Thomas Cook (India,) Limited

  C M Financials

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Thomas Cook (India) Ltd

ABOUT

Thomas Cook offers a broad spectrum of services that include Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Visa & Passport services, and E-Business. The company set up its first office in India in 1881.

The Thomas Cook India Group spans over 25 countries across 5 continents with a team of over 8388 people.

The company has 19 brands under its name for eg: SITA, TCI, and Distant Frontiers.

KEY POINTS

Business Segments

1. Travel and Travel Related Services: The travel products extend from B2B to B2C customers, across domestic and international leisure travel, corporate travel, MICE (Meetings, Incentives, Conferences, Exhibitions) and destination management service.

In FY23, digitising their processes reduced the turnaround time for customized holiday plans and booking from ~4 days to merely 15 mins.

2. Financial Services: The Forex business is a combination of foreign exchange businesses of Thomas Cook India, TC Lanka, TC Mauritius Operations. This business has verticals namely Retail, Wholesale, Corporate and Payment Solutions. TCIL is the leading omni-channel Forex provider in the country, with a strong physical distribution network and reliable Digital Forex Centre. The extensive distribution network includes 25 airport counters in India, Mauritius, and Sri Lanka, as well as a network of retail stores spread over 100 locations.

In FY23, company issued 1mn+ Forex prepaid cards.The company has 1600+ forex partners.The company is ** the largest non-bank forex services provider in India, and second only to HDFC in pre-paid cards segment.**

3. Leisure Hospitality and Resorts: Sterling Holiday Resorts Limited is a leading holiday lifestyle company with 40 resorts across 38 destinations. In FY23, company had 85,000+ Sterling members and embarked on aggressive expansion, adding 184 rooms and 6 new resorts, and is set to add a resort a month in FY24.

4. Digital Imaging Solutions: Digiphoto Entertainment Imaging (DEI) is a market leader in digital imaging and offers the finest quality imaging services and solutions. DEI has a presence in 19 countries, with 132 partners across 266 attractions and is headquartered in Dubai. It also has successfully forged into new partnerships with renowned brands such as Legoland Korea Resort, Holiday Inn, Attack on Titan Exhibition and many more 

In FY23, company had 114+ mn DEI number captures and renewed 34 existing and 28 new partnerships across various geographies, including the Middle East, India, USA, and South East Asia and launched 8 key projects. It also launched the milestone Dubai Balloon Project – DEI’s first B2C attraction. The Key partnership renewals include Mandai Wildlife Reserve in Singapore, Mövenpick Resort Kuredhivaru in the Maldives, and Wild Wadi Waterpark in the UAE etc.

Brands

SOTC, Thomas Cook, TCI, ATM, Asian Trails, DEI, Luxe Asia, etc.

Revenue Mix - FY23

Financial Services - 5%

Travel and Related Services - 72%

Leisure Hospitality & Resorts business- 7%

Digiphoto Imaging Services - 16%

Geographical Split - FY23

India - 48%

Rest of the World - 52%

Preferred Govt. Travel Partner

In FY23, TCIL was empaneled by GOI as Event Partner for India’s prestigious G20 preparatory meetings and has managed 37+ events across 29 cities. It also handled 20,000+ customers for the Khelo India Games 2023 and successfully managed several pioneering government initiatives like the Digital Yoga Exhibition, world’s first WHO Global Centre for Traditional Medicine etc.

Promoters

The promoter of the Company, Fairbridge Capital (Mauritius) Limited is an indirect subsidiary of Fairfax Financial Holdings Limited, a company incorporated in Canada. In FY23, Fairfax held 72.34% of stake in Thomas Cooks.

Extensive Network

Thomas Cook India Group is one of the largest travel service provider networks headquartered in the Asia-Pacific region, and spans 28 countries across 5-continents. It has 822+ worldwide touchpoints which handled 1.65mn pax in FY23.

Brand Acquisitions FY23

1 The company's WOS TCI entered into JV with Sri Lankan Company viz. Authenticities (Private) Limited, for investing in Tropiculture (Private) Limited, a company incorporated in Sri Lanka.

2 he company's subsidiary Desert Adventures Tourism LLC, and GCC-based travel conglomerate Kanoo Travel formed a JV.

3 The company's WOS Horizon Travel Services LLC (AlliedTPro), and New World Travel, Inc. formed a Strategic JV named Allied New World LLC.

Demerger and Amalgamation

In October 2019, the BOD approved the Composite Scheme of Arrangement and Amalgamation, which includes:

a) Demerger of the inbound business of Travel Corporation (India) Limited (TCI) consisting of the business of handling inward foreign tourist activity from TCI into SOTC Travel Management Private Limited;

b) Amalgamation of residual TCI, TC Forex Services Limited (TCF) and TC Travel Services Limited (TCTSL) with Thomas Cook (India) Limited (TCIL); and

c) Demerger of the Human Resource Services Business of TCIL (including shares in Quess Corp Limited (QCL) held by TCIL) into QCL. As a part of consideration, QCL will issue its own shares to the shareholders of TCIL in the ratio of 1889 QCL shares for every 10000 shares held in the Company. 

Subsidiaries

As of FY23, the company has 65 subsidiaries.

The scrip traded around ₹174 on January 10, 2025.

C M Financials

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Author: Maini at Saturday 11th day of January 2025