Speaking to CNBC-TV18, Madhavan Menon, MD, Thomas Cook said the company was affected by demonetisation for a short period and bookings for 2017 summer season is back to normal.
Demand is visible in South East Asian countries and Australia. The demand for long weekends in short haul packages has also risen, which is a complete new trend for Thomas Cook.
The company‘s forex and inbound businesses are doing well largely, which makes Thomas Cook CMD Madhavan Menon expect this year‘s growth at par with last year.
The integrated travel and related financial services company's total income from operations was at Rs 1,044 crore during the quarter under review, up 40.86 percent from Rs 741.12 crore like period of 2014-15.
Thomas Cook has seen growth in outbound tourism in Q42015 and they have already started bookings for summer 2016, said MD, Madhavan Menon.
The board of directors of the company has appointed "Madhavan Menon as Chairman and re-designated him as Chairman and Managing Director with effect from January 1, 2016," Thomas Cook India said in a filing to the BSE.
Thomas Cook, along with its wholly-owned subsidiary Travel Corporation (India) Ltd, has completed the acquisition of 100 percent shareholding of Kuoni Travel, it said in a BSE filing today. The deal comes two days after the competition regulator CCI gave a go-ahead to the deal.
In an interview to CNBC-TV18, Madhavan Menon, MD of Thomas Cook spoke about acquisition of Kuoni Travels' India and Hong Kong business and the company's rationale behind the acquisition.
Travel company Thomas Cook India has acquired Sri Lanka-based destination management firm, Luxe Asia, for an undisclosed sum.
In an interview with CNBC-TV18, Madhavan Menon, MD, Thomas Cook says the company has its focus around Europe and the United States where growth has been 26 percent and 19 percent, respectively.
The subsidiaries of the company have performed well with Quess growing almost 83 percent.
Madhavan Menon also says that Ikya has worked out as an excellent acquisition. He expects Ikya to contribute more to company‘s profits and continue growing, led by policy changes.
The combined value of the two organisations will exceed about Rs 3,000 crore, said Madhavan Menon.
Thomas Cook (India) will first inject Rs 187 crore for a preferential allotment of a 23 per cent stake in Sterling. After that, it will buy stake from shareholders of the Chennai-based resort owner for Rs 176 crore.
Investors are euphoric as the travel company launched a new branch outlet in Puducherry. The stock jumped 5 percent intraday on Wednesday.
Other subsidiaries of Thomas Cook have generated a sizeable growth on the PBT front despite the last quarter being a lean quarter for the tour and travel business, says Madhavan Menon, MD, Thomas Cook.
In an interview to CNBC-TV18, Madhavan Menon, MD, Thomas Cook spoke about properties and the last two quarters being tough for the company.
The company reported a consolidated net profit of Rs 32.49 crore for the quarter ended June 30, 2013.
Thomas Cook India has got Securities and Exchange Board of India‘s (Sebi) approval for issuing nearly 3.5 crore shares or a 14 percent stake through the institutional placement route.
Travel services firm Thomas Cook (India) said it has inked a pact to acquire 74 per cent stake in Ikya Human Capital Solutions in a deal valued at Rs 256 crore.
Travel services company Thomas Cook (India) rose as much as 8 percent in early trade on Wednesday after acquisition of HR solutions company.
Thomas Cook India will raise Rs 200 crore by issuing non-convertible debentures (NCDs) on a private placement basis. Its promoter Fairfax has USD 30 billion invested worldwide and with the might of this new promoter the company is exuding confidence like never before.
Fairfax has USD 30 billion invested worldwide and with the might of this new promoter behind Thomas cook India, it is exuding confidence like never before.
By Mr. Madhavan Menon – Managing Director, Thomas Cook (India) Ltd
Madhavan Menon of Thomas Cook says, "We expect tour prices to increase due to the cascading effect of the service tax increase- resulting in an adverse impact on the Travel and Tourism industry as a whole."