Thomas Cook India reports record growth in Operating Profits for Q1 FY 2024
Thomas Cook India Ltd has reported a 27 fold increase in consolidated operating profits and a 166 percent jump in the Group’s operating EBITDA in the first quarter of FY24. The group reported INR. 1,474 Mn for Q1 FY24 against INR 555 Mn for the corresponding period last year. The company reported INR 914 Mn in consolidated operating profits this quarter as against INR 33 Mn in Q1 FY23.
Profits of Sterling Holidays, a subsidiary of TCIL, soared 16 percent this quarter to INR 475 Mn against INR. 411 Mn in Q1 last year. The company reported EBITDA of INR 475 Mn in Q1 in FY24.
The Group’s financial results showing are primarily driven by the Foreign Exchange and Travel Businesses of TCIL and SOTC, with all businesses showing double digit growth.
Commenting on this, Madhavan Menon, Executive Chairman, Thomas Cook (India) Limited, said “On the back of a commendable performance for FY23, the first quarter of FY24 has seen yet another very strong performance by the TCIL Group with Operating EBITDA at INR 1,474 Mn Vs INR 555 Mn for Q1 FY23. The robust performance for Q1 – a traditionally strong quarter seasonally, was driven primarily by our Foreign Exchange and Travel Businesses (across Thomas Cook India & SOTC) and Sterling Holiday Resorts.”
He also added, “Our focus continues to be on driving volumes, while managing margins and costs effectively. Our order books reflect a healthy forward trend across leisure and business segments, and we are bullish about growth in the quarters ahead.”