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Thomas Cook (India) Results: Latest Quarterly Results & Analysis

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Thomas Cook (India) Ltd. 30 Jul 2025 18:47 PM
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Q1FY26 Quarterly Result Announced for Thomas Cook (India) Ltd.

Travel Support Services company Thomas Cook (India) announced Q1FY26 results

  • Consolidated Total Income from Operations grew by 15% YoY to Rs 24,530 million from Rs 21,343 million and on a sequential basis grew by 21%
  • Travel Services EBIT grew by 25% YoY to Rs 811 million from Rs 649 million despite geopolitical challenges. Growth attributed to strong early booking pipeline and turnaround of India and International DMS Companies
  • Leisure Hospitality EBIT grew by 25% YoY to Rs 409 million from Rs 328 million; on a sequential quarter basis grew by 74%; Network grew from 50 to 62 resorts in Q1FY26 with no of rooms to 3285 vs Q1FY25; ARR sustained at Rs 7,162 despite the large influx of new inventory
  • Digital Imaging Solutions (DEI) EBIT grew by 61% YoY to Rs 106 million from Rs 66 million on the back of improved operational efficiencies
  • Forex EBIT stood at Rs 374 million, lower than the comparable quarter due to geopolitical challenges resulting in sluggish demand and reduced student traffic.
  • CRISIL upgraded Thomas Cook India Group’s ratings to CRISIL AA/Stable/CRISIL A1 . The highest rating for a travel & tourism company in India
  • Cash & Bank balances as of 30th June 2025 increased to Rs 22,481 million from Rs 20,739 million as of 31st March 2025

Commenting on the results, Mahesh Iyer - Managing Director & CEO Thomas Cook (India) said, “Despite the recent geopolitical events this quarter, that disrupted the travel ecosystem both in India and globally, I am happy to announce that the Thomas Cook India Group reported a PBT growth of 18% for Q1FY26 at Rs 1,284 million, excluding the effect of a one-time expense. Total Income from Operations grew by 15% YoY and 21% on a sequential basis. This was driven by strong performances across Travel Services, Hospitality (Sterling Holidays), our DMS companies and DEI. CRISIL’s recent upgraded rating to CRISIL AA/Stable/CRISIL A1 , the highest in India’s travel and tourism sector, is a reaffirmation of the Group’s leadership.

Looking ahead, the Group continues to stay focused on technology and improved customer experience. Given the unpredictable external environment, and its potential impact on travel sentiment, we remain cautiously optimistic as we move into the festive season ahead.”

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Travel Support Services company Thomas Cook (India) announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Operating PBT for Q4FY25 grew 51% to Rs 917 million from Rs 608 million
  • Total Income from operations stood at Rs 19,688 million for Q4FY25 compared to Rs 20,610 million

FY25 Financial Highlights:

  • Thomas Cook India reports highest ever consolidated PBT of Rs 3,784 million in FY25
  • Total Income from Operations grew 12% y-o-y to Rs82,815 million
  • Operating PBT for FY25 grew 15% to Rs 3,821 million from Rs 3,337 million
  • Standalone Operating PBT for FY25 grew 20% to Rs 1,650 million from Rs 1,377 million
  • Travel Services EBIT grew by 29% in FY25 aided by a strong turnaround of Global DMS Companies; Forex grew by 21%
  • Cash & Bank balances as of 31st March 2025 were at Rs 20,739 million.

Commenting on the results, Madhavan Menon - Executive Chairman, Thomas Cook (India) said “Thomas Cook India has delivered another robust performance to wrap up FY25, reporting its highest ever consolidated PBT of Rs 3,784 million. PBT grew an impressive 46% in Q4FY25 and 10% for the FY25.

The FY25 results were driven by strong all-round delivery - with Travel Services EBIT growing by 29% aided by a strong turnaround of Global DMS Companies; Forex growing by 21%."

Mahesh Iyer - Managing Director & CEO Thomas Cook (India) added, “I am proud of the strong all-round performance of the teams across businesses & geographies for FY25. Our focus will remain on enhancing customer experience, digital transformation and cost optimisation. Looking ahead, we remain cautiously optimistic - given recent geopolitical events and the potential effects of global trade wars, etc.”

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Travel Support Services company Thomas Cook (India) announced Q3FY25 results

  • Financial services increased income from operations by 16% with EBIT margin expanding 592 bps to 39%. Increase driven by 18% growth in Retail turnover led by Education and Holidays segments growing by 10% and 15% respectively
  • Travel and related services
    • Income from operations increased 11% with a strong contribution from B2C holidays (up 29% YoY), India DMS (up 19% YoY), international DMS (up 18% YoY) and corporate Travel (up 17% YoY)
    • Adjusting for income from operations from the Nationals games of Rs 935 million in Q3FY24, the Travel segment growth (on a like to like basis) stands at 19%
    • EBIT in the Travel segment for the quarter was lower due to the absence of contribution of National Games in Q3FY24 and impact of heightened currency volatility in overseas DMS segment especially Asian Trails.
  • Leisure hospitality (Sterling Holiday Resorts) topline increase 12% with an improvement in EBIT margins to 31%. Increase in occupancy to 61% on an expanded resort network of 57 resorts and 3118 rooms has driven overall performance.
  • Digital Imaging Solutions (DEI) results were influenced by multiple factors such as lower footfalls due to geopolitical tensions in the region, the one-time government subsidy received in Q3FY24 and overlapping technology costs during WeC platform implementation. These collectively muted topline and EBIT performance.

Strong financial health: The Company reported cash and bank balances of Rs 20,210 million as of December 2024 and a debt-to-equity ratio of 0.12

Madhavan Menon - Executive Chairman, Thomas Cook (India), said "Thomas Cook (India) Ltd. has delivered stable performance for 9MFY25, driven by steady growth across financial services, travel, and leisure hospitality. Despite escalated geopolitical tensions and abnormal currency volatility during the quarter impacting international DMS operations, we maintained our margins, reflecting our focus on effective cost management and sustainable growth across our lines of business. We have a robust forward demand funnel and are looking forward to end FY25 on a strong note."

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Travel Support Services company Thomas Cook (India) announced H1FY25 & Q2FY25 results

  • Consolidated PBT for Q2FY25 up 37% to Rs 1,063 million vs Rs 775 million in Q2FY24 and up 26% to Rs 2,136 million in H1FY25 vs Rs 1,689 million in H1FY24.
  • Total Income from Operations up 9% at Rs 20,439 million for Q2FY25 vs Rs 18,713 million in Q2FY24 and up 10% to Rs 41,764 million for H1FY25 vs Rs 37,937 million in H1FY24.
  • EBIT margins in Q2FY25 for Travel Services increases from 3.5% to 4.9%; Foreign Exchange increases from 37.4% to 48.8% and Sterling Holidays from 24.7% to 25.2%.
  • Travel Businesses in India & overseas and Sterling Holidays lead Group’s delivery - Travel Services registers EBIT growth of 55% & Sterling Holidays registers a 24% EBIT growth in Q2FY25 vs Q2FY24.
  • The Group continues to maintain a strong financial position, with Cash & Bank balances at Rs 18,885 million as of September 30, 2024.

Madhavan Menon, Executive Chairman, Thomas Cook (India), said: “With a consolidated PBT growth of 37% in Q2FY25 against Q2FY24, the Thomas Cook India Group has delivered strong results, comparable to a peak-season quarter in a traditionally non-peak quarter for the industry. For H1FY25 also, the team has delivered a healthy growth of 26% over H2FY24.

Having achieved our first priority of recovery in business volumes, our focus looking ahead, is on ensuring sustainable growth and profitability.”

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Travel Support Services company Thomas Cook (India) announced Q1FY25 results:

Financial Highlights: 

  • Consolidated Q1FY25 PBT of Rs 1,073 million Vs Rs 914 million; 17% growth YoY
  • Thomas Cook (Standalone) PBT growth of 29% YoY at Rs 740 million Vs Rs 574 million
  • Overseas Destination Management Companies reflect turnaround with EBITDA at Rs 28 million Vs a loss of Rs (44) million in Q1FY24
  • The Group continues to maintain a strong financial position, adding Rs 3.49 billion during the quarter, with Cash & Bank balances at Rs 18.67 billion as of June 30, 2024
  • CRISIL upgrades Thomas Cook India’s Rating Outlook to ‘Positive’. Reaffirms Company’s Ratings at CRISIL
  • AA-/Positive & CRISIL A1
  • The PAT for the quarter has been impacted on account of a higher tax liability

Madhavan Menon, Executive Chairman, Thomas Cook (India) Limited said, “Thomas Cook India has delivered a good all round performance for Q1FY25 reporting a consolidated PBT of Rs 1073 million (excluding non-operating MTM gains) that reflects a healthy 17% growth over Q1FY24. This has been a result of a solid performance across our businesses, despite multiple headwinds during the period, including the Indian General elections - that delayed travel plans & heatwaves across most of the country. Our forward booking funnel indicates that we may have the benefits of an extended holiday season and are well poised to deliver sustainable growth in the quarters ahead.”

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Travel Support Services company Thomas Cook (India) announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

• Consolidated PBT at Rs 607 million Vs a loss of Rs (62) million in FY23
• EBITDA Margin improvement by 355 bps
• Thomas Cook (Standalone) PBT at Rs 265 million in Q4FY24 Vs a loss of Rs (0.3) million in Q4FY23
• Sterling Holidays PBT at Rs 308 million in Q4FY24 Vs Rs 145 million in Q4FY23
• Overseas Destination Management Companies EBITDA at Rs 103 million in Q4FY24 Vs Rs 26 million in Q4FY23

FY24 Financial Highlights:

• Consolidated PBT at Rs 3,449 million Vs Rs 262 million
• EBITDA Margin improvement by 297 bps YoY
• EPS grows from Re 0.10 to Rs 5.57 for FY24
• Thomas Cook (Standalone) PBT at Rs 1,521 million Vs Rs 187 million
• Sterling Holidays PBT at Rs 1,207 million Vs Rs 659 million
• All overseas Destination Management Specialist Companies profitable in FY24: EBITDA at Rs 632 million Vs Rs 115 million

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!”

Result PDF

Travel support services company Thomas Cook (India) announced Q1FY24 results:

  • The group’s operating EBITDA grew significantly to Rs 1,474 million for Q1FY24 against Rs 555 million compared to Q1FY23. Growth was driven primarily by foreign exchange & travel businesses (Thomas Cook and SOTC); hospitality (Sterling Holidays)
  • Consolidated operating PBT grew over 27 times in Q1FY24 at Rs 914 million Vs Rs 33 million in Q1FY23
  • Standalone operating EBITDA at Rs 736 million for Q1FY24 Vs Rs 286 million in Q1FY23, operating PBT at Rs 574 million Vs Rs 115 million in Q1FY23
  • Sterling Holidays registered EBITDA at Rs 475 million for Q1FY24 Vs Rs 411 million in Q1FY23; PBT at Rs 358 million Vs Rs 283 million in Q1FY23
  • Strong order book, signaling robust forwards for Q2FY24. Holidays at 116%, MICE 113% Vs Q2FY23
  • The group continues to maintain a strong financial position, with cash & bank balances of Rs 14,090 million as of June 30, 2023

Madhavan Menon, Executive Chairman, Thomas Cook (India), said, “On the back of a commendable performance for FY23, the first quarter of FY24 has seen yet another very strong performance by the TCIL Group with Operating EBITDA at Rs 1,474 million Vs Rs 555 million for Q1FY23. The robust performance for Q1 – a traditionally strong quarter seasonally, was driven primarily by our Foreign Exchange and Travel Businesses (across Thomas Cook India & SOTC) and Sterling Holiday Resorts.”

He added, “Our focus continues to be on driving volumes while managing margins and costs effectively. Our order books reflect a healthy forward trend across leisure and business segments, and we are bullish about growth in the quarters ahead.”

 

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Travel Support Services company Thomas Cook (India) announced Q4FY23 & FY23 results:

  • Q4FY23:
    • The Group’s Operating EBITDA at Rs 518 million Vs Rs 239 million in Q4FY22
    • Standalone Operating EBITDA for TCIL at Rs 205 million Vs Rs 28 million for Q4FY22
    • For Q4FY23 Consolidated Total Income from Operations grew by 150% YoY to Rs 13.2 billion
  • FY23:
    • The Group’s Operating EBITDA grew significantly to Rs 2.7 billion for FY23 against a loss of Rs 1.2 billion in FY22. Growth driven by Foreign Exchange & Travel Businesses (Thomas Cook); Hospitality (Sterling Holidays)
    • Highest Operating EBITDA & Operating PBT for Thomas Cook in a decade. Operating EBITDA at Rs 1.2 billion for FY23; Operating PBT at Rs 560 million Vs a loss of Rs 1.14 billion in FY22
    • Sterling Holidays registered Highest EBITDA & PBT since inception: EBITDA at Rs 1.1 billion for FY23; 
    •  PBT at Rs 659 million Vs Rs 436 million in FY22
    • Consolidated Total Income from Operations grew YoY by 163% in FY23 to Rs 51 billion
    • Robust growth across all business segments in FY23; Income from operations growth (YoY): Forex: 123%, Travel: 248%, Hospitality (Sterling Holidays): 36%, Digital Imaging Solutions (DEI): 72%
    • Focus on Cost Optimization saw annualized savings of Rs 3.71 billion for FY23, representing a 20% reduction in costs Vs FY20 (Pre Pandemic). The Group maintains a strong financial position, with Cash & Bank balances of Rs 10.1 billion as of March 31, 2023 

Madhavan Menon, Chairman and Managing Director, Thomas Cook (India) said, “I am delighted to share the strong results for FY23 for the Group, with a record Operating EBITDA at Rs 2.7 billion Vs a loss of Rs 1.2 billion in FY22. Total Income from Operations also grew annually by 163% in FY23 to Rs 51 billion. This commendable performance was led by Thomas Cook India registering its highest Operating EBITDA & Operating PBT in a decade & Sterling Holidays ? recording its highest EBITDA & PBT since the company’s inception.

Our focus through the year has been on driving trading volumes, margin expansion, improved productivity via digital solutions and effective cost optimization measures to achieve this. Given the strong forward booking funnels, across business segments & geographies, we are confident of a strong performance in the coming quarters as well.”

 

 

Result PDF

Thomas Cook (India) announced Q3FY23 results:

  • Q3FY23:
    • Income from operations for group grew YoY by 105% in Q3FY23 to Rs 15,363 million and operational PBT at Rs 584 million vs a loss of Rs 289 million reflecting strong recovery and business momentum across segments.
    • The group continues to post robust results across all businesses during FY23, with income from operations segment-wise YoY increase forex: 113%, travel: 141%, leisure hospitality & resorts (Sterling Holidays): 8%, Digital Imaging Solutions (DEI): 57%.
    • Sustained cost optimization across the group visible in 18% savings over pre-pandemic levels.
    • The group maintains a strong financial profile, with cash & bank balances of Rs 10.58 billion as of Q3FY23 up from Rs 9.13 billion as of Q2FY23.
    • CRISIL upgrades rating outlook to stable; reaffirms ratings (Long term CRISIL A ; Short term CRISIL A1) reiterating TCIL’s dominant position in forex and strong brand equity across travel businesses.

Mr. Madhavan Menon, Chairman and Managing Director, Thomas Cook (India) Limited said, “I am pleased to share the Group’s robust all-round performance for the quarter ended Q3FY23. Across Travel, Foreign Exchange, Digital Imaging and Leisure Hospitality we have registered a strong bounce back vs pre-pandemic levels. Given the strong positive economic and customer sentiment – reflected in our forward booking trends, we expect a profitable FY23. Our focus going forward is to scale up and maximize growth - via our sustainable cost-saving initiatives and efficiency-focused technology enhancements implemented across the Group.”

 

Result PDF

Travel Support Services firm Thomas Cook (India) announced Q1FY23 Result :

  • Thomas Cook (India) Limited (TCIL) returned to profitability in the quarter with PBT of Rs. 59 Mn Vs a loss of Rs. 385 Mn QoQ & a loss of Rs. 339 Mn YoY
  • Reported a sharp increase in Income from Operations for the quarter at Rs. 2,979 Mn from Rs 793 Mn (3.8x growth QoQ) and Rs 443 Mn for Q1 FY22 (6.7x growth YoY)
  • On a like to like basis, the underlying PBT would be Rs. 115 Mn compared to a loss of Rs. 137 Mn QoQ and Rs. 497 Mn YoY, reflecting a strong PBT recovery of Rs. 612 Mn over the previous year (Adjusting for the impact of Loss of Rs. 56 Mn, Loss of Rs. 247 Mn and Gain of Rs. 158 Mn in respective quarters as a result of a Mark to Market non-cash, non-operational loss arising from the Company’s shares in Quess Corp Limited through its Employee Benefit Trust)
  • The surge in profits was spurred by the rapid rebound across Forex and Business Travel as well as the sustainable savings accruing from continuing cost management initiatives
  • Group Consolidated 96% reduction in losses QoQ to loss of Rs. 23 Mn; Significant improvement from a loss of Rs. 1,247 Mn in Q1 FY22 propelled by recovery across the businesses - TCIL, Sterling Resorts & SOTC and Digiphoto Entertainment Imaging Ltd. (DEI)
  • On a like to like basis, the underlying PBT would be Rs. 33 Mn compared to a loss of Rs. 271 Mn QoQ and Rs. 1405 Mn YoY, reflecting a strong PBT recovery of Rs. 1,438 Mn over the previous year (Adjusting for the impact of Loss of Rs. 56 Mn, Loss of Rs. 247 Mn and Gain of Rs. 158 Mn in respective quarters as a result of a Mark to Market non-cash, non-operational loss arising from the Company’s shares in Quess Corp Limited through its Employee Benefit Trust)
  • Income from Operations, grew 87% QoQ to Rs. 9,762 Mn (239% growth YoY)
  • Cash and bank balances as on Jun 30, 2022 were at Rs. 8,500 Mn up from Rs. 6,399 Mn as on March 31, 2022

Mr. Madhavan Menon, Managing Director, Thomas Cook (India) Limited said “Propelled by our twin focus on customer experience and technology, the Group has staged strong growth this quarter. Our rapid turnaround as a group - with Income from Operations, growing 87% QoQ to Rs. 9,762 Mn (239% growth YoY), reflect the Group’s rapid business recovery. By effectively reducing costs from Rs 4,811 Mn to 3,260 Mn (a 33% reduction in total costs versus pre pandemic levels) we are also ensuring much greater productivity going forward. The Group’s strong performance in the quarter was led by Sterling Holidays, DEI, Foreign Exchange and Business Travel segments. With some of our overseas DMS units logging profits already and other units indicating a robust order book, we expect strong growth returning across the Group in the upcoming quarters”

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