Thomas Cook India Group records highest ever profits in FY24

Thomas Cook India Ltd (TCIL) has reported consolidated PBT (profit before tax) for FY2024 at Rs 3,449 million, up from Rs 262 million in FY2023. Consolidated EBITDA for FY2024 increased to Rs 5,718 million from Rs 2,414 million.

Commenting on the performance, 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 the profitability. I am also glad to announce the dividend of Re 0.60 per Re 1 share that is 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 sector and therefore, our robust forward bookings, reflecting an 18% growth vis-a-vis last year – is very encouraging!”

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

Hospitality (Sterling Holidays)

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 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 Q4FY24 and up by 2% in FY24

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 & Athirapilly

Sterling is now a debt-free company; cash reserves increase to Rs. 158 Mn

Travel Services

Leisure Travel:

Growth in sales 89% YoY for FY24; 42% YoY for Q4 FY24 across Thomas Cook & SOTC

Thomas Cook and SOTC announce exclusive charter flights to Bhutan; Special Summer departures from Bengaluru

Thomas Cook India collaborate 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”

Corporate Travel:

Transactions grew by 18% for FY24; 13% for Q4 FY24

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