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Press release :  
Financial results for the third quarter ended December 31st 2009
30th, January 2010


 Q3Y10 Consolidated Income from Operations grew  by 26.69%, at Rs. 78.89 crore
Net profit after tax was up by 87.91% at Rs. 19.28 crore

Mumbai, January 30, 2010: Cox and Kings (India) Ltd., one of the oldest travel companies, today announces its financial results for the third quarter ended December 31st 2009.

Consolidated Position

Consolidated Income from operations for the quarter ended December 31, 2009 was at Rs. 78.89 crore as compared to Rs. 62.27 crore in the corresponding period of the last fiscal, registering a growth of 26.69%. Net Profit after tax for the third quarter was at Rs.19.28 crore, as compared to Rs.10.26 crore posted in the same period of last fiscal year, indicating a growth of 87.91%.  Earnings per share (EPS) was at Rs. 4.07 as compared to Rs. 2.37 in the corresponding period of last fiscal year. The EBITDA margin for Q3 FY10 was at 38.39 % as against 36.77% in Q3 FY09.

Consolidated Income from operations for the nine months ended December 31, 2009, grew by 28.23% to Rs. 262.23 crore as compared to Rs. 204.50 crore in the corresponding period of last fiscal year. Net profit after tax for the nine months ended December 31, 2009, rose by 201 % to Rs. 88.86 crore, as against Rs. 29.49 crore posted in the same period of last fiscal year. Other income of quarter ended December 2009 and nine months ended December 2009 includes Rs 3.36 crore and Rs 27.64 crore respectively, which has arisen on account of exchange fluctuation gain on recasting of loan taken by one of the wholly owned subsidiary. Earnings per Share (EPS) for 9MFY09 worked out to Rs. 18.74 as compared to Rs. 6.80 for the same period of last fiscal year.

Stand Alone Position

Stand-alone Income from Operations for the quarter ended December 31, 2009 stood at Rs. 35.23 crore as compared to Rs. 29.68 crore, registering a growth of 18.70%. Net Profit after tax for the third quarter stood at Rs. 8.23 crores as compared to Rs. 7.47 crores posted in the same period of last fiscal year. This indicates a growth of 10.17 %. Diluted Earnings per share (EPS) stood at Rs. 1.74 as compared to Rs. 1.72 in the corresponding period of last fiscal year. The EBITDA margin for Q3 FY10 was at 42 % as against 42% in Q3 FY09.

Stand-alone Net income from operations for the nine months ended December 31, 2009, grew by 14.16% to Rs. 130.37 crore as compared to Rs. 114.19 crore in the corresponding period of last fiscal.  Net profit after tax for the nine months ended December 31, 2009, rose by 38.83 % to Rs. 32.64 crores, as against Rs. 23.51 crore posted in the same period of last fiscal year. Diluted Earnings per Share (EPS) for 9MFY09 worked out to Rs. 6.89 as compared to Rs. 5.42 for the same period of last fiscal year.

Management Comments:

Commenting on the results Peter Kerkar, executive director, said, ``Our earnings were in line with expectations and it has proved that our model, both in India and overseas, is robust.’’

Major Developments:

The Company’s wholly-owned subsidiary, Cox and Kings Australia, acquired the Australia-based travel and tour operator MyPlanet/MyBentours Australia. The company has acquired 100% share holding of MyPlanet/MyBentours Australia from First Choice Holdings Australia, a part of European tourism group, TUI Travel Group of Companies.
This acquisition has opened new vistas for the company considering the reach of MyPlanet/MyBentours Australia. MyPlanet/MyBentours Australia is a specialist in arranging travel and sightseeing to Scandinavia, Russia, the Baltic, Arctic, Iceland, Greenland, Antarctica and South America.

 
About Cox and Kings Ltd: (BSE: 533144 | NSE: COX&KINGS)

Cox and Kings (India) Ltd. (CKIL), is one of the oldest travel companies and its distinguished history began when it was appointed as general agents to the regiment of Foot Guards in India under the command of Lord Ligonier and handled the Royal Cavalry, artillery and Infantry, Royal Wagon Train, the Household Brigade, the Royal Navy and the Royal Airforce came under its wings.

Today, it is a premium brand in all travel related services, employing over 1,400 professionals and headquartered in India.

CKIL is based in Mumbai with 255 points of presence, covering 164 locations through a mix of branch sales offices, franchised sales shops, general sales agents (GSAs), and preferred sales agents (PSAs). The company has 14 branch sales offices located in Mumbai, New Delhi, Chennai, Kolkatta, Bangalore, Hyderabad, Ahmedabad, Jaipur, Kochi, Pune, Nagpur and Goa. CKIL also operates through 56 franchised stores spread across India. The company’s extensive network of 185 GSAs and PSAs covering all major towns and cities of India, enhances its reach.


It has subsidiaries in UK, Australia, New Zealand, Japan, US, UAE and Singapore and operates from Moscow (Russia), Maldives and Tahiti through its branch offices and Spain, Sweden, Germany, Italy, France, South America and South Africa through representative offices.

The company owns Tempo Holidays in Australia, East India Travel Company in North America, ETN Services in the UK and Quoprro Global Services, (visa processing), in India.

The business can be broadly categorized as leisure travel, corporate travel, MICE, trade fairs, visa processing and foreign exchange.

Over the last two years the company has won many awards. In January 2010, it won the Most Admired Tour Operator Award at SATTE 2010, in New Delhi. In 2009 it won the Best Domestic Tour Operator, Most Innovative Travel Company and the Best Inbound Tour Operator Award at the TAFI-Travel Biz Monitor Awards. It won the Today’s Traveller Platinum Award for the most Innovative Travel Company and it has also won the Economic Times Award for the best Outbound Tour Operator in India.



For further details on this release, please contact:
Adfactors PR, Mumbai
Neha Goenka/ Rama Naidu
Tel: 91- 22- 2281 3565

Cox and Kings (India), Ltd
Mr. Thomas C Thottathil
Head – Corporate Communications
thomasct@coxandkings.com
Tel: 91-22-22637500
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