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Press Release-Results Q2 - FY13

Cox & Kings Limited - Earnings Update Q2 FY13

Mumbai, 9th November 2012: Cox & Kings Limited (“CNK”), the leading specialist Holidays and Education Travel Group having operations in 26 countries across continents, reported its financial results for the second quarter of fiscal year FY13, which is three months ending September 30, 2012.

Highlights:
Consolidated
  • Income from Operations increased by 404% y-o-y to INR 6890mn in Q2FY13 and EBITDA (excl. forex gain/loss) increased by 612% y-o-y to INR 3872mn.
  • PBT (before share of associates) increased by 457% y-o-y in Q2FY13 to INR 2367mn and PAT increased by 438% y-o-y to INR 1476mn
  • Earnings per share increased from INR 2.01 in Q2FY12 to INR 10.03 in Q2FY13.
Note: The y-o-y numbers are not comparable as the consolidated financials for Q2 FY12 included only 3 days of Holidaybreak Ltd. 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 43% y-o-y to INR 778mn in Q2FY13 and EBITDA (excl. forex gain/loss) increased by 69% y-o-y to INR 350mn.
  • PBT decreased by 74% y-o-y in Q2FY13 to INR 46mn and PAT decreased by 87% y-o-y to INR 16mn.

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 –

Revenue EBITDA
Leisure 2,588 1,303
Education 1,794 900
Camping 2,478 1,739
Others 29 (69)
Total 6,890 3,872


Commenting on the results for the three months ending 30th September 2012, Peter Kerkar, Director, Cox & Kings Limited said, I am extremely pleased with the results for this quarter. Our performance in the leisure category, is robust with India continuing to register strong growth and the education business has also delivered robust performance. Our student accommodation brand, Meininger, though not being consolidated into our results in FY13, continues to record good YoY growth in the European markets. The Camping business gave a resilient performance.

ABOUT COX AND KINGS LIMITED: (BSE: 533144 | NSE: COX&KINGS)
Cox & Kings Limited (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 has operations in 26 countries including subsidiaries in UK, Japan, Australia, New Zealand, United Arab Emirates, the United States, Germany, Ireland, the Netherlands, Singapore, Hong Kong and Greece; branch offices in Taiwan, Moscow, Maldives and Tahiti; & representative offices in Spain, Italy, Brazil and South Africa. In September 2011, it acquired Holidaybreak Ltd, UK-based education and activity travel group.

CKL has 12 branch sales offices in India located in Mumbai, New Delhi, Chennai, Kolkata, Bangalore, Hyderabad, Ahmedabad, Jaipur, Kochi, Pune, Nagpur and Goa. The company has 264 points of presence covering 70 cities across 20 states, comprising 12 branch sales offices, over 150 franchisee sales shops, and 102 agents. It 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 in India are Leisure Travel, Corporate Travel, MICE, Trade Fairs, Visa Processing and Foreign Exchange. – The Leisure Travel includes Outbound Tours (Duniya Dekho for escorted tours, FlexiHols for customised tours, Luxury Escapades for unique & luxurious travel, Anand Yatra and Gaurav Yatra), Domestic business (Bharat Deko), Inbound business & 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. 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: 91- 22- 2281 3565