2026-07-13 15:37:38
Latest Post
Bajaj Consumer Care Delivers Strong Performance in Q1 FY27 as Net Profit Surges 84.8% Year-on-Year
Kamdhenu Brand Steel Sales Cross 1.13 Million MT in Q1 FY27; Captive Solar Plant Commissioned in Rajasthan
JBM Electric Vehicles partners with Drivn to supply 500 Electric Buses
Kalpataru Limited Reports 17% Surge in Collections and Key Luxury Launches for Q1 FY 2026-27
Ashok Leyland Secures ₹222.65 Crore Arbitral Award Against Delhi Transport Corporation
Research
Cox and Kings - Result Update - Dalal & Broacha Stock Broking
Posted On : 2013-02-21 20:00:08( TIMEZONE : IST )
Cox and Kings results were better than expectations on the back of higher than expected topline growth and better operating margins excluding foreign exchange gain.
The topline of the company has shown a growth of 25% on a yoy basis at Rs. 3.57 bn against Rs. 2.85 bn, backed by a 34% growth in the leisure business and 6% growth in the Education business.
EBITDA margins of the company excluding forex improved from 8% to 13.4%.This was on account of lower loss in the camping business which decreased from Rs. 360 mn to Rs. 260 mn. EBITDA showed a growth of 111% excluding forex gains from Rs. 230 mn to Rs. 480 mn. Forex gains stood at Rs. 530 mn against Rs. 583 mn on a yoyo basis.
Depreciation increased from Rs. 232.9 mn to Rs. 277.1 mn. Finance cost increased from Rs. 683.3 mn to Rs. 851.2 mn. However the company has repaid debt of Rs. 6.5 bn during the quarter the benefits (around Rs. 150 - 200 mn per quarter) of which will accrue completely from Q4FY13. The company had an extraordinary loss of Rs. 156.7 mn on account of redundancy costs in Camping business in UK, Denmark and Netherlands.
The company posted a profit before tax of Rs. 21.9 mn against a loss of 42.2 mn on a yoyo basis. Share of profit from Meininger increased from Rs. 46.5 mn to Rs. 103.8 mn. Profit after tax and Minority Interest stood at Rs. 33.4 mn against a loss of 75.7 mn. EPS for the period stood at Rs. 0.2.
During the quarter the company sold a minority stake in Prometheon Holding Ltd to CVCI private equity fund for $ 137 mn. The proceeds from the sale were used to repay the company's acquisition debt.
We expect the company's leisure business to post a strong growth going forward backed by the performance of its India leisure business. Education and Camping business of the company is also expected to post growth of around 8 - 10%.
We expect the company to post a topline of Rs. 18.7 bn for FY13 and an EPS of Rs. 20.5. The company trades at 6.3 x its current year earnings. We recommend a BUY with a long term perspective.
