2003 Press Releases

Thomas Cook (India) Limited Announces Strong Results For Q1

Thomas Cook (India) Ltd, India’s leading travel and financial services company, has today announced a strong set of results for its first quarter, ended on January 31, 2003.

With a Profit after Tax of Rs 6.47 crores, a 15 percent increase has been achieved compared to the corresponding period last year. This demonstrates a particularly strong operating result due to the fact that it builds on a 125 percent increase reported for the same quarter last year.

Bucking the slowdown of the economy, and adverse travel advisories to India issued by many developed countries, the company remains confident that it will achieve the financial targets it has set this year, unless the threat of war in the Middle East becomes a reality.

Ashwini Kakkar, CEO & Managing Director, Thomas Cook (India) Limited said: "During the first quarter of this year the market showed signs of recovery and we increased revenues in all areas of our business.

"With a focus on marketing the strength of the Thomas Cook brand in world travel we experienced an increase in leisure travel sales, and the business travel market showed signs of returning to pre-September 11 levels."

During the quarter, Thomas Cook (India) Limited was also delighted to be the recipients of a number of highly prestigious awards, including:

  • Best Travel Agency - India, by TTG Asia, part of the Pacific Asia Travel Association (PATA) programme. This is the fourth year in succession that Thomas Cook (India) Limited has won this award
  • The Golden Peacock Award for Excellence in Corporate Governance
  • The National Tourism Award for 2001-2002, winning the second rank in category 1 for the company which achieved the highest foreign exchange earnings from tourism
  • The Association of Business Communicators of India (ABCI) where the company won the first prize for its website - www.thomascook.co.in

Newly appointed Chairman of Thomas Cook (India) Limited, Stefan Pichler, who also holds the position of Chairman and CEO Thomas Cook AG, said:

"In a year when external factors are proving very challenging for the global travel industry, I am extremely pleased with the strong results delivered by Thomas Cook (India) Limited. Our results prove that Indian consumers see the Thomas Cook name as the leading brand for travel and financial services in the market, and one that gives travellers confidence in a world that continues to experience economic and political instability.

"I am confident that by 2007 more that 20 percent of the Group’s revenues will be generated by markets outside of Europe, and India has a leading role to play in this development strategy. It is without doubt that Thomas Cook India has a very impressive past, but it has an even more exciting future."

In order for Thomas Cook (India) Limited to benefit from being part of the Thomas Cook AG Group, one of the world’s largest travel companies, Mr. Pichler also announced today that, with immediate effect, the company will report directly to the Group Headquarters in Germany.

Mr Pichler added: "Throughout Thomas Cook we are building a high performing fully integrated leisure travel business. Having the Indian business reporting in directly to Group Headquarters will allow the business to benefit more greatly from being part of one of the world’s largest travel groups. Through this new reporting structure we can better identify revenue generating opportunities and economies of scale – all of which will benefit the traveller to India and the traveller from India."