Company Overview. Industry Overview. Financial Performance

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1 Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 Jan/16 Trade Wings Limited CMP: January 29, 2016 Stock Details BSE code BSE ID TRADWIN Face value ( ) 10 No of shares (m) 6 52 week H/L /77.85 Market cap ( m) days avg vol (No) 18 Free float ( m) 22.1 Stock performance (%) 1M 3M 12M Absolute 4.5% 4.5% 36.9% Rel. to Sensex 8.3% 11.0% 51.6% Shareholding Pattern* (%) Promoters FIIs DIIs Others 74.97% % % 25.03% *As of September 2015 Relative Chart Source: Bloomberg Trade Wings Ltd Sensex 30,000 29,000 28,000 27,000 26,000 25,000 24,000 23,000 22,000 Company Overview Trade-Wings, was incorporated in It was one of the first travel agencies to start operations in independent India. Trade-Wings is now one of the largest travel agency networks in the country, having more than 85 owned locations in India. The company is engaged in travel, tourism, money changing and logistics business. The company have outlet throughout the country. The company is operating in this segment from last 6 decades. Industry Overview The travel and tourism industry in India comprises both domestic (85% of the market) and international inbound travel (15%). The industry is estimated to grow at a CAGR of 12% to $27.5 bn in 2016 from $19.7 bn in Financial Performance Trade Wing reported revenue of million, up by 5.7% YoY, form million in FY14. The company has reported a net profit of 5.8 million in FY 15, when compared to the profit of 0.8 million in FY 14. For the second quarter of FY16 the company reported a top line of 38.0 million, while bottom line was negative 4.77 million. Table1: Key Financials (Y/e March) 2Q FY15 2Q FY 16 Sales ( m) YoY Growth (%) -4.5% 125.8% 5.7% 18%.0-17%8 EBITDA ( m) EBITDA Margin 60.9% 64.2% 61.1% 17.9% 3.8% PAT ( m) (1.9) EPS ( ) YoY Growth (%) -62.6% 125.1% % 0 NM Source: Company, Karvy Investment Advisory 1

2 Background and Business Description Trade-Wings, was incorporated in It was one of the first travel agencies to start operations in independent India. Trade-Wings is now one of the largest travel agency networks in the country, having more than 85 owned locations in India. The company is engaged in travel, tourism, money changing and logistics business. The company have outlet throughout the country. The company is operating in this segment from last 6 decades. The group operates in industry verticals such as Business & Leisure Travel, Hospitality, Catering, Banqueting, Moneychanging, Logistics and Training in all these verticals in class-room as well as E-learning formats! Key Strengths Increase in spending in the economic. Technological advancement. Risks & Concerns Intense competition from e-commerce companies. Board of Directors Table 2: Composition of Board Name Dr. Shailendra P.Mittal Mr. Vinayak S. Ubhayakar Mr. R Vaidhyanathan Mr. Rajan N. Dani Mr. A.G. Merchant Ms. Jyoti G. Gupta Source: Company Relation with Company Chairman & chief Finance Officer Managing Director & CEO Director Director Director Additional Director 2

3 Industry Overview The travel and tourism industry in India, comprises both domestic (85% of the market) and international inbound travel (15%). The industry is estimated to grow at a CAGR of 12% to $27.5 bn in 2016 from $19.7 bn in Within the domestic travel and tourism industry, the online travel segment has significantly grown over the past few years. The online travel market in India, estimated at $9.1 bn (2014), comprised air travel ($5.1 bn), rail travel ($3.1 bn), hotels ($0.8 bn), and others ($0.1 bn). Online penetration in travel and tourism bookings is estimated to increase from 41% in 2014 to 46% in 2017, according to Phocuswright, a leading travel data aggregator. Following factors to drive growth for traveling industry: Increase in purchasing power of the middle class Increase in the number of Internet and smartphones users, coupled with increasing e-commerce penetration Better connectivity between cities and travelling destinations Evolving and improving lifestyles Competition analysis Company CMP ( ) Mcap ( m) Rev ( m) OPM (%) EPS ( ) PE (x) Trade Wings Ltd % (4) NM Cox & Kings Ltd , , % x International Travel House Ltd , , % x Source: BSE 3

4 Financial Analysis For the period ending 31 March, 2015, Trade Wings reported revenues of million, representing 5.7% gain when compared to the revenues in FY 14. The company s EBITDA increased to million in FY 15 from million in FY 14, primarily attributable to increase in revenues. Profitability ratios were at very comfortable levels with return on equity and return on capital employed at 2% and 645.1% respectively in FY 15. Year end March Income statement ( million) Revenue % growth -4.5% 125.8% 5.7% EBITDA % EBITDA margin 61% 64% 61% Depreciation and Amortisation EBIT Interest PBT (2.3) Tax (credit) expense (0.4) Net profit (1.9) % growth net profit -62.6% 125.1% % Balance sheet ( million) Shareholder fund 66.1 (84.4) (86.5) Long term liabilities Current liabilities Fixed assets Current assets Cash & cash equivalents Cash flow statement Cash flow operations Cash flow from investing 1.9 (31.2) (40.1) Cash flow from financing (19.5) (24.1) (20.3) Per share data EPS ( ) CEPS ( ) (0.9) DPS ( ) NA NA NA BVPS ( ) Financial Ratios % ROE 2% -4% 2% ROCE 82.6% % 645.7% Debt/Equity Interest coverage ratio Current ratio Cash ratio Source: Company, Karvy Investment Advisory 4

5 Financial Snapshot Revenue growth (%) EBITDA margin (%) % 10% 5% % -5% % 64.0% 63.0% 62.0% 61.0% 6% 59.0% Revenue ( m) % growth EBITDA ( m) % EBITDA margin Net Profit Margin (%) BVPS & EPS % 1.0% 0.5% % -0.5% -1.0% Net Profit ( m) % net profit margin Book value per share ( ) EPS diluted ( ) Liquidity ratios Profitability ratios 8 80% % 40% 20% 0 % -20% Current ratio Cash ratio ROE ROCE Source: Karvy Investment Advisory 5

6 DISCLAIMER Karvy Investment Advisory Services Ltd (KIASL), an entity of the Karvy Group, has taken utmost care to ensure accuracy and objectivity while writing this report based on publicly available information or from sources considered reliable. However, neither the accuracy nor completeness of information contained in this report is guaranteed. Opinions expressed herein are our current opinions as on the date of this report. Nothing in this report can be construed as either investment or any other advice or any solicitation, whatsoever. The subscriber/user assumes the entire risk of any use made of this report or data herein. KIASL specifically states that it or any of its entities or employees do not have any financial liabilities whatsoever to the subscribers / users of this report. This report is for personal information of the authorized recipient in India only. This report or any part of it should not be reproduced or redistributed or communicated directly or indirectly in any form to any other person or published or copied for any purpose. DISCLOSURE Associates of KIASL might have received compensation from the subject company mentioned in the report during the period preceding twelve months from the date of this report for investment banking or merchant banking or brokerage services from the subject company in the past twelve months or for services rendered as stock broker, Registrar and Share Transfer Agent, Commodity Broker, Currency and forex broker, merchant banker and underwriter, Investment Advisory services, insurance repository services, consultancy and advisory services, realty services, data processing, profiling and related services or in any other capacity. KIASL encourages independence in research report preparation and strives to minimize conflict in preparation of research report. Compensation of KIASL Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. KIASL generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. KIASL and/or its subsidiaries and /or its group companies collectively or Research Analysts do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report. KIASL or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report and have no financial interest in the subject company mentioned in this report. Accordingly, neither KIASL nor Research Analysts have any material conflict of interest at the time of publication of this report. It is confirmed that KIASL and Research Analysts primarily responsible for this report and whose name(s) is/ are mentioned therein of this report have not received any compensation from the subject company mentioned in the report in the preceding twelve months. PUBLISHED BY KIASL is a part of the Karvy Group, a premier integrated financial services provider. We offer a wide array of investment advisory services including Comprehensive Financial Planning, Wealth Review and Investment Strategy services, Equity Review and Investment Strategy, Mutual Fund Review and Investment Strategy, Wealth Advice Package, and Wealth Planning for Retired Individuals. Head Office: 46, Avenue 4, Street No.1, Banjara Hills, Hyderabad, , Telangana, India. Tel:

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