Thomas Cook (India) Ltd declared its consolidated Financial Results for the year ended December 31, 2013
Mumbai, MH February 25, 2014 -(PressReleasePoint)- Thomas Cook (India) Ltd declared its consolidated Financial Results for the year ended December 31, 2013 with a surge in Income from Operations of 201% (Rs. 4.3 Bn. to Rs. 12.96 Bn.), a strong growth in Profit Before Tax of over 33% (Rs. 770 Mn. to Rs. 1.02 Bn.) and Profit After Tax of over 36% (Rs. 504 Mn.to Rs. 687 Mn.) Vs. the corresponding period of 2012.
Strategic focus via its cash conservation project resulted in significant improvement in cash flows with an increase of 56% on a YoY basis.
In the face of Rupee depreciation as high as 26%, a prolonged slowdown in the Indian economy - with GDP growth dropping to 4.5% and inflation at a continued high, TCIL’s core businesses bucked the trend: an outcome of strong delivery on product innovation, distribution and effective capital management.
The strategic shift of focus by the company’s Forex business to Payment Solutions Vs pure play currency exchange, paid dividends with the Company’s multi currency Borderless Prepaid Card registering impressive uptake with over 60,000 of cards sold; a loaded value of US$ 205 Mn; and a market share of more than 12%, merely a year from launch – making it the largest non bank player in the space. The recently launched “Incredible India Card” a prepaid Rupee value card, in partnership with the Ministry of Tourism and Yes Bank also offers growth potential to the Forex business.
Among other reasons attributed to the company’s success in the challenging economic environment is the company’s innovative Consumer Outreach strategy into new distribution channels via its ‘Shop-in-Shop’ model - with outlets launched at LuLu Mall, Kochi and Mumbai’s prestigious Jaslok Hospital as cases in point.
Commenting on the Results, Mr. Madhavan Menon, Managing Director, Thomas Cook (India) Ltd. said, “2013 was a challenging year for the entire Industry, and that makes the impressive results via our core businesses - with a 201% growth in Income from Operations- even more significant. Our single minded focus as an enterprise on “free cash” delivered via our Cash Management Project has delivered handsomely with a 56% growth in free cash over the FY.”
He added, “With forward booking for Summer 2014 already up by over 15% over last year (and this is only the start of our booking season), the impactful returns via our Ikya acquisition last year, our just announced merger with Sterling Holidays with the strong synergies that the partnership offers - we are confident that 2014 will be another rewarding year for the Thomas Cook India Group!”
About Thomas Cook (India) Limited:
Thomas Cook (India) Ltd 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, Insurance, Visa & Passport services and E-Business. The company set up its first office in India in 1881.
TCIL’s footprint currently extends to over 242 locations (including 23 airport counters) in 99 cities across India, Mauritius & Sri Lanka and is supported by a strong partner network of 134 Gold Circle Partners and 165 Preferred Sales Agents in over 150 cities across India.
Thomas Cook (India) Ltd has been voted Best Tour Operator at the Lonely Planet Travel Awards 2013, Favourite Specialist Tour Operator at the Condé Nast Traveller Readers' Travel Awards 2013 & 2012 and Best Tour Operator - Outbound at the CNBC AWAAZ Travel Awards 2013. In addition, TCIL has been chosen as the Best Corporate Travel Management Company by World Travel Brands 2012, and recognized as a “Consumer Superbrand” 2012-2013. At the National Tourism Awards 2012-2013, TCIL was the recipient of 3 prestigious awards. Thomas Cook India’s Centre of Learning has received IATA accreditation as “Top 10 South Asia IATA Authorized Training Centers”, 2013 & 2012.
For more information, please visit www.thomascook.in