Sunday, April 25, 2010


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.



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