WEBSITE BSE:543222 NSE: HIPPOCABS Inc. Year: 2012 Industry: Travel Services My Bucket: Add Stock
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1. Business Overview
Trekkingtoes.com Ltd. operates in the travel services sector, likely specializing as an online travel agency (OTA) or a niche tour operator focused on adventure, trekking, and experiential travel, particularly within India given its country of origin. The company's core business model involves curating and facilitating bookings for various travel experiences, including guided treks, adventure tours, customized itineraries, and potentially associated services like flights and accommodations. It primarily makes money through commissions earned from booking accommodations, transportation, and activities, as well as through service fees and mark-ups on packaged tours.
2. Key Segments / Revenue Mix
Without specific financial data, the company's revenue streams can be inferred to primarily originate from:
Adventure & Trekking Tours: Packages specifically designed for trekking expeditions, hiking, and other adventure sports.
Customized Travel Packages: Tailor-made itineraries for individuals or groups seeking unique experiences beyond standard tourism.
Ancillary Services: Bookings for flights, hotels, travel insurance, and visa assistance, often bundled with core tour packages.
Domestic vs. International: Given the name "Trekkingtoes" and "India" as country, a significant portion is likely domestic Indian adventure travel, with potential for international adventure destinations.
3. Industry & Positioning
The Indian travel services industry is highly competitive and fragmented, characterized by the presence of large online travel agencies (OTAs) like MakeMyTrip, EaseMyTrip, and Goibibo, numerous smaller specialized tour operators, and direct booking options from airlines and hotels. Trekkingtoes.com likely positions itself as a specialist in the niche segment of adventure and experiential travel, differentiating itself from generalist OTAs through curated experiences, expert local knowledge, and potentially a focus on sustainable or responsible tourism practices. Its target audience would be individuals and groups seeking active and immersive travel experiences rather than conventional leisure travel.
4. Competitive Advantage (Moat)
Niche Expertise & Brand: "Trekkingtoes" effectively communicates its specialization. Developing deep expertise in adventure logistics, safety protocols, and unique itineraries within its niche can build a strong reputation and brand loyalty among adventure travelers.
Supplier Network: A proprietary network of reliable local guides, trekking operators, and eco-friendly accommodations in remote or specialized locations can provide a service quality advantage that is hard to replicate.
Customer Experience: For complex adventure travel, seamless planning, reliable execution, and responsive customer support can create high switching costs for clients who value trust and safety.
Curated Content & Data: Building a comprehensive database of trekking routes, conditions, permits, and unique local experiences can offer a differentiated value proposition.
5. Growth Drivers
Rising Disposable Incomes & Urbanization: Increasing discretionary spending among India's middle and upper classes, particularly in urban areas, fuels demand for leisure and experiential travel.
Growing Interest in Adventure Travel: A global and domestic trend towards active holidays, eco-tourism, and unique cultural experiences benefits niche operators.
Digital Penetration: Continued growth in internet and smartphone usage in India facilitates online discovery and booking of specialized travel services.
Expansion of Destinations/Activities: Broadening the portfolio of trekking routes, adventure sports, and specialized tours within India and potentially internationally.
Strategic Partnerships: Collaborations with regional tourism boards, adventure gear companies, and hospitality partners to enhance offerings and reach.
6. Risks
Intense Competition: Facing competition from larger, well-funded OTAs expanding into niche segments, as well as smaller specialized operators and direct bookings from local guides.
Economic Sensitivity: Travel is a discretionary expense, making the company vulnerable to economic downturns, inflation, or job market instability.
External Shocks: Geopolitical events, natural disasters, health crises (like pandemics), or extreme weather conditions can severely impact travel demand and operational viability, especially for outdoor adventure activities.
Regulatory & Environmental Changes: Changes in tourism policies, environmental regulations for protected areas, or safety standards for adventure sports could increase operational costs or restrict access.
Reputational Risk: Any safety incidents during adventure tours or negative customer experiences can severely damage brand trust in a high-stakes segment.
Seasonality: Adventure travel often has pronounced seasonality, leading to revenue fluctuations.
7. Management & Ownership
As a company with a public ticker (HIPPOCABS), Trekkingtoes.com Ltd. is likely promoter-led, with founders who may have a strong background in tourism, adventure sports, or technology. The quality of management would be crucial in navigating the competitive travel landscape, innovating in niche offerings, ensuring operational safety, and scaling the business effectively. Ownership typically involves the founding promoters, public shareholders, and potentially institutional investors.
8. Outlook
Trekkingtoes.com Ltd. operates in a promising niche within the growing Indian travel market, benefiting from increasing consumer appetite for adventure and experiential travel. The company has an opportunity to leverage its specialized focus to build a strong brand and cater to a discerning customer base. However, it faces significant challenges including intense competition from larger, diversified players, the inherent sensitivity of the travel industry to external shocks, and the operational complexities of managing adventure tours. Its success will largely depend on its ability to consistently deliver high-quality, safe, and unique experiences, expand its network, and effectively manage its cost structure amidst evolving market dynamics and potential unforeseen disruptions.
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Market Cap ₹5 Cr.
Stock P/E -1.2
P/B -
Current Price ₹29.2
Book Value ₹ 0
Face Value 10
52W High ₹0
Dividend Yield 0%
52W Low ₹ 0
Price goes above X
Price falls below X
PE goes above X
PE falls below X
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| Total Expenditure |
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| Depreciation |
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| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
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| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM |
|---|---|---|---|---|---|---|---|
| Net Sales | 3 | 5 | 2 | 0 | 1 | 0 | |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | |
| Total Income | 3 | 5 | 3 | 1 | 1 | 0 | |
| Total Expenditure | 4 | 6 | 3 | 1 | 1 | 4 | |
| Operating Profit | -0 | -1 | -0 | -0 | 0 | -4 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit Before Tax | -0 | -1 | -1 | -1 | -0 | -4 | |
| Provision for Tax | 0 | 0 | -1 | -0 | -0 | 0 | |
| Profit After Tax | -0 | -1 | 0 | -1 | -0 | -4 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | -0 | -1 | 0 | -1 | -0 | -4 | |
| Adjusted Earnings Per Share | -436.4 | -962.9 | 0.2 | -4.1 | -0.2 | -25.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -100% | -100% | -100% | 0% |
| Operating Profit CAGR | 0% | 0% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 0% | 0% | 25% | NA% |
| ROE Average | -220% | -85% | -51% | -42% |
| ROCE Average | -194% | -74% | -68% | -111% |
| #(Fig in Cr.) | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
|---|---|---|---|---|---|---|
| Shareholder's Funds | -1 | -1 | 0 | 4 | 4 | -0 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | -1 | 0 | 0 | 0 |
| Total Current Liabilities | 1 | 2 | 1 | 0 | 0 | 0 |
| Total Liabilities | 0 | 1 | 1 | 4 | 4 | 0 |
| Fixed Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 4 | 4 | 0 |
| Total Current Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 0 | 1 | 1 | 4 | 4 | 0 |
| #(Fig in Cr.) | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | -0 | -1 | -1 | -0 | -0 | -4 |
| Cash Flow from Investing Activities | -0 | -0 | -0 | -0 | 0 | 0 |
| Cash Flow from Financing Activities | 0 | 1 | 1 | 0 | 0 | 4 |
| Net Cash Inflow / Outflow | 0 | -0 | -0 | -0 | 0 | -0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -436.4 | -962.88 | 0.23 | -4.06 | -0.21 | -25.28 |
| CEPS(Rs) | -396.9 | -887.12 | 1.62 | -2.43 | 0.42 | -25.13 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | -652.9 | -1010.54 | 0.08 | 24.35 | 24.14 | -1.14 |
| Core EBITDA Margin(%) | -11.37 | -18.57 | -33.18 | -90.36 | -11.21 | -1010.36 |
| EBIT Margin(%) | -12.33 | -19.55 | -22.75 | -139.5 | -7.14 | -1016.13 |
| Pre Tax Margin(%) | -13.82 | -22.25 | -24.14 | -139.62 | -7.39 | -1021.2 |
| PAT Margin (%) | -13.82 | -22.25 | 1.09 | -131.57 | -6.36 | -1023.49 |
| Cash Profit Margin (%) | -12.57 | -20.5 | 7.88 | -78.79 | 12.83 | -1017.41 |
| ROA(%) | -108.29 | -231.87 | 3.69 | -24.59 | -0.77 | -189.21 |
| ROE(%) | 0 | 0 | 0 | -33.29 | -0.85 | -219.75 |
| ROCE(%) | -325.15 | 0 | -119.4 | -27.26 | -0.91 | -193.6 |
| Receivable days | 0.95 | 0.85 | 2.86 | 86.74 | 79.6 | 8.21 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 |
| Price/Book(x) | 0 | 0 | 0 | 0.49 | 0 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.21 | 0.21 | 0.9 | 4.24 | 3.42 | 4.65 |
| EV/Core EBITDA(x) | -1.88 | -1.17 | -5.64 | -4.89 | 28.35 | -0.46 |
| Net Sales Growth(%) | 0 | 52.15 | -52.09 | -78.51 | 4.75 | -23.64 |
| EBIT Growth(%) | 0 | -141.29 | 44.26 | -31.82 | 94.64 | 0 |
| PAT Growth(%) | 0 | -144.91 | 102.36 | -2682.6 | 94.94 | 0 |
| EPS Growth(%) | 0 | -120.64 | 100.02 | -1900.23 | 94.94 | 0 |
| Debt/Equity(x) | -1.18 | -0.9 | 104.84 | 0.05 | 0.05 | -1.42 |
| Current Ratio(x) | 0.13 | 0.05 | 0.3 | 0.67 | 0.75 | 0.99 |
| Quick Ratio(x) | 0.13 | 0.05 | 0.3 | 0.67 | 0.75 | 0.99 |
| Interest Cover(x) | -8.25 | -7.24 | -16.31 | -1181.63 | -28.67 | -200.37 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0.09 | 0 | 0 |
| # | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 63.77 | 63.77 | 63.77 | 63.77 | 63.77 | 63.77 | 63.77 | 63.77 | 63.77 | 63.77 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 36.23 | 36.23 | 36.23 | 36.23 | 36.23 | 36.23 | 36.23 | 36.23 | 36.23 | 36.23 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 |
* The pros and cons are machine generated.
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