CRISIL reaffirms Ratings of Thomas Cook India



  • Rapid recovery with revenue of more than Rs. 1,400 crore in the first nine months of fiscal 2022, against Rs. 946 crore in full fiscal 2021
  • Dominant position in the Foreign Exchange business
  • Strong brand equity in travel-related services
  • Healthy liquidity with limited external debt and improved pace of recovery
  • Effective and sustained cost prudence Total cost savings of more than Rs. 650 crore in fiscal 2021
  • Strong parental support from Fairfax Financial Holdings Ltd.

Mumbai, April 8, 2022: CRISIL has reaffirmed its ratings assigned to the bank facilities, debt programmes and corporate credit rating of Thomas Cook (India) Limited (TCIL), India’s leading omnichannel travel services company, at ‘CRISIL A+/CCR A+/ Negative/ CRISIL A1’.

The ratings continue to reflect strong parental support from Fairfax Financial Holdings Ltd., healthy liquidity with limited external debt supporting the capital structure and improved pace of recovery post both the first, second and omicron wave of the Covid-19. The ratings also factor in the Thomas Cook India Group’s dominant position in the Foreign Exchange – business and strong brand equity in travel-related services.

Post the outbreak of the pandemic in the first half of fiscal 2021, the Group’s forex and travel businesses witnessed gradual recovery in the second half, with improving air traffic and demand for short domestic holidays. However, during the first quarter of fiscal 2022, the severe second wave of the pandemic impacted recovery during the peak travel season of summer holidays. Subsequently, driven by high pent-up demand, increased vaccination coverage and improved customer confidence in travel, the business witnessed healthy recovery from the second quarter onwards, with TCIL reporting positive consolidated earnings before interest, tax, depreciation and amortisation (Operating EBITDA) during the third quarter.

TCIL’s business has witnessed material improvement over the fiscal 2021, with reported consolidated revenue of more than Rs. 1,400 crore in the first nine months of fiscal 2022, against Rs. 946 crore in full fiscal 2021. The Company’s Balance Sheet highlights an improvement on account of conversion of OCCRPS to equity of

Rs. 303 crore and long term loan (ECLGS) taken of Rs. 37 crore.

“CRISIL’s reaffirmed ratings are a strong affirmation of Thomas Cook India’s leadership position and Balance Sheet strength. The ratings are also reflective of our strong brand equity in the forex and travel businesses, coupled with the strong support from our majority shareholder Fairfax Financial Holdings. The reimagining of our businesses coupled with accelerated digital transformation and focussed cost management have played a key role in navigating an extremely challenging period. With the reopening of Indian skies and international borders, we are optimistic of a rapid return to normalcy.”

Mr. Madhavan Menon, Managing Director, Thomas Cook (India) Limited


About Thomas Cook (India) Limited:

Set up in 1881, Thomas Cook (India) Limited. (TCIL) is the leading omnichannel travel company in the country offering a broad spectrum of services including Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Value Added Services, Visa and Passport services. It operates leading B2C and B2B brands including Thomas Cook, SOTC, TCI, SITA, Asian Trails, Allied T Pro, Australian Tours Management, Desert Adventures, Luxe Asia, Travel Circle International Limited (TCI 勝景遊), Sterling Holiday Resorts Limited, Distant Frontiers, TC Tours, Digiphoto Entertainment Imaging (DEI), Go Vacation, Private Safaris East & South Africa As one of the largest travel service provider networks headquartered in the Asia-Pacific region, The Thomas Cook India Group spans 25 countries across 5 continents

TCIL has been felicitated with CNBC-TV18 & ICICI Lombard India Risk Management Award – Travel & Leisure Category 2022 & 2021, The Best Travel Agency – India at TTG Travel Awards 2019, The Best Outbound Tour Operator at the Times Travel Awards 2018 & 2019 and Leading Company with Cutting Edge Travel Innovation at the Times Travel Awards 2018, Silver award for Asia’s Best Integrated Report (First Time) category at the Asia Sustainability Reporting Awards 2019, Best Risk Management-Framework & Systems at the India Risk Management Awards 2019; Best Cash Management Solution – India at the Asset Triple A Treasury, Trade, Supply Chain & Risk Management Awards 2018, Best Outbound Tour Operator at the SATTE Awards 2019, Excellence in Domestic Tour Operations at the SATTE Awards 2018, The French Ambassador’s Award for Exemplary Achievements in Visa Issuance 5 years in a row and the Condé Nast Traveller – Readers’ Travel Awards from 2011 to 2019.

CRISIL has reaffirmed the rating on debt programmes and bank facilities of Thomas Cook (India) Limited – ‘CRISIL A+/Negative on the long-term bank facilities of TCIL and CRISIL A1 rating on the short-term bank facilities and short- term debt of the Company. For more information, please visit

Fairbridge Capital (Mauritius) Limited, a subsidiary of Fairfax Financial Holdings Limited promotes TCIL by holding 65.60% of its paid-up capital and is responsible for the execution of acquisition and investment opportunities.