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Press Release-Results Q1 - FY13

Cox & Kings Limited - Earnings Update Q1 FY13

Mumbai, 14th August 2012: Cox & Kings Limited ("CNK"), the leading Holidays and Education travel group having operations in 26 countries across continents, reported its financial results for the first quarter of fiscal year FY13, which is three months ending June 30, 2012.

Highlights:
Consolidated
  • Income from Operations increased by 239% y-o-y to Rs. 532 crores in Q1FY13 and EBITDA (excl. forex gain/loss) increased by 232% y-o-y to Rs. 240 crores.
  • PBT (before share of profit of associates) increased by 194% y-o-y in Q1FY13 to Rs. 178 crores and PAT increased by 286% y-o-y to Rs. 147 crores.
  • Earnings per share increased from Rs. 2.79 in Q1FY12 to Rs. 9.65 in Q1FY13.
Note: The y-o-y numbers are not comparable as the consolidated financials did not include Holidaybreak Ltd in Q1 FY12. Our business operations across geographies and product categories are quite seasonal in nature. So, the results of any quarter would not be a proportionate reflection of its annual performance.

Standalone
  • Income from Operations increased by 23% y-o-y to Rs. 125 crores in Q1FY13 and EBITDA (excl. forex gain/loss) increased by 30% y-o-y to Rs. 75 crores.
  • PBT decreased by 17% y-o-y in Q1FY13 to Rs. 45 crores and PAT decreased by 19% y-o-y to Rs. 30 crores.

Post Holidaybreak acquisition, Cox & Kings now operates across three major travel categories – Leisure Tours, Education Travel and Camping Holidays. FY13 would be the first full year of consolidating Holidaybreak Ltd. Below is a breakup of the revenue and EBITDA for Q1 FY13 across the three travel categories –

(Figures in INR Cr)

Revenue EBITDA
Leisure 246 104
Education 211 110
Camping 73 30
Others 2 (4)
Total 532 240


Commenting on the results for the three months ending 30th June 2012, Peter Kerkar, Director, Cox & Kings Limited said, we had a mixed performance in the leisure category, with continued robust growth in our India operations but challenging operating conditions in Japan and Europe. The education business has performed as per our expectations. Our student accommodation brand, Meininger, though not being consolidated into our results in FY13, continues to demonstrate impressive growth in the European markets. The Camping business has been marginally impacted by difficult trading condition in UK and Netherlands.



ABOUT COX AND KINGS LIMITED: (BSE: 533144 | NSE: COX&KINGS)
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 12 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.

Cox & Kings Ltd acquired in 2011, Holidaybreak, an education and activity travel group that has more than 15 long-established and widely recognised brands. Holidaybreak provides educational and activity trips for school children; worldwide adventure holidays; short breaks in the UK and Europe & mobile-home and camping holidays on sites throughout Europe.

The company also owns Tempo Holidays, Australia; East India Travel Company, North America; ETN, UK; MyPlanet Australia Pty Ltd and Bentours International Pty Ltd, Australia.

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 January-March 2012, Cox & Kings Ltd. was voted ‘Best Luxury Operator’ at the 2012 Globe Travel Awards & has received the PATA Gold Award 2012 in the Marketing Media - Consumer Travel Brochure (BR) category for its entry, “Luxury Escapades”. In November-December 2011, the company 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
AVP - Corporate Communications
thomasct@coxandkings.com
Tel: 91-22-22637500

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