· Gross Turnover increases by 10%
· Revenue for the Quarter up by 8% despite cyclical industry trend
Mumbai, October 29, 2012: Thomas Cook (India) Limited declared its Third Quarter results today.
· Gross Turnover increased by 10% from Rs. 144,442 million to Rs. 159,208 million
· EBIT (YTD) grew by 9% (excluding one-time items)
· Revenue for the Quarter increased by 8% from `Rs. 966 million to Rs. 1,039 million (13% over the 9 month period)
Despite the Quarter ended September being the traditional lean season for holidays, strong growth from the Outbound businesses, resulted in Thomas Cook (India) Ltd posting an increase in gross turnover of 10%. The Outbound Travel success was due to a noteworthy 20% growth in overall passenger numbers; MICE having contributed an impressive 39% increase in passengers. The Domestic vertical of the company has also shown a corresponding YTD passenger growth of 18%.
In the face of challenging trading conditions, Foreign Exchange has delivered well on its aggressive expansion strategy, via a combination of owned shops and franchisee partners, having added 26 new outlets to their pan India Forex network, in addition to the launch of 2 new airport counters at IGIA, New Delhi.
Commenting on the results, Mr. Madhavan Menon, Managing Director, Thomas Cook (India) Ltd said, “Q3 traditionally coincides with the off season for travel and despite the dramatic price increases in international air fares and a highly volatile Rupee,
Thomas Cook (India) Ltd. has delivered strong results with gross turnover up by 10% and underlying EBIT up by 9%. Both our key businesses of Leisure Outbound and MICE have performed exceptionally well with an overall Outbound Travel passenger growth of 20% on a YoY basis.
He added, “With our aggressive expansion strategy, a host of innovative services and tie ups to be announced shortly, a dynamic new management team and forward bookings already up by a resounding 50% over the previous year, TCIL is confidently poised to end the financial year on a very strong note!”
About Thomas Cook (India) Limited:
TCIL’s footprint currently extends to over 250 locations (including 24 airport counters) in 105 cities across India, Mauritius & Sri Lanka and is supported by a strong partner network of 122 Gold Circle Partners and 165 Preferred Sales Agents in over 100 cities pan India.
The Brand Trust Report™, India study 2012, has ranked Thomas Cook (India) Ltd as The most Trusted Brand in Travel Services. Thomas Cook India has also been honoured with the prestigious “Favourite Specialist Tour Operator" award at the Condé Nast Traveller Readers' Travel Awards 2011 and was conferred with the CNBC AWAAZ - “ Best company providing foreign exchange” in India for the third year in a row. In addition, Thomas Cook (India) Ltd has been awarded the ‘Most Trusted Tour Operator Brand’ by the Times Travel Honours 2011 and also recognized as a “Superbrand”
CRISIL has reaffirmed Thomas Cook (India) Limited with the ‘CRISIL A1+ and AA- rating.
For more information, please visit www.thomascook.in
About Fairfax Financial Holdings Limited:
Fairfax Financial Holdings 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 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). The portfolio also includes several market leading insurance companies such as Odyssey Re (USA), Crum & Forster (USA), First Capital (Singapore), Fairfax Brasil (Brazil), Gulf Insurance (Kuwait).
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.
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