Thomas Cook (India) Ltd today declared its consolidated Financial Results for the Quarter ended March 31, 2014
Mumbai, MH, May 07, 2014 -(PressReleasePoint)- Thomas Cook (India) Ltd today declared its consolidated Financial Results for the Quarter ended March 31, 2014 with an increase in Income from Operations of 454% (Rs. 869 Mn. to Rs. 4.8 Bn.), Profit Before Tax of over 467% (Rs. 22 Mn. to Rs. 127 Mn.) and Profit After Tax of over 470% (Rs. 14 Mn to Rs. 80 Mn.), Vs the corresponding quarter of 2013.
Q1 2014 (unlike Q1 2013) also integrated the business performance results of Ikya Human Capital Solutions – acquired in May 2013.
Despite the First Quarter of the year being the traditional lean season for the Outbound Travel Industry, the now diversified Thomas Cook (India) Group, saw strong results delivered via both its strategic investments in Ikya Human Capital Solutions in 2013 on one hand, and healthy performances by its Inbound and Foreign Exchange businesses on the other. Strategic focus via its cash conservation project also resulted in significant increase in free cash flows on an annualised basis.
The three pronged drive by the company - on retail focus, product innovation and efficient working capital management- also helped deliver this impressive overall performance.
Despite high volatility of the Rupee in the global currency market, the Company’s Foreign Exchange business posted a 37% growth in Earnings Before Tax from Rs 125 Mn. in 2013 to Rs 170 Mn. in 2014.
The Inbound business saw a strong growth in Q1 2014, with EBT growth of 51% with delivery from both its Charter and non Charter businesses and contributions from new emerging source markets
The Domestic business in its investment and growth mode reported 100+% in both passengers and sales.
The Company’s expanded EBiz platform delivered well with sales growth of 62%
Ikya Human Capital Solutions saw a strong revenue growth of 43% and EBITDA by 414% compared with same quarter last year
The Forex business’ strategic focus on Payment Solutions continued to show delivery with the Company’s multi currency Borderless Prepaid Card registering impressive uptake with over 75500 cards sold; a loaded value of US$ 250 Mn. and a market share of aprox. 12%, 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.
Commenting on the Results, Mr. Madhavan Menon, Managing Director, Thomas Cook (India) Ltd. said, “Given that this is the traditional low quarter for our largest businesses – Outbound and Foreign Exchange - the consolidated results are admirable with our Inbound team making a remarkable turnaround as also strong delivery from our Forex and E Biz teams. This period also, unlike the same quarter in 2013 - also reflect the benefits of the Ikya Human Capital acquisition in 2013 that continues to deliver handsome results for the group. As we go into the next quarter that is the peak season for Outbound and Forex, we will remain focused on sustainable growth and leveraging our long term strategic investment in Ikya, as also the strong synergies of our recently announced merger with Sterling Holidays and are confident of a very strong FY 2014 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 236 locations (including 19 airport counters) in 98 cities across India, Mauritius & Sri Lanka and is supported by a strong partner network of 116 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
Thomas Cook (India) Limited is promoted by Fairfax Financial Holdings Limited through its wholly-owned subsidiary, Fairbridge Capital (Mauritius) Limited. Fairbridge is responsible for the execution of acquisition and investment opportunities in the Indian subcontinent on behalf of the Fairfax family of companies.
About Fairfax Financial Holdings Limited:
Fairfax Financial Holdings Limited is a Toronto-based financial services holding company with a global presence in insurance and reinsurance and a portfolio of assets in excess of $30 billion invested worldwide. The Company, founded in 1985 by the present Chairman and Chief Executive Officer, Prem Watsa, has over the past 25 years, demonstrated a strong financial track record to achieve an annual appreciation in Book Value per Share of 24.7% annually.
Fairfax has almost 20 general insurance subsidiaries and joint ventures globally, including ICICI Lombard (India).
Fairfax is engaged in long term investments from its own resources, with a focus to delivering long term capital appreciation through a flexible and value oriented approach.
Fairfax Financial Holdings through Thomas Cook (India) Ltd. owns 74.85% on a fully diluted basis of the IKYA Group, a provider of specialised Human Resource related Services.
About IKYA Group
The IKYA Group, established in 2007, has over the last 6 years, evolved into a diversified provider of Business Services with interests in Human Resources (Recruitment & General Staffing), IT Staffing & Services, Facilities Management, Food & Hospitality services and Training & Skill Development through a combination of organic and inorganic methods. The Group operates out of 33 offices across 22 cities and employs 65,000 personnel.
About Sterling Holiday Resorts (India) Limited:
Sterling Holiday Resorts (India) Limited, a pioneer in vacation ownership and a leading leisure hospitality company in India, was incorporated in 1986 with the vision of delivering great holiday experiences to Indian families. Sterling Holidays’ network includes 1512 rooms across 19 resorts in 16 scenic holiday destinations pan India. The company also has 15 additional sites where it plans to add new resorts in the coming years.
For more information visit: www.sterlingholidays.com
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