Thomas Cook India records PBT of INR 2,842mn for 9 months of FY24

Thomas Cook India Group has registered a profit before tax (PBT) of INR 2,842 million for nine months of FY24 against INR 262 million for full year of FY23. Its 9M FY24 Consolidated EBITDA increased by 132% YoY to INR 4,518 million, and the Q3, FY24 Consolidated EBITDA increased by 83% YoY to INR 1,642 million. The Q3, FY24 Consolidated PBT increased by 258% YoY to INR 1,068 million.

 

Key Performance Highlights (9M FY24):
• Thomas Cook (Standalone) PBT at INR 1,256 Mn Vs INR 188 Mn – growth of 7x
• Sterling Holidays PBT at INR 899 Mn Vs INR 515 Mn – growth of 75%
• Turnaround of overseas travel businesses: EBITDA at INR 529 Mn Vs INR 90 Mn – growth of 5x
• Consolidated Basic Earnings per share increased from INR 0.30 to INR 4.36

Key Performance Highlights (Q3 FY24):
• EBIDTA Margin improvement by 270 bps to 8.46%
• Thomas Cook (Standalone) PBT at INR 159 Mn in Q3 FY24 Vs a loss of INR 64 Mn in Q3 FY23
• Sterling Holidays PBT at INR 343 Mn in Q3 FY24 Vs INR 197 Mn in Q3 FY23 – growth of 74%
• Overseas travel businesses EBITDA at INR 336 Mn in Q3 FY24 Vs Rs. 239 Mn in Q3 FY23 – growth of 40%

Madhavan Menon, Executive Chairman, Thomas Cook (India) Limited, said, “The Thomas Cook India Group delivered another strong performance – driven by buoyancy in consumer demand for travel which is no longer seasonal. This is reflected in the McKinsey Report that forecasts doubling of overall consumption by 2030. Backed by high travel propensity, the report also highlights India’s growth potential – from 13 million outbound trips in 2022 to 80-90 million in 2040. The proposed policy around money changing that has been circulated by RBI is likely to bring consolidation in the industry. Additionally, the proposition to permit AD II to undertake trade transactions up to a specified limit will enable more participation and better access to customers. The focus across the Group will remain firmly on margins, productivity enhancement via technology and benefits of cost re-engineering, while ensuring best-in-industry customer experience.”