Thomas Cook (India) Limited (TCIL) India’s largest integrated travel services company, today its financial results for the quarter ended December 31, 2021, reflecting a strong rebound despite the challenging environment. It staged a rapid recovery during the third quarter turning operating EBITDA positive and reported a profit of INR 201 Million in Q3 FY22 Vs a loss of INR 574 Million in Q3 FY21. The results reflect a strong turnaround on a sequential basis as well: against the Q2 FY22 loss of INR 738 Million.
The companies that returned to profit at operating EBITDA level for the quarter were: Sterling Holidays (INR 360 Million. Vs INR 199 Million.) DEI (INR 128 Million. Vs loss of INR 52 Million.); Desert Adventures (INR 127 Million. Vs loss of INR 51 Million) on a sequential basis
The Thomas Cook India Standalone operating EBITDA loss for the quarter was INR 74 Million (loss of INR 272 Million. in Q3 FY21) and includes one-off non-operational costs of INR 61 Million. This reflects the strong rebound that was witnessed in the quarter
The Consolidated Revenue for the quarter grew 176% from INR 2,714 Million for Q3 FY21 to INR 7,502 Million and 114% on a sequential-quarter basis. At a consolidated level, cash and cash equivalents as at the quarter-end increased to INR 7,200 Million, an increase of 19% over in Sept quarter-end reflecting the improved trading in Dec ‘21 Qtr
The Company continued its focus on cost prudence with reduced costs for Q3 FY22 at INR 2,786 Million, registering 41% saving at pre-pandemic levels in Q3 FY20. Its focus on omnichannel delivery and rapid acceleration of its digital initiatives, including its digital platforms and self-booking options, helped significantly enhance customer convenience and contactless sales servicing during the period
There was a 701% growth in holiday sales Vs Q3 FY21 and 152% growth vs Q2 FY22, while corporate travel registered 272% growth in turnover Vs Q3 FY21 and 67% growth Vs Q2 FY22. The leisure travel business delivered a strong QoQ with a 152% increase in sales and a 701% increase In Q3 FY 21. The companies maximised the domestic cruise potential with over 2600 customers for the quarter. With a strong consumer appetite for outdoor/adventure, the Companies introduced Safaris and Jungle Experiences.
The MICE segment saw an 884% growth in sales Vs Q3 FY21 and 335% growth Vs Q2 FY22. The Company’s MICE business in India successfully hosted over 280 groups/events (Virtual & Physical) with a total of over 10,000 travellers/attendees across India and international destinations like Dubai, Abu Dhabi, Maldives and Paris. Corporate movements were successfully managed for global events like Expo 2020 Dubai, the T20 World Cup and Grand Prix-F1 at the Yas Marina Circuit.
Madhavan Menon, Managing Director, Thomas Cook (India) Limited., said, “The Group’s performance for the quarter reflects the strong business recovery across Sterling Holidays, DEI, Desert Adventures (the Middle East based DMS company) and Thomas Cook India Limited. Recovery in profitability is also attributable to the sustained impact of cost-saving efforts and efficiencies led by upgradation in technology. I am proud of our teams that made the most of the opportunity and leveraged the coming back of travel demand with the opening of borders, easing of travel restrictions and the comeback of customer confidence. We see strong demand heading into Summer 2022, and are looking forward to the season ahead.”
Sterling Holidays reported an 86% increase in Income from Operations at INR 953 Million in Q3 FY22 as against INR 511 Million in Q3 FY21 and profit has increased by 893% to INR 258 Million. (EBIT) for Q3 FY22 Vs INR 26 Million in Q3 FY21. On a sequential basis, income has increased 54% to INR 953 Million in Q3 FY22 from INR 618 Million in Q2 FY22 and profit has increased by 144% to INR 258 Million. (EBIT) for Q3 FY22 from INR 106 Million in Q2 FY22.
This increase in income is largely due to a shorter span of lockdown in the current year compared to last year and the significant pent–up demand resulting in a subsequent increase in room nights. Resort occupancy growth was higher at 62% in Q3 FY22 against 46% in Q2 FY22. The Average Room Rent also increased by 24% over the previous year
Resort revenues in Q3 FY22 reported a healthy increase by 69% to INR 688 Million as compared to INR 406 Million in Q3 FY21 from higher occupancies and higher realization of room rates. Membership Units sold was higher at 11.63% in Q3 FY22 over the previous quarter. Guest Ratio increased to 60% from 54%. All Sterling Holidays resorts were operational in Q3 FY22 and its expansion included two resorts; Lake Palace Allepey, Rudra Gir. It also signed a brownfield project at Igatpuri signed and launched LOCAL Restobar across 6 resorts in the West and South.
