Thomas Cook India Group Achieves Record Profits In FY24
Consolidated PBT for the FY grows to Rs. 3,449 million from Rs. 262 million, consolidated EBITDA for the FY increases to Rs. 5,718 million from Rs. 2,414 million
Thomas Cook India Group has announced its highest-ever profits for the fiscal year 2023-24 (FY24), with consolidated profit before tax (PBT) soaring to Rs. 3,449 million from Rs. 262 million in the previous fiscal. The consolidated earnings before interest, taxes, depreciation, and amortisation (EBITDA) also witnessed a significant surge, reaching Rs. 5,718 million compared to Rs. 2,414 million in the previous year.
In FY24, Thomas Cook India Group showcased a remarkable financial performance, reporting a consolidated profit before tax (PBT) of Rs. 3,449 million, a substantial leap from Rs. 262 million in the previous fiscal year. The group also achieved a significant improvement in its earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin, marking a 297 basis points increase year-on-year (YoY).
Notably, the earnings per share (EPS) witnessed impressive growth, surging from Re. 0.10 to Rs. 5.57 for FY24. Reflecting its strong financial position, the company recommended a dividend of Re. 0.60 per Re. 1 share, which includes a special dividend of Re. 0.20 per share. Key highlights for FY24 include Thomas Cook's standalone PBT soaring to Rs. 1,521 million compared to Rs. 187 million in the previous fiscal, while Sterling Holidays reported a significant increase in PBT to Rs. 1,207 million from Rs. 659 million.
Additionally, all overseas Destination Management Specialist Companies registered profitability in FY24, with EBITDA reaching Rs. 632 million compared to Rs. 115 million in the previous fiscal year.
In Q4 FY24, Thomas Cook India Group continued its strong performance with notable achievements. The consolidated profit before tax (PBT) stood at Rs. 607 million, a significant improvement from a loss of Rs. 62 million in the corresponding period of FY23. The group also witnessed a commendable enhancement in its earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin, marking a 355 basis points improvement. Thomas Cook (Standalone) reported a robust PBT of Rs. 265 million in Q4 FY24 compared to a minimal loss of Rs. 0.3 million in Q4 FY23.
Similarly, Sterling Holidays reported a substantial growth in PBT, reaching Rs. 308 million in Q4 FY24 compared to Rs. 145 million in Q4 FY23. Overseas Destination Management Companies also performed well, with EBITDA reaching Rs. 103 million in Q4 FY24 compared to Rs. 26 million in Q4 FY23. These achievements underscore the group's resilience and strategic focus on delivering strong financial results.
The business growth trajectory of Thomas Cook India Group remained robust across various segments in FY24, underscoring its resilience and strategic initiatives. In the Travel Services sector, Leisure Travel witnessed remarkable sales growth, soaring by 89 per cent year-on-year (YoY) for FY24 and 42 per cent YoY for Q4 FY24, spanning across Thomas Cook and SOTC.
The Meetings-Incentives-Conferences-Exhibitions (MICE) segment also reported a substantial 46 per cent sales growth for FY24. Moreover, Corporate Travel transactions surged by 18 per cent for FY24 and 13 per cent for Q4 FY24.
India Destination Management Services (DMS) showcased exceptional growth, with turnover soaring by 129 per cent for FY24 and 96 per cent YoY for Q4 FY24, while Overseas DMS expanded by 26 per cent YoY for FY24 and 16 per cent YoY for Q4 FY24. In the Forex segment, sales witnessed a commendable growth of 24 per cent YoY for FY24 and 6 per cent YoY for Q4 FY24, with retail growth standing at 19 per cent for FY24 and 18 per cent YoY for Q4 FY24.
Holiday sales recorded an impressive growth of 88 per cent for FY24 and 26 per cent for Q4 FY24, while Overseas Education sales grew by 14 per cent for FY24 and 24 per cent YoY for Q4 FY24. In the Hospitality sector, Sterling Holidays experienced significant sales growth, surging by 24 per cent for FY24 and 39 per cent YoY for Q4 FY24, accompanied by a substantial increase in profit before tax (PBT), reaching 83 per cent for FY24 and 113 per cent YoY for Q4 FY24. Digital Imaging Solutions (DEI) also contributed to the group's growth, with sales expanding by 20 per cent for FY24, and EBITDA witnessing a commendable growth of 24 per cent for FY24 and 42 per cent YoY for Q4 FY24. These growth indicators underscore the group's strategic focus and operational excellence across its diversified portfolio of services.
Madhavan Menon, Executive Chairman of Thomas Cook (India) Limited, expressed his gratitude to the teams, customers, partners, and shareholders for their contributions to the company's success. He emphasised the buoyancy in the Indian and global travel services sector and highlighted the robust forward bookings, reflecting an 18 per cent growth compared to the previous year.
The company continued its focus on digitalisation, expanded its India network, and received several awards and partnerships, reinforcing its position as a leader in the travel and tourism industry.
Established in 1881, Thomas Cook (India) Limited is the leading omnichannel travel company in the country, offering a broad spectrum of services across various segments. The company operates leading brands including Thomas Cook, SOTC, Sterling Holiday Resorts Limited, and Digital Imaging Solutions (DEI), among others.
