INTERNATIONAL TRAVEL HOUSE LTD -From The Group of ITC.

International Travel House Ltd(ITHL) is a company

under the same group of ITC Ltd. Started in 1981,

now it is one of the largest travel management

companies in India. Company has 42 offices in 13

cities across India. ITHL has 700 trained travel

professionals. Company’s business span across sectors

like Business travel,Car Rental,World Tour,Destination

management services,Wedding management services,

Money changing  and conference management

services  etc.In recent past tourism industry

came through some difficult phase due to reasons

like world trade centre attack,recession..etc.

Even in these difficult times company’s performance

was stable. Now the country is showing fast revival

in all related segments ,especially in business tours.

ITHL is one of the few listed  companies which can reap

the benefit of this revival in this sector.

Cox and King is the another comparable company of ITHL.

For the nine month ended December 2009 company  

posted a turnover of Rs.59.5 Cr and a net profit

of Rs.8 Cr. It is expected to close the full

year with an EPS of Rs.13/-. Company has an

uninterrupted dividend history for the past

many years ,paid 30% each in last three years.

Currently ITHL is quoting at a price of Rs.165/-

which is at a P/E multiple of 13 for the expected

EPS of the full  year'10. This ITC group company

deserves higher valuation from current level.