Competitive Analysis

Sector Hotel
Company Name
one Sinclairs
two Mahindra Holiday
three Byke
four fomento
five EIHAssociated
Gross Margin Mar-08 Mar-09 Mar-10 Mar-11 Mar-12
Sinclairs 87% 87% 87% 87% 86%
Mahindra Holiday 99% 98% 98% 97% 97%
Byke 91% 89% 98% 97% 93%
fomento 91% 90% 89% 90% 85%
EIHAssociated 93% 93% 92% 92% 92%
INDUSTRY 92% 91% 93% 93% 91%
EBITDA Margin Mar-08 Mar-09 Mar-10 Mar-11 Mar-12

Sinclairs 46% 44% 47% 57% 42%
Byke 25% 16% 15% 12% 11%
fomento 42% 32% 33% 30% 26%
EIHAssociated 35% 33% 32% 33% 31%
INDUSTRY 38% 33% 34% 33% 28%
EBIT Margin Mar-08 Mar-09 Mar-10 Mar-11 Mar-12

Sinclairs 37% 34% 37% 48% 32%
Byke 23% 10% 10% 10% 8%
fomento 37% 26% 26% 23% 19%
EIHAssociated 27% 26% 24% 25% 25%
INDUSTRY 32% 26% 27% 27% 22%
PAT Margin Mar-08 Mar-09 Mar-10 Mar-11 Mar-12

Sinclairs 24% 25% 25% 35% 21%
Byke 15% 7% 6% 7% 5%
fomento 24% 16% 17% 15% 12%
EIHAssociated 8% 6% 4% 7% 7%
INDUSTRY 19% 15% 15% 17% 13%
CFO Margin Mar-08 Mar-09 Mar-10 Mar-11 Mar-12

Sinclairs 19% 16% 12% 20% 20%
Byke 20% -83% 28% 1% 6%
fomento 22% 18% 29% 21% 22%
EIHAssociated 20% 13% 12% 32% 29%
INDUSTRY 19% 1% 24% 18% 22%
On most of the metric, Sinclairs has been better than industry average except Gr
Summary has been either better in managing employee, SGA and interest expenses or Sincl
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Gap Mean
87% 88% 88% 88% 88% 2% 87%
97% 96% 96% 98% 98% 2% 98%
93% 94% 92% 90% 90% 9% 92%
86% 86% 88% 88% 89% 6% 88%
92% 93% 92% 92% 92% 1% 92%
91% 91% 92% 91% 92% 2% 92%

91% 54% 40% 46% 47% 51% 37%
23% 22% 23% 17% 16% 27% 18%
18% 18% 21% 23% 23% 15% 16%
35% 34% 46% 46% 48% 22% 32%
30% 29% 30% 31% 31% 6% 25%
39% 32% 32% 32% 33% 11% 33%

79% 42% 24% 29% 30% 55% 37%
20% 17% 15% 11% 11% 28% 18%
14% 15% 15% 18% 18% 15% 16%
27% 27% 39% 40% 43% 24% 32%
24% 23% 21% 25% 25% 6% 25%
33% 25% 23% 24% 26% 11% 27%

73% 31% 16% 18% 19% 57% 27%
12% 11% 10% 5% 7% 19% 11%
8% 10% 11% 11% 12% 10% 10%
18% 16% 25% 24% 28% 16% 20%
10% 11% 11% 16% 16% 13% 10%
24% 16% 15% 15% 16% 12% 16%

18% 35% 35% 36% 40% 28% 29%
30% 4% 25% 15% 12% 36% 19%
16% 13% 9% 12% 11% 111% 10%
22% 28% 21% 25% 17% 11% 22%
24% 24% 23% 27% 28% 21% 24%
22% 21% 23% 23% 22% 23% 19%
stry average except Gross Margin. So, despite of being relatively poor on gross margin, siclairs is better as we go bel
erest expenses or Sinclairs has been tweaking depreciation or tax numbers. Investigate
Current: Mean Current:First Industry Hypothesis
1.0 1.0 Sinclairs has been one of most
consistent in managing COGS
1.0 1.0 compared to industry
1.0 1.0
1.0 1.0
1.0 1.0
1.0 1.0

1.3 1.0
0.9 0.4
1.5 0.9
1.5 1.1
1.3 0.9
1.0 0.9

0.8 0.8 Why so much variation in EBIT
Margin? Cyclic/Operating
0.6 0.3 leverage play? How to find if it is
at lowest EBIT Margin?
1.2 0.8
1.4 1.2 Why FY13 had such high EBIT
margin for Sinclairs?
1.0 0.9
1.0 0.8

0.7 0.8 Why Mac Charles work on such
high margins?
0.6 0.3
Industry seems to work on good
1.1 0.8 PAT margins
1.4 1.2
1.6 2.0
1.0 0.9

1.3 2.1 Industry generates good cashflow
from operations on revenue
0.6 0.9
1.1 0.5
0.8 0.8
1.2 1.4
1.1 1.1
s better as we go below in P&L. This shows that Sinclairs

Company Absolute Hypothesis Company Relative Hypothesis

Excluding FY13, Sinclairs average
EBIT margin is 35% and current is
30%,so, we are at much lower EBIT
margin than average history. It
could be due to two things: 1. Cycle
turning or
2. New hotel additions may have
lower EBIT margins than older
One key thing to note is that all
other companies are more than
their historical EBIT margins
Excluding FY13, Sinclairs average
EBIT margin is 24% and current is
19%
One question, even though COGS

has been maintained, why Sinclairs
faced margin pressure in last 3
years compared to history

Sinclairs has been consistently 1. Why some of relatively low PAT
deliverying on cashflows. Key to margin businesses have high CFO
note is in last 3 years though PAT and vice versa (Ambika and Kitex)?
margins have been lower than
histori mean, CFO as a % of
Revenue has been higher than
historic mean an has been
continuously increasing. Need to be
investigated.
INDUSTRY INSIGHTS
1. Is the industry cyclic?
2. Does the industry has high share of COGS?
3. Were there any major event?
4. Are improvements sustainable and falls have

possibility to revert?
Industry Hypothesis

Industry Hypothesis

Industry Hypothesis

Industry Hypothesis
1. Is the industry a high CFO generator?
COMPANY INSIGHTS - ABSOLUTE
1. Which of the companies are most consistent?
2. Is there any company which can pass COGS to

consumer?
3. Is there a company which has show tremedous

improvement or deterioration? If so, why and is it
sustainable?
Company Absolute Hypothesis


consumer?

sustainable?


consumer?

sustainable?


consumer?

sustainable?

1. Why Indocount despite of looking good currently
on most of sccounting metric is relatively bad on
cashflow metrics. Also, why historically, numbers
have very high deviation?
COMPANY INSIGHTS - RELATIVE
1. Why some companies have low fluctuations and some very
high across the years?
2. How company 1 has maintained very low deviation and

why company 4 and 5 have such high deviations?
Company Relative Hypothesis







1. Why some of relatively low PAT margin businesses have
high CFO and vice versa (Ambika and Kitex)?
Gross Margin
100%
95%
90%
85%
80%
75%
Jan-08 Ja n-09 Ja n-10 Ja n-11 Jan-12 Jan-13 Jan-14 Jan-15 Ja n-16 Ja
Sinclairs Mahindra Holiday Byke
fomento EIHAssociated INDUSTRY
EBIT Margin
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Ja n-08 Ja n-09 Ja n-10 Ja n-11 Ja n-12 Ja n-13 Ja n-14 Ja n-15 Ja n-16 Ja
EBITDA Margin
60.0
50.0
40.0
30.0
20.0
10.0
0.0
n-15 Ja n-16 Ja n-17 Jan-08 Ja n-09 Ja n-10 Ja n-11 Ja n-12 Ja n-13 Ja n-14 Ja n
RY fomento EIHAssociated INDUSTRY
PAT Margin
80%
73%
70%
60%
50%
40%
35%
30% 31%
24% 25% 25%
20% 20% 20% 21%
16% 17% 18% 18% 16%
15% 15% 12% 12%
10% 8% 10% 11%
10%
7%
6% 6% 7% 7%
5% 8%
4%
0%
n
-13 Ja n-14 Ja n-15 Jan-16 Ja n-17

liday Byke
d INDUSTRY
73%
31%
28%
25% 24%
18% 16% 18% 19%
16% 16% 16%
12%
10% 11%
10% 11%
10% 11% 12%
8% 5% 7%
-13 Ja n-14 Ja n-15 Jan-16 Ja n-17

liday Byke
d INDUSTRY
Revenue per unit NFA Mar-08 Mar-09 Mar-10 Mar-11 Mar-12
Sinclairs 0.4 0.5 0.5 0.4 0.4
Mahindra Holiday 1.6 1.1 1.1 1.0 1.0
Byke 1.4 1.1 1.2 2.5 1.1
fomento 1.5 1.3 1.3 1.2 1.1
EIHAssociated 0.7 0.6 0.6 0.7 0.7
INDUSTRY 1.1 0.9 0.9 1.2 0.8
Revenue per Unit Emp. Cost Mar-08 Mar-09 Mar-10 Mar-11 Mar-12
Sinclairs 8.1 7.1 7.5 5.7 4.9
Byke 12.4 9.8 11.1 18.1 24.3
fomento 7.5 6.0 5.6 5.1 4.4
EIHAssociated 6.8 5.6 5.5 5.9 6.2
INDUSTRY 8.4 7.0 7.2 8.1 8.8
Revenue per Unit SGA Mar-08 Mar-09 Mar-10 Mar-11 Mar-12

Sinclairs 6.8 5.3 6.1 6.7 5.7
Byke 14.0 10.9 16.2 1.3 26.4
fomento 4.9 4.2 4.7 4.3 6.2
EIHAssociated 4.8 4.8 4.9 5.6 4.5
INDUSTRY 6.6 5.5 6.9 4.0 9.0
Revenue per Unit COGS Mar-08 Mar-09 Mar-10 Mar-11 Mar-12

Sinclairs 7.5 7.8 7.7 7.5 7.3
Byke 11.1 9.2 45.5 39.6 14.1
fomento 10.8 10.1 9.3 10.4 6.6
EIHAssociated 13.6 13.8 13.1 13.2 12.3
INDUSTRY 22.0 18.9 24.0 21.0 16.0
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Overall Avg.
0.5 0.6 0.5 0.6 0.8 0.5
1.0 0.8 0.8 1.2 1.8 1.1
1.4 2.0 2.3 2.7 2.9 1.9
1.1 1.3 1.3 1.5 1.6 1.3
0.8 0.8 0.9 1.0 1.1 0.8
1.0 1.1 1.2 1.4 1.6 1.1

4.9 5.4 5.4 5.8 5.7 5.7
4.6 4.7 4.8 4.4 4.5 4.8
36.6 48.7 47.4 36.8 29.5 32.1
4.8 5.0 4.7 4.8 4.7 5.1
5.8 5.5 5.4 5.3 5.0 5.6
11.3 13.8 13.5 11.4 9.9 10.7

5.8 5.4 6.9 8.1 8.3 6.7
2.2 2.5 2.7 3.2 3.1 2.7
4.9 5.2 5.1 5.7 6.0 5.2
5.8 5.4 5.8 5.3 7.3 5.3
4.7 4.9 4.8 4.8 4.7 4.8
4.7 4.7 5.0 5.4 5.9 5.0

7.7 8.1 8.6 8.1 8.0 7.9
31.7 27.7 28.5 48.0 65.6 42.3
13.6 16.6 12.7 10.1 10.3 12.2
7.1 6.9 8.5 8.3 9.5 8.5
11.8 13.4 13.1 13.1 12.5 12.9
14.4 14.5 14.3 17.5 21.2 16.8
5 Year Avg. 3 Year Avg. Industry Hypothesis
0.6 0.6
1.1 1.3
Industry generates approx 1.1 Rs
2.3 2.7 of Revenue on Rs 1 of NFA
1.4 1.5
0.9 1.0
1.3 1.4
5 Year Avg. 3 Year Avg. Industry

similar Hypothesis
levels in terms of
5.5 5.7 generating around Rs 5 Revenue
out of Rs 1 employee expense
4.5 4.5 except Byke.
37.3 35.5
4.8 4.7 Byke may be following a different
business model and needs to be
5.4 5.2 investigated further
11.5 11.1
5 Year Avg. 3 Year Avg. IndustryinHypothesis

Also, recently last 3 years, they
7.0 7.8 have shown tremendous
improvement on this metric and
2.8 3.0 20-25% than industry. This might
5.5 5.6 be due to promoters strength in
5.9 6.1 advertising business as promoter
runs another business in
4.8 4.8 advertising space
5.2 5.5
5 Year Avg. 3 Year Avg. Industry Hypothesis

8.1 8.2
41.8 48.6
11.8 10.8
8.0 8.7
12.8 12.9
16.5 17.8
convert net fixed asset into revenue compared
to peers. Why so? Looks like they operate in
tier 2 , tier 3 cities where occupancy rates are
lower compared to tier I competitor
properties but due to less competitor and
better marketing skills, they are able to
deliver better margins. So, in ROE, asset turns
could be a lever if they can improve
1.2 1.5

Revenue per Net Fixed Asset Rs
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Ja n-08 Jan-09 Jan-10 Ja n-11 Jan-12 Ja n-13 Ja n-14 Ja n-15 Jan-16 Ja
Revenue per SGA Rs

30.0
25.0
20.0
15.0
10.0
5.0
0.0
Revenue per Employee Rs
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
n-15 Jan-16 Jan-17 Jan-08 Ja n-09 Jan-10 Jan-11 Jan-12 Jan-13 Ja n-14 Jan-
Revenue per COGS Rs

80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0.0
yee Rs
13 Ja n-14 Jan-15 Ja n-16 Jan-17

liday Byke
d INDUSTRY
S Rs
-13 Ja n-14 Ja n-15 Jan-16 Ja n-17

liday Byke
d INDUSTRY
CFO/PAT Mar-08 Mar-09 Mar-10 Mar-11 Mar-12
Sinclairs 0.8 0.6 0.5 0.6 0.9
Byke 1.4 -12.4 4.5 0.2 1.2
fomento 0.9 1.1 1.7 1.4 1.8
EIHAssociated 2.4 2.0 3.3 4.7 4.1
INDUSTRY 1.2 -1.3 2.3 1.5 2.0
FCF/PAT Mar-08 Mar-09 Mar-10 Mar-11 Mar-12

Sinclairs 0.0 -0.1 0.0 -2.5 -2.4
Mahindra Holiday 0.0 -0.1 0.3 0.0 0.0
Byke 0.0 -12.7 -7.1 -11.8 -5.7
fomento 0.0 0.2 1.3 1.0 0.8
EIHAssociated 0.0 1.2 2.5 3.9 3.5
INDUSTRY 0.0 -2.3 -0.6 -1.9 -0.8
CFO/Sales Mar-08 Mar-09 Mar-10 Mar-11 Mar-12

Sinclairs 19% 16% 12% 20% 20%
Byke 20% -83% 28% 1% 6%
fomento 22% 18% 29% 21% 22%
EIHAssociated 20% 13% 12% 32% 29%
INDUSTRY 19% 1% 24% 18% 22%
FCF/Sales Mar-08 Mar-09 Mar-10 Mar-11 Mar-12

Sinclairs 0% -2% -1% -88% -52%
Mahindra Holiday 0% -1% 8% 1% 0%
Byke 0% -84% -45% -81% -28%
fomento 0% 3% 22% 15% 10%
INDUSTRY 0% -15% -1% -25% -9%
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Total Cuml.
0.2 1.1 2.2 2.0 2.1 1.1
2.4 0.4 2.5 2.8 1.9 1.7
2.0 1.3 0.8 1.0 0.9 1.0
1.2 1.7 0.8 1.0 0.6 1.1
2.5 2.2 2.2 1.7 1.7 2.3
1.7 1.3 1.7 1.7 1.4 1.4

-0.4 -0.3 -0.2 1.2 2.4 0.0
-0.4 -0.6 1.0 -1.7 0.9 0.0
0.3 0.5 0.4 0.3 0.3 -0.2
0.5 -0.9 -1.7 -2.5 -3.2 -1.1
0.7 1.9 1.7 1.5 1.5 1.8
0.1 0.1 0.2 -0.2 0.4 0.1

18% 35% 35% 36% 40% 29%
30% 4% 25% 15% 12% 19%
16% 13% 9% 12% 11% 10%
22% 28% 21% 25% 17% 22%
24% 24% 23% 27% 28% 24%
22% 21% 23% 23% 22% 21%

-27% -9% -3% 21% 47% 0%
-5% -7% 10% -9% 6% 0%
2% 5% 4% 4% 3% -2%
9% -15% -43% -61% -88% -21%
7% 21% 18% 24% 25% 19%
-3% -1% -3% -4% -2% -1%
5 Year Cuml. 3 Year Cuml. Industry Hypothesis
1.3 2.1
2.0 2.3
1.1 0.9
1.0 0.8
2.0 1.8
1.5 1.6

0.5 1.4
0.0 0.2
0.4 0.3
-1.9 -2.5
1.5 1.6
0.1 0.2

35% 37%
16% 15%
11% 11%
22% 21%
25% 26%
22% 22%

14% 25%
0% 2%
4% 4%
-43% -65%
19% 22%
-1% -2%

CFO/PAT
5.0
4.0
3.0
2.0
1.0
Jan-08 Jan-09 Ja n-10 Ja n-11 Jan-12 Jan-13 Jan-14 Ja n-15 Ja n-16 Ja
0.0
-1.0
-2.0

CFO/SALES
60%
40%
20%
0%
Ja n-08 Jan-09 Ja n-10 Jan-11 Ja n-12 Jan-13 Ja n-14 Jan-15 Ja n-16 Ja
-20%
-40%
-60%
-80%
-100%
FCF/PAT
6.0
4.0
2.0
0.0
-2.0 Ja n-08 Ja n-09 Ja n-10 Ja n-11 Ja n-12 Jan-13 Jan-14 Jan
-4.0
-6.0
n-15 Ja n-16 Jan-17
-8.0
-10.0
-12.0
-14.0
FCF/SALES
60%
40%
20%
0%
n-15 Ja n-16 Jan-17 Ja n-08 Jan-09 Ja n-10 Jan-11 Ja n-12 Jan-13 Ja n-14 Jan
-20%
-40%
-60%
-80%
-100%
-13 Jan-14 Jan-15 Jan-16 Jan-17
liday Byke
d INDUSTRY
n-13 Ja n-14 Jan-15 Ja n-16 Jan-17
liday Byke
d INDUSTRY
Debt Equity Ratio Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
Sinclairs 0.0 0.0 0.0 0.0 0.0 0.0
Mahindra Holiday 0.1 0.1 0.0 0.0 0.0 0.0
Byke 0.0 0.0 0.0 0.0 0.3 0.3
fomento 0.3 0.3 0.3 0.3 0.2 0.3
EIHAssociated 2.6 2.4 2.3 2.1 1.9 0.5
INDUSTRY 0.6 0.6 0.5 0.5 0.5 0.2
Quick Ratio Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 0.1 0.2 3.7 3.5 0.5 1.0
Byke 0.6 5.8 3.3 2.0 2.3 1.5
fomento 1.1 1.2 1.5 2.2 1.9 2.4
EIHAssociated 1.1 1.0 1.0 1.0 1.0 1.1
INDUSTRY 0.7 1.8 2.0 1.9 1.3 1.4
Current Ratio Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 0.1 0.2 3.7 3.5 0.5 1.0
Byke 0.9 6.0 3.4 2.5 2.9 1.8
fomento 1.3 1.4 1.7 2.4 2.1 2.5
EIHAssociated 1.1 1.1 1.1 1.1 1.0 1.2
INDUSTRY 0.8 1.9 2.1 2.1 1.5 1.5
Interest Coverage Ratio Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs #DIV/0! #DIV/0! #DIV/0! 89.9 93.2 194.6
Byke 420.0 28.6 143.0 108.7 7.5 5.9
fomento 58.3 38.2 56.1 44.5 13.4 56.9
EIHAssociated 2.1 1.5 1.3 1.7 1.7 2.4
INDUSTRY #DIV/0! #DIV/0! #DIV/0! 59.9 28.3 64.2
Interest as a % of Debt Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 0% 0% 0% 0% 0% 0%
Mahindra Holiday 16% 31% 22% 21% 55% 27%
Byke 0% 0% 0% 33% 6% 13%
fomento 3% 3% 2% 2% 5% 2%
EIHAssociated 9% 11% 11% 10% 12% 13%
INDUSTRY 9% #NAME? #NAME? #NAME? #NAME? #NAME?
Mar-14 Mar-15 Mar-16 Mar-17 Mean Current: Mean
0.0 0.0 0.0 0.0 0.0 #DIV/0!
0.0 0.2 1.4 1.3 0.3 -303%
0.2 0.1 0.1 0.1 0.1 42%
0.4 0.2 0.4 1.0 0.4 -156%
0.4 0.3 0.1 0.0 1.3 100%
0.2 0.2 0.4 0.5 0.4

0.4 0.5 0.6 0.6 1.1 -49%
0.8 0.8 0.7 0.8 0.8 1%
1.4 2.1 2.3 2.6 2.4 8%
2.2 0.9 0.7 0.8 1.5 -44%
1.0 1.0 1.1 1.0 1.0 -2%
1.2 1.1 1.1 1.2 1.4

0.4 0.5 0.6 0.6 1.1 -48%
0.8 0.8 0.9 0.9 0.8 16%
1.7 2.3 2.5 2.9 2.7 9%
2.3 1.0 0.7 0.9 1.6 -47%
1.1 1.1 1.2 1.1 1.1 0%
1.3 1.1 1.2 1.3 1.5

94.2 55.1 62.8 67.4 #DIV/0! #DIV/0!
18.6 10.7 6.9 7.9 28.5 -72%
11.1 14.8 26.4 43.5 80.9 -46%
60.6 35.4 67.2 75.1 50.6 48%
4.4 5.5 11.1 34.6 6.6 422%
37.8 24.3 34.9 45.7 #DIV/0!
Mar-14 Mar-15 Mar-16 Mar-17 Mean

0% 0% 0% 0% 0.0
147% 17% 6% 4% 0.3
12% 14% 13% 12% 0.1
1% 3% 1% 1% 0.0
13% 13% 11% 11% 0.1
#NAME? #NAME? #NAME? #NAME? 0.1
Current:First Industry Hypothesis Company Absolute Hypothesis
#DIV/0!
The industry seems generating self-sustainable
-839% cash. Has become debt free. With not much
#DIV/0! demand coming and waiting for right cycle,
-193% looks like companies are sitting debt free with
cash
100%

394%
-4%
328%
-27%
-3%

312%
14%
239%
-33%
-1%

#DIV/0!
-80%
-90%
29%
1588%
Industry Hypothesis Company Absolute Hypothesis


DEBT/EQUITY RATIO
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Ja n-08 Jan-09 Jan-10 Ja n-11 Jan-12 Ja n-13 Ja n-14 Ja n-15 Jan-16 Ja
CURRENT RATIO
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
Ja n-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Ja n-14 Ja n-15 Ja n-16 Ja
QUICK RATIO
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
n-15 Jan-16 Jan-17 Jan-08 Ja n-09 Jan-10 Jan-11 Jan-12 Jan-13 Ja n-14 Jan-
INTEREST AS A % OF DEBT
160%
140%
120%
100%
80%
60%
40%
20%
0%
n-15 Ja n-16 Ja n-17 Jan-08 Jan-09 Jan-10 Jan-11 Ja n-12 Jan-13 Jan-14 Jan
13 Ja n-14 Jan-15 Ja n-16 Jan-17
liday Byke
d INDUSTRY
F DEBT
-13 Jan-14 Jan-15 Ja n-16 Jan-17

oliday Byke
d INDUSTRY
Revenue Growth Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
Sinclairs 19% 2% 11% -3% 35%
Byke -26% 10% 121% 48% 106%
fomento -7% -5% 5% 8% 0%
EIHAssociated -11% -7% 17% 10% 12%
INDUSTRY -3% 4% 32% 15% 36%
PAT Growth (Core) Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs -69% 44% 26% -73% -980%
Mahindra Holiday -48% 125% -22% -43% 178%
Byke -67% 6% 119% 14% 209%
fomento -46% 0% -31% -37% 111%
EIHAssociated -36% -50% 116% -6% 120%
INDUSTRY -53% 25% 42% -29% -72%
EPS Growth Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs -6% -22% 52% -41% 363%
Mahindra Holiday -5% 37% -14% 1% -10%
Byke -82% -6% 57% 0% 223%
fomento -36% 0% -11% -10% 50%
EIHAssociated -32% -47% 127% 11% -1%
INDUSTRY -32% -8% 42% -7% 125%
CFO Growth Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs -3% -22% 88% -6% 25%
Mahindra Holiday 240% 18% -52% 130% 7%
Byke -400% -138% -91% 629% 466%
fomento -25% 55% -25% 18% -4%
EIHAssociated -42% -13% 219% -3% -5%
INDUSTRY -46% -20% 28% 153% 98%
TBD
CFO/Share Growth Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
Sinclairs -3% -22% 88% -6% 25%
Mahindra Holiday 240% 18% -52% 130% 7%
Byke -400% -138% -91% 629% 466%
fomento -25% 55% -25% 18% -4%
EIHAssociated -42% -13% 219% -3% -5%
Mar-14 Mar-15 Mar-16 Mar-17 Total Cum 5 Year Cum
15% 30% 33% 21% 17% 27%
11% -1% 97% 42% 23% 32%
54% 17% 28% 17% 35% 41%
9% 10% 7% 3% 3% 6%
2% 6% 7% 7% 4% 7%
18% 12% 35% 18%

-140% 267% 57% 18% 15% 89%
-14% -13% 43% 33% 8% 31%
117% 27% 30% 22% 31% 68%
-20% -14% 60% 114% 2% 38%
22% -4% 63% -4% 11% 32%
-7% 52% 51% 37%

-47% -32% 49% 28% 9% 26%
-9% -7% 8% 71% 5% 7%
105% -37% 30% 22% 6% 46%
-3% 64% 5% 20% 5% 25%
15% 5% 57% 10% 7% 16%
12% -1% 30% 30%

123% 29% 37% 33% 27% 46%
-85% 506% 20% 14% 22% 6%
27% -18% 63% 7% 25% 60%
44% -20% 29% -27% 1% 1%
-1% 4% 25% 10% 9% 6%
22% 100% 35% 7%

123% 29% 37% 33% 22% 47%
-85% 506% 20% 14% 21% 5%
27% -18% 63% 7% 2% 45%
44% -20% 29% -27% 1% 1%
-1% 4% 25% 10% 4% -3%
3 Year Cum Industry Hypothesis
28%
41%
20% Sinclairs and Byke have led revenue growth across peers and even in downcycles
7%
7%

89% However, in last 3 years, when it comes to profitability, Sinclairs has not been able to convert
18% Revenue growth into profitability and it is odd one out as others with or without growth have
been able to generate profit growth. This needs to be understood in detail. Why?
26%
43% Create a company wise waterfall chart to understand whats eating up revenue growth to low
profitability growth
15%

9%
19%
Byke looks like has done equity dilution and hence prfoitability growth could not convert into
0% EPS growth
27%
22%

33%
103% Once we start seeing growth from accounting profitability to cash profitability, scenario
changes and looks like now, Sincalirs is doing best with consistenctly year over year delivering
13% cash flow growth unlike its peers. Only Byke and Sinclairs have been able to grow CFO in
-9% double digits on longer terms basis
13%
3 Year Cum
33%
103%
-13%
-9%
13%

DEBT/EQUITY RATIO
100%
80%
60%
40%
20%
0%
Ja n-08 Ja n-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Ja n-16 Ja
-20%
-40%
CURRENT RATIO
400%
300%
200%
100%
0%
Ja n-08 Jan-09 Ja n-10 Jan-11 Ja n-12 Jan-13 Ja n-14 Jan-15 Ja n-16 Ja
-100%
-200%

QUICK RATIO
100%
80%
60%
40%
20%
0%
-20% Ja n-08 Jan-09 Ja n-10 Jan-11 Ja n-12 Jan-13 Ja n-14 Jan
-40%
n-15 Ja n-16 Ja n-17 -60%
-80%
-100%
INTEREST AS A % OF DEBT
160%
140%
120%
100%
80%
60%
40%
n-15 Ja n-16 Jan-17
20%
0%
Jan-08 Jan-09 Jan-10 Jan-11 Ja n-12 Jan-13 Jan-14 Jan
n-13 Ja n-14 Jan-15 Ja n-16 Jan-17
liday Byke
d INDUSTRY
F DEBT
-13 Jan-14 Jan-15 Ja n-16 Jan-17

oliday Byke
d INDUSTRY
Revenue Growth Rate
50%
41% 41%
40% 35%
32%
30% 27% 28%
23% 20%
20% 17%
10% 4% 6% 7% 7% 7%
3%
0%
-10% Total Cum 5 Year Cum 3 Year Cum
-20%
-30%
-40%
Sinclairs Mahindra Holiday Byke fomento EIHAssociated
EPS Growth Rate

60%
50% 46%
40%
30% 26% 25% 27%
19% 22
20% 16%
9% 6% 7% 7% 9%
10% 5% 5%
0%
Total Cum 5 Year Cum 0%Cum
3 Year
-10%
-20%
-30%
-40%
PAT Growth Rate
100% 89%
89%
41% 80%
68%
% 60%
20%
38%
40% 31% 31% 32%
7% 7%
20% 15% 11%
8%
3 Year Cum 2%
0%
Total Cum 5 Year Cum
-20%
-40%
CFO/Share Growth Rate
120%
100%
27%
22% 80%
19%
60% 47% 45%
40% 33%
22% 21%
0%Cum
3 Year 20%
2% 4% 5%
0%
Total Cum 5 Year Cum -3%
-20%
-40%
te
89%
43%
8%
32%
26%
18% 15%
3 Year Cum
fomento EIHAssociated
h Rate
103%
33%
13%
-3% 3 Year Cum

-13%
Working Capital/Sales Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
Sinclairs -126% -104% 211% 212% -53% 3%
Mahindra Holiday -30% -49% -61% -42% -60% -56%
Byke -3% 112% 59% 35% 37% 16%
fomento 15% 18% 29% 45% 39% 63%
EIHAssociated 6% 6% 6% 2% 2% 9%
INDUSTRY -27% -3% 49% 50% -7% 7%
Debtor Days Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 13 8 13 14 15 19
Mahindra Holiday 417 448 489 319 327 310
Byke 15 67 23 19 22 43
fomento 43 41 43 50 42 33
EIHAssociated 35 18 26 29 28 31
INDUSTRY 105 116 119 86 87 87
Inventory Days Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 14 5 5 5 7 5
Byke 18 22 10 39 45 22
fomento 28 32 32 29 25 25
INDUSTRY 16 16 13 18 18 14
Working Capital Days Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 27 13 18 19 22 24
Byke 33 89 33 58 67 65
fomento 71 73 75 79 67 58
INDUSTRY 120 132 132 104 105 101
Receivables Turnover Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 28 46 29 25 25 19
Byke 25 5 16 19 17 8
fomento 8 9 9 7 9 11
INDUSTRY 15 16 14 13 13 10
Inventory Turnover Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 25 78 68 79 50 75
Byke 20 17 38 9 8 17
fomento 13 11 11 13 15 15
INDUSTRY 37 40 57 54 48 47
-36% -35% -19% -14% 4% -0.3
-39% -52% -17% -8% -41% 5.3
11% 18% 19% 23% 33% 1.4
58% -6% -49% -22% 19% -0.8
5% 6% 8% 5% 6% 1.2
0% -14% -12% -3% 4%

10 10 13 11 13 1.1
378 392 213 163 346 2.1
25 28 28 30 30 1.0
41 29 36 25 38 1.6
31 41 37 32 31 1.0
97 100 65 52 91

5 4 4 2 6 2.9
5 3 86 63 18 0.3
14 12 10 15 21 1.4
15 12 11 11 22 1.9
15 15 16 15 15 1.0
11 9 25 21 16

15 14 16 13 18 1.4
382 394 299 226 363 1.6
39 40 38 45 51 1.1
55 42 47 36 60 1.7
46 57 53 47 46 1.0
108 110 91 73 108

35 35 29 33 30 0.9
1 1 2 2 1 0.5
15 13 13 12 14 1.2
9 12 10 15 10 0.7
12 9 10 11 12 1.1
14 14 13 15 14

78 91 98 188 83 0.4
79 136 4 6 93 16.1
26 30 37 25 23 0.9
25 29 32 32 20 0.6
24 24 23 24 25 1.0
46 62 39 55 49
9.1
3.9
-0.1
-0.7
1.3

1.2
2.6
0.5
1.8
1.1

7.4
0.1
1.3
2.4
1.0

2.1
1.9
0.7
2.0
1.1

0.9
0.4
2.1
0.6
0.9

0.1
17.7
0.8
0.4
1.0

WORKING CAPITAL/SALES
100%
80%
60%
40%
20%
0%
-20%
-40%
INVENTORY DAYS
100
90
80
70
60
50
40
30
20
10
0
Jan-08 Jan-09 Ja n-10 Ja n-11 Ja n-12 Ja n-13 Ja n-14 Jan-15 Jan-16 Ja
DEBTOR DAYS
600
500
400
300
200
100
n-15 Ja n-16 Ja n-17
0
Jan-08 Ja n-09 Ja n-10 Jan-11 Jan-12 Ja n-13 Ja n-14 Jan-
WORKING CAPITAL DAYS
600
500
400
300
200
100
0
n-15 Jan-16 Ja n-17 Ja n-08 Jan-09 Jan-10 Ja n-11 Jan-12 Jan-13 Jan-14 Jan
13 Ja n-14 Jan-15 Jan-16 Ja n-17
liday Byke
d INDUSTRY
DAYS
-13 Jan-14 Jan-15 Jan-16 Jan-17

oliday Byke
d INDUSTRY
WCIP/NFA Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
Sinclairs 2% 5% 6% 35% 34% 70%
Byke 18% 21% 104% 288% 42% 4%
fomento 30% 35% 38% 23% 8% 18%
INDUSTRY 14% 15% 34% 74% 23% 25%
CAPEX/GFA Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 8% 6% 46% 25% 23%
Byke 2% 76% 174% 32% 18%
fomento 18% 8% 7% 14% 14%
INDUSTRY 14% 25% 50% 21% 20%
CAPEX/Revenue Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 18% 13% 109% 72% 45%
Byke 2% 73% 82% 33% 13%
fomento 14% 7% 6% 13% 12%
INDUSTRY 16% 25% 44% 32% 24%
Mar-14 Mar-15 Mar-16 Mar-17 Industry Hypothesis
88% 30% 7% 0%
Except fomento, none of the companies have
8% 9% 6% 13% done any major capex in last 2 years
5% 2% 4% 3% Based on current capex work in progress,
68% 131% 265% 452% fomento could be interesting if there are no
execution challenges and legal issues
0% 0% 0% 1%
34% 35% 56% 94%
Mar-14 Mar-15 Mar-16 Mar-17 Avg. Capex/GFA

26% 19% 8% -5% 15%
9% 12% 28% 10% 21%
14% 11% 21% 21% 24%
55% 82% 126% 170% 53%
2% 4% 3% 3% 4%
21% 26% 37% 40%
Mar-14 Mar-15 Mar-16 Mar-17 Avg. Capex/Revenue

44% 38% 15% -7% 30%
11% 15% 24% 6% 19%
7% 5% 8% 7% 12%
43% 64% 85% 106% 44%
3% 5% 3% 3% 5%
22% 25% 27% 23%
Sincalirs has done major CAPEX

between 2011-15 when it added 2
hotels to existing list of 5 hotels
taking it to 7
Last 5 Yr Capex/GFA Last 3 Yr Capex/GFA

11% 7%
17% 16%
16% 16%
83% 117%
5% 3%
Last 5 Yr Capex/Revenue Last 3 Yr Capex/Revenue

21% 12%
16% 14%
8% 7%
65% 86%
6% 4%


WCIP/NFA
300%
250%
200%
150%
100%
50%
0%
CAPEX/REVENUE
120%
100%
80%
60%
40%
20%
0%
Ja n-08 Ja n-09 Jan-10 Ja n-11 Jan-12 Ja n-13 Jan-14 Jan-15 Jan-16 Ja
-20%
CAPEX/GFA
200%
150%
100%
50%
0%
Ja n-08 Ja n-09 Jan-10 Ja n-11 Jan-12 Ja n-13 Jan-14 Ja n
n-15 Ja n-16 Ja n-17 -50%
n-15 Jan-16 Jan-17
RY
-13 Jan-14 Ja n-15 Jan-16 Jan-17
liday Byke
d INDUSTRY
P/E Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
Sinclairs 20.7 24.1 32.6 34.8 54.6 12.1
Byke 3.0 8.9 20.5 36.9 52.8 29.9
fomento 25.1 0.0 30.0 22.3 18.9 0.0
EIHAssociated 19.7 11.3 44.5 22.4 19.8 16.6
INDUSTRY 14 9 31 28 32 15
P/CFO Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 26.2 39.2 69.0 59.9 59.2 48.7
Byke 2.2 -0.7 4.6 220.5 45.7 14.8
fomento 27.3 0.0 18.1 15.9 10.4 0.0
EIHAssociated 8.3 5.5 13.4 4.8 4.9 6.6
INDUSTRY 13 9 24 65 26 15
PEG Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs -4.1 -1.5 0.7 -1.3 0.0
Mahindra Holiday 0.0 0.7 -1.5 10.8 -1.6
Byke -0.1 -3.4 0.6 116.4 0.1
fomento 0.0 104.3 -2.0 -2.0 0.0
EIHAssociated -0.3 -1.0 0.2 1.8 -12.2
INDUSTRY -1 20 0 25 -3
PCG Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 0.6 1.3 -0.4 0.7 -0.8
Mahindra Holiday #DIV/0! #DIV/0! 0.8 -0.7 -0.1
Byke -2.8 -7.7 29.7 -0.8 -0.9
fomento -1.0 #DIV/0! 0.0 -0.3 -1.0
EIHAssociated 0.0 3.5 -0.8 -0.1 0.4
EV/EBITDA Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 10.9 13.6 11.9 16.4 26.9 9.6
Mahindra Holiday 0.1 -0.1 14.5 12.1 9.6 8.3
Byke 1.7 2.2 8.3 20.1 27.2 13.8
fomento 14.2 0.2 15.3 10.4 7.9 -0.9
EIHAssociated 8.5 6.7 10.1 8.9 8.1 6.8
INDUSTRY 5 12 14 16 8
EV/EBIT Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 13.4 17.5 15.0 19.6 35.5 11.0
Byke 1.9 3.4 13.3 25.4 34.6 18.0
fomento 16.2 0.3 19.3 13.6 10.8 -1.2
EIHAssociated 10.8 8.5 13.3 11.5 10.3 8.5
INDUSTRY 6 15 17 20 9
EV/CFO Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 25.9 38.4 46.4 46.3 58.0 48.1
Byke 2.1 -0.4 4.4 218.2 51.3 16.0
fomento 27.6 0.5 17.8 15.4 9.4 -1.5
EIHAssociated 15.2 17.5 27.1 8.9 8.9 8.4
INDUSTRY 11 22 62 27 16
EV/FCF Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs -285.4 -684.0 -10.6 -21.9 -32.8
Mahindra Holiday 1.8 79.2 456.4 -2009.2 -38.6
Byke -0.4 -2.8 -3.1 -10.5 118.2
fomento 2.3 23.2 21.5 21.7 -3.4
EIHAssociated 29.5 36.3 10.6 10.3 29.8
INDUSTRY -50 -110 95 -402 15
Mar-14 Mar-15 Mar-16 Mar-17 Overall 5 Year Avg.
19.7 36.6 23.8 25.3 28.4 23.5
16.4 19.6 27.5 17.6 16.0 19.4
20.4 32.5 24.3 25.4 25.5 26.5
11.4 11.2 12.3 12.6 14.4 9.5
20.8 27.2 23.1 25.7 23.1 22.7
18 25 22 21 21 20

17.3 16.9 12.0 12.2 27.0 16.4
43.2 7.9 9.9 9.5 29.3 25.0
16.2 39.6 23.5 28.0 69.4 34.6
6.6 13.3 12.0 20.1 21.0 18.9
9.6 12.6 13.6 15.1 21.8 17.6
19 18 14 17 34 23

-0.4 -1.1 0.5 0.9
-1.9 -2.6 3.5 0.2
0.2 -0.9 0.8 1.1
-4.0 0.2 2.6 0.6
1.4 5.5 0.4 2.6
-1 0 2 1

-0.3 0.4 -0.5 -0.2 0.1 -0.3
6.1 -0.8 0.2 -0.4 #DIV/0! 1.0
-0.5 2.9 -0.5 0.0 2.1 0.2
#DIV/0! 0.2 -0.1 0.4 #DIV/0! #DIV/0!
0.3 0.3 -0.3 0.0 0.4 0.1

11.2 14.8 9.4 10.3 13.5 11.1
7.7 9.2 11.1 8.8 8.1 9.0
11.7 17.7 12.1 13.0 12.8 13.7
5.1 3.7 5.6 8.5 7.0 4.4
8.9 10.7 12.3 13.5 9.4 10.4
9 11 10 11

14.5 24.1 14.8 16.0 18.1 16.1
9.8 14.3 17.4 12.4 10.5 12.7
14.4 24.3 15.5 16.3 16.7 17.7
6.5 4.4 6.3 9.3 8.6 5.1
11.3 14.9 15.5 16.3 12.1 13.3
11 16 14 14

17.2 16.8 11.9 12.2 32.1 21.2
41.8 8.4 12.3 11.5 12.8 16.1
16.9 40.3 23.8 28.2 40.1 25.0
6.1 8.2 10.3 23.3 11.7 9.3
10.9 13.7 14.1 14.9 14.0 12.4
19 17 14 18

-65.1 -179.9 20.1 10.4 2558.5 51.7
-25.4 21.9 -20.7 22.7 1609.0 -872.3
40.1 86.8 74.9 89.8 -316.6 113.4
-11.8 -4.0 -4.2 -4.6 -23.4 -10.6
12.4 17.3 15.9 16.8 28.5 24.2
-10 -12 17 27
3 Year Avg. Industry Hypothesis Company Absolute Hypothesis
28.6
21.6
27.4
12.0
25.3
23

12.5
20.3
31.1
18.8
16.2
20

-0.1
-0.4
0.8
0.2
0.0

11.5
9.7
14.2
5.9
12.2

18.3
14.7
18.7
6.7
15.6
13.6
10.8
30.7
13.9
14.2

23.3
130.0
96.6
-6.6
19.8


PE RATIO
60
50
40
30
20
10
0
Jan-08 Jan-09 Jan-10 Jan-11 Ja n-12 Ja n-13 Ja n-14 Ja n-15 Ja n-16 Ja
PEG
5
4
3
2
1
0
-1 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Ja n-13 Ja n-14 Jan-15 Jan-16 Ja
-2
-3
-4
-5
P/CFO
50
45
40
35
30
25
20
15
10
5
0
n-15 Ja n-16 Jan-17 Ja n-08 Jan-09 Jan-10 Jan-11 Ja n-12 Ja n-13 Jan-14 Ja n-
EV/EBITDA
18
13
8
n-15 Jan-16 Ja n-17
-2 Ja n-08 Jan-09 Jan-10 Jan-11 Ja n-12 Ja n-13 Jan-14 Jan

RY fomento EIHAssociated INDUSTR
13 Jan-14 Ja n-15 Ja n-16 Jan-17
liday Byke
d INDUSTRY
-13 Jan-14 Jan-15 Ja n-16 Ja n-17
oliday Byke
ed INDUSTRY
Receivables/Sales Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
Sinclairs 4% 2% 3% 4% 4% 5%
Byke 4% 18% 6% 5% 6% 12%
fomento 12% 11% 12% 14% 12% 9%
INDUSTRY 29% 32% 32% 24% 24% 24%
Inventory/Sales Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 4% 1% 1% 1% 2% 1%
Byke 5% 6% 3% 11% 12% 6%
fomento 8% 9% 9% 8% 7% 7%
INDUSTRY 4% 4% 4% 5% 5% 4%
Depreciation/GFA Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 3% 4% 4% 4% 4% 6%
Byke 3% 6% 7% 6% 2% 5%
fomento 7% 8% 8% 8% 7% 8%
INDUSTRY 5% 5% 6% 5% 4% 5%
Tax Rate Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 34% 26% 31% 26% 33% 8%
Byke 34% 34% 33% 30% 32% 33%
fomento 35% 35% 33% 35% 32% 32%
EIHAssociated 42% 31% 35% 34% 32% 31%
INDUSTRY 36% 33% 33% 31% 32% 28%
Other Income/PAT Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 26% 82% 74% 79% 90% 118%
Byke 1% 2% 1% 9% 2% 6%
fomento 16% 30% 30% 46% 63% 47%
EIHAssociated 9% 15% 20% 24% 36% 8%
INDUSTRY 16% 38% 33% 41% 52% 37%
Other Expense/Total Expense Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 7% 6% 4% 6% 4% 27%
Byke 0% 0% 1% 1% 0% 1%
fomento -6% -6% -5% 0% 2% 2%
INDUSTRY 2% 1% 2% 3% 3% 7%
SSGR Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 2% 7% -2% 2%
Mahindra Holiday 18% 10% 10% 6%
Byke -5% -3% 1% 7%
fomento 5% 6% 4% 7%
EIHAssociated -3% -2% -2% 2%
INDUSTRY 4% 3% 2% 5%
Equity dilution Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 32% 30% 0% 0% 0%
Byke 87% 11% 52% 5% 0%
fomento 0% 0% 0% 0% 0%
INDUSTRY 24% 10% 10% 1% 11%
NFA/Assets Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 68% 44% 34% 37% 43% 39%
Byke 70% 37% 32% 19% 50% 64%
fomento 43% 47% 43% 46% 52% 42%
EIHAssociated 64% 65% 62% 61% 60% 73%
INDUSTRY 55% 46% 40% 38% 47% 50%
Pat Growth/Revenue Growth Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs -3.7 27.6 2.3 -21.1 -27.7
Mahindra Holiday -4.2 6.1 -3.8 -2.8 6.4
Byke -2.6 0.6 1.0 0.3 2.0
fomento -6.4 -0.1 -6.5 -4.6 242.7
EIHAssociated -3.4 -7.2 6.7 -0.7 10.2
INDUSTRY -4.1 5.4 0.0 -5.8 46.7
CFO per Share Growth/Revenue Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
Sinclairs -0.2 -14.0 7.9 -1.8 0.7
Mahindra Holiday 20.9 0.9 -9.2 8.4 0.2
Byke -15.6 -13.8 -0.8 13.2 4.4
fomento -3.5 11.3 -5.1 2.2 -8.5
EIHAssociated -3.9 -1.8 12.7 -0.4 -0.4
INDUSTRY -0.5 -3.5 1.1 4.3 -0.7
Mar-14 Mar-15 Mar-16 Mar-17 Overall 5 Year Cum
3% 3% 3% 3% 3% 3%
103% 107% 58% 45% 79% 69%
7% 8% 8% 8% 8% 8%
11% 8% 10% 7% 10% 9%
9% 11% 10% 9% 9% 9%
27% 27% 18% 14% 22% 20%

1% 1% 1% 1% 1% 1%
1% 1% 24% 17% 10% 13%
4% 3% 3% 4% 4% 4%
4% 3% 3% 3% 6% 4%
4% 4% 4% 4% 4% 4%
3% 3% 7% 6% 5% 5%

7% 7% 9% 11% 6% 8%
4% 6% 7% 8% 5% 6%
6% 11% 12% 12% 7% 10%
9% 8% 8% 7% 8% 8%
5% 7% 6% 5% 5% 5%
6% 8% 8% 9% 6% 7%

25% 33% 37% 35% 27% 26%
35% 25% 38% 35% 34% 35%
25% 21% 35% 35% 31% 31%
38% 35% 39% 35% 35% 36%
38% 38% 29% 34% 34% 34%
32% 30% 36% 35% 32% 32%

85% 19% 14% 21% 66% 63%
16% 22% -5% 19% 31% 12%
1% 1% 1% 0% 1% 1%
56% 77% 65% 38% 48% 57%
2% 11% 8% 19% 13% 11%
32% 26% 17% 19% 32% 29%

6% 4% 3% 3% 7% 8%
2% 5% 7% 7% 5% 5%
0% 0% 0% 0% 0% 0%
1% 2% 1% 2% 0% 2%
3% 3% 3% 3% 4% 3%
3% 3% 3% 3% 3% 4%

6% -1% -1% 0%
3% -2% 1% 3%
11% 8% 14% 19%
7% 22% 26% 36%
0% -1% 5% 11%
5% 5% 9% 14%
Mar-14 Mar-15 Mar-16 Mar-17 Overall 5 Year Prev

-8% 0% 0% 0% 54% -8%
5% 0% 0% 0% 15% 5%
0% 100% 0% 0% 255% 100%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 56% 56%
-1% 20% 0% 0% 76% 31%

46% 65% 73% 63% 51% 57%
38% 36% 36% 32% 33% 35%
62% 58% 52% 49% 49% 57%
33% 22% 18% 13% 36% 26%
67% 66% 71% 67% 66% 69%
49% 49% 50% 45% 47% 49%

-9.3 8.9 1.7 0.9 0.9 3.3
-1.4 -24.0 0.4 0.8 0.4 1.0
2.2 1.6 1.1 1.3 0.9 1.7
-2.1 -1.5 8.1 34.3 0.5 6.6
13.7 -0.7 8.8 -0.5 2.5 4.8
0.6 -3.1 4.0 7.4 1.0 3.5

8.2 1.0 1.1 1.6 0.6 0.3
-8.1 920.3 0.2 0.3 0.6 0.2
0.5 -1.1 2.3 0.4 0.2 0.7
4.8 -2.1 3.8 -8.1 3.1 0.6
-0.7 0.7 3.5 1.4 0.6 0.5
1.0 183.7 2.2 -0.9 1.0 0.5
3 Year Cum Industry Hypothesis Company Absolute Hypothesis
3%
60%
8% Industry works on low Sinclairs is best among peers
receivables
8%
10%
18%

1%
17%
3% Industry works on low Sinclairs is best among peers
receivables
3%
4%
6%

9% Why sincalirs was having high depreciation
7% recently. This signifies why CFO to PAT
12% Why Byke has higher ratio was high. Have they added lot of new
depreciation than industry? properties? Check GFA. Are these assets
8% being utilized or there is scope of operating
6% leverage?
8%

35%
34%
32%
36%
33% Looks ok for all
34%

18%
13% Some of companies have very Need to investigate. One possible reason
1% high other income. Also, ecept could be high cash as this is cyclic industry.
byke, most of players have high Companies are sitting on cash but its is not
58% other income right time to expand. Needs validation
13%
21%

3%
7%
0%
2%
3%
3%
3 Year Prev Industry Hypothesis Company Absolute Hypothesis

0%
0%
100%
0%
0%
20%
3 Year Avg. Change over Time

67% -31%
35% -5%
53% -8%
18% 51%
68% -3%
48%

3.2
0.4
1.3
6.4
2.1
2.7

0.1
1.1
0.0
0.6
1.5
0.7


RECEIVABLES/SALES
160%
140%
120%
100%
80%
60%
40%
20%
0%
Jan-08 Ja n-09 Ja n-10 Ja n-11 Jan-12 Jan-13 Jan-14 Jan-15 Ja n-16 Ja
DEPRECIATION/GROSS FIXED ASSET

14%
12%
10%
8%
6%
4%
2%
0%
Jan-08 Jan-09 Ja n-10 Ja n-11 Jan-12 Ja n-13 Ja n-14 Ja n-15 Ja n-16 Ja
INVENTORY/SALES
25%
20%
15%
10%
5%
0%
TAX RATE
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
n-15 Ja n-16 Ja n-17 Jan-08 Ja n-09 Ja n-10 Ja n-11 Ja n-12 Ja n-13 Ja n-14 Jan
LES
-13 Ja n-14 Ja n-15 Jan-16 Ja n-17

liday Byke
d INDUSTRY
n-13 Ja n-14 Jan-15 Ja n-16 Jan-17

oliday Byke
ed INDUSTRY
OTHER INCOME/PAT
140%
120%
100%
80%
60%
40%
20%
0%
-20% Ja n-08 Ja n-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Ja n-16 Ja

EQUITY DILUTION
120%
100%
80%
60%
40%
20%
0%
Ja n-08 Ja n-09 Jan-10 Ja n-11 Jan-12 Ja n-13 Jan-14 Jan-15 Jan-16 Ja
-20%
OTHER EXPENSE/TOTAL EXPENSE
30%
25%
20%
15%
10%
5%
0%
-5% Ja n-08 Ja n-09 Ja n-10 Ja n-11 Ja n-12 Jan-13 Jan-14 Jan
n-15 Ja n-16 Ja n-17 -10%
NFA/TOTAL ASSETS
80%
70%
60%
50%
40%
30%
20%
10%
n-15 Jan-16 Jan-17 0%

Jan-08 Ja n-09 Ja n-10 Ja n-11 Ja n-12 Ja n-13 Ja n-14 Jan
EXPENSE
-13 Jan-14 Jan-15 Jan-16 Jan-17
liday Byke
d INDUSTRY
ETS
n-13 Ja n-14 Jan-15 Ja n-16 Jan-17

oliday Byke
ed INDUSTRY
Depreciation/GFA Mar-08 Mar-09 Mar-10
Sinclairs 3% 4% 4%
Mahindra Holiday 5% 4% 4%
Byke 3% 6% 7%
fomento 7% 8% 8%
EIHAssociated 5% 4% 4%
INDUSTRY 5% 5% 6%
Return on Total Net Asset(EBIT) Mar-08 Mar-09 Mar-10

Sinclairs 10% 7% 6%
Byke 23% 4% 4%
fomento 24% 16% 15%
INDUSTRY 17% 10% 9%
Return on Total Average Net Asset (EBIT) Mar-08 Mar-09 Mar-10

Sinclairs 9% 7%
Mahindra Holiday 15% 15%
Byke 6% 4%
fomento 16% 15%
EIHAssociated 10% 9%
INDUSTRY 11% 10%
Return on Total Productive Net Asset (EBIT) Mar-08 Mar-09 Mar-10

Sinclairs 14% 15% 16%
Byke 28% 10% 6%
fomento 43% 26% 25%
INDUSTRY 30% 20% 19%
Return on Total Productive Average Net Asset Mar-08 Mar-09 Mar-10

Sinclairs 16% 17%
Mahindra Holiday 39% 38%
Byke 10% 7%
fomento 27% 25%
EIHAssociated 15% 13%
INDUSTRY 21% 20%
NFAT Mar-08 Mar-09 Mar-10

Sinclairs 2.5 2.2 2.1
Mahindra Holiday 0.6 0.9 0.9
Byke 0.7 0.9 0.8
fomento 0.7 0.8 0.8
EIHAssociated 1.5 1.7 1.8
INDUSTRY 1.2 1.3 1.3
Capex per Unit Revenue M1 Revenue M2 Profit

Sinclairs 1.8 2.0 18.9
Mahindra Holiday 0.8 0.9 221.9
Byke 0.5 0.6 40.6
fomento 13.1 0.8 4440.2
EIHAssociated 1.2 1.4 9.8
INDUSTRY 3.5 1.1 946
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
4% 4% 6% 7% 7% 9% 11%
4% 4% 3% 4% 6% 7% 8%
6% 2% 5% 6% 11% 12% 12%
8% 7% 8% 9% 8% 8% 7%
5% 5% 5% 5% 7% 6% 5%
5% 4% 5% 6% 8% 8% 9%

8% 5% 17% 12% 8% 12% 14%
8% 8% 6% 5% 4% 5% 6%
5% 4% 12% 19% 20% 26% 26%
13% 11% 13% 12% 11% 11% 9%
10% 11% 14% 12% 12% 17% 18%
9% 8% 12% 12% 11% 14% 15%

8% 5% 17% 11% 9% 12% 15%
9% 8% 7% 6% 4% 5% 7%
6% 5% 13% 19% 21% 28% 28%
13% 11% 14% 13% 14% 12% 10%
10% 11% 13% 13% 12% 16% 18%
9% 8% 13% 12% 12% 15% 16%

16% 9% 26% 14% 10% 15% 23%
25% 19% 14% 13% 11% 12% 18%
6% 6% 18% 29% 34% 47% 53%
23% 20% 27% 21% 22% 17% 13%
17% 18% 18% 18% 18% 23% 27%
17% 14% 21% 19% 19% 23% 27%

19% 9% 27% 15% 10% 15% 21%
26% 21% 16% 14% 11% 13% 18%
9% 7% 20% 30% 33% 49% 55%
23% 20% 27% 24% 26% 20% 15%
17% 18% 19% 18% 18% 23% 26%
19% 15% 22% 20% 20% 24% 27%

2.2 2.8 1.8 1.6 2.0 1.8 1.3
1.0 1.0 1.0 1.2 1.3 0.8 0.6
0.4 1.0 0.7 0.5 0.4 0.4 0.3
0.8 0.9 0.9 0.8 0.8 0.7 0.6
1.5 1.3 1.3 1.3 1.1 1.0 0.9
1.2 1.4 1.2 1.1 1.1 0.9 0.8
Cashflow
5.1
14.6
5.1
79.0
2.5
21
3 Year Cum 5 Year Cum Total Cum Industry Hypothesis
2.1 1.3 1.1
2.3 2.0 1.7
0.9 1.1 1.0
0.8 1.0 1.1
1.8 2.0 2.3

37% 35% 29%
15% 16% 19%
11% 11% 10%
21% 22% 22%
26% 25% 24%

25% 14% 0%
2% 0% 0%
4% 4% -2%
-65% -43% -21%
22% 19% 19%

52% 23% 11%
56% 49% 44%
-8% 6% -4%
-22% -1% 12%
45% 49% 57%

18% 78% 79%
14% 12% 39%
1% 1% 2%
59% 57% 51%
13% 10% 14%

1.0 1.0 1.0
1.0 1.0 1.0
1.0 1.0 0.9
1.0 1.0 1.0
1.0 1.0 1.0

Depreciation/Gross Fixed Asset
14%
12%
10%
8%
6%
4%
2%
0%
Jan-08 Ja n-09 Ja n-10 Jan-11 Ja n-12 Ja n-13 Jan-14 Ja n-15 Ja n-16 Ja
Net Fixed Asset Turnover

3.0
2.5
2.0
1.5
1.0
0.5
0.0
Ja n-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Ja n-14 Ja n-15 Ja n-16 Ja
EBIT Return on Total Productive Net Asset
60%
50%
40%
30%
20%
10%
0%
n-15 Ja n-16 Jan-17 Jan-08 Ja n-09 Ja n-10 Ja n-11 Ja n-12 Ja n-13 Ja n-14 Ja n
Rs Capex Required to Generate Single Rs of..

20
18
16
14
12
10
8
6
4
2
n-15 Ja n-16 Ja n-17 0
Revenue M1 Revenue M2 Profit
RY Sinclairs Mahindra Holiday Byke fomento EIHAssociated

tive Net Asset
-13 Ja n-14 Ja n-15 Jan-16 Ja n-17

ay Byke
INDUSTRY
ate Single Rs of..
Profit Cas hflow

Asset Turnover Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
Sinclairs 0.3 0.2 0.2 0.2 0.2 0.2
Byke 1.0 0.4 0.4 0.5 0.5 0.9
fomento 0.6 0.6 0.6 0.6 0.6 0.5
EIHAssociated 0.4 0.4 0.4 0.4 0.4 0.6
INDUSTRY 0.6 0.4 0.4 0.4 0.4 0.5
PAT Margin Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 24% 25% 25% 35% 21% 73%
Byke 15% 7% 6% 7% 5% 8%
fomento 24% 16% 17% 15% 12% 18%
INDUSTRY 19% 15% 15% 17% 13% 24%
Leverage Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 1.6 1.3 1.1 1.2 1.2 1.1
Byke 1.2 1.1 1.1 1.1 1.4 1.6
fomento 2.0 1.7 1.7 1.6 1.5 1.6
EIHAssociated 4.3 4.0 4.0 3.8 3.6 1.9
INDUSTRY 2.9 2.7 2.3 2.2 2.2 2.0
Return on Equity Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 11% 7% 5% 7% 4% 18%
Byke 18% 3% 3% 4% 4% 11%
fomento 31% 18% 16% 13% 11% 14%
EIHAssociated 15% 9% 5% 11% 11% 10%
INDUSTRY 27% 15% 11% 11% 10% 14%
Return on Assets Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 6% 5% 4% 6% 3% 16%
Byke 15% 3% 3% 3% 3% 7%
fomento 15% 10% 10% 8% 7% 9%
INDUSTRY 10% 6% 5% 5% 4% 8%
ROIC Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 11% 7% 5% 7% 4% 18%
Byke 18% 3% 3% 4% 3% 10%
fomento 24% 14% 13% 10% 10% 11%
INDUSTRY 23% 14% 11% 10% 9% 13%
ROCE Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 16% 9% 7% 9% 6% 19%
Byke 28% 5% 4% 5% 5% 15%
fomento 36% 22% 19% 16% 14% 17%
EIHAssociated 14% 12% 10% 12% 14% 17%
INDUSTRY 35% 22% 16% 14% 13% 18%
EPA/Sales Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 2% -11% -30% -16% -32% 32%
Byke 7% -15% -16% -12% -12% 0%
fomento 14% 5% 4% 0% -1% 2%
EIHAssociated -4% -4% -8% -4% -2% 3%
INDUSTRY 8% -2% -7% -4% -7% 8%
Capital Turns Revenue Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 44% 27% 18% 19% 19% 24%
Byke 123% 45% 44% 53% 58% 109%
fomento 98% 84% 74% 69% 73% 60%
EIHAssociated 51% 45% 42% 49% 55% 71%
INDUSTRY 106% 76% 56% 58% 61% 77%
Capital Turns Profit Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 11% 7% 5% 7% 4% 18%
Byke 18% 3% 3% 4% 3% 8%
fomento 23% 14% 13% 10% 9% 11%
INDUSTRY 21% 12% 9% 9% 7% 12%
Capital Turns CFO Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 8% 4% 2% 4% 4% 4%
Byke 25% -37% 13% 1% 3% 17%
fomento 21% 15% 21% 14% 16% 13%
EIHAssociated 10% 6% 5% 16% 16% 17%
INDUSTRY 19% 12% 16% 10% 15% 17%
ROIIC (1 Year) Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
Sinclairs 3% 0% 68% -802% 362%
Mahindra Holiday -3% 16% -32% 7% -30%
Byke -12% 0% 5% 2% 83%
fomento -98% -1% -12% -21% 20%
EIHAssociated 7% -344% -767% -55% -7%
INDUSTRY -21% -66% -148% -174% 85%

Sinclairs 5% -1% 179%
Mahindra Holiday 5% 6% -17%
Byke -1% 3% 14%
fomento -32% -9% 7%
EIHAssociated 4% -64% -22%
INDUSTRY -4% -13% 32%

Sinclairs 21%
Mahindra Holiday 1%
Byke 9%
fomento -9%
EIHAssociated -13%
INDUSTRY 2%

Sinclairs
Mahindra Holiday
Byke
fomento
EIHAssociated
INDUSTRY
Dividend Yield Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Sinclairs 0% 0% 44% 41% 79% 76%
Byke 24% 24% 66% 84% 83% 26%
fomento 22% 34% 34% 26% 29% 19%
EIHAssociated 33% 30% 56% 41% 44% 15%
INDUSTRY 19% 24% 46% 45% 54% 35%
Mar-14 Mar-15 Mar-16 Mar-17 3 Year Avg 5 Year Avg
0.3 0.3 0.4 0.5 0.4 0.3
0.3 0.3 0.4 0.6 0.4 0.4
1.2 1.3 1.4 1.4 1.4 1.3
0.4 0.3 0.3 0.2 0.3 0.3
0.5 0.6 0.7 0.7 0.7 0.6
0.6 0.6 0.6 0.7

31% 16% 18% 19% 18% 27%
11% 10% 5% 7% 7% 8%
10% 11% 11% 12% 11% 11%
16% 25% 24% 28% 26% 23%
11% 11% 16% 16% 14% 13%
16% 15% 15% 16%

1.2 1.3 1.3 1.2 1.3 1.2
3.4 3.9 7.3 6.7 6.0 5.0
1.5 1.4 1.3 1.3 1.3 1.4
1.8 2.5 2.7 2.9 2.7 2.3
1.9 1.9 1.5 1.3 1.6 1.7
2.0 2.2 2.8 2.7

11% 7% 10% 11% 9% 11%
11% 11% 17% 25% 18% 16%
19% 20% 21% 21% 21% 18%
13% 18% 17% 17% 18% 16%
11% 11% 16% 15% 14% 13%
13% 14% 16% 18%

9% 5% 7% 9% 7% 9%
3% 3% 2% 4% 3% 3%
13% 15% 16% 17% 16% 13%
7% 7% 6% 6% 7% 7%
6% 6% 11% 12% 9% 8%
8% 7% 9% 9%

11% 7% 10% 11% 9% 11%
12% 10% 9% 12% 10% 12%
18% 19% 20% 21% 20% 18%
9% 15% 13% 9% 12% 11%
11% 11% 15% 16% 14% 13%
12% 12% 13% 14%

14% 11% 15% 17% 14% 15%
19% 14% 14% 19% 16% 18%
24% 24% 31% 32% 29% 25%
14% 23% 21% 14% 19% 18%
17% 18% 22% 24% 21% 19%
18% 18% 21% 21%

2% -7% 0% 2% -2% 6%
2% 0% -1% 1% 0% 1%
5% 6% 6% 6% 6% 5%
-2% 8% 5% -3% 3% 2%
1% 1% 6% 6% 4% 3%
2% 2% 3% 2%

34% 43% 53% 56% 51% 42%
107% 96% 132% 166% 131% 124%
157% 161% 176% 173% 170% 155%
53% 59% 52% 32% 47% 51%
76% 82% 88% 93% 88% 82%
85% 88% 100% 104%

11% 7% 10% 11% 9% 11%
11% 9% 7% 11% 9% 11%
16% 18% 20% 20% 19% 16%
9% 14% 12% 9% 12% 11%
8% 9% 14% 15% 13% 11%
11% 12% 13% 13%

12% 15% 19% 22% 19% 15%
4% 24% 20% 20% 21% 21%
20% 15% 20% 18% 18% 18%
15% 12% 13% 6% 10% 12%
18% 19% 24% 26% 23% 21%
14% 17% 19% 18%
49% -109% 41% 19%
0% -4% 5% 38%
115% 31% 28% 23%
-1% -774% 2% 4%
32% 4% -2627% 30%
39% -170% -510% 23%

-15% -17% 100% 12%
-4% -7% 2% 12%
41% 67% 44% 26%
6% 26% 15% 9%
-2% 3% -35% -587%
5% 14% 25% -106%

21% -21% -48% 95%
1% -8% 0% 8%
24% 26% 36% 41%
3% 18% 15% 9%
-2% -9% -18% -18%
9% 1% -3% 27%

11%
7%
21%
4%
-23%
4%

32% 47% 32% 0% 26% 37%
41% 44% 0% 0% 15% 25%
19% 20% 15% 13% 16% 19%
20% 12% 0% 0% 4% 10%
39% 37% 23% 0% 20% 23%
30% 32% 14% 3%
Total Avg Industry Hypothesis Company Absolute Hypothesis
0.3
0.4
0.9
0.5
0.5

27%
11%
10%
20%
10%

1.3
4.6
1.3
2.0
2.8

9%
24%
12%
17%
12%

7%
5%
9%
9%
5%

9%
21%
12%
13%
10%

12%
32%
17%
20%
16%

-6%
8%
-3%
3%
0%

34%
131%
110%
65%
65%

9%
20%
11%
12%
7%

10%
30%
9%
15%
16%

35%
27%
37%
20%
32%



RETURN ON EQUITY
70%
60%
50%
40%
30%
20%
10%
0%
Jan-08 Jan-09 Ja n-10 Jan-11 Ja n-12 Jan-13 Jan-14 Ja n-15 Ja n-16 Ja
RETURN ON INVESTED CAPITAL

60%
50%
40%
30%
20%
10%
0%
RETURN ON ASSET
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
n-15 Ja n-16 Jan-17 Ja n-08 Ja n-09 Ja n-10 Ja n-11 Ja n-12 Ja n-13 Ja n-14 Ja n
RETURN ON CAPITAL EMPLOYED

90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
n-15 Ja n-16 Ja n-17 Jan-08 Ja n-09 Ja n-10 Ja n-11 Ja n-12 Ja n-13 Ja n-14 Jan
SET
-13 Ja n-14 Ja n-15 Jan-16 Ja n-17

liday Byke
d INDUSTRY
EMPLOYED
n-13 Ja n-14 Jan-15 Ja n-16 Jan-17

oliday Byke
ed INDUSTRY
EPA/SALES
40%
30%
20%
10%
0%
-10% Ja n-08 Ja n-09 Jan-10 Ja n-11 Ja n-12 Jan-13 Ja n-14 Jan-15 Jan-16 Ja
-20%
-30%
-40%
INVESTED CAPITAL TURNS PROFIT
60%
50%
40%
30%
20%
10%
0%
INVESTED CAPITAL TURNS REVENUE
250%
200%
150%
100%
n-15 Jan-16 Ja n-17
50%
0%
Ja n-08 Ja n-09 Jan-10 Ja n-11 Jan-12 Ja n-13 Jan-14 Ja n
INVESTED CAPITAL TURNS CFO
80%
60%
40%
20%
0%
Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Ja
-20%
-40%
n-15 Ja n-16 Ja n-17 -60%

S REVENUE
-13 Jan-14 Ja n-15 Jan-16 Jan-17

liday Byke
d INDUSTRY
URNS CFO
n-13 Jan-14 Ja n-15 Jan-16 Ja n-17
oliday Byke
ed INDUSTRY

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EBITDA Margin Mar-08 Mar-09 Mar-10 Mar-11 Mar-12

EBIT Margin Mar-08 Mar-09 Mar-10 Mar-11 Mar-12

PAT Margin Mar-08 Mar-09 Mar-10 Mar-11 Mar-12

CFO Margin Mar-08 Mar-09 Mar-10 Mar-11 Mar-12

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Gap Mean

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Gap Mean

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Gap Mean

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Gap Mean

Current: Mean Current:First Industry Hypothesis

Current: Mean Current:First Industry Hypothesis

Current: Mean Current:First Industry Hypothesis

Current: Mean Current:First Industry Hypothesis

s better as we go below in P&L. This shows that Sinclairs

Company Absolute Hypothesis Company Relative Hypothesis

Company Absolute Hypothesis Company Relative Hypothesis

One question, even though COGS

Company Absolute Hypothesis Company Relative Hypothesis

2. Does the industry has high share of COGS?

3. Were there any major event?

4. Are improvements sustainable and falls have

2. Does the industry has high share of COGS?

3. Were there any major event?

4. Are improvements sustainable and falls have

2. Does the industry has high share of COGS?

3. Were there any major event?

4. Are improvements sustainable and falls have

2. Does the industry has high share of COGS?

3. Were there any major event?

4. Are improvements sustainable and falls have

2. Is there any company which can pass COGS to

3. Is there a company which has show tremedous

Company Absolute Hypothesis

2. Is there any company which can pass COGS to

3. Is there a company which has show tremedous

Company Absolute Hypothesis

2. Is there any company which can pass COGS to

3. Is there a company which has show tremedous

Company Absolute Hypothesis

2. Is there any company which can pass COGS to

3. Is there a company which has show tremedous

Company Absolute Hypothesis

2. How company 1 has maintained very low deviation and

Company Relative Hypothesis

2. How company 1 has maintained very low deviation and

Company Relative Hypothesis

2. How company 1 has maintained very low deviation and

Company Relative Hypothesis

2. How company 1 has maintained very low deviation and

Company Relative Hypothesis

-13 Ja n-14 Ja n-15 Jan-16 Ja n-17

-13 Ja n-14 Ja n-15 Jan-16 Ja n-17

Revenue per Unit SGA Mar-08 Mar-09 Mar-10 Mar-11 Mar-12

Revenue per Unit COGS Mar-08 Mar-09 Mar-10 Mar-11 Mar-12

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Overall Avg.

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Overall Avg.

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Overall Avg.

5 Year Avg. 3 Year Avg. Industry

5 Year Avg. 3 Year Avg. IndustryinHypothesis

5 Year Avg. 3 Year Avg. Industry Hypothesis

Company Absolute Hypothesis Company Relative Hypothesis

Company Absolute Hypothesis Company Relative Hypothesis

Company Absolute Hypothesis Company Relative Hypothesis

Revenue per SGA Rs