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InvestorPresentation
May 2012
ImportantNotice
Thispresentationispublishedforgeneralinformationpurposesandtheinformationcontainedhereindoesnotconstituteorform partofan offerorinvitation,orasolicitationofanyoffer,orrecommendationforthepurchaseorsubscriptionofsecuritiesoranyinterestintheCompany. Theinformationcontainedinthispresentationshallnotformthebasisoforberelieduponinconnectionwithanycontract, commitmentor investmentdecision. Thispresentationmaycontaincertainforwardlookingstatements,plansandstrategieswithrespecttotheanticipatedgrowthandfuture performanceoftheCompany,whicharesubjecttochangebytheCompanywithoutnotice.TheCompanyanditsdirectors,officers,agents,or employeesanditsaffiliatesmakenorepresentation,warrantyorassuranceofanykind,expressorimplied,ontheaccuracy,completenessor usefulnessofthepresentationortheinformationcontainedthereinorthatthestrategiesorforwardlookingstatementsarereasonableorwill berealised.Thispresentationisnotintendedunderanycircumstancestobeaprofitforecastortoguaranteefuturereturns andthestatements containedhereinmayormaynotprovetobecorrect.Theactualresultscouldvaryfromthestrategiesandforwardlookingstatements containedinthispresentation,andsuchvariationscouldbematerial.TheCompanyanditsdirectors,officers,agents,oremployeesandits affiliatesshallnotbeliableforanyindirect,incidentalorconsequentialdamagessustainedorincurredinconnectionwith theuse,operation,or inabilitytousethispresentationandinformationcontainedtherein.TheCompanydisclaimsanyintentionorobligationtoreviseanyforward lookingstatements,whetherasaresultofnewinformation,afutureevent,orotherwise.
IndiasLeadingIntegratedForexAndTravelOperator
SegmentRevenue(2011A) Leadingintegratedforeignexchangeandtravel servicescompany 2011revenueofRs.4,027m(up18.3%from2010) 2011EBITDAofRs.1,177m(up19.0%from2010) OperationsinIndiasince1881 Strongfranchises Forex LeisureTravelInbound LeisureTravel(Outbound&MICE/Domestic) CorporateTravel Expansiveretaildistributionnetwork 151ownstores,117franchises,166preferredsales agentsand29extensioncountersacrossIndia 16locationsinMauritiusand2locationsinSri Lankaairport
CompanyHistory
1881 Firstofficeisestablished inMumbai February1983 IPOontheBombay stockexchange December2008 TCILissues50.7msharesby wayofarightsissue February 2007 Mergerwith LKPForex March2008 ThomasCookUKLimited acquires74.9%inthe company July2010 TCILentersintosevenyear agreementwithNewDelhi InternationalAirportandlaunches nineforeignexchangeandtravel counters
1881
1983
2005
2006
2007
2008
2009
2010
2011
December2006 Acquisitionof100% in TravelCorporation (India)Limited October2011 December2005 DubaiFinancial(LLC)acquires 100%ofTCIMLimited Signingof MasterCard agreement AppointmentofState BankofIndiaas MoneyGramsubagent
BenefitsOfOperatingAFullyIntegratedForexAndTravel Platform
Travel
Outbound Inbound MICE/Domestic Corporate
IntraGroupSynergies
Marketing&brand Distributionnetwork Operatingand infrastructurecosts Customeraccess
CrossSelling
Leveragefootfall Leverageonlineplatform
Financial Services
WholesaleForex
Travelrelated Services
ForexScaleBenefits
Noteconsolidationmore economical Dealingroomandability tohedge
4
AttractiveMarketWithStrongGrowthCharacteristics
Supportivemacrobackdropanddynamics...
StrongRealGDPGrowth(20112015E)
China India Africa Brazil 5.2% 4.8% 8.3% 8.2%
YoungPopulation
IncreaseinDiscretionarySpending
53%
58%
65%
...stimulategrowthinourareasofoperation
FXEarningsfromTourism
(Rs.bn)
649 331 156 2000A 2005A 2010A
12.6 7.2
OutboundTravelfromIndia
(mtrips)
22.5
InboundTravelinIndia
(mtrips)
5.7 3.9 7.8
2005A
2010A
2015E
2005A
2010A
2015E
Source: Global Insight, UN Population Statistics; Euromonitor, Ministry of Tourism annual report 2011 Note: Non discretionary spend only includes housing, food and non-alcoholic beverages
OurBroadDistributionNetworkEnsuresWeAreWellPositioned ToCaptureThisGrowth
India
Ownstores Franchises PSAs Extensioncounters
2 7 2
Mauritius
42 3 3 2 2 5
3
6 4 211 2
3 4 2 17 6 8 3 8 2
4
4 2 6
16ownstores
India Keyproperties
DNRoad(Owned&Leased) Gurgaon(Owned) Chembur (Owned) Nariman Point(Owned)
2
3 12
7 3
22
SriLanka
2Ownstores
PresenceInWholesale,RetailAndCorporateForex
Segments Wholesale Institutions (Banks,FullFledgedMoney Changers,RestrictedMoney Changers) Characteristics
Note:
(1) Company has presence in Mumbai, Bangalore, Chennai, Cochin and Delhi Airports
BroadProductAndServiceOfferingForRetailAndCorporate ForexCustomers
BankNotes
Traveller Cheques
Foreigncurrencypayorders,availablein8currencies
WireTransfers
Availablein10currencies
MoneyGramTransfer
Persontopersonmoneytransferservice
ForexOperationalOverview
Day0 Customers
PointofSale/Purchase ofForeignExchange RetailOutlets (OwnStores, GCPs)
Day1
Day2
INRFunds
Banks (Interbank Parties) Surplus Currency SettleInterbank Contracts Monitor Holdings Consolidation ExportCenters DealingRoom
AgentOutlets
Corporate Employees
Implants, CorporateHubs
CurrencyMovement WithinBranches
WehavebeengrantedAuthorizedDealer(ADCategoryII)licensebytheRBI
9
LeisureOutboundOverview
ListofProducts&Services
10
MICE&DomesticTravelOverview
MICE
DomesticTravel
LeadingMICEplayerbysales ComprehensiveMICEsolutionsprovided
Domesticofferstourpackagesandindividualtour componentstodomestictravellers
Usualsalesprocessinvolvespitches,followedby competitivebidding
Distributionthroughmultiplechannels(ownstores, GCPs,travelagents,website)
Tieupswithlocalagents,hotels,guidestoprovide destinationmanagementservices
11
InboundTravelOverview
ListofProducts&Services
Individualtours Groupescortedtours
MICE
Strategy
Increasedpromotion Onlinepresence
(1)
MinistryofTourism,GovernmentofIndia.
12
CorporateTravelOverview
ListofProducts&Services
Strategy
PortfolioDiversification
13
BusinessDrivers
Travel Product Offering Outbound Destinations
Introducenewdestinationsfor GITandFIT
Outbound Packages
Remittances
Increaseretailproductpenetration
MICE Destinations
Developofferingsinnew destinationstodifferentiate
MoneyTransfer additionalproviders
Introduceproductsandservicesof
Geographicexpansiontocoverall
ATMServices
Potentialtotieupwithlocalbank 14 andsetupATMnetwork
Expandintosecondandthirdtiercities;Increasefootprintinstrategiclocations
Online
Continuetodevelopwebsitefunctionalityandcontent;LeverageonlineplatformforB2Cand B2Bdistribution
14
TrackRecordOfGrowthAndProfitability
Netrevenues(2009A2011A)
(Rs.m)
EBITDA(2009A2011A)
(Rs.m)
Netincome(2009A2011A)
(Rs.m)
4,027
1,177
3,406
562 472
989
2,746
731
250
2009A
2010A
2011A
2009A
2010A
2011A
2009A
2010A
2011A
Note:
15
KeyFinancials
(Rs m) Sources of Funds Shareholders' Funds Common Equity Preference Capital Loan Funds Deferred Taxation (Net) Total Application of Funds Fixed Assets (including WIP) Investments Current Assets, Loans and Advances Sundry Debtors Cash & Bank Balance Loans & Advances Less: Current Liabilities & Provisions Liabilities Provisions Net Current Assets Total
(1) (1)
2009
2010
2011
2010 82 8 18
211 6 2,803 1,700 29 4,750 2,192 356 2,071 1,501 1,087 2,306 151 2,202 4,750
212 6 3,190 2,016 76 5,499 2,475 156 2,225 1,601 1,440 2,279 118 2,869 5,499
212 6 3,705 2,286 50 6,259 2,491 383 2,264 2,735 1,358 2,848 123 3,386 6,259
Include 319,765 Class B and 271,800 Class C 0.001% Cumulative Convertible / Redeemable Preference Shares of INR10/- each, convertible into an equivalent number of Equity Shares, if the EPS of the Company exceeds 3.03 and 3.64 per share, respectively. These would be redeemed within a period of six months if the said EPS of the Company is not achieved based on the audited accounts of the Company as at the end of 31st December, 2013.
16
SegmentalPerformance
Travel&RelatedServices
(Rs.m) Net Revenues Growth
FinancialServices
2010 2,720 2011 3,303 CAGR 21.6%
(Rs.m) Net Revenues
2009 417 2010 384 2011 435 CAGR 2.1%
2009 2,235
(16.8%)
767
21.7%
1,129
21.4%
1,286 29.5%
Growth
Segment result
0.6%
257
(8.0%)
196
13.2%
239 (3.6%)
Segment result
Margin
Segment Capital employed
34.3%
1,995
41.5%
2,275
38.9%
2,570 13.5%
Margin
Segment Capital employed
61.7%
983
51.1%
1,080
55.0%
1,296 14.8%
Inthetravelbusiness,2009Asawasignificantdecreaseinbothleisureandbusinesstravellersgiventheoveralldifficultmacro economicbackdrop Resurgenceineconomicactivityspurredarecoveryinthecorporatetravelandleisureoutboundsegmentsin2010A UnderlyingfactorssuchasincreasedappetiteofIndianstotravelabroadremainedsupportivein2011Aandledtoastrongresult intheleisureoutboundsegment TCILsforeignexchangeoperationswerenegativelyimpactedbyrupeeappreciationin2009A Challengingenvironmentin2010A,duetoacontinuedappreciationoftherupee,compensatedby increaseddemandforforeigncurrencyfromcorporateandleisuretravellers, TCILsongoingexpansionofthebranchnetworkand higherremittances Stronggrowthinamorefavorablemarketenvironmentsupportedbyadepreciationoftherupeein2011A
17
PotentialForGrowth
Netrevenues(2012E2014E)
(Rs.m)
EBITDA(2012E2014E)
(Rs.m)
Netincome(2012E2014E)
(Rs.m)
1,435
2012E
2013E
2014E
2012E
2013E
2014E
2012E
2013E
2014E
(1):
18