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Press Release-Results Q3 - FY 12

Cox & Kings Limited - Earnings Update Q3 FY12

Mumbai, 14th February 2012: Cox & Kings Limited ("CNK"), the leading specialist tour operator having operations spread across 4 continents and 25 countries, reported its financial results for the quarter ended December 31, 2011.

  • Income from Operations increased by 23% y-o-y in Q3FY12 to Rs. 59 crores and 26% y-o-y in 9MFY12 to Rs. 215 crores.
  • EBITDA increased by 22% y-o-y in Q3FY12 to Rs. 22 crores and 26% y-o-y in 9MFY12 to Rs. 100 crores.
  • PBT before exceptional items increased by 82% y-o-y in Q3FY12 to Rs. 29 crores and 39% y-o-y in 9MFY12 to Rs. 101 crores.
  • Income from Operations increased by 163% y-o-y in Q3FY12 to Rs. 285 crores and 70% y-o-y in 9MFY12 to Rs. 577 crores.
  • EBITDA decreased by 41% y-o-y in Q3FY12 to Rs. 23 crores and increased by 0.3% y-o-y in 9MFY12 to Rs. 147 crores.
  • PBT before exceptional items decreased by 268% y-o-y in Q3FY12 to Rs. (42) crores and decreased by 46% y-o-y in 9MFY12 to Rs. 59 crores.
Note: The y-o-y comparison of the consolidated financials is not the true reflection of the performance as Holidaybreak has been consolidated only in FY12 and not in FY11. The seasonality of business at Holidaybreak has negatively impacted the EBITDA & PBT before Exceptional Items on consolidated basis.

Commenting on the Quarterly results for the year ended 31st December 2011, Peter Kerkar, Director, Cox & Kings Limited said, our growth in operations has been robust both in India & rest of the world. We are happy with the progress of the integration process of Holidaybreak with Cox & Kings. Holidaybreak has seasonal businesses and generally the Oct - Mar period is off-peak season. Historically its peak earnings are in the Apr - Sep period and its results are in line with trading expectations.

Detailed Results

Income from Operations:

During the quarter, Income from Operations was Rs. 285 crores as against Rs. 108 crores for Q3FY11, an increase of 163% on consolidated basis. For 9M FY12, Income from Operations was Rs. 577 crores as against Rs. 339 crores for 9M FY11, an increase of 70% on consolidated basis. This robust growth was achieved due to the following:
  • Robust growth of 23% and 21% across India and Rest of World (ex HBR) ("ROW") during the quarter and 26% and 22% respectively for 9MFY12.
    • The growth in ROW (ex HBR) was achieved despite decline in Income from Operations in Japan (as an impact of the tsunami and earthquakes) of 72% for the quarter and 62% for the 9M FY12.
  • Consolidation of the revenues from Holidaybreak ("HBR") post the acquisition. The acquisition was completed on September 27, 2011.
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)

During the quarter, EBITDA was Rs. 23 crores as against Rs. 39 crores for Q3FY11, a decline of 41% on consolidated basis. For 9M FY12, EBITDA was Rs. 147 crores as against Rs. 146 crores for 9M FY11, an increase of 0.3% on consolidated basis. The key factors for this performance are:
  • HBR (incl. Acquisition SPV) has posted a negative EBITDA of Rs. 17 crores in the quarter and negative EBITDA of Rs. 16 crores for 9M FY12. The business of HBR is highly seasonal and has traditionally reported negative EBITDA in this quarter.
  • The EBITDA from Indian operations in this quarter was Rs. 22 crores as against Rs. 18 crores for Q3FY11, demonstrating a robust growth of 22% y-o-y.
  • The growth achieved for 9MFY12 was 26% y-o-y. The decline in revenues in Japan impacted the EBITDA level significantly. The EBITDA for ROW (ex HBR & Japan) increased by 41% to Rs. 21 crores for this quarter and 26% to Rs. 69 crores for 9M FY12.
  • Japan saw a decline in the EBITDA from Rs. 5 crores in Q3FY11 to a loss of Rs. 4 crores in Q3FY12. Similarly for the 9MFY12, the operations resulted in negative EBITDA of Rs. 6 crores as against positive EBITDA of Rs. 12 crores for 9M FY11.
Financial Snapshot

Cox & Kings Ltd. (CKL) is the longest established travel company in the world since 1758. Headquartered in India, it is a premium brand that caters to the overall travel needs of the Indian and International traveller.

Cox & Kings operates across 4 continents and 25 countries through branch offices, subsidiaries, representative offices, franchised sales shops as well as through our global network of sales agents.

The company has 13 branch sales offices in India located in Mumbai, New Delhi, Chennai, Kolkata, Indore, Bangalore, Hyderabad, Ahmedabad, Jaipur, Kochi, Pune and Goa. The company has appointed over 150 franchisees across 20 states covering 70 cities. The company's extensive network of 185 GSAs and PSAs covering all major towns and cities of India enhances its reach.

Cox & Kings has subsidiaries in UK, Japan, Australia, New Zealand, UAE, USA, Singapore, Hong Kong, Greece & Germany; branch offices in New York, Moscow, Maldives & Tahiti; & representative offices in Spain, Germany, Italy, France, South America, Sweden and South Africa.

The company owns Tempo Holidays Australia, East India Travel Company in North America, ETN in the UK and Quoprro Global Services Pvt Ltd,(visa processing), MyPlanet Australia Pty Ltd and Bentours International Pty Ltd in Australia. In September 2011, it also acquired Holidaybreak Ltd, UK-based education and travel company.

Cox & Kings is amongst the largest players with its range of specialist options. Innovative packaging, pricing and marketing have been the hallmarks of its success over the years. Among its many products are Leisure Travel- Domestic (Bharat Deko), Inbound & International, Corporate Travel, MICE, Trade Fairs, Visa Processing and Foreign Exchange. The Outbound Tours is segregated into Duniya Dekho (escorted tours), FlexiHols (customised tours), Luxury Escapades (unique & luxurious travel) & NRI (catering to Indians across the world).

Over the years the company has won many awards. Recently, in November-December 2011, Cox & Kings Ltd. was Ranked „No. 2' Specialist Tour Operator on Conde Nast Traveller's Reader's Choice Awards 2011; „Best Outbound Tour Operator of the Year' awarded by TAAI Travel Awards 2011; "Specialist - Best All Inclusive Travel Operator" by the British Travel Awards 2011; Ranked "No. 6" on the Travel + Leisure World's Best Awards 2011 list of Top 25 Tour Operators and Safari Outfitters; received the CNBC Awaaz Travel Award 2011 in the category of India going Global; "Best Outbound Tour Operator" by Hospitality India & Explore the World Annual International Awards 2011 & ranked "274" amongst Business Today's Top 500 Indian Companies for 2011. In October 2011, Cox and Kings Ltd was voted as the Most Entrepreneurial Travel Company by TTG Travel Awards and in August 2011, The Best Travel Company for Customer Satisfaction by Today's Traveller.

CKL is one of the founding members of the World Travel and Tourism Council (WTTC), and are members of premier industry associations namely the Travel Agents Federation of India (TAFI), the Travel Agents Association of India (TAAI), Indian Association of Tour Operators (IATO), and the Pacific Asia Travel Association (PATA).

For further details on this release, please contact:
Cox & Kings Ltd

Mr. Thomas C Thottathil
Head - Corporate Communications
Tel: 91-22-22637500

Adfactors PR
Neha Goenka / Shrinkhala Varma
Tel: 022- 2281 3565