Thomas Cook (India) Limited announces strong Consolidated Results
for the Quarter ended September 30, 2016
- Thomas Cook India Group Growth in Income from Operations by 57%; EBI&T 160%; PBT 355%
- Travel Services Growth in Revenue from Operations by 125%
- Quess Revenue growth of 27%; EBITDA growth of 51%
- Sterling Holidays sees growth in Income from Operations of 24%
Mumbai, October 26, 2016: Thomas Cook (India) Ltd today declared its consolida
ted Financial Results for the Quarter ended September 30, 2016, with an increase in Income from Operations of 57% (Rs. 13.3 Bn to Rs. 20.9 Bn); Earnings Before Interest & Tax grown by 160% (Rs. 283 Mn to Rs. 735 Mn); Profit Before Tax growth of 355% (Rs. 98 Mn To Rs. 445 Mn) against the corresponding Quarter 2015.
Thomas Cook Travel Services
The combined travel businesses of Thomas Cook India with that of the newly acquired travel companies of SOTC, Sita and Kuoni Hong Kong, have delivered well for the Quarter with growth in Revenue from Operations by 125% (Rs. 4.2 Bn to Rs. 9.6 Bn) against the corresponding Quarter 2015.
Quess Corp Limited
The Company registered impressive growth on all key parameters: Revenue growth of 27% from Rs. 8.0 Bn to Rs. 10.2 Bn; EBITDA up by 51% from Rs. 402 Mn to Rs. 608 Mn; expansion in EBITDA margin from 5.0% (Q2 FY16) to 5.9% (Q2 FY17).
Sterling Holiday Resorts Limited
The Company registered a strong 24% growth in Income from Operations from Rs.444 Mn to Rs.549 Mn, driven by significant growth in its Resorts segment (increase of 38% in the room nights sold; 50% in Resort Income; increase in occupancy from 46% to 55% in a lean season, on an increased available room base). In a continuous endeavour to launch new destinations, the company has opened a new resort at Anaikkati (near Coimbatore, TN) in September, 2016.
Commenting on the results of the Group, Mr. Madhavan Menon, Chairman and Managing Director, Thomas Cook (India) Ltd. said, “Despite challenges both economic and geo-political, including acts of global terrorism, negative sentiment due to implementation of Schengen visa biometrics, the Brexit referendum and the European migrant crisis, the Thomas Cook India Group has delivered strong results this Quarter. Our Foreign Exchange business has come through significantly, with growth in volumes and expanded margins. The Quarter has also seen strong performances from both our E-Business and Domestic Travel verticals with impressive growth in passenger numbers.”
He concluded by stating, “We plan to leverage backend synergies courtesy our acquisitions of SOTC, SITA and Kuoni Hong Kong, for which work has already commenced, and we expect to see benefits of costs and productivity accruing across our Travel and Travel Related Services Group starting Quarter 1 of 2017.”
About Thomas Cook (India) Limited: Thomas Cook (India) Ltd (TCIL) 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 (exclusive of its subsidiaries) currently extends to over 234 locations (including 17 airport counters) in 92 cities across India, Mauritius & Sri Lanka and is supported by a strong partner network of 110 Gold Circle Partners and 111 Preferred Sales Agents in over 130 cities across India.
ICRA has retained the long-term rating of Thomas Cook (India) Limited’s non-convertible debenture programme at ‘ICRA AA/Stable’. CRISIL has assigned a long term rating of ‘CRISIL AA– / stable’ to the non-convertible debenture programme and long-term banking facilities, and a short-term rating of ‘CRISIL A1+’ to TCIL’s banking facilities. Further, ICRA has retained the rating of ‘ICRA AA– / Stable’ on the Company’s preference share programme.
Thomas Cook (India) Ltd has been voted as Favourite Outbound Tour Operator at the Outlook Traveller Awards 2015, Best Tour Operator - Outbound at the CNBC AWAAZ Travel Awards 2015, 2014 & 2013 and Best Company providing Foreign Exchange at the CNBC AWAAZ Travel Awards 2015 & 2014; felicitated with Diamond Award for Exemplary Achievements in Visa Issuance at the French Ambassador's Travel Awards Ceremony 2015; Thomas Cook India’s Travel Quest was honoured with a Gold Award at PATA Gold Awards 2015; honored as India's Leading Tour Operator 2014, World Travel Awards Asia & Australasia 2014, Favourite Tour Operator at the Condé Nast Traveller Readers' Travel Awards 2015 - 2011 ,recognized as a Consumer Superbrand 2013-14 & 2012-2013 and National Tourism Awards 2013-2014. Thomas Cook India’s Centre of Learning has received IATA accreditation as Top 10 South Asia IATA Authorized Training Centers 2016, 2015, 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 and its controlled affiliates. 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 holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. The company is headquartered in Toronto, Canada and has a global presence in insurance and reinsurance, including ICICI Lombard (India). The company, founded in 1985 by the present Chairman and Chief Executive Officer, Prem Watsa, has, over the past 30 years, demonstrated a strong and consistent financial track record. For the year ended December 31, 2015, the company increased book value per share at a compounded annual growth rate of 20.4% since its inception with a corresponding compounded annual increase in share price of 19.4%.
The company, through Thomas Cook (India) Ltd., owns 62.6% of Quess Corp Limited (formerly IKYA Human Capital Solutions Limited), a provider of integrated business services, and 100% of Sterling Holiday Resorts Limited (formerly Thomas Cook Insurance Services (India) Limited), a company engaged in time share and resort business.
About Quess Corp Limited (formerly IKYA Human Capital Solutions Limited)
Quess Corp Limited (BSE: 539978, NSE: QUESS) is one of India’s leading integrated business services providers operating in four broad segments: Global Technology Solutions, People and Services, Integrated Facility Management and Industrial Asset Management. Headquartered in Bengaluru, it has a pan-India presence with 47 offices across 27 cities, as well as operations in North America, the Middle East and South East Asia. As of September 30, 2016, it employed over 139,000 employees.For further details on Quess Corp Ltd. please visit: http://www.quesscorp.com
About Sterling Holiday Resorts Limited: Sterling Holiday Resorts Limited, a leading holiday lifestyle company in India, was incorporated in 1986 with the vision of delivering great holiday experiences to Indian families. To achieve this vision, the company pioneered Vacation Ownership in India and set about building a network of leisure resorts at some of the best holiday destinations in India. Currently, Sterling Holidays has 27 resorts in 24 scenic holiday destinations in India.
In pursuance of the Order of Hon’ble High Court, Bombay, dated July 2, 2015 sanctioning the Composite Scheme of Arrangement and Amalgamation between Sterling Holiday Resorts (India) Limited (SHRIL) and Thomas Cook Insurance Services (India) Limited (TCISIL) and Thomas Cook (India) Limited (TCIL) and their respective shareholders and creditors (Scheme), the time share and resort business division and undertaking of SHRIL was Demerged into TCISIL and the residual business of SHRIL was Amalgamated with TCIL.
Post implementation of composite scheme, Sterling Holiday Resorts Limited (formerly Thomas Cook Insurance Services (India) Limited) continued the vacation ownership and resort business. In March 2016, Sterling acquired 100% stake in Nature Trails (an adventure holiday company) and this will add 93 rooms + Tents and Dorms [400 beds] to the total room inventory of Sterling. The company also has 16 additional sites where it plans to add new resorts in the coming years. For more information visit: www.sterlingholidays.com
About SOTC Travel Services Pvt Ltd (formerly Kuoni Travel (India) Pvt. Ltd) & Travel Circle International Services Limited (Formerly Kuoni Travel (China) Limited) : SOTC Travel Services Pvt Ltd (Formerly "Kuoni Travel (India) Pvt. Ltd.") is a step-down subsidiary of Fairfax Financial Holdings Group; held through two companies, its Indian listed subsidiary, Thomas Cook (India) Limited (TCIL) and TCIL's subsidiary Travel Corporation (India) Ltd. SOTC is a leading travel and tourism company active across various travel segments including Leisure Travel, Business Travel, Destination management Services and Distribution Visa Marketing Services.
TCIL through its step down s
ubsidiary Travel Circle International Limited (formerly Luxe Asia Travel (China) Limited ) holds 100% stake in Travel Circle International Services Limited (formerly Kuoni Travel (China) Limited), which has an attractive business in the travel sector backed by a trusted brand name, and a stable and motivated professional management team. The company is a premium outbound travel operator in Hong Kong.
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