger the risk, the bigger the profit. The focus is shifting towards owning a guest

house than renting a hotel, making the sector loose investments.

Political instability is only making situation worse to what already are for the industry.

As the country is still fighting on the losing side of the currency war, it’s becoming

difficult for the industry to train their staff for international standards.

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COMPANY ANALYSIS

In order to get insight of the hospitality industry, the research was carried on using the annual

reports of the prime players of this sector. The major players included in the research were

Indian Hotels Company Limited, ITC Group of Hotels and Hotel Leela.

INDIAN HOTELS COMPANY LIMITED (IHCL)

Indian Hotels Company Limited is also named as Taj Group in the country and it operates

various hotels and considered to be the major player in the hospitality industry in India. It

currently has a portfolio of 33 Taj Hotels (Room Inventory of 4815 keys), 35 hotels under the

brand name Vivanta by Taj Hotels & Resorts (Room Inventory of 5360 keys) and 34 Gateway

Hotels (Room Inventory of 2899 keys).(Source: IHCL Website).

Background and Inception of the Company

The Company was incorporated in the year 1903 by Jamsetji Tata, the founder of Tata Group.

The Company is the part of this group as well. It is the chain of hotels and is currently working

in UK, USA, Africa, Maldives, Malaysia, Bhutan, Sri Lanka and Middle East (Having a total of

15 Hotels in these countries) along with India (Having 101 hotels across 62 locations in the

country and still counting). The headquarters of the Company are in Oxford House in Mumbai.

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Exhibit 9: Location of Taj hotels all over the world

The Indian Hotels Company Limited has basically focused on the industrial hubs, metro cities

and the cities which have some kind of tourist attractions to build their hotels. For instance, the

company is constructing a hotel under the brand name Vivanta by Taj in Amritsar because of

Golden Temple being the major Tourist hub in the country.

The Beginning of this grand hotel chain was from a single hotel in Mumbai which was named as

Taj Mahal Palace with a see view and further the company extended its reach by opening various

hotels in various locations with a view to become the largest hotel chain across globe. In the year

1980, Company made its hotel outside India in Yemen.

Corporate Information

Market Cap Rs. 12944.65 Crores

Share Price Rs. 132

Turnover(2015-16) Rs. 2273.70 Crores

Managing Director and

CEO

Rakesh Sarna

Executive Director and

CFO

Anil P Goel

Source: Tajhotels.com

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Shareholding Pattern 38.65 % by promoters and

61.35 % by public

Number of Employees 610000

Number of Subsidiary

Companies

28

Number of Associate

Companies

6

Exhibit 10: Share Price and Volume of the company during a particular day

Nature of Business of the Company

Indian Hotel Company Limited forms a part of hospitality industry of India and is widely known

as the leading chain of 5 star hotels in the country as well as abroad. It is famous for its

architecture, the facilities and the services it provides to its customers. These facilities include

swimming pools, spa, business facilities, conference rooms and excellent lounges, fitness centers

and gyms, resorts & palaces, safaris, suites and it also provides airline catering services in South

Asia.

The Company is in the business of having owned, leased and managed hotels which together

contribute to the business of the company. It has various management contracts and signed 3

mire management contracts in the year 2016.

Source: BSE

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The major competitive strength of the company is its distribution network across the globe and

the unforgettable experience that it provides to its clients which helps it to attract an strengthen

its customer base.

Vision, Mission and Company Policy

The vision statement of the company is

“To lead and become the international benchmark in the hospitality industry, in Asia and key regions

of the world. To dazzle and delight the customer with the highest quality of hotel products, food and

beverage experiences, and, above all, exceptional service standards.”

The company focuses on the people it recruits because according to the philosophy of Taj they become

the important member of Taj Family and in order to provide its customers with the quality customer care

service, the staff must be the best from the industry. In short it says to its employees that “You are the

Taj”

Moreover Taj group pledges to save the environment and the nature for the future generation and always

try to extract maximum benefits from the minimum resources available with them. The core values of the

company is Courage, Excellence, Integrity, Team Work, Respect and Concern for others, Reliability and

Environmental & Society Concerns. Its strategy includes creating value for its stakeholders.

The short term plan of the company is to finish construction of the hotels which are in pipeline and make

them operational as soon as possible and long term plan of the company is to add more room inventory

and more hotels in the potential areas and renovate the existing ones to match the global standards.

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Products and Services

Rooms- Hotels being the major revenue earning source of the company, so the company’s main

product is the room inventory it has. Currently the company is having 16759 rooms in its 136

hotels. It provides spacious rooms with excellent facilities and architecture to delight its

customers. The facilities include health club, spa, 24 hour laundry service etc.

Exhibit 11: Room Inventory of the Taj Hotel Group over a period of time

Restaurants- 40.4 % of the total turnover of the company is from its restaurant division and

from the mobile food service activities. (Source: Taj Hotels Resorts & Palaces annual report

2015-16). So this is also considered as the major source of revenue earning for the company and

is the principal business activity.

Banqueting and Conferences- This facility of the company is very well integrated with the

customers demand for various functions like video conferencing, launch of various products,

workshops, seminars etc.

Competitors Information

Source: Taj Group Investor Presentation

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The major competitors of the Indian Hotels Company Limited are EIH Limited, The Oberoi

Hotels and Resorts, ITC Group of Hotels, Mandarin Oriental Hotel Group limited, Hotel Leela

Venture Limited, Advani Hotels and Resorts Limited etc.

Achievements and Awards

According to Forbes Magazine Taj Hotels Resorts and Palaces falls in the list of top 10

world’s best luxury hotel brands

Business Traveler UK rated it to be the Best Business Hotel Chain.

Taj Hotels is named as the best hotel group in India Travel + Leisure India & South

Asia's Best Awards 2014

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ITC GROUP OF HOTELS

ITC Group of Hotels is the second largest hotel chain in the country with around 101 hotels

across 71 locations in the country. (Source: ITC investor presentation).The hotels are operated

in India by the ITC Welcomgroup Hotels, Palaces and Resorts. The uniqueness of the brand lies

in its logo which symbolizes ‘Namaste’ and it truly shows how deeply the hotel chain imbibes

the Indian culture in its walls.

Background and Inception of the Company

ITC Group of Hotels started its operation in the year 1975 with its first hotel Sheraton Chola in

Chennai. The headquarters of the company are in Gurgaon, India and it is the part of ITC limited

which was formerly known as Indian Tobacco Company Limited. The company is operating

hotels under various brand names- The Luxury Collection (19 hotels), Welcom Hotels Sheraton

(7 hotels), Fortune (47 Hotels) and WelcomHeritage Hotels (28 Hotels). (Source: ITC Website)

ITC Luxury Hotels are considered to be the premier hotels and they are basically planned to cater

the needs of top industrialists and are said to be located in the top notch cities of the country

which are generally referred to as metro cities. This brand is a tie up between the ITC Group of

Hotels and the Starwood Hotels & Resorts

Source: itcportal.com

35

Welcom Hotels is a chain of five star hotels for those who love travelling and experiencing the

world class facilities.

Fortune Hotels is a brand name of hotels located in mini metros, state capitals and business

towns and cater to the needs of upper middle class society.

WelcomHeritage is a chain of hotels, palaces, resorts in the areas which are rich in cultural

heritage like Rajasthan and the main attraction point is its architecture.

Corporate Information

Market Cap Rs. 487.85 Crores

Share Price Rs. 161.45

Turnover(2015-16) Rs. 5.24 Crores

Managing Director Nakul Anand

Company Secretary And

Compliance Officer &

Corporate Financial

Controller

M Riaz Ahmed

Number of Employees 345000

Nature of Business of the Company

The company aims at standing on the concept of Responsible Luxury with its business. The

company is the part of Hotels and Hospitality industry in India. Its earns its major chunk of

revenue from the room rental and apart from it the ITC Hotels are famous for its state of art and

the architecture along with the famous paintings from the renowned artists worldwide. It also

provides various facilities like Kaya Kalp Spa and lounges and other important facilities to make

the stay of its customers memorable.

It is known as the greenest luxury hotel chains all over the world.

36

Vision, Mission and Company Policy

Vision- The vision of the company is to become the most valuable organization and it wants

create growing value for the customers and Indian Economy and Company’s stakeholders and

work beyond the market can think and become the market leader in Hospitality Industry.

Mission- Company’s mission is to increase the wealth generating capacity of the business so as

to give long term benefit to the stakeholders. Apart from this it focuses on providing best

customer service without any compromise on the quality of its products and services. It also

wants to protect the nature through its initiatives like ‘Responsible Luxury’.

Core values of the ITC group of Hotels is customer value, respect for its employees, integrity,

care for the society.

Products and Services

Rooms- The major revenue of the group is from the 4300 rooms under Luxury hotels brand

name, 3900 rooms under the Fortune brand name and the 750 rooms under the WelcomHotel and

WelcomHeritage Hotels.

Branded Accommodation- The ITC Group Hotels has categorized its room inventory in four

different branded accommodation-‘ITC One’, ‘Towers’, ‘Eva’ and the ‘Executive Club’ and it

charges the customer according to the type of brand it asks for the accommodation and all the

brands offer varied type of living experience but under the same roof of one hotel.

Branded Cuisine- There are four types of cuisines offered by the WelcomCuisine-The Bukhara

and Peshawri, Dakshin and Dum Pukht Restaurants and all of them offers the varied dishes of

various states of the country to provide the customers with the taste of whole of India.

Kaya Kalp Spa- This is yet another major revenue earning source for the Group of Hotels. This

spa facility is available at all the Luxury Hotels of this chain and they charge heavily to its

customers.

37

Competitors Information

The major competitors of ITC Group of Hotels is Taj Hotels, Hotel Leela and The Oberoi Group

of Hotels.

Achievements and Awards

The Kaya Kalp spa got the award for being the best spa in GeoSpa AsiaSpa India

2016and also the most luxurious spa.

Bukhara was recognized among the top 50 restaurants in Asia in S. Pellegrino Asia’s 50

best awards in 2016

In a survey conducted by Business World, ITC Hotels was recognized as the ‘Most

Respected Company’ in the hospitality segment.

ITC Maurya was adjudged the ‘Best Business Hotel’ in India at the Lonely Planet

Awards 2015.

38

HOTEL LEELA

Hotel Leela Venture Limited is among the top 15 hotels in the world. It was started by CP

Krishnan Nair and the hotel was named after his wife’s name. Hotel Leela was the first hotel of

its kind near the Chatrapati Shivaji International Airport. The Leela Venture Ltd. is having 6

owned hotels and along with it, the hotel group is also having 3 managed hotels which are not

owned by it. The total number of rooms in all these hotels count up to 2224 keys in different

locations.

Background and Inception of the company

The Leela Palaces, Hotels and Resorts is an Indian luxury hotel group, founded in the year 1987

by C. P. Krishnan Nair, and owned by The Leela Group business conglomerate. The Leela,

Palaces, Hotels and Resorts have it’s headquarters in Mumbai, India. After the first hotel in

Mumbai, the next destination that it planned for was in Goa. Its exclusive properties are located

in Mumbai, New Delhi, Gurgaon, Bangalore, Chennai, Goa, Udaipur and Kovalam, with new

hotels under development in Jaipur, Bangalore, Agra, Lake Ashtamudi, Kerala, and Lucknow.

Hotel Leela Venture Ltd. is the holding company of The Leela Palaces, Hotels and Resorts. In a

span of 30 years, the hotel group has achieved a lot and became the proud owner of various

awards from the different reputed agencies and organizations of the World.

39

The company works on the philosophy of “Atithi Devo Bhavo” which means “Guest is God”.

Exhibit 12: Evolution of Hotel Leela

Corporate Information

Market Cap Rs. 832.90 Crores

Share Price Rs. 17.85

Turnover(2015-16) Rs. Crores

Managing Director and

CEO

Rakesh Sarna

Executive Director and

CFO

Anil P Goel

Shareholding Pattern 38.65 % by promoters and

61.35 % by public

Source: Hotel Leela Corporate Presentation 2014

40

Number of Employees 610000

Number of Subsidiary

Companies

28

Number of Associate

Companies

6

Nature of the Business carried

The Leela Hotels group is a part of Hotels and Hospitality industry of India. It works on the

“ Asset Light Strategy” according to which it focuses on managing more hotels rather than

owning them which help the company to focus on its core competency of providing best services

to its customers and does not unnecessary indulge itself in spending and investing in purchasing

of hotels. The sales and marketing activities of the company is handled by Global Alliance

Apart from the Room service, it also provides other facilities like restaurants, spas and Bars in

the hotels.

Vision, Mission and Company Policy

Hoteliering has gone beyond the status of an industry. It is today an art form. It starts with

innovation, continues the search for excellence, and finally celebrates perfection. These are

precisely the three pillars on which The Leela Group has built its reputation.

· Innovation

· Excellence

· Perfection

They also represent the three faces of modern India. The India which dares to take on the world

with its world class technology, its great tradition’ enriched over the centuries and its obsessive

desire to be hospitable to travelers from all over the world. But beyond all this is the simple fact:

Hotel Leela love and enjoy people. It is this that has made them what they are. It is this that must

inspire them in the years to come.

Achievements and Awards

The Leela Palace, Chennai got Gold Signature Certification by Chivas 18- Library Blu

one of the Gold Signature Bar in February 2016

41

Robb Report USA - The Leela Palace New Delhi named among the top ten hotels around

the world with the best rooftop pools, July 2016.

Eazy Diner Foodie Awards 2016 - The Leela Ambience Gurgaon Hotel and Residences

named Hotel of the year, April 2016

The Leela Kovalam got the Kerala Tourism award for being the Best Five Star Deluxe

Hotel for the year 2013-14.

42

INDUSTRY KEY SUCCESS FACTORS

Location- The hotel industry has traditionally focused on location as the most important

critical success factor. Despite the changes in the industry, location is still important. A

hotel located on a little-used highway is not likely to do very well, even if it offers

superior service and amenities. However, although location remains highly important,

other factors matter. Travelers used to take it for granted that hotel service would vary

significantly depending on location, but this is no longer the case.

Global Outlook-Even small, locally owned hotels need to be able to compete on an

international basis to be successful. Tourists deciding where to take their next vacation

can choose from destinations all over the world, and can easily research the quality of

local hotels when making their selection. If a hotel tries to compete solely on price and

location while a nearby competitor also emphasizes creating a quality experience for the

customer, then visitors will go to the latter. Hotel owners need to be aware of what hotels

all over the world are doing to attract new customers and earn their loyalty.

Quality Management-Quality management is multifaceted and goes beyond the concept

of customer service to include additional factors such as employee satisfaction and

involvement. A single random interaction with a hotel employee can make the difference

between a satisfied customer, an impressed customer or a customer who goes online and

writes a bad review about his hotel experience. By concentrating on employee

satisfaction as well as customer service, a hotel can increase the likelihood that all its

employees will provide excellent customer service as well.

Flexibility-Flexibility is a key factor in quality management as well as being a critical

success factor for the hotel industry. Customers can have completely different

expectations of a hotel, so managers need to be given the authority to make decisions to

accommodate them when possible. A manager hampered by an inflexible set of policies

may be unable to fix a customer problem and earn that customer's loyalty and good word

of mouth in the future. A manager with the authority to make exceptions when

appropriate is in a much better position to turn a situation around and earn a good

reputation for customer service and high quality.

43

RESEARCH AND ANALYSIS

Exhibit 13: Indian Hospitality Market Share

Fundamental Analysis of the business gives the insight of the working of the company and its

turnover and the research conducted on the companies helps to understand the current market

price of its share along with the way to analyze their credibility and profitability.

There is huge scope of earnings in this sector because recently the country has an inventory of

200000 rooms but the current need is the inventory of 100000 rooms. (Source: FHRAI). The

companies who are already in this sector are trying to extend their room inventory by making

more and more capex and giving focus on the pipeline inventory.

Taj Hotels and Resorts has the highest revenue among all the hotels in hospitality sector of the

company and is the best share to invest in. Apart from this its competitors like Oberoi hotels

and Hotel Leela are trying hard to compete with Taj hotels and gain the market share.

44

FINDINGS

1. The Indian hospitality sector is expected to witness high growth over the long term. The

next one or two years may be a phase of building before the high growth trajectory

emerges.

2. Domestic travel is expected to be the primary driver of the sector’s growth. High

disposable income and the advent of better locations are driving this growth.

3. Maximum investments are expected to take place in the Tier I towns followed by the Tier

II towns.

4. Talent management is a major challenge for the sector. Inadequate supply of quality

talent and increased competition for talent within the sector and from competing service

sectors has made attrition a significant issue for the industry.

“The sector shall continue to grow, this sector has a very stable life and long term outlook as the

asset itself takes 3 years to develop and 2-3 years to mature. Hence from vision to end it takes a

good five years.”

Vikram Kamat, Executive Director, Kamat Hotels (India) Limited

“India will emerge as a preferred tourism destination on world map with overall expected growth

of above 8% p.a., the later half of five years may witness growth of approximately 9% to 10%.”

Sanjay Gupta, Promoter and Chairman, Neesa Leisure Ltd.

“The domestic hotel industry is estimated to touch $1.8 billion by 2016, from $0.8 billion

presently, buoyed by rise in online bookings”

ICRA report

45

Exhibit 14: 2017 Estimates of Hospitality Industry of India.

46

LEARNINGS

Arrangement of Financial Data- The basic learning during the internship was how to

arrange the data of the company from the past 10 years annual reports into a proper

format so that it can be further analyzed and some conclusion can be drawn from it at the

end and the report can be prepared on the stocks of that particular company.

Importance of Graphical Presentation- The data of the company holds some value if it

is presented graphically and then the analysts can draw some conclusion out of it.

Concalls highlights- The knowledge about the company’s future plans and the

guidelines of the future of the company can be obtained from the concalls that the

company’s management make while announcing its quarter as well as the annual results.

These guidelines are important because the company’s future earnings can be estimated

from it.

Awareness- an Analyst can perform the assigned task only by having the proper and

deep knowledge of the sector which is given to him. So having good contacts with the

experts from the sector and the key players of the sector help them a lot in achieving the

desired output.

47

CONCLUSION

Equity Research field is very complex in nature and being an analyst of a particular sector

requires deep dive into that sector and acquiring full information regarding each and every

happening of that sector. It not only involves the fundamental analysis of the company but a

further advanced analysis is required to advice the customers about the stocks which are perfect

to invest in.

Along with the quantitative analysis, full study of the company is required and the initial step is

to know about its corporate structure and the market cap to decide whether the company is worth

being analyzing or not.

Considering the hospitality sector, as the foreign tourist arrivals in India is increasing, so is the

need of rooms increasing. The current room inventory is insufficient to meet the demands of the

customers which clearly reflects the demand-supply gap. This simply reflects that the hotel

groups have not yet reached their full potential and can still earn lots and lots of revenue if the

scarce funds are properly invested and as they will be in need of more and more funds, so is the

availability of more shares of such hotel groups.

The institutional investors have the high chance of investment in this sector. In nutshell this

sector is good to invest in and investment in the top companies of this sector will definitely bring

the desired returns in the form of either dividend or the capital gain.

48

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