Thomas Cook (India) Ltd Posts Strong March Quarter; Eyes Growth with Government Partnerships

Unknown Apr 02, 2026 5 Views

Thomas Cook (India) Ltd has announced its consolidated operating income for the March quarter at ₹1,969 crore (19.69 billion rupees), reflecting resilience in a dynamic travel industry and penetration of government business through strategic initiatives. The company remains poised to overcome ind...

Key Highlights:

March Quarter Top Line Revenue: The consolidated operational revenue of Thomas Cook (India) Ltd. during the March 2025 quarter was at ₹1,969 crore, representing a healthy performance within the competitive travel service sector.

Government Business Fuels Expansion: The firm acquired a large contract with the central government to organize accommodation, catering, and transportation facilities for the 38th National Games in Uttarakhand. This venture will contribute to revenues by about ₹120 crore in the January-March 2025 quarter, reflecting a strategic change towards growing its government business.

Profitability Trends: In spite of the revenue increase, Thomas Cook (India) Ltd witnessed a nearly 40% year-on-year fall in consolidated profit to ₹49.6 crore in Q3FY25. This was mainly because of a higher effective tax rate on its subsidiary, Sterling Holiday Resorts, which incurred deferred tax assets relating to accumulated business losses and unabsorbed depreciation in 2024.

Quarterly Performance Snapshot: Revenue for the December 2024 quarter was ₹2,083 crore, an increase of 1.76% over the last quarter. However, EBITDA decreased by 20.12% to ₹134.12 crore, and net profit fell by 34.84% to ₹46.66 crore, reflecting persistent margin constraints.

Strategic Perspective: Managing Director and CEO Mahesh Iyer highlighted government business as part of the growth strategy of the company. He pointed out that 2024 had very few government contracts, but 2025 started with a big push in this space. The company expects further growth in its government book in FY26, which may give a more stable revenue stream and lessen dependence on the cyclical leisure travel segment.

Market Position: Thomas Cook (India) Ltd continues to be a preferred player in the Indian travel services industry with a spread of diversified business across leisure travel, business travel, foreign exchange, and now, the government event management.

Looking Forward:

Thomas Cook (India) Ltd's emphasis on government tie-ups is likely to counter some of the volatility associated with the travel sector. With the National Games project being a precursor, the company is hopeful of bagging more such orders in the next few years. Yet, profitability continues to be under stress because of tax-related issues and margin squeeze, and operational efficiency and cost control are therefore going to be the areas of focus for the near term.

Source: Business Standard, BlinkX, MarketScreener

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