Thomas Cook India Q3 Results Review - Strong Margin Improvement Across Segments: Systematix

Systematix Research Report

Thomas Cook India Ltd.reported revenue/ Ebitda/profit after tax growth of 23.2%/ 82.2%/ 344.6% YoY respectively. Revenue growth was driven by continued buoyancy in the travel space with robust double-digit growth in travel and related services (+30.9%) and leisure hospitality and resorts business (+20.7%).

Ebitda margin expanded 200 bps YoY to 6.2% led by reduction in operating expenses (-221 bps) led by cost reengineering and automation initiatives. Adjusted PAT stood at Rs 824 million.

Key takeaways –

1. DEI Holdings Ltd.'s revenue declined 1.8% YoY, Ebit margin grew 43 bps to 9.3%;

2. Financial services revenue declined 7.4% YoY, Ebit margin grew 247 bps to 32.8%;

3. Travel and related services grew 30.9%YoY, Ebit margin expanded 274 bps to 4.7%;

4. Leisure hospitality and resorts business grew 20.7% YoY, Ebit margin grew 612 bps to 30.4%;

5. Group’s cash and bank balance/ gross debt stood at Rs 6.3 billion/ Rs 3.1 billion.

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