>COX AND KINGS (INDIA) LIMITED: IPO NOTE (INDIA INFOLINE)

Cox and Kings (India) is amongst the oldest travel brands in the country offering travel (both leisure and business), forex and visa processing services. Globally, the C&K brand has evolved through a 250-year history and is present in 20 countries (including India)'s total business. India's tourism industry accounts for 6% of GDP, much below world average. This provides C&K with a vast opportunity to tap the domestic outbound and in bound tourism markets.

Ex-India revenue share has risen to ~47%in FY09 from less than 10% two years ago. C&K reported stable OPM of ~41% in the past three years while pre-exceptional PAT winessed 80% CAGR over the same period

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