Business
Thomas Cook India sees Q2 profit up 16 times to Rs 76.6 crore this Q2 – Times of India
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NEW DELHI: Thanks to a strong post-Covid travel revival, Thomas Cook India has reported a record growth in profit for July-September 2023, (Q2 FY ’24) with the same growing to Rs 76.6 crore from Rs 4.9 crore in same period last fiscal.
The growth has been driven by travel businesses of Thomas Cook & SOTC, Foreign Exchange& Sterling Holidays. The overseas travel businesses registered a profit of Rs 8 crore, as opposed to a loss of Rs 17.6 crore in same period last year.The group says it has cash and bank balance of Rs 13.4 billion as of September 30, 2023.
Thomas Cook (India) Ltd executive chairman Madhavan Menon said: “The Thomas Cook (India) Group has registered another strong all-round performance for the quarter, with a 2.4x increase in EBITDA at Rs. 1,308 Mn Vs Rs. 548 Mn for Q2 FY23. Our consolidated PBT grew over 16 times to Rs. 766 Mn Vs Rs. 49 Mn in Q2 FY23. The strong delivery across the Group, spanning Foreign Exchange, Travel (leisure, business & MICE) as well as Sterling Holidays and DEI is also testament to the teams, robust, efficient processes and industry leading service quality.”
“What is noteworthy, is that our overseas travel businesses have registered a complete turnaround with an PBT at Rs. 80 Mn Vs a loss of Rs. 176 Mn in Q2 FY23. With a 36% growth YoY in our Leisure segment primarily driven by Thomas Cook & SOTC, and forward bookings for our Travel Services up by 32%, for the festive season and beyond, our expectation is to close the year on a strong note. Our sustained focus across the Group will remain on technology enhancements for improved speed & productivity with a special emphasis on elevating customer experience,” Menon added.
The growth has been driven by travel businesses of Thomas Cook & SOTC, Foreign Exchange& Sterling Holidays. The overseas travel businesses registered a profit of Rs 8 crore, as opposed to a loss of Rs 17.6 crore in same period last year.The group says it has cash and bank balance of Rs 13.4 billion as of September 30, 2023.
Thomas Cook (India) Ltd executive chairman Madhavan Menon said: “The Thomas Cook (India) Group has registered another strong all-round performance for the quarter, with a 2.4x increase in EBITDA at Rs. 1,308 Mn Vs Rs. 548 Mn for Q2 FY23. Our consolidated PBT grew over 16 times to Rs. 766 Mn Vs Rs. 49 Mn in Q2 FY23. The strong delivery across the Group, spanning Foreign Exchange, Travel (leisure, business & MICE) as well as Sterling Holidays and DEI is also testament to the teams, robust, efficient processes and industry leading service quality.”
“What is noteworthy, is that our overseas travel businesses have registered a complete turnaround with an PBT at Rs. 80 Mn Vs a loss of Rs. 176 Mn in Q2 FY23. With a 36% growth YoY in our Leisure segment primarily driven by Thomas Cook & SOTC, and forward bookings for our Travel Services up by 32%, for the festive season and beyond, our expectation is to close the year on a strong note. Our sustained focus across the Group will remain on technology enhancements for improved speed & productivity with a special emphasis on elevating customer experience,” Menon added.
