Thomas Cook posts whopping 985% PBT growth, 19% revenue growth in travel business in FY19
Thomas Cook (India) Ltd today announced its financial results for the year ended March 31, 2019 with a strong performance across lines of business.
Thomas Cook (India) Ltd (TCIL), India’s largest integrated travel services company, today announced its financial results for the year ended March 31, 2019 with a strong performance across its lines of businesses. Consolidated revenue from operations for FY19 increased by 18 per cent from Rs 56 billion to Rs 66 billion, consolidated PBT (Profit Before Tax) increased by 985 per cent from Rs 53 million in FY18 to Rs 573 million in FY19.
Speaking on the development Madhavan Menon, CMD at Thomas Cook India Group said, “The strong all-around performance of the Thomas Cook India Group for FY19 demonstrates the width and diversification of the Group, not only across geographies but business segments. This is the result of a journey we embarked on since 2012 when Thomas Cook India’s ownership transferred entirely from the British parent to Fairfax Financial Holdings." Madhavan went on to add that today the TC India Group operates across 29 countries and 5 continents, straddling across travel services, financial services, DMS and portfolio investments like Ithaka and more recently Digiphoto Entertainment Imaging (DEI).
"We will remain focused on 1) Continued investments in technology & analytics to deliver top-notch customer experience and 2) Driving economies of scale and efficiency from shared services and backend integration with a view to growing stakeholder value. On the back of the strong mandate for continuity given to the Govt. in this Indian election, we are confident that the pro-travel & tourism focus will continue and nurture a growth stimulating macro environment," said Menon.
Key highlights of the TCIL financial results are as follows:
1] Consolidated revenue from operations for FY19 increased by 18 per cent from Rs 56 billion to Rs 66 billion;
2] Adjusting for this one-time accounting gain, TCIL standalone PBT increased by 875 per cent from Rs 41 million in FY18 to Rs 395 million in FY19;
3] Consolidated PBT increased by 985 per cent from Rs 53 million in FY18 to Rs 573 million in FY19;
4] EBIT for Foreign Exchange and Travel Services increased by 29 per cent from Rs 2,061 million in FY18 to Rs 2653 million in FY19; and
5] Delivers strong revenue growth of 19 per cent in travel & 14 per cent in retail forex for the FY and registers healthy forward bookings of 15 per cent.