SOTC expects to reach 2019-level of profitability by Oct
With strong demand for travel, SOTC Travel Ltd is looking to reach 2019 profitability levels by October, Vishal Suri, MD, said, reports Varuni Khosla for Mint.
Currently, India is an attractive source market for global tourists, because the Chinese are not travelling and, most destinations are vying for the Indian traveller, he added.
The company’s business travel portfolio is currently at 110% of its pre-pandemic levels and growth is being driven by corporates that had not been sending out employees earlier. While the domestic segment of business travel has recovered, Suri said international business travel is still muted.
About 60% of SOCT’s business comes from corporate travel, while 40% is from leisure travellers. In the domestic leisure travel market, he said business is upward of 100% of its pre-covid level and it continues to be buoyant. But there is still scope for a recovery in international leisure travel, where business is about 72% of its pre-covid levels, he added.
The issue is compounded by the fact that getting visas has been a challenge, Suri said. Yet there are locations in Europe such as Spain, Switzerland and Hungary, where Indian travellers can secure a visa much faster, he added. It expects to reach pre-Covid level of business in terms of profitability by October, Suri said. (Source: Mint)