This bottomline growth is satisfactory considering the economic slowdown which has affected almost all industries including tourism.

As always, TCIL has benefited largely from being the only RBI approved non-banking forex dealer, which, despite the intense competition from money changers, enjoys a competitive edge due to the ability to respond quickly to forex fluctuations.

Sales for the first quarter also increased by 10.45 per cent to Rs 17.99 crore as against Rs 16.29 crore in the corresponding period of the previous year. But perhaps the most worrying aspect of the results, could well be the squeeze on margins at the operational level, which have actually dipped from 42.59 per cent to 41.89 per cent.

But these financials aside, TCIL has also thought of newstrategies to revitalise its Travel business, which largely comprise corporate itinerants and leisure travellers. But probably the factor which could have the largest long term benefit for TCIL is the management of new territories which include the SAARC countries, Mauritius, Seychelles and Myanmar. The company is also casting its domestic net wider with a continual emphasis on expanding its geographical base in India. Furthermore, the new travel tie-ups could well help the company buck the slowdown in the tourism industry.

To keep ahead of the pack, TCIL has also drawn out some truly adventurous and innovative plans to enter the credit card business. The company has also evinced interest in avenues such as insurance, mergers & acquisitions and overseas expansions. The company has also taken adequate steps to ensure that its business is not unduly affected by the Y2K issue.