Board recommends 10% dividend
Cox and Kings (India) Ltd., one of the oldest travel companies, today announced its audited annual financial results for the fourth quarter and full year ended March 31, 2010. The Board of Directors has recommended a dividend of Re.1 per share, subject to approval of the shareholders.
Consolidated Position
Consolidated Income from operations for the quarter ended March 31, 2010 was at Rs. 136.92 crore as compared to Rs. 82.40 crore in the corresponding period of the last fiscal (Q4FY09), registering a growth of 66%. Net Profit after tax for the fourth quarter was at Rs. 44.99 crore, as compared to Rs.33.32 crore posted in the same period of last fiscal year, indicating a growth of 35%. Earnings per share (EPS) was at Rs. 8.78 as compared to Rs.7.69 in the corresponding quarter of last fiscal year. The EBITDA margin for Q4 FY10 was at 59% as against 56% in Q4 FY09.
Consolidated Income from operations for the year ended March 31, 2010, grew by 39% to Rs. 399.15 crore as compared to Rs. 286.90 crore in the corresponding period of last fiscal year (FY09). Net profit after tax for the year ended March 31, 2010, rose by 113 % to Rs. 133.84 crore, as against Rs. 62.81 crore posted in the same period of last fiscal year.
Other income includes exchange gain of Rs. 28.38 crore for the year ended 31st March 2010, mainly on account of gain on recasting of loan taken by one of the wholly owned subsidiary. Earnings per Share (EPS) for FY10 worked out to Rs. 26.13 as compared to Rs. 14.49 in the last fiscal year.
Stand Alone Position
Stand-alone Income from Operations for the quarter ended March 31, 2010 stood at Rs. 46.02 crore as compared to Rs. 40.90 crore, registering a growth of 13%. Net Profit after tax for the fourth quarter stood at Rs. 17.42 crores as compared to Rs. 14.71 crores posted in the same period of last fiscal year (Q4FY10), indicating a growth of 18 %. Earnings per share (EPS) stood at Rs. 3.40 as compared to Rs. 3.43 in the corresponding quarter of last fiscal year.
Stand-alone Net income from operations for the year ended March 31, 2010, grew by 14% to Rs. 176.39 crore as compared to Rs. 155.09 crore in the corresponding period of last fiscal (FY09). Net profit after tax for the year ended March 31, 2010 rose by 31 % to Rs. 50.06 crores, as against Rs. 38.22 crore posted in the same period of last fiscal year. Earnings per Share (EPS) for FY10 worked out to Rs. 9.77 as compared to Rs. 8.82 in the last fiscal year.
Management Comments:
Commenting on the results Peter Kerkar, Executive Director, Cox and Kings India Ltd. said, ''Our results are in line with our expectations and we are confident that going ahead we will continue to grow at a healthy pace.’’
About Cox and Kings Ltd: (BSE: 533144 | NSE: COX&KINGS)
Cox and Kings (India) Ltd. (CKIL), is one of the oldest travel companies and its distinguished history began when it was appointed as general agents to the regiment of Foot Guards in India under the command of Lord Ligonier and handled the Royal Cavalry, artillery and Infantry, Royal Wagon Train, the Household Brigade, the Royal Navy and the Royal Airforce came under its wings.
Today, it is a premium brand in all travel related services, employing over 1,400 professionals and headquartered in India.
CKIL is based in Mumbai with 255 points of presence, covering 164 locations 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. CKIL also operates through 56 franchised stores spread across India. The company’s extensive network of 185 GSAs and PSAs covering all major towns and cities of India, enhances its reach.
It has subsidiaries in UK, Australia, New Zealand, Japan, US, UAE and Singapore and operates from Moscow (Russia), Maldives and Tahiti through its branch offices and Spain, Sweden, Germany, Italy, France, South America and South Africa through representative offices.
The company owns Tempo Holidays and MyPlanet/MyBentours Australia, East India Travel Company Inc in North America, ETN Services in the UK and Quoprro Global Services, (visa processing).
The business can be broadly categorized as leisure travel, corporate travel, MICE, trade fairs, visa processing and foreign exchange.
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 it has also won the Economic Times Award for the best Outbound Tour Operator in India.
