Thomas Cook India group records highest ever profit in FY24, Hospitality News, hoteldealers.in

  • Vijaylakshmi by Vijaylakshmi
  • 6 months ago
  • Business
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Thomas Cook India group records highest ever profit in FY24.

Thomas Cook India, a travel conglomerate, with leisure and MICE travel, forex, hospitality and digital imaging solutions businesses, has announced its Q4FY2023 and consolidated FY2024 financial results. As per the financial statement of the company, the group company has recorded the highest ever profit in FY24 with all the business verticals performing well.

The consolidated PBT for FY ’24 grew to INR 3,499 million as against INR 262 million in FY’23. The consolidated EBITDA for the financial year was at INR 5,718 compared to INR 2,414 million last year. The EBITDA margin also showed an improvement of 297 bps y-o-y.

For FY2024, Thomas Cook’s standalone PBT at INR 1,521 million was a marked improvement over last year’s INR 187 million .

Within the Travel Services vertical, the leisure services has registered a growth in sales of 89 percent in FY ’24, while MICE services sales grew by 46 percent compared to FY’23. Corporate Travel transaction growth remained muted at 18 percent in FY’24.

Sterling Holidays, the hospitality vertical of the group, has recorded a sales growth of 24 percent in FY ’24 resulting in an increase of 83 percent in consolidated PBT. The year on year PBT growth in Q4’23 was 113 percent.

The record profit margins has made Sterling Holidays a debt free company and as per the financial statement, the cash reserves of the company increased to INR 158 mn at the close of FY’24.

With the record-breaking performance, the company board has recommended dividend to the shareholders of INR 0.60 per INR 1 share – inclusive of a special dividend of INR 0.20 per share.

Commenting on the performance by the company, 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. 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 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 Vs. last year – is very encouraging.”

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  • Updated On May 16, 2024 at 08:00 PM IST
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  • Published On May 16, 2024 at 08:00 PM IST
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  • 2 min read
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