Key Highlights (FY24):
- Consolidated PBT at Rs 3,449 Mn vs Rs 262 Mn
- EBITDA margin improvement by 297 bps YoY
- EPS grows from Re 0.10 to Rs 5.57 for FY24
- Thomas Cook (standalone) PBT at Rs 1,521 Mn vs Rs 187 Mn
- Sterling Holidays PBT at Rs 1,207 Mn vs Rs 659 Mn
- All overseas destination management specialist companies profitable in FY24: EBITDA at Rs 632 Mn vs Rs 115 Mn
Key Highlights (Q4 FY24):
- Consolidated PBT at Rs 607 Mn vs a loss of Rs (62) Mn in FY23
- EBITDA margin improvement by 355 bps
- Thomas Cook (Standalone) PBT at Rs 265 Mn in Q4 FY24 vs a loss of Rs (0.3) Mn in Q4 FY23
- Sterling Holidays PBT at Rs 308 Mn in Q4 FY24 vs Rs 145 Mn in Q4 FY23
- Overseas destination management companies EBITDA at Rs 103 Mn in Q4 FY24 vs Rs 26 Mn in Q4 FY23
Thomas Cook recorded significant growth in total income from operations across all business segments in Q4 FY24
Travel Services
- Leisure Travel: Growth in sales: 89% YoY for FY24; 42% YoY for Q4 FY24 across Thomas Cook & SOTC
- MICE: 46% sales growth for FY24
- Corporate Travel transactions grew by 18% for FY24; 13% for Q4 FY24
- India DMS: 129% growth in turnover for FY24; 96% YoY for Q4 FY24
- Overseas DMS grew by 26% YoY for FY24; 16% YoY for Q4 FY24
Forex
- Growth in sales: 24% YoY for FY24; 6% YoY for Q4 FY24
- Retail growth: 19% for FY24; 18% YoY for Q4 FY24
- Holiday sales growth: 88% for FY24; 26% for Q4 FY24
- Overseas education growth: 14% for FY24; 24% YoY for Q4 FY24
- Card loads: 35% for FY24; 21% YoY for Q4 FY24
- New prepaid card issuance up by 23% for FY24; 5% YoY for Q4 FY24
Hospitality (Sterling Holidays)
- Growth in sales: 24% for FY24; 39% YoY for Q4 FY24
- Significant growth in PBT: 83% FY24; 113% YoY for Q4 FY24
- Occupancy at 58% for Q4 FY24 with room capacity growth of 12% during this period
- New resorts launched in Q4 FY24: Sariska, Pushkar, and Athirapilly
- Sterling is now a debt-free company; cash reserves increase to Rs 158 Mn
Digital Imaging Solutions (DEI)
- Growth in sales: 20% for FY24
- EBITDA grew by 24% for FY24; 42% YoY for Q4 FY24
- Q4 FY24 saw the addition of 17 new partnerships signed (UAE, Saudi Arabia, Malaysia, India, Singapore, Indonesia, and Maldives
- Renewal of 22 key partnerships in UAE, Malaysia, Singapore, Indonesia, India, Macau, Maldives, and Thailand
- Operational launch of 8 partnerships in UAE, Malaysia, Indonesia, and India
Madhavan Menon, Executive Chairman, Thomas Cook (India) Limited, said, “Thomas Cook India Group has delivered record profits for both the quarter and FY24. What makes this even more special is that every business and geography has contributed to profitability. My appreciation and congratulations to all our teams, customers, partners, and shareholders for making this possible. I am also glad to announce the dividend of Re 0.60 per Re 1 share, inclusive of a special dividend of Re 0.20 per share, to our valued shareholders.
Personally, I believe the group’s results reflect the buoyancy in the Indian and global travel services sectors, and therefore, our robust forward bookings, reflecting an 18% growth vs last year, is very encouraging.”
Business segment-wise performance:
- Resorts grew from 40 in FY23 to 48 in FY24. 20 additional resorts in the pipeline in 15–18 months (~900 rooms)
- Current network: 2,762 rooms vs 2,420 rooms as of FY23
- Occupancy: Sustained at 61% for FY and 58% for Q4 FY24 (vs the same corresponding period of the previous year)
- F&B spends grew by 9% YoY in Q4 FY24 as well as FY24
- Guest Ratio: Q4 FY24 improved by 9% (71% in Q4 FY24 vs 62% last year); FY24 improved by 7% (69% in FY24 vs 62% last year)
- Improved cash generation has enabled Sterling to be a debt-free entity
- ARR up by 8% in Q4 FY24 and up by 2% in FY24
- Trip Advisor Traveller’s Choice Awards Best of the Best for 2nd consecutive year
Corporate Travel
- Q4 FY24: Acquisition of new accounts across sectors like infrastructure, IT& ITES, consulting; retention of key global accounts
- Over 47% adoption by clients on the corporate self-booking tool in Q4 FY24
- Non-Air business has grown by 25% – Hotel by 23%, Car by 92%
- Focus on marine sector business witnessing 20% growth
- Productivity efficiency has increased by 8%
- Air ticketing from US ARC (US office corporate travel ticketing) is witnessing growth
Meetings-Incentives-Conferences-Exhibitions (MICE)
- Q4 FY24: Managed over 140 groups, sizes ranging from 5–3000 per group to Switzerland, France, Netherlands, Italy, USA, Singapore, Malaysia, Thailand, Hong Kong, Indonesia, Azerbaijan, and UAE; also Jammu & Kashmir, Goa, Himachal Pradesh, Rajasthan, Assam, Uttarakhand, Kerala, and Hyderabad
- Successfully managed the Vishwa Marathi Sammelan in Navi Mumbai with delegates from over 12 countries
Leisure Travel
- Thomas Cook and SOTC announce exclusive charter flights to Bhutan; special summer departures from Bengaluru
- Thomas Cook India collaborates with R. Ashwin and Vikrant Massey. Repositions Holidays with a fresh new approach: How Thomas Cook holidays enable customers to “Have Great Stories to Tell”
Destination Management Services (DMS) Network
- India DMS – Travel Corporation (India) Limited: Reported significant growth in turnover of 122% YoY for FY24; 82% YoY for Q4 FY24
- Overseas DMS grew 27% YoY for FY24; 16% YoY for Q4 FY24
- Middle East: Desert Adventures: Q4 FY24 witnessed good volumes driven primarily by CIS countries, the subcontinent, and the sports segment. UK, EU, and the rest of Europe have slowed down due to geo-political issues and economic pressures
- Private Safaris:
- East Africa: Sales in Q4 FY24 exceeded Q4 FY23, with good volumes generated from traditional markets such as Germany, USA, and Romania
- South Africa: Q4 FY24 has shown encouraging volumes driven by key European markets
- USA – Allied TPro: Q4FY24 was a strong quarter; volumes higher than LY primarily driven by the FIT segment
- Asia Pacific: Asian Trails: Strong volumes in Thailand, Malaysia, Singapore, and Vietnam with gradual recovery in key countries such as Laos and Cambodia resulting in sales exceeding pre-pandemic levels
Q4 FY24:
- 22 partnerships renewed in UAE, Malaysia, Singapore, Indonesia, India, Macau, Maldives, and Thailand
- 17 new partnerships signed in UAE, Saudi Arabia, Malaysia, Singapore, Indonesia, Maldives, and India
- 8 partnerships operationally launched in UAE, Malaysia, Indonesia, and India
FY 2023-24:
- 34 partnerships renewed
- 50 new partnerships signed
Other Key Business Updates
- Focus on Digitalization
The Group’s Digital First strategy saw sustained momentum
- Introduced mobile app to drive self-service for holiday customers of Thomas Cook and SOTC
- Integration of dynamic package builder tool to empower frontline sales in driving FIT (individual traveller) business
- India Network Expansion
- Leisure Travel: Franchise outlets opened in Varanasi, Mumbai (Panvel and Goregaon), and Jaipur
- Foreign Exchange: outlet opened in Bhuj, Gujarat
- Awards and Partnerships
- Thomas Cook India signs on ace cricketer Ravichandran Ashwin and popular actor Vikrant Massey to position the brand as the best at creating holiday experiences that make for great stories for their customers while reiterating the promise of Thomas Cook quality for assurance
- SOTC collaborates with Mumbai Indians as an official partner for the ongoing T20 cricket season
- Thomas Cook India wins ‘MICE Tour Operator of the Year – Outbound’ at SATTE (South Asia’s Travel & Tourism Exchange)
- SOTC Travel wins Domestic Tour Operator of the Year Award at SATTE (South Asia’s Travel & Tourism Exchange)
