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Press Release-Results Q2 - FY 11

Cox & Kings Limited

Q2FY11 Consolidated Income from Operations increased by 28% to Rs 107.30 Cr

November 13th 2010, Mumbai: Cox and Kings Limited, one of the oldest travel companies, today announced its unaudited financial results for the second quarter ended September 30th, 2010.

Consolidated Position:
Consolidated income from operations for the quarter ended September 30th, 2010 was at Rs. 107.30 crore as compared to Rs. 83.74 crore in the corresponding period of the last fiscal; registering a growth of 28%. Net profit before exceptional items stood at Rs 24.65 crore as compared to Rs 21.42 crore in the corresponding quarter of last year. The EBITDA for Q2FY11 stood at Rs 48.79 crore as against Rs 36.90 crore in Q2FY10. Earnings per share (EPS) stood at Rs 5.41 as compared to Rs 4.37 in the corresponding period of last quarter

Half Year Performance:
Consolidated income from operations for the half year ended September 30th 2010 (H1FY11) rose by 26% at Rs 230.37 crore as against Rs 183.35 crore during the corresponding period of last fiscal (H1FY10). Consolidated Net profit before exceptional items for H1FY11 six month end stood at Rs 59.41crore as compared to Rs 47.67 crore posted in the corresponding period of last fiscal, registering a growth of 25%. EBITDA for H1FY11 is at Rs 108.56 crore as against Rs 84.18 crore in the corresponding period of last fiscal; an increase of 29%. The earnings per share for H1FY11 stood at Rs 9.43 as compared to Rs 10.48 in the corresponding period of last fiscal. The decrease in EPS is due to fresh issue of shares during IPO in December 2009 and GDR in August 2010.

Key Development:
During the quarter, the company has raised USD 65 million through GDR issue to fund largely its acquisition plans. The GDRs are listed on the Stock Exchange at Luxembourg. The GDR issue constitutes 7.82 per cent of the fully diluted post issue paid up capital of the company.

Management Comments:
According to Peter Kerkar, Executive Director, Cox and Kings Ltd., "our results this quarter mirrors the growth witnessed in the travel industry and the successful listing of our GDR issue indicates the confidence amongst our investors."

About Cox and Kings Ltd: (BSE: 533144 | NSE: COX&KINGS)
Cox & Kings Ltd., is one of the oldest travel companies whose distinguished history began when it was appointed as general agents to the regiment of Foot Guards in India under the command of Lord Ligonier, it handled the Royal Cavalry, Artillery and Infantry, Royal Wagon Train, the Household Brigade, the Royal Navy and the Royal Air Force also came under its wings.

It is a premium brand in all travel related services, employing over 1,400 professionals headquartered in India. The business can be broadly categorized as Leisure Travel, Corporate Travel, MICE, Trade Fairs, Visa Processing and Foreign Exchange.

The company is networked 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. The company has also appointed 94 franchisees across 20 states covering 70 cities. Its extensive network of 185 GSAs and PSAs covers all major towns and cities of India.

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

The company owns Tempo Holidays Australia, East India Travel Company in North America, ETN in the UK and Quoprro Global Services Private Limited. In December 2009, it also acquired MyPlanet Australia Pty Ltd and Bentours International Pty Ltd in Australia.

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 has also won the Economic Times Award for the best Outbound Tour Operator in India.

For further details on this release, please contact:
Cox and Kings Ltd
Mr. Thomas C Thottathil
Head - Corporate Communications
Tel: 91 - 22 - 22637500

Adfactors PR, Mumbai
Neha Goenka / Rama Naidu
Tel: 91 - 22 - 2281 3565