Thomas Cook India Group has achieved its highest ever profits in the financial year 2024. The consolidated profit before tax for the financial year has increased to INR 3,449 million from INR 262 million.
The Consolidated EBITDA for the financial year has increased to INR 5,718 million from INR 2,414 million. The earnings per share (EPS) increased significantly from INR 0.10 to INR 5.57 for the financial year 2024.
The company is recommending a dividend of INR 0.60 for each INR 1 share. This recommendation includes a special dividend of INR 0.20 per share. The growth in sales for FY24 is 20 per cent. EBITDA grew by 24per cent for the financial year 2024. It also saw a year-on-year growth of 42 per cent for the fourth quarter of the financial year 2024.
The financial year 2024 showcased remarkable growth for the company. The consolidated profit before tax surged to INR 3,449 million from INR 262 million, indicating a significant increase. Moreover, the EBITDA Margin saw a substantial improvement of 297 basis points year over year. Additionally, the EPS skyrocketed from INR 0.10 to INR 5.57, reflecting the company’s strong performance throughout the year.
Thomas Cook, on a standalone basis, reported a profit before tax (PBT) of INR 1,521 million compared to INR 187 million. The Group’s subsidiary Sterling Holidays recorded a Profit Before Tax (PBT) of INR 1,207 million compared to INR 659 million.
All overseas Destination Management Specialist Companies were profitable in FY24. The EBITDA stood at INR 632 million compared to INR 115 million.
Q4 results & performance
The fourth quarter of the fiscal year 2024 showcased significant growth and improvement for the company. Consolidated PBT surged to INR 607 million from a previous year loss of INR 62 million, marking a remarkable turnaround.
The EBITDA Margin also saw a substantial increase of 355 basis points, reflecting enhanced operational efficiency. Thomas Cook, on a standalone basis, reported a notable profit before tax of INR 265 million, compared to a loss in the same period last year. Similarly, Sterling Holidays displayed impressive performance with a Profit Before Tax of INR 308 million, a substantial rise from the previous year.
Overseas Destination Management Companies also saw a remarkable growth in EBITDA, reaching INR 103 million in Q4 FY24. These results demonstrate a commendable financial performance and strategic management decisions for the company in the fourth quarter of FY24.
In the fourth quarter of fiscal year 2024, 17 new partnerships were signed in countries including UAE, Saudi Arabia, Malaysia, India, Singapore, Indonesia, and Maldives.
The company renewed 22 key partnerships in various countries including UAE, Malaysia, Singapore, Indonesia, India, Macau, Maldives, and Thailand. The operational launch of 8 partnerships took place in UAE, Malaysia, Indonesia, and India.
Leisure Travel experienced a growth in sales of 89 per cent Year-over-Year for the financial year 2024 and 42 per cent Year-over-Year for the fourth quarter of financial year 2024 across Thomas Cook and SOTC. The sales growth for FY24 in the MICE sector was 46 per cent.
Corporate Travel transactions grew by 18 per cent for the financial year 2024. Additionally, there was a 13 per cent growth specifically for the fourth quarter of the financial year 2024.
India DMS experienced a growth of 129 per cent in turnover for the financial year 2024 and 96 per cent year-on-year for the fourth quarter of financial year 2024. Overseas DMS grew by 26 per cent year-over-year for the financial year 2024. It also saw a growth of 16 per cent year-over-year for the fourth quarter of the financial year 2024.
The retail growth for FY24 is 19 per cent and for Q4 FY24, it is 18 per cent year-over-year. The holiday sales growth for FY24 was 88 per cent and for Q4 FY24 it was 26 per cent.
The corporation reported a total turnover of INR 527 crores, marking a notable 16 per cent increase compared to the previous fiscal year. Across all major business verticals, ITDC has witnessed robust growth, showcasing its steadfast commitment to offering good hospitality and tourism experiences. This success underscores ITDC’s customer-centric approach and steadfast focus on quality and innovation.
The growth in overseas education is 14 per cent for the financial year 2024 and 24 per cent year-on-year for the fourth quarter of financial year 2024. Card loads increased by 35 per cent for the financial year 2024 and by 21 per cent year-on-year for the fourth quarter of the financial year 2024.
The new prepaid card issuance has increased by 23 per cent for the financial year 2024 and by 5 per cent year-on-year for the fourth quarter of financial year 2024.
The growth in sales was 24 per cent for FY24 and 39 per cent year-over-year for Q4 FY24. There has been a significant growth in Profit Before Tax (PBT) of 83 per cent for the financial year 2024 and 113 per cent year-on-year for the fourth quarter of the financial year 2024.
The occupancy rate was 58 per cent in the fourth quarter of FY24, with a 12 per cent increase in room capacity during this period. New resorts were launched in the fourth quarter of fiscal year 2024. These resorts include Sariska, Pushkar, and Athirapilly. Sterling is now a debt-free company. The cash reserves have increased to INR 158 million.
Commenting on the results, Madhavan Menon, Executive Chairman, Thomas Cook (India) said, “Thomas Cook India Group has delivered record profits for both the quarter and FY24. This achievement is made even more special by the fact that every business and geography has contributed to the profitability. I would like to express my appreciation and congratulations to all our teams, customers, partners, and shareholders for making this achievement possible. I am pleased to announce a dividend of INR 0.60 per INR 1 share, which includes a special dividend of INR 0.20 per share, to our valued shareholders. Personally, I believe that the Group’s results indicate the positive trend in the Indian and global travel services sector. Our strong forward bookings, showing an 18 per cent growth compared to last year, are very encouraging.”
