Q2 & H1 FY20 Earnings Presentation

Business Segments - Travel Travel segment gross margins Gross Margins - Segment Q2FY20 Q2 FY20 0.5%-2% Outbound 12% Inbound 28% 30% MICE 8% Domestic 17% Corporate Travel 8% 2% 1% DMS 15% 21% 3% 27% 43% 3% 1% Revenue mix Q2 FY19* 0.4% -4% 23% 4% 46% Outbound Inbound MICE Domestic Corporate Travel DMS Others Elimination Travel Services • The revenue from operations from the Travel Businesses was impacted on account of: • • Political unrest and uncertainty in Hong Kong, haze and heat across Singapore and Malaysian peninsula, poor economic sentiment across Europe and UK due to Brexit as well as political disturbances in the Middle East Continued higher domestic & outbound airfares post Jet Airways closure • The continuing weak consumer sentiment as well as the negative news around Cox and Kings closure, impacted the travel segment primarily in the B2C outbound and domestic businesses where Standalone Revenue from Operations decreased by 5% in Q2 FY20 to Rs. 5.3 Bn. from Rs. 5.6 Bn. ⚫ E-Business revenue growth of 23% on a y-o-y basis The MICE segment reported 4% decrease in revenue • Destination Management Specialist (DMS): . India Inbound business was impacted due to reduced charter business volumes but generated income on account of Service Export from India Scheme (SEIS) of Rs. 291 Mn. for Q2 FY20 In accordance with Ind AS, revenue reporting for leisure travel (inbound, outbound, DMS, MICE, domestic) is recognized on gross basis and whilst corporate travel (with gross margin of 7-8%) is reported on net basis. Income from forex and insurance are on the basis of net margins earned. *Outbound revenue in Q2 FY19 is adjusted for a change in accounting for airline revenues Thomas Travel Smooch 6 Cook thomascook In

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