Thomas Cook India foresees continued growth in leisure travel despite elevated costs
Madhavan Menon, Executive Chairman of the omni-channel travel company, remarked on a significant uptick in domestic and short-distance travel, covering regions including Central Asia, the Middle East, and Southeast Asia.
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Thomas Cook (India), the Mumbai-based omni-channel travel company, anticipates that the expansion in leisure travel will persist despite the escalating expenses.
During an interview with CNBC-TV18, Madhavan Menon, Executive Chairman of Thomas Cook (India), mentioned that the company is witnessing demand across various travel segments. He also highlighted a notable enhancement in both domestic and short-haul travel, encompassing areas such as Central Asia, the Middle East, and Southeast Asia.
Madhavan Menon emphasised that leisure travel is expected to persist throughout the remainder of the year, along with corporate travel and the acceleration of meetings, incentives, conferences, and exhibitions (MICE) as the first quarter of the current fiscal year (FY25) approaches.
Thomas Cook (India) plans to broaden its hotel portfolio to encompass 65 properties by 2025, a significant expansion from its current operation of around 3,000 rooms, with an ultimate target of reaching 5,000 rooms. Alongside its hotel ventures, Thomas Cook (India) provides an array of financial and travel services, encompassing wholesale and retail financial offerings like prepaid card issuance, leisure forex, and international money transfers.
Supported by Fairbridge Capital, a subsidiary of the Fairfax Group, Thomas Cook (India) experienced a reduction in Fairbridge's stake by 8.5 percent in late 2023, signalling shifts in ownership. However, despite this change, the company continues to enjoy substantial backing from major investors.
The company provides a comprehensive range of travel services, including corporate travel, MICE tourism, leisure travel, and Destination Management Specialists (DMS). Additionally, it has a presence in the leisure hospitality sector through Sterling Resorts and offers Digi Photo Imaging Services, such as Digi photo entertainment imaging, which it acquired in October 2019.
Thomas Cook's market capitalization stands at approximately Rs. 8,161.10 crore, with its shares registering a notable increase of nearly 196 percent over the past year.
