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Intl Travel House Overview

1. Business Overview

International Travel House Ltd. (ITH) is a prominent travel services company based in India. Its core business involves providing a comprehensive range of travel-related solutions to both corporate and leisure clients. This includes corporate travel management, facilitating domestic and international leisure travel, organizing Meetings, Incentives, Conferences, and Exhibitions (MICE), and offering car rental services. The company's business model revolves around earning commissions from airlines, hotels, and other travel suppliers, service fees for managing corporate accounts, and markups on customized travel packages and car rentals.

2. Key Segments / Revenue Mix

While specific revenue contributions are not publicly detailed without financial statements, ITH's operations typically span the following key segments:

Corporate Travel Management: Catering to business travel needs, including flight bookings, hotel accommodations, ground transportation, and travel policy compliance for various companies. This is likely a significant revenue driver given the "Travel House" designation often implying corporate focus.

Leisure Travel: Offering customized holiday packages, group tours, individual travel arrangements for domestic and international destinations.

MICE (Meetings, Incentives, Conferences, Exhibitions): Specialized services for organizing corporate events, conventions, and incentive travel programs.

Car Rental Services: Providing chauffeur-driven cars and rental vehicles for corporate and leisure clients across multiple locations.

3. Industry & Positioning

The Indian travel services industry is highly competitive and fragmented, characterized by the presence of large global players, national chains, regional agencies, and a rapidly growing segment of Online Travel Agencies (OTAs). International Travel House Ltd. operates as a traditional, full-service travel management company. Its affiliation with the ITC Group provides it with a strong brand backing and credibility, particularly in the corporate and premium leisure segments. It positions itself as a reliable, experienced provider emphasizing personalized service and end-to-end travel solutions, competing with other established travel agencies and specialized corporate travel providers.

4. Competitive Advantage (Moat)

International Travel House benefits from several competitive advantages:

Brand Reputation & Trust: Its association with the reputable ITC Group lends significant brand credibility and trust, especially vital for corporate clients seeking reliable and compliant travel partners.

Established Relationships & Network: Long-standing relationships with airlines, hotels, and other suppliers, allowing for favorable rates and service quality. It also possesses an extensive network of offices and service points within India.

Corporate Client Base: A robust and often sticky corporate client base built over years, where switching travel management providers can involve significant operational changes and costs.

Service Expertise: Deep understanding and expertise in managing complex travel logistics, corporate travel policies, and MICE events, which often require human touchpoints beyond automated online platforms.

5. Growth Drivers

Economic Growth & Rising Disposable Incomes in India: Fuels both business and leisure travel demand.

Increased Corporate Travel: As businesses expand and globalization continues, corporate travel and MICE activities are expected to grow.

Rebound in Tourism: Continued recovery and growth in domestic and international tourism post-pandemic.

Digital Transformation: Adoption of new technologies to enhance booking efficiency, customer experience, and operational effectiveness.

Expanding Market Reach & Services: Potential for geographic expansion within India or introduction of new specialized travel services.

6. Risks

Intense Competition: Pressure from aggressive pricing by OTAs and other traditional travel agencies, impacting margins.

Economic Downturns: Travel, especially leisure and corporate, is highly sensitive to economic cycles and slowdowns.

Geopolitical & Health Events: Unforeseen events like pandemics, political instability, or natural disasters can severely disrupt the travel industry.

Technological Disruption: Rapid advancements in AI and automated booking tools could challenge traditional service models if not adapted effectively.

Regulatory Changes: Changes in visa policies, aviation regulations, or taxation can impact operations and profitability.

Supplier Dependence: Reliance on airlines, hotels, and other third-party suppliers, where changes in terms or availability can affect service delivery.

7. Management & Ownership

International Travel House Ltd. is promoted by the ITC Group, one of India's largest and most respected conglomerates. This implies a professional and experienced management team, likely drawing on the corporate governance standards and strategic direction of the parent group. The ownership structure would typically involve a significant promoter holding (ITC and its subsidiaries), with the remaining shares held by public shareholders and institutional investors.

8. Outlook

International Travel House is well-positioned to capitalize on India's growing travel market, driven by economic expansion and increasing discretionary spending. Its strong brand affiliation with ITC, established corporate client base, and extensive service network provide a solid foundation. The company's ability to offer personalized, comprehensive travel solutions differentiates it from purely transactional online platforms.

However, the company operates in a highly dynamic and competitive industry. Sustained growth will depend on its capacity to innovate, effectively integrate technology to enhance customer experience and operational efficiency, and adapt to evolving traveler preferences and market disruptions. While the brand and relationships offer resilience, margin pressures from intense competition and susceptibility to global economic or health crises remain ongoing challenges. The outlook is cautiously optimistic, balancing the growth potential of the Indian market with inherent industry volatilities and competitive pressures.

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Intl Travel House Key Financials

Market Cap ₹245 Cr.

Stock P/E 9

P/B 1.4

Current Price ₹307

Book Value ₹ 224.3

Face Value 10

52W High ₹552.2

Dividend Yield 1.79%

52W Low ₹ 266

Intl Travel House Share Price

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Volume
Price

Intl Travel House Quarterly Price

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Intl Travel House Peer Comparison

Intl Travel House Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 54 59 56 61 58 61 57 59 58 57
Other Income 1 2 1 2 1 2 2 1 1 1
Total Income 55 60 57 63 60 63 59 61 59 58
Total Expenditure 46 50 46 51 51 50 48 50 51 49
Operating Profit 9 10 11 12 9 12 11 11 8 9
Interest 0 0 0 0 0 0 0 0 0 0
Depreciation 2 2 2 2 2 2 2 2 2 2
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 -6 0
Profit Before Tax 7 8 9 10 7 11 9 9 0 7
Provision for Tax 2 2 2 2 2 3 2 2 0 2
Profit After Tax 5 6 7 7 5 8 7 6 -0 5
Adjustments -0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 5 6 7 7 5 8 7 6 -0 5
Adjusted Earnings Per Share 6.2 7.7 8.4 9.3 6.7 9.5 8.6 8 -0 6.5

Intl Travel House Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 181 196 202 204 208 209 59 94 184 217 236 231
Other Income 3 5 4 3 2 1 3 2 3 4 7 5
Total Income 183 201 206 208 211 211 62 97 187 221 242 237
Total Expenditure 149 172 175 184 195 206 97 101 162 183 198 198
Operating Profit 34 29 31 23 15 4 -35 -4 25 38 45 39
Interest 1 1 1 1 0 1 0 0 1 1 1 0
Depreciation 7 12 12 11 11 12 10 6 6 7 7 8
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 -6
Profit Before Tax 26 16 18 12 4 -8 -45 -11 18 30 37 25
Provision for Tax 8 6 7 5 2 -1 0 0 -10 8 10 6
Profit After Tax 18 10 11 7 3 -7 -45 -11 28 23 27 18
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 18 10 11 7 3 -7 -45 -11 28 23 27 18
Adjusted Earnings Per Share 23 12 14 8.7 3.4 -9.3 -56.4 -13.4 35.5 28.1 34 23.1

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 9% 36% 2% 3%
Operating Profit CAGR 18% 0% 62% 3%
PAT CAGR 17% 0% 0% 4%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -39% 1% 37% 6%
ROE Average 18% 20% 3% 4%
ROCE Average 24% 22% 4% 6%

Intl Travel House Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 145 158 162 164 162 150 105 95 123 142 165
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 5 6 5 3 2 4 3 2 -8 0 0
Total Current Liabilities 43 37 46 40 45 40 32 36 53 59 62
Total Liabilities 193 201 213 208 209 194 140 134 168 201 228
Fixed Assets 47 50 40 31 34 36 25 19 25 22 28
Other Non-Current Assets 6 6 6 7 7 14 12 14 13 15 14
Total Current Assets 140 145 166 169 168 145 103 101 130 164 186
Total Assets 193 201 213 208 209 194 140 134 168 201 228

Intl Travel House Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 4 4 8 3 22 12 2 4 6 9 18
Cash Flow from Operating Activities 14 15 14 -7 -11 24 36 -19 9 49 38
Cash Flow from Investing Activities -10 -7 -15 30 4 -30 -33 21 -6 -37 -15
Cash Flow from Financing Activities -4 -4 -4 -4 -4 -4 -1 -1 -0 -3 -5
Net Cash Inflow / Outflow -0 4 -5 19 -10 -10 2 2 3 9 18
Closing Cash & Cash Equivalent 4 8 3 22 12 2 4 6 9 18 36

Intl Travel House Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 22.99 12.02 13.98 8.7 3.35 -9.27 -56.37 -13.38 35.51 28.15 33.96
CEPS(Rs) 31.42 26.94 29.05 22.49 16.52 5.14 -44.47 -5.54 42.98 37.37 43.01
DPS(Rs) 4.25 4.25 4.25 4.25 2.5 0 0 0 3.5 5 5.5
Book NAV/Share(Rs) 181.77 197.91 202.65 205.07 202.41 188.16 131.85 119.12 154.07 178.21 206.85
Core EBITDA Margin(%) 17.36 12.02 13.33 9.83 6.11 1.34 -63.86 -6.79 11.93 15.88 16.18
EBIT Margin(%) 15.21 8.68 9.44 6.08 2.25 -3.52 -75.22 -11.01 10.24 14.29 15.93
Pre Tax Margin(%) 14.51 8.22 9.08 5.63 2.04 -4.02 -75.88 -11.35 9.95 14.01 15.61
PAT Margin (%) 10.17 4.9 5.54 3.4 1.29 -3.54 -75.88 -11.35 15.42 10.35 11.52
Cash Profit Margin (%) 13.91 10.99 11.52 8.8 6.34 1.96 -59.86 -4.7 18.67 13.75 14.59
ROA(%) 9.81 4.87 5.39 3.31 1.29 -3.67 -26.94 -7.81 18.81 12.17 12.65
ROE(%) 13.27 6.33 6.98 4.27 1.65 -4.75 -35.23 -10.66 25.99 16.94 17.64
ROCE(%) 19.84 11.21 11.88 7.62 2.88 -4.72 -34.92 -10.34 17.25 23.38 24.39
Receivable days 181.58 175.77 181.06 196.85 217.21 206.18 411.58 151.45 118.96 112.83 93.97
Inventory Days 0 0 0 0 0 0 0 0 0 0 0
Payable days 0 0 0 0 0 0 0 0 0 0 0
PER(x) 10.89 14.08 14 21.12 41.39 0 0 0 5.89 21.26 12.65
Price/Book(x) 1.38 0.85 0.97 0.9 0.69 0.24 0.44 0.99 1.36 3.36 2.08
Dividend Yield(%) 1.7 2.51 2.17 2.31 1.8 0 0 0 1.67 0.84 1.28
EV/Net Sales(x) 1.05 0.62 0.73 0.6 0.46 0.15 0.29 0.82 0.86 2.12 1.2
EV/Core EBITDA(x) 5.56 4.17 4.76 5.23 6.34 7.69 -0.49 -18.84 6.35 11.97 6.31
Net Sales Growth(%) 5.2 8.46 2.88 1.39 1.86 0.49 -71.61 58.63 95.36 18.08 8.42
EBIT Growth(%) -0.77 -38.1 11.81 -34.71 -62.28 -257.29 -506.38 76.79 281.72 64.83 20.88
PAT Growth(%) 1.5 -47.73 16.3 -37.76 -61.47 -376.55 -508.1 76.26 365.38 -20.72 20.66
EPS Growth(%) 1.5 -47.73 16.3 -37.76 -61.47 -376.56 -508.1 76.26 365.38 -20.72 20.66
Debt/Equity(x) 0 0 0 0 0 0 0 0 0 0 0
Current Ratio(x) 3.29 3.94 3.61 4.2 3.7 3.66 3.21 2.79 2.46 2.8 3
Quick Ratio(x) 3.29 3.94 3.61 4.2 3.7 3.66 3.21 2.79 2.46 2.8 3
Interest Cover(x) 21.75 18.75 26.92 13.73 10.78 -7.05 -113.23 -31.58 35.66 50.08 49.71
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0 0 0

Intl Travel House Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 61.69 61.69 61.69 61.69 61.69 61.69 61.69 61.69 61.69 61.69
FII 0 0 0 0 0 0 0 0 0 0
DII 0 0 0 0 0.01 0.01 0.01 0.01 0.01 0.01
Public 38.31 38.31 38.31 38.31 38.3 38.3 38.3 38.3 38.3 38.3
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Intl Travel House News

Intl Travel House Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 20%
  • Company is almost debt free.

Cons

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