Thomas Cook (India) Ltd

Thomas Cook (India) is engaged in diversified businesses of Travel and Travel related Businesses, working as Travel Agent and Tour Operator. The Company is also engaged as an Authorised Foreign Exchange Dealer.

Pros:
Company is virtually debt free.
Stock is trading at 0.63 times its book value
Cons:
Company has low interest coverage ratio.
Company has a low return on equity of 2.47% for last 3 years.
Earnings include an other income of Rs.117.70 Cr.

Peer Comparison Sector: Miscellaneous // Industry: Travel Agencies

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
2,092 1,988 2,187 2,873 2,797 3,006 2,572 2,085 1,600 1,556 1,363 2,318
2,024 1,934 2,120 2,708 2,718 2,886 2,565 2,002 1,588 1,514 1,418 2,232
Operating Profit 68 54 68 165 79 120 7 83 12 42 -55 86
OPM % 3% 3% 3% 6% 3% 4% 0% 4% 1% 3% -4% 4%
Other Income 27 20 27 21 15 39 5,913 16 11 14 74 18
Interest 29 33 39 36 38 39 36 17 18 18 20 27
Depreciation 22 22 27 28 32 38 38 16 17 16 18 35
Profit before tax 45 19 27 122 24 81 5,846 66 -12 22 -18 42
Tax % 55% 78% 101% 34% -152% 39% -1% 1% -23% 77% -6% 61%
Net Profit 20 -8 -1 66 16 13 5,873 71 -8 9 14 23
EPS in Rs 0.55 0.13 -0.36 1.81 1.64 0.36 158.63 1.91 -0.15 0.25 0.36 0.61
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Consolidated Figures in Rs. Crores / View Standalone

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
308 334 265 310 392 430 1,287 3,244 6,094 8,762 11,248 6,603 6,836
221 240 203 242 285 317 1,140 3,001 5,913 8,425 10,878 6,520 6,751
Operating Profit 87 94 62 69 107 113 147 243 181 338 370 83 85
OPM % 28% 28% 23% 22% 27% 26% 11% 7% 3% 4% 3% 1% 1%
Other Income 20 13 12 41 19 9 6 41 -27 84 6,007 168 118
Interest 33 36 22 22 31 31 34 71 92 132 149 73 83
Depreciation 9 11 12 14 14 14 18 41 61 91 137 67 86
Profit before tax 66 60 40 74 81 77 102 171 1 199 6,091 110 33
Tax % 21% 38% 38% 36% 30% 35% 33% 34% 6,392% 57% -1% 19%
Net Profit 52 37 25 47 56 50 62 90 -78 43 5,968 85 37
EPS in Rs 2.62 2.14 1.11 2.16 2.59 2.31 2.45 2.56 0.00 1.18 161.21 2.29 1.07
Dividend Payout % 15% 16% 32% 17% 14% 16% 0% 15% -18% 32% 0% 16%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:34.77%
5 Years:38.69%
3 Years:2.71%
TTM:-34.64%
Compounded Profit Growth
10 Years:7.97%
5 Years:5.92%
3 Years:26.24%
TTM:-99.38%
Return on Equity
10 Years:-33.37%
5 Years:-38.31%
3 Years:2.47%
Last Year:0.97%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
120 122 22 22 22 22 25 32 37 37 37 37
Reserves 76 102 280 319 370 417 663 1,302 1,210 1,489 8,634 8,856
Borrowings 286 260 170 202 226 187 181 376 1,042 1,404 425 361
309 287 254 253 315 339 664 1,481 2,679 4,131 3,124 3,974
Total Liabilities 686 666 725 795 933 964 1,534 3,185 4,968 7,061 12,220 13,228
214 214 217 241 245 244 475 1,200 1,903 2,843 1,723 2,401
CWIP 4 1 2 7 3 3 5 97 53 56 13 14
Investments 1 0 36 16 38 110 208 340 134 219 7,398 7,417
468 450 471 532 646 608 846 1,549 2,879 3,943 3,085 3,397
Total Assets 686 666 725 795 933 964 1,534 3,185 4,968 7,061 12,220 13,228

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
-13 91 81 8 156 115 219 131 383 273 -244 253
2 -7 -51 -0 -32 -103 -366 -607 -165 -253 -458 -263
-9 -75 -61 2 -12 -76 88 565 548 161 477 -167
Net Cash Flow -19 9 -32 10 112 -65 -59 89 766 181 -225 -178

Ratios Consolidated Figures in Rs. Crores / View Standalone

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 21% 21% 13% 14% 18% 18% 19% 19% 9% 12% 7% 2%
Debtor Days 236 167 285 262 211 179 94 73 50 42 28 46
Inventory Turnover 5,850.14 1,869.90 1,816.37 1,394.18 2,254.18 783.77