Thomas Cook (India) on Growth Path
Posts impressive financial results for 14-month period ended Dec-2006
- Revenue up by 53% to Rs 234.7 Crore
- Net profit up by 8% at Rs 36 Crore
- Declares a dividend of 50%
Board declares Rights Issue
- Ratio of 1:3
- Issue Size upto Rs.225 crore
Mumbai, March 23rd, 2007: Thomas Cook (India) Limited (TCIL), a leading travel solutions player in the country, has posted an impressive growth in its 14-month period ended Dec-06 showing an annualized revenue increase of 53%, from Rs 130.8 crore to Rs 234.7 crore. The annualized net profit for the period increased by 8%, from Rs 28.5 crore to Rs 36 crore. The results were announced at a meeting of Thomas Cook (India) Board of Directors held in Mumbai today
The Board proposed a Dividend of 50% against the 37.5% declared in the previous year. The Board of Directors approved in principle the company's Rights Issue in the ratio of 1:3 (for every 3 shares held 1 share will be issued) aggregating upto Rs225 crore. The proceeds of the proposed rights issue will be deployed to augment the capital base of the company for further growth.
Mr. Madhavan Menon, Managing Director, Thomas Cook (India) Limited, said "Over the last year we have strengthened our position in all our areas of operations; we will continue to enhance our offering portfolio giving our customers new products & services. This year will be the one of consolidation, we will capitalize on synergy benefits and maximize returns to our shareholders'."
Thomas Cook (India) had embarked upon rapid growth path including both organic and inorganic routes. As a part of its strategy, the company had merged LKP Forex, and acquired Travel Corporation India (TCI) during last year. Thomas Cook (India) today is largest player providing integrated travel services with market leadership in foreign exchange and inbound travel segment. Thomas Cook (India) has changed its accounting period to January - December from November - October period. As a result the present results are for a period of 14 months.
Thomas Cook India is celebrating its 125 years of operations in India. The company has embarked upon a major growth phase and has plans to grow all its business segments in India.
About Thomas Cook (India) Ltd.:
Thomas Cook India which is celebrating its 125 years of operations in India has embarked on a major growth phase and has plans to grow all its business segments in India by using both organic and inorganic growth drivers. Earlier this year Thomas Cook announced its proposed merger with LKP Forex, which when completed will establish itself as a strong No.1 in the foreign exchange segment.
Thomas Cook India offers a broad spectrum of leisure travel-related services such as package tours, currency exchange and travel insurance as well as hotel and flight reservations. Thomas Cook has been present in India for 125 years and operates a total of 68 offices at various locations in the country and has operations in Sri Lanka & Mauritius. It employs around 1,200 staff and generated revenue of Rs. 142.1 crores (US$ 31.5 million) in the 2004/05 financial year. The company was acquired by Dubai Financial LLC at the beginning of the year.
About Thomas Cook (India) Ltd:
Thomas Cook India offers a broad spectrum of leisure travel-related services such as package tours, currency exchange and travel insurance as well as hotel and flight reservations. Thomas Cook operates around 200 offices at various locations in the country and has overseas operations at 13 locations. It employs close to 3,000 staff. The company was acquired by Dubai Financial LLC in 2006.
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