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Press Release-Results Q2 - FY 14

Cox & Kings Ltd declares results for Q2FY14

Net sales of Rs 819 crore and PAT of Rs 264 crore

Mumbai, 14th November 2013: Cox & Kings Ltd the leading holidays and education travel group having operations in 26 countries across continents today announced its financial results for the quarter ended September 30th, 2013.

Q2FY14 Highlights:
Consolidated
  • Net Sales improved by 19% to Rs.819 crore in Q2FY14 as against Rs 689 crore in the corresponding period last year
  • EBITDA (excl. forex gain/loss) stood at Rs. 453 crore up by 17% (y-o-y) as compared to Rs. 387 crore in Q2FY13
  • Net profit grew by 79% to Rs. 264 crore as against Rs. 148 crore in the corresponding period last year
  • EBITDA margins improved by 230 bps to 47.3% as against 45% in Q1Fy13
  • EPS for the period is at Rs. 19.32 as against Rs.10.03 in the Q2FY13


Standalone
  • Net Sales stood at Rs. 85 crore as against Rs 78 crore in Q2FY13
  • EBITDA (excl. forex gain/loss) for the quarter stood at Rs. 39 crore as against Rs.35 crore in the corresponding period last year
  • PAT stood at Rs. 15.8 crore as against Rs.1.6 crore in Q2FY13

H1FY14 Highlights:
Consolidated
  • Net Sales improved by 15% to Rs.1405 crore in H1FY14 as against Rs 1221 crore in the corresponding period last year
  • EBITDA (excl. forex gain/loss) stood at Rs. 730 crore up by 16% (y-o-y) as compared to Rs. 627 crore in H1FY13
  • Net profit grew by 35% to Rs. 399 crore as against Rs.294 crore in the corresponding period last year


Standalone
  • Net Sales stood at Rs. 231 crore as against Rs 203 crore in Q1FY13
  • EBITDA (excl. forex gain/loss) for the quarter stood at Rs. 128 crore as against Rs.110 crore in the corresponding period last year
  • PAT stood at Rs. 81 crore as against Rs.31 crore in H1Q1FY13

Cox & Kings operates across three major travel categories – Leisure Tours, Education Travel and Camping Holidays. Below is a breakup of the revenue and EBITDA for Q2 FY14 across the three travel categories -

(Figures in INR Cr)
Revenue EBITDA
  Q2FY14 Q2FY13 Q2FY14 Q2FY14
Leisure 266 259 129 130
Education 270 179 138 90
Camping 277 248 189 174
Others 6 3 (4) -7
Total 819 689 453 387


Management Comments:

Peter Kerkar, Director, Cox and Kings Ltd said, “Our Q2FY14 performance has been in-line with our expectations. As this is the best quarter for our education and camping division, profitability for the quarter has been largely driven by these two divisions.” He further adds that “We are very positive on global as well as Indian tourism growth.”

Cox & Kings Ltd has launched its Summer 2014 brochure packages in India to encourage early bookers to finalise their travel plans. The niche segments are growth drivers for Cox & Kings and in keeping with its regional focus, the company has launched its Amhi Travelkar tours for this year for Marathi speaking community. This has been a huge success for the company in the last three years. Similarly, we are increasing our penetration through other region-specific tours in West and South India. Such tours have a strong appeal in Tier 2 and Tier 3 cities.

Short breaks and shopping tours are very popular amongst Indians and our packages for the one-month long Dubai Shopping Festival that begins on January 2nd 2014 has received tremendous response.

About Cox & Kings Ltd: (Bse: 533144 | Nse: Cox & Kings)

Cox & Kings Ltd. is the longest established travel company in the world since 1758. Headquartered in India, it is a premium brand in all travel related services.

Cox & Kings operates across 4 continents and 25 countries. In India, Cox & Kings has 12 branch sales offices and 150 Franchisee located across the country.

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.

In India, the company has a robust domestic business under the brand name Bharat Deko. Its Corporate Travel division services over 200 corporate clients, including major domestic and multinational companies. The company also specialises in Trade Fairs and is a leading MICE operator out of India.

Cox & Kings is amongst the major Foreign Exchange providers in the country, placing it in league with Authorized Dealers like Foreign Exchange Nominated Banks to cater to the requirements of a whole host of customers. It has recently been granted permission to operate Nostro Accounts.

The Outbound Tours are segregated into Duniya Dekho (escorted tours), FlexiHols (customised tours), Luxury Escapades (unique & luxurious travel) & NRI (catering to Indians across the world).

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.

Over the years the company has won many awards that stand testimony to its excellent service. Recently, the company has won the World Travel Awards 2013 in the category of Best Travel Agent and Best Tour Operator in India for 2013. It has also won the Best Outbound Tour Operator Award from Hospitality India Magazine for the year 2013. It also won the Best Company providing Foreign Exchange Award constituted by CNBC Awaaz in 2013.

Our camping division, Eurocamp recently won three awards at the annual British Travel Awards. Best Medium Holiday Company to Western Europe; Best Medium Holiday Company Family and Best Medium Company Camping and Mobile. These awards are based entirely on the results of customer voting.

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 / Shraddha Shroff
Tel: 91- 22- 67574444