Mumbai, February 3, 2022: Thomas Cook (India) Limited (TCIL) India’s largest integrated travel services company, today announced its financial results for the quarter ended December 31, 2021 reflecting a strong rebound despite the challenging environment.
Highlights:
This would enhance the long-term capital base of the Company and strengthen the leverage ratios
Business Recovery Highlights (Q3 FY22 Vs Q3 FY21 and Q2 FY22):
o Holidays: 701% growth in sales Vs Q3 FY21 and 152% growth Vs Q2 FY22
o Foreign Exchange: Strong turnover growth of 109% compared to Q3 FY21 and 48% Vs Q2 FY22
o Corporate Travel: 272% growth in turnover Vs Q3 FY21 and 67% growth Vs Q2 FY22
o MICE: 884% growth in sales Vs Q3 FY21 and 335% growth Vs Q2 FY22
o Sterling Holidays: 86% growth in sales Vs Q3 FY21 and 54% Vs Q2 FY22
o DEI: 141% growth in sales Vs Q3 FY21 and 74% Vs Q2 FY22
Mr. Madhavan Menon, Managing Director, Thomas Cook (India) Limited., said, “The Group’s performance for the quarter reflects the strong business recovery across Sterling Holidays, DEI, Desert Adventures (the Middle East based DMS company) and Thomas Cook India Limited. Recovery in profitability is also attributable to the sustained impact of cost saving efforts and efficiencies led by upgradation in technology. I am proud of our teams that made the most of the opportunity & leveraged the coming back of travel demand with the opening of borders, easing of travel restrictions and the comeback of customer confidence. We see strong demand heading into Summer 2022, and are looking forward to the season ahead.”
Other updates:
o The business delivered a strong QoQ with a 29% increase in transactions to 74,570 and a 72% increase vs Q3 FY20
o The Retail turnover increased by 18%, Corporate turnover by 65%, Wholesale turnover by 56%, Airport turnover by 75% over Q2 FY22
o Card loads at US$ 77.8 Mn. increased by 116% QoQ
o The business delivered a strong QoQ with a 335% increase in sales and a 884% increase Vs Q3 FY21
o The Company’s MICE business in India successfully hosted over 280 groups/events (Virtual & Physical) with a total of over 10,000 travellers/attendees across India and international destinations like Dubai, Abu Dhabi, Maldives and Paris
o Corporate movements were successfully managed for global events like Expo 2020 Dubai, the T20 World Cup and Grand Prix-F1 at the Yas Marina Circuit
o Corporate Travel recorded a QoQ increase in turnover of 67% and a 272% increase Vs Q3 FY21
o The business delivered a strong QoQ with a 152% increase in sales and a 701% increase Vs Q3 FY 21
o The Companies maximised the domestic cruise potential with over 2600 customers for the quarter
o To accelerate demand, Thomas Cook & SOTC introduced special products/offers for the Festive Season, EXPO 2020 Dubai, Winter Holidays and honeymoons
o With strong consumer appetite for outdoor/adventure, the Companies introduced Safaris & Jungle Experiences
o The demand for exclusive experiences saw launch of Undiscovered Antarctica Exploration
DEI Holdings Limited:
Despite partial/complete lockdown in several geographies, Digiphoto Entertainment Imaging Ltd. (DEI) has made profit at EBIT level of Rs. 74 Mn. in Q3 FY22 as against loss of Rs. 77 Mn. in Q3 FY21 and Rs. 108 Mn. on sequential quarter basis.
• DEI witnessed higher revenue numbers for Q3 FY22 Vs Q2 FY22, a result of increased footfalls across attractions in UAE, USA, India, Malaysia, Maldives and Indonesia, including new launches of attractions and on boarding of festive events in UAE
• UAE generated US$4.5 Mn. revenue in December 2021. This is the highest revenue recorded by any country in a single month in the history of DEI
• DEI signed 14 festive event contracts for Christmas and New Year’s Eve, which generated US$210K in revenue
• The quarter also saw the opening of new partnerships like Expo 2020; National Aquarium Abu Dhabi; Sky Views Observatory and inside Burj Al Arab
• DEI signed a partnership agreement with Centara Mirage Beach Resort in Dubai, thereby expanding The Blu Canvas (resort photography program) to 4 resorts in UAE
• DEI renewed its imaging operation terms with 8 partners during the quarter: Ramoji Film City, Snow Kingdom, and Snow City in India; Wild Wadi and Jumeirah Beach Resort in UAE; Ski Egypt; Westin in Maldives; and Resort World Sentosa in Singapore.
DMS (Destination Management Service) Business:
The quarter witnessed sales improvement in select DMS entities backed by eased travel restrictions and increased vaccinations.
Vacation ownership & resorts business (Sterling Holiday Resorts Limited):
The increase in income is largely due to a shorter span of lockdown in the current year compared to last year and the significant pent–up demand resulting in subsequent increase in room nights
Partnerships:
With an intent to capture a new set of consumers and enhance its product/business line, Thomas Cook & SOTC have inked key agreements during the quarter:
o Signed a strategic agreement with Air Arabia to curate and distribute Air Arabia Holidays in India
o Long term agreement signed with Vistara to launch Vistara Getaways
India Leisure Network expansion:
Thomas Cook India opened 2 franchise outlets in Surat and Karnal; SOTC opened 3 franchise outlets in Bengaluru, Bhubaneswar and Ghaziabad to capitalise on high potential growth markets.
About Thomas Cook (India) Limited:
Set up in 1881, Thomas Cook India) Limited. (TCIL) is the leading integrated travel and travel related financial services company in the country offering a broad spectrum of services that include 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 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 – 2015 to 2019 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 www.thomascook.in
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.
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