8 February 2016
3QFY16 Results Update | Sector: Tourism
BSE SENSEX
24,617
Bloomberg
Equity Shares (m)
M.Cap. (INR b) / (USD b)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
Free float (%)
S&P CNX
7,489
COXK IN
136.5
41.8/0.7
344 / 188
-11/-9/-18
103
51.3
Cox & Kings
CMP: INR206
TP: INR290 (+41%)
Buy
Revenues in-line; revival in Europe tourism key
Financials & Valuation (INR b)
Y/E MAR
Sales
EBITDA
NP
EPS (INR)
EPS Gr. (%)
BV/Sh. (INR)
RoE (%)
RoCE (%)
P/E (x)
P/BV (x)
2016E 2017E 2018E
24.3
8.1
2.4
13.8
-41.7
8.5
11.1
15.0
1.2
27.8
9.5
3.6
21.2
53.8
11.7
13.4
9.7
1.1
32.0
11.0
5.0
29.0
37.1
217.3
14.2
16.1
7.1
0.9
171.9 190.7
Estimate change
TP change
Rating change
13%
11%
Revenues in-line, margins miss:
COXK reported overall revenue of INR5.1b (est. of
INR5.1b) in 3QFY16 as against INR4.7b in 3QFY15—a YoY growth of 9.9%. EBITDA
margin contracted from 32.7% in 3QFY15 to 21.7% in 3QFY16 (est. 31.8%).
Revenues excluding camping and Laterooms de-grew 1% to INR4.6b while EBITDA
came in at 26% v/s/ 31.4% in 3QFY15. Exchange gain stood at INR49m as against a
loss of INR652m in 3QFY15. Exceptional gains of INR1.6bm included INR1.7b from
the sale of Explore Worldwide, a subsidiary of Holidaybreak net off other
expenses. Interest cost de-grew 25% YoY to INR625. Consequently, adjusted PAT
stood at a loss of INR398m as against loss of INR556m in 3QFY15; reported PAT
stood at INR1b (est. of INR542b) as against loss of INR139 in 3QFY15.
Growth for Leisure International and Education impacted by Paris attacks:
During the quarter, Leisure India’s revenue was up 11% YoY to INR1.25b. EBITDA
grew 16% to INR570m with margins at 45.6% v/s 43.4% in 3QFY15. The Paris
attacks and severe weather conditions in UK impacted over Europe and resulted in
subdued performance of Leisure International and Education business. Leisure
International’s revenue (ex Laterooms) was flat at INR1.5b and margin contracted
from 39.5% in 3QFY15 to 25.2%. Margins were impacted by lower revenues and
higher ad spends (INR60m) in Superbreak part. Education and Meininger business
de-grew of 9%, with revenue at INR1.5b in 3QFY16 and margin declined 320bp to
22.2%. Laterooms acquired in 2QFY16 clocked revenues of INR482m and an
EBITDA loss of INR95m due to higher offline brand spends (INR250m) and
transition costs of ownership.
Revival seen beginning 4QFY16:
Management highlighted that the businesses in
Europe impacted are seeing revival now with Laterooms expected to bring
synergies. Debt reduction is on track, expected to reduce by INR5b YoY as at FY16.
Valuation and view:
Factoring in a weak 3Q, with demand pressure in Europe and
weak growth and margin in Leisure International & Education, Meininger business,
we downgrade our FY16/17/18 EPS estimates by 23%/20%/13%. We believe COXK
is on the right track for balance sheet de-leveraging, which will reduce net
debt/equity from 0.9x in FY15 to 0.3x by FY18.
The stock trades at 15x/10x/7x FY16/FY17/FY18 EPS. Maintain
Buy
with a PT of
INR290, 10x FY18 EPS (rolled over to FY18).
Niket Shah
(Niket.Shah@MotilalOswal.com); +91 22 3982 5426
Chintan Modi
(Chintan.Modi@MotilalOswal.com); +912239825422/Kaustubh
Kale
(Kaustubh.Kale@MotilalOswal.com); +912230102498
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Cox & Kings
Results in line
COXK reported overall revenue of INR5.1b (est. of INR5.1b) in 3QFY16 as against
INR4.7b in 3QFY15—a YoY growth of 9.9%.
EBITDA margin contracted from 32.7% in 3QFY15 to 21.7% in 3QFY16 (est.
31.8%).
Revenues excluding camping and Laterooms de-grew 1% to INR4.6b while
EBITDA came in at 26% v/s/ 31.4% in 3QFY15.
Exchange gain stood at INR49m as against a loss of INR652m in 3QFY15.
Exceptional gains of INR1.6bm included INR1.7b from the sale of Explore
Worldwide, a subsidiary of Holidaybreak net off other expenses.
Interest cost de-grew 25% YoY to INR625.
Consequently, adjusted PAT stood at a loss of INR398m as against loss of
INR556m in 3QFY15; reported PAT stood at INR1b (est. profit of INR542b) as
against loss of INR139 in 3QFY15.
Exhibit 1: Revenue trend
Sales (INR m)
404
239
5,320
6,890
5,862
3,572
25
2,306
10
-12
19
8,188
4,949
4,077
115
14
YoY growth (%)
7,387
26
8,675
4,660 4,896
6
14
-1
-7
-21
6,836 6,854
5,119
10
Source: Company, MOSL
Exhibit 2: EBITDA trend
EBITDA (INR b)
58 57
28
3.1
3.9
15
1.0 0.3
2.8
47
55
26
11
3.5
1.1 0.5
48
52
33
4.5
1.5
9
3.3 3.2
0.5
Margin (%)
49 46
22
1.1
Exhibit 3: PAT trend
PAT (INR b)
438
420
17
0
0
YoY Growth (%)
286
4.5
0
-0.1
0 1
1.3
-0.9
0
0.3 -0.5
1.8 2.4 0.0 -2.1 1.3 2.6
0.6 1.3 1.2 1.1
32
-57 0
-36
-298
Source: Company, MOSL
Source: Company, MOSL
Growth for Leisure International and Education impacted by Paris attacks
During the quarter, Leisure India’s revenue was up 11% YoY to INR1.25b. EBITDA
grew 16% to INR570m with margins at 45.6% v/s 43.4% in 3QFY15..
Management highlighted that it gained market share in the India business.
The Paris attacks and severe weather conditions in UK impacted over Europe
and resulted in subdued performance of Leisure International and Education
business. Leisure International’s revenue (ex Laterooms) was flat at INR1.5b and
8 February 2016
2

Cox & Kings
margin contracted from 39.5% in 3QFY15 to 25.2%. Margins were impacted by
lower revenues and higher ad spends (INR60m) in Superbreak part.
Education and Meininger business de-grew of 9%, with revenue at INR1.5b in
3QFY16 and margin declined 320bp to 22.2%. Management highlighted that 3Q
is generally the smallest quarter for Education business.
PGL constant currency net revenues fell as fewer children from UK and other
geographies visited French campuses of the company in the light of attacks.
NST constant currency net revenues fell on a high base on cancellation (close to
~50%) of tours to Paris and other European geographies. NST is seeing bookings
higher by 10% for FY17.
Management plans to add 535 beds in PGL in FY16 down from 720 beds
guidance earlier due to slower approvals.
Meininger saw 5% growth in Euro terms YoY in revenues on account of higher
bed occupancy. EBITDA grew 19% in Euro terms. The weak Euro-INR exchange
rate curtailed EBITDA growth in INR terms.
Paris attacks hurt occupancy and rates across Europe in November and
December; Meininger Brussels had to be shut for a fortnight after the Paris
attacks.
Laterooms acquired in 2QFY16 clocked revenues of INR482m and an EBITDA loss
of INR95m due to higher offline brand spends (INR250m) and transition costs of
ownership.
Management highlights that PGL is now booked 67% of internal revenue targets
of FY17. It sees revival in 4QFY16-FY17 given the revival in Europe business
Exhibit 5: Total number of beds trend in PGL
YoY Growth
16%
15%
10,371 11,151
Total number of beds
Exhibit 4: Education revenue trend
Total Education revenue (INR m)
19%
10%
4,906
FY13
6,602
8,819
6,399
FY15
3%
8,150
8,150
8,521
8,871
7,660
FY17E
FY18E
9,591
5,390
FY14
FY16E
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
Exhibit 6: Meininger revenue trend
Revenue (INR m)
YoY Growth
25%
10%
10%
3,231
FY14
3,560
FY15
4,921
3,922
FY16E
FY17E
FY18E
6,236
27%
Exhibit 7: Total number of beds in Meininger
Number of beds
6,616
5,411
FY12
FY13
6,877
7,023
7,023
9,423
11,823
FY14
FY15
FY16E
FY17E
FY18E
Source: Company, MOSL
8 February 2016
Source: Company, MOSL
3

Cox & Kings
Revival seen beginning 4QFY16
Management highlighted that the businesses in Europe impacted are seeing
revival now.
Higher offline brand spends and lower web marketing/distribution costs will be
cornerstone of Laterooms’s strategy going forward.
Management expects Laterooms to bring synergies to International business.
Exhibit 8: Quarterly revenue and EBITDA mix
Revenues (INR m)
Leisure India
Leisure international
Education (Including Meininger)
Camping
Others
Total
EBITDA (INR m)
Leisure India
Leisure international
Education (Including Meininger)
Camping
Others
Total
EBITDA margins (INR m)
Leisure India
Leisure international
Education (Including Meininger)
Camping
Total
45.9%
26.6%
44.4%
NM
20.8%
61.4%
21.3%
54.8%
43.8%
47.3%
45.9%
49.2%
51.1%
68.2%
55.7%
45.3%
34.9%
26.5%
NM
26.5%
38.7%
22.6%
11.2%
NM
11.3%
61.4%
22.5%
57.5%
26.7%
47.6%
43.9%
50.3%
55.4%
67.3%
53.4%
44.5%
40.3%
NA
32.6%
37.1%
27.9%
NA
11.1%
63.8%
26.3%
55.8%
N.A
48.8%
44.2%
46.9%
54.1%
N.A
46.8
45.6%
25.2%
22.2%
N.A
46.8
4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16
850
1280
90
20
70
2310
1,450
1,080
2,410
890
32
5,862
850
1,830
2,700
2,770
38
8,188
950
1,750
1,170
120
87
4,077
930
1,460
2,410
70
79
4,949
1,660
1,200
3,510
900
117
7,387
980
1870
2940
2,630
235
8,655
1,130
1,520
1,730
0
290
4,670
1,050
1,900
1,790
0
210
4,950
1,880
1,180
3,510
0
250
6,820
1,130
1,960
3,440
0
20
6,820
1,250
1,510
1,580
0
300
5,122
390
340
40
-220
-70
480
890
230
1,320
390
-56
2,774
390
900
1,380
1,890
-31
4,560
430
610
310
-270
-27
1,080
360
330
270
-400
-15
560
1,020
270
2,020
240
-36
3,514
430
940
1630
1770
-170
4,600
490
600
440
0
-70
1,460
390
530
-210
0
-160
550
1,200
310
1,960
0
-140
3,330
500
920
1,860
0
-90
3,190
500
380
350
0
-90
1,115
25.4% -11.7%
Source: Company, MOSL
Debt reduction on track
Net debt reduced by INR840 QoQ and stood at INR23b as against INR23.8b as at
2QFY16 and INR23.7b as at end of FY15. This is despite 5% depreciation of INR
as against GBP from March 2015.
Even though net debt has reduced by INR0.7b from end of FY15, in constant
currency of March 2015, it would have reduced by INR1.6b.
Management continues to guide for a debt retirement of INR4-5b in FY16.
Management expects interest rate to further fall which will help curtail the
interest cost, however the primary aim is to deleverage balance sheet.
We believe COXK is on the right track for balance sheet de-leveraging, which will
reduce net debt/equity from 0.9x in FY15 to 0.3x by FY18E.
8 February 2016
4

Cox & Kings
Exhibit 9: Net debt to Equity to reduce over next threeyears
2.8
2.2
33,044
41,132
29,406
0.9
23,144
FY12
FY13
FY14
FY15E
0.7
19,896
FY16E
0.5
17,626
FY17E
FY18E
2.3
Net Debt (INR m)
Net D/E
12,752
0.3
Source: Company, MOSL
Valuation and view
We value COXK at a multiple of 10x FY18E EPS (rolled over to FY18), which we
believe is justified considering:
Strong brand equity with market leadership position
COXK is a 250-year-old brand in the travel and tourism industry and enjoys 30%
market share in outbound travel market which stands at USD5b. Its economies of
scale and strong brand, enable it earn higher gross margins (20-22%) in outbound
segment compared to Thomas Cook (~12%) and other small players (~8-9%
margins). COXK’s international presence brings significant value proposition as it
enables it to understand international tourist markets better and also offer lower
cost to consumers, compared to peers, due to higher scale of operations, which
ensures lower cost sourcing.
Significantly de-leveraged its balance sheet
With a view to de-leverage its balance sheet, COXK sold its camping business,
resulting in proceeds of INR8.9b and recently concluded an equity fund raising
amounting to INR10b. We expect further de-leveraging which should drive Net
Debt-Equity lower from 0.9x in FY15 to 0.3x in FY18. Thus, in line with the
management’s stated objective, COXK has significantly improved its balance sheet
and liquidity position, enabling the management to now focus on core operations.
Discretionary spend revival, operating leverage – additional earnings levers
COXK’s travel and tourism business will benefit from revival in discretionary spends
in India, due to an improving consumer sentiment. Similarly, with concerted efforts
by management on increasing utilization in PGL and NST in the lean season, success
in these initiatives can drive strong margin improvement, and can thus surprise
earnings going forward.
We value the stock at 10x FY18E EPS and arrive at a target price of INR290. Maintain
Buy
rating.
8 February 2016
5

Cox & Kings
Story in charts
Exhibit 10: Franchisee addition to drive growth
Number of Franchisee
153
155
155
165
175
185
195
Exhibit 11: Franchisee share revenues set to increase
Retail revenues breakup for FY14
150
94
56
Own store
and other
outlet , 50%
Franchisee
, 50%
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16E FY17E FY17E
Source: Company, MOSL
Source: Company, MOSL
Exhibit 12: Education and Leisure international business biggest contributor
Leisure India
32%
33%
34%
35%
FY12
21%
FY13
Leisure International
18%
27%
17%
14%
23%
27%
18%
FY14
14%
25%
25%
19%
FY15
Education (PGL + NST)
16%
27%
28%
23%
FY16E
Meininger
18%
28%
26%
23%
FY17E
Camping
0%
19%
28%
24%
24%
FY18E
Source: Company, MOSL
Key assumptions
Exhibit 13: Key Assumption table
Particulars
Growth Snapshot
Leisure India
Leisure International
Education (PGL + NST)
Meininger
Total Revenue
Revenue Mix
Leisure India
Leisure International
Education (PGL + NST)
Meininger
Camping
Total
FY10
14%
69%
NA
NA
0.0
44%
56%
0%
0%
0%
100%
FY11
34%
17%
NA
NA
24%
47%
53%
0%
0%
0%
100%
FY12
26%
7%
NA
NA
70%
35%
33%
32%
0%
0%
100%
FY13
26%
118%
NA
NA
114%
21%
34%
27%
0%
18%
100%
FY14
12%
3%
13%
14%
28%
18%
27%
24%
14%
17%
100%
FY15
16%
4%
16%
9%
11%
19%
25%
25%
14%
14%
100%
FY16E
15%
4%
3%
10%
-6%
23%
28%
27%
16%
0%
100%
FY17E
18%
6%
16%
25%
15%
FY18E
18%
6%
15%
27%
15%
23%
24%
26%
24%
28%
28%
18%
19%
0%
0%
100%
100%
Source: MOSL
8 February 2016
6

Cox & Kings
Financials and valuations
Income Statement (Consolidated)
Y/E March
Total Income from Operations
Change (%)
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income
PBT bef. EO Exp.
Extraordinary Items
PBT after EO Exp.
Current Tax
Deferred Tax
Tax Rate (%)
Less: Mionrity Interest
Reported PAT
Adjusted PAT
Change (%)
Margin (%)
FY11
4,967
24.4
2,430
48.9
186
2,245
544
230
1,931
0
1,931
559
66
32.4
15
1,291
1,291
-3.6
26.0
FY12
8,379
68.7
1,673
20.0
491
1,182
1,843
356
-306
993
687
398
20
60.8
-146
416
26
-67.8
5.0
FY13
18,087
115.9
7,225
39.9
1,474
5,751
3,705
588
2,634
-588
2,046
548
-27
25.5
-959
2,484
2,922
497.3
13.7
FY14
23,076
27.6
8,901
38.6
1,711
7,190
3,236
431
4,385
1,748
6,133
1,746
-103
26.8
659
3,832
2,552
54.3
16.6
FY15
25,691
11.3
10,108
39.3
1,983
8,125
3,244
535
5,416
-3,080
2,336
1,636
-204
26.5
-14
918
3,998
56.7
3.6
FY16E
24,255
-5.6
8,125
33.5
1,357
6,768
2,471
214
4,511
1,793
6,304
1,702
0
27.0
940
3,662
2,353
-41.1
15.1
(INR Million)
FY17E
27,803
14.6
9,453
34.0
1,509
7,944
2,121
246
6,069
0
6,069
1,699
0
28.0
750
3,619
3,619
53.8
13.0
FY18E
31,989
15.1
11,036
34.5
1,614
9,422
1,771
283
7,934
0
7,934
2,221
0
28.0
750
4,962
4,962
37.1
15.5
Balance Sheet (Consolidated)
Y/E March
Equity Share Capital
Total Reserves
Net Worth
Minority Interest
Deferred Liabilities
Total Loans
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Capital WIP
Total Investments
Curr. Assets, Loans&Adv.
Inventory
Account Receivables
Cash and Bank Balance
Loans and Advances
Curr. Liability & Prov.
Account Payables
Provisions
Net Current Assets
Appl. of Funds
FY11
683
11,396
12,079
0
91
8,443
20,613
1,841
819
1,021
486
2,112
17,838
86
4,142
9,613
3,997
3,032
2,681
350
14,807
20,613
FY12
683
11,241
11,924
0
766
46,618
59,308
24,951
5,804
19,147
1,238
3,042
26,426
173
7,151
10,533
8,570
17,190
16,409
781
9,236
59,308
FY13
683
12,577
13,260
5,422
746
46,763
66,190
26,028
6,412
19,616
1,434
4,664
30,404
186
9,054
12,693
8,471
17,328
16,850
478
13,076
66,190
FY14
683
16,867
17,549
8,205
700
55,520
81,974
32,331
8,398
23,934
2,188
602
37,551
199
11,356
13,786
12,209
22,833
21,945
888
14,718
81,974
FY15
847
25,184
26,031
7,541
287
37,805
71,664
22,524
4,033
18,491
1,724
604
36,353
236
11,805
14,057
10,255
18,267
17,283
984
18,086
71,663
FY16E
855
28,536
29,390
8,481
287
32,805
70,963
24,274
5,390
18,884
1,724
604
34,975
245
11,145
12,305
11,280
19,642
18,560
1,082
15,332
69,303
(INR Million)
FY17E
855
31,742
32,596
9,231
287
27,805
69,919
26,024
6,899
19,125
1,724
604
36,353
278
14,092
9,574
12,408
22,305
21,115
1,190
14,047
68,259
FY18E
855
36,290
37,145
9,981
287
22,805
70,218
27,774
8,513
19,261
1,724
604
39,629
318
16,213
9,449
13,649
25,419
24,110
1,309
14,210
68,558
8 February 2016
7

Cox & Kings
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
Return Ratios (%)
RoE
RoCE
Working Capital Ratios
Fixed Asset Turnover (x)
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Creditor (Days)
Working Capital Turnover (Days)
Leverage Ratio (x)
Debt/Equity
FY11
9.5
10.8
88.5
0.5
6.2
21.8
FY12
0.2
3.8
87.3
1.0
38.2
1,068.5
FY13
21.4
32.2
97.1
1.0
6.4
9.6
2.1
8.6
0.5
23.2
10.7
1
0.3
4
183
340
8
3.5
FY14
18.7
31.2
128.5
1.0
4.2
11.0
6.6
1.6
3.0
7.8
0.5
16.6
11.5
0.7
0.3
3
180
347
15
3.2
FY15
23.6
35.3
153.7
1.0
22.3
8.7
5.8
1.3
2.0
5.1
0.5
18.3
12.7
1.1
0.4
3
168
246
57
1.5
FY16E
13.8
21.7
171.9
1.5
8.5
15.0
9.5
1.2
2.0
6.0
0.7
8.5
11.1
1.0
0.3
4
168
279
46
1.1
FY17E
21.2
30.0
190.7
2.0
11.4
9.7
6.9
1.1
1.7
4.9
1.0
11.7
13.4
1.1
0.4
4
185
277
59
0.9
FY18E
29.0
38.5
217.3
2.0
8.3
7.1
5.4
0.9
1.3
3.8
1.0
14.2
16.1
1.2
0.5
4
185
275
54
0.6
0.2
12.8
14.7
3
0.2
6
304
197
382
0.7
0.5
0.2
3.9
0
0.1
8
311
715
-56
3.9
Cash Flow Statement (Consolidated)
Y/E March
NP / (Loss) Before Tax and EO Items
Depreciation
Interest & Finance Charges
Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
Others
CF from Operating incl EO
(inc)/dec in FA
Free Cash Flow
(Pur)/Sale of Investments
Others
CF from Investments
Issue of Shares
(Inc)/Dec in Debt
Interest Paid
Dividend Paid
CF from Fin. Activity
Inc/Dec of Cash
Add: Beginning Balance
Closing Balance
FY11
1,931
186
417
-539
-815
1,180
-229
951
-883
68
-139
213
-809
3,040
400
-80
-489
5,732
5,874
3,739
9,613
FY12
687
491
1,675
-259
-3,529
-935
-431
-1,366
-1,307
-2,673
2,013
-23,252
-22,546
0
26,542
-1,449
-80
24,837
925
9,608
10,533
FY13
1,969
1,474
3,347
-806
-3,417
2,566
-528
2,038
-1,695
343
-1,719
1,370
-2,044
0
131
-3,917
-159
2,554
2,549
10,144
12,693
FY14
6,133
1,711
2,961
-1,294
-180
9,332
-1,239
8,093
-2,663
5,430
-2,568
-582
-5,813
0
1,303
-3,365
-159
-1,186
1,094
12,693
13,786
FY15
2,337
1,983
2,805
-1,618
-3,874
1,633
3,347
4,981
-1,813
3,167
1
11,946
10,134
10,562
-18,031
-3,244
-160
-14,844
271
13,786
14,057
FY16E
4,511
1,357
2,258
-1,702
1,001
7,424
133
7,557
-1,750
5,807
0
214
-1,536
8
-5,000
-2,471
-310
-7,773
-1,752
14,057
12,305
(INR Million)
FY17E
6,069
1,509
1,875
-1,699
-1,446
6,308
0
6,308
-1,750
4,558
0
246
-1,504
0
-5,000
-2,121
-413
-7,535
-2,731
12,305
9,574
FY18E
7,934
1,614
1,489
-2,221
-288
8,527
0
8,527
-1,750
6,777
0
283
-1,467
0
-5,000
-1,771
-413
-7,185
-125
9,574
9,449
8 February 2016
8

Cox & Kings
Corporate profile: Cox & Kings
Company description
Exhibit 16: Sensex rebased
Cox & Kings is the longest established travel
company in the world. Its India operations are
headquartered in Mumbai and have the status of a
limited company. Today, Cox & Kings is a premium
brand in all travel related services in the Indian
subcontinent, employing over 5000 trained
professionals. It has over 12 fully owned offices in
India across key cities such as New Delhi, Chennai,
Bangalore, Kolkata, Ahmedabad, Kochi, Hyderabad,
Pune, Goa, Nagpur and Jaipur. The worldwide
offices are located in UK, USA, Japan, Russia,
Singapore and Dubai. It has associate offices in
Germany, Italy, Spain, South Africa, Sweden &
Australia.
Exhibit 15: Shareholding pattern (%)
Sep-15
Promoter
DII
FII
Others
48.7
4.0
34.1
13.2
Jun-15
48.1
4.1
35.0
12.7
Sep-14
59.5
3.5
22.8
14.1
Exhibit 16: Top holders
Holder Name
Smallcap World Fund INC
Janus Overseas Fund
ICICI Prudential Life Insurance Company Ltd
HSBC Global Investments Fund A/c HSBC Gif Mauritius
Macquarie Bank Ltd
%
Holding
6.0
3.2
3.1
3.0
2.7
Note: FII Includes depository receipts
Exhibit 17: Top management
Name
A B M Good
Designation
Chairman
Exhibit 18: Directors
Name
A B M Good
Pesi Patel
M Narayanan
Name
S C Bhargava
Peter Kerkar
Urrshila Kerkar
*Independent
Exhibit 19: Auditors
Name
Chaturvedi & Shah
Statutory
Type
Exhibit 20: MOSL forecast v/s consensus
EPS
(INR)
FY16
FY17
MOSL
forecast
13.8
21.2
Consensus
forecast
-
-
Variation (%)
-
-
8 February 2016
9

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Cox
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& Kings
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COX & KINGS
No
No
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10