Thomas Cook (India) Limited has informed the Exchange about Investor Presentation
August 5, 2022
The Manager, Listing Department BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 Scrip Code: 500413
The Manager,
Listing Department National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051 Scrip Code: THOMASCOOK
Fax No.: 2272 2037/39/41/61
Fax No.: 2659 8237/38
Dear Sir/ Madam,
Sub: Analysts and Investors Conference Call presentation for the quarter ended June 30, 2022
In furtherance of our intimation dated August 01, 2022 giving intimation on the “Q1 & FY23 earnings conference call for the analysts and investors, scheduled on Monday, 8th August, 2022 at 12:00 p.m. IST”, please find enclosed the investor presentation, to be presented before Analysts and investors.
This is for your information and records.
Thank you.
Yours faithfully, For Thomas Cook (India) Limited
Amit J. Parekh Company Secretary and Compliance Officer
Encl.: a/a
Thomas Cook (India) Limited (TCIL) Q1 FY23 Earnings Presentation
Thomas Cook India Group at a glance
Foreign Exchange & Related Services
• Retail & Wholesale • Forex Cards • Remittance
Digital Imaging Solutions
• Digiphoto Entertainment Imaging Ltd. (DEI)
Travel & Related Services
Leisure Hospitality & Resorts
• B2C: Leisure Holidays (Domestic & Outbound)
Sterling Holiday Resorts Limited
• B2B: MICE, Corporate Travel, DMS (India +
International)
2
Thomas Cook India Group at a glance
Thomas Cook (India) Ltd is a leading integrated Travel and Financial services Company in India, part of the Fairfax group which owns 72.34% stake in Thomas Cook India
Integrated business model creates value through scale and flexibility
Spread across 25 countries across 5 continents
Premier brand portfolio with omni-channel strategy
Business is uniquely positioned to provide customer centric experiences & value driven service and offerings
3
Q1 FY23 Financial Highlights
Standalone
Managing Director’s comments- Q1 FY23
Income from Operations
PBT
Rs 2,979 mn
3.8x growth q-o-q 6.7x growth y-o-y
Rs 59 mn Vs a loss of – Rs. 384 mn in Q4 FY22 & Rs. 339 mn in Q1FY22
Underlying PBT#
Rs 115 mn Vs a loss of – Rs. 137 mn in Q4 FY22 & Rs. 497 mn in Q1FY22
• The surge in profits was spurred by the rapid rebound across Forex and Business Travel as well as
the sustainable savings accruing from continuing cost management initiatives
Consolidated
Income from Operations
PBT
Rs 9,762 mn
87% q-o-q 239% y-o-y
Rs (23) mn
Vs a loss of – Rs. 518 mn in Q4 FY22 & Rs. 1,247 mn in Q1FY22
Underlying PBT#
Rs 33 mn Vs a loss of – Rs. 271 mn in Q4 FY22 & Rs. 1,405 mn in Q1FY22
Mr. Madhavan Menon, Managing Director, Thomas Cook (India) Ltd., twin focus on “Propelled by our customer experience and technology, the Group has staged strong growth this quarter. Our rapid turnaround as a group - with Income from Operations, growing 87% q-o-q to Rs. 9,762 Mn the (239% growth y-o-y), Group’s rapid business recovery.
reflect
By effectively reducing costs from Rs 4,811 Mn to 3,260 Mn (a 33%
reduction in total costs versus pre pandemic levels) we are also
ensuring much greater productivity going forward.
The Group’s strong performance in the quarter was led by Sterling
Holidays, DEI, Foreign Exchange and Business Travel segments. With
some of our overseas DMS units logging profits already and other units
• Significant improvement propelled by recovery across the businesses - TCIL, Sterling Resorts & SOTC
indicating a robust order book, we expect strong growth returning
and DEI
across the Group in the upcoming quarters”
Consolidated
Cash and Bank balances
Rs 8,500 mn as on 30th June,2022
Rs. 6,399 Mn as on 31st March 2022
# Adjusting for the impact of Loss of Rs. 56 Mn, Loss of Rs. 247 Mn and Gain of Rs. 158 Mn in respective quarters as a result of a Mark to Market non-cash, non-operational loss arising from the Company’s shares in Quess Corp Limited through its Employee Benefit Trust)
5
Business wise recoveries from pre-pandemic Levels
Forex
01
Corporate Travel
01
Q1 FY23
Q2 FY23 (e)
Q1 FY23
Q2 FY23 (e)
66% Recovery from Q1 FY20
v/s targeted recovery of 63%
71% Recovery from Q2 FY20
87% Recovery from Q1 FY20
v/s targeted recovery of 84%
124% Recovery from Q1 FY20
Domestic Holidays
01
International Holidays
01
MICE
01
Q1 FY23
78% Recovery from Q1 FY20
v/s targeted recovery of 108%
Q2 FY23 (e)
94% Recovery from Q1 FY20
Q1 FY23
Q2 FY23 (e)
18% Recovery from Q1 FY20
v/s targeted recovery of 19%
42% Recovery from Q1 FY20
Q1 FY23
44% Recovery from Q1 FY20
v/s targeted recovery of 38%
Q2 FY23 (e)
72% Recovery from Q1 FY20
6
Update on Business operations : Forex
Revenue from Operations Rs mn
EBIT Rs mn
479
380
112
55
150
Q1FY23
Q4FY22
Q1FY22
Q1FY23
Q4FY22
(106) Q1FY22
• FX-Now a New Gen Corporate Booking Tool, delivering contactless,
seamless and swift foreign exchange services for business travelers
• Turnover increased 39% q-o-q; a 66% recovery v/s pre pandemic levels (Q1 FY20)
• Driven by recovery of 75% in retail business, 111% in airport segment & 57% in the
corporate segment
• Transactions grew 42% q-o-q to 1,43,538
• Card Loads for Q1 FY23 were at US$154Mn: 90% growth q-o-q; 93% recovery v/s pre
pandemic levels (Q1 FY20)
• New card issuance in Q1 FY23 up 1.86x q-o-q; 90% recovery over Q1 FY20
• The digital partner platform, FX Mate: saw 1,382 partners on-boarded since inception
• A new corporate booking tool FX-Now was launched in the quarter
• Launched educative Study Buddy Video-Blog Series to assist the Overseas Education
segment
7
Update on Business operations : Travel & Related Services
Revenue from Operations Rs mn
EBIT Rs mn
6,750
-178
-465
2,709
1,589
Leisure Travel: o Despite inflated air fares, limited hotel inventory and visa challenges, Leisure Travel
grew by over 4x on a q-o-q basis
o Passenger numbers increased by 208% q-o-q; recovery of 31% over pre pandemic
levels
o Domestic travel sales grew by over 3x q-o-q; 78% recovery over pre pandemic levels o International travel sales grew by over 4.4x q-o-q and 18% recovery over pre
-845
pandemic levels
Q1FY23
Q4FY22
Q1FY22
Q1FY23
Q4FY22
Q1FY22
Corporate Travel: o Turnover increased 97% on a q-o-q basis; 87% recovery vs pre pandemic levels o 62% q-o-q increase in tickets issued; 7.6x y-o-y; 86% recovery vs pre pandemic o Focus on increased efficiencies through technology: deployment and adoption
of online bookings and seamless integration with online systems
•
Strong usage of Corporate self-booking tool; transactions increased by 80%
o Increase revenue through ancillary services like cars, hotels for existing accounts o Acquisition of local and global accounts including Engineering, Tech, and Media
MICE: o Sales grew by 7.5x q-o-q; 44% recovery Vs pre pandemic levels. Robust Order book for
Q2 & Q3 FY23
o Over 150 corporate groups of between 100 to 2500 delegates were successfully operated across India & international destinations like Goa, Hungary, France, Australia
o The Company successfully managed several major events during the quarter:
•
•
•
•
The prestigious Khelo India Youth Games 2022. Spanning over 15 days, the team ensured exceptional delivery, including transport, accommodation and food for 8500 delegates End-to-end management of the spectacular groundbreaking ceremony & event for the world's first World Health Organization (WHO) Global Centre for Traditional Medicine in Jamnagar, Gujarat Thomas Cook India was appointed as the exclusive Event Manager for the first ever Digital Yoga Exhibition organised by Ministry of Ayush, Government of India. Ceremonial welcome for the visit of the ex-Prime Minister of UK, Mr. Boris Johnson
8
Update on Business operations : Travel & Related Services
DMS (Destination Management Service)
Desert Adventures
| UAE | Oman | Jordan |
Private Safaris - East Africa
| Kenya | Tanzania | Uganda | Rwanda | Ethiopia |
Allied TPro
| U.S.A |
Asian Trails
Cambodia | China | Hong Kong | Indonesia | Laos | Malaysia | Myanmar |Singapore | Thailand | Vietnam | Australia|
o
Q1 FY23 witnessed healthy sales aided by business from UK and sub-continent. Focus going forward will be on service quality improvement through new products for luxury clients, nurturing new CIS clients and direct connectivity with hotels
o
Sales in Q1 FY23 were encouraging in spite of a traditionally lean season, with healthy volumes from source markets such as US, UK and Germany
o With progressive easing of restrictions, Q1 FY23 reported positive traction in sales primarily driven by FIT
segment.
o
Re-opening of most destinations (e.g. Thailand, Cambodia, Singapore, Indonesia, Vietnam) with easing of restrictions is translating into an increasing forward booking pipeline
9
Key Initiatives- Holidays
New offerings
Partnerships
Network Expansion
• Collaboration with Mastercard and HDFC Bank for exclusive offer on South
• Thomas Cook India & SOTC ink MOU with
East Asia Holidays- for Singapore, Malaysia, Thailand and Indonesia
Saudi Tourism Authority
• New franchise outlets were opened in key
source markets across metros and Tier 2-3
• Durga Pujo Holidays to top domestic & international destinations • Partnership with Turkiye Tourism to boost demand and visitations for
Turkiye
• Exciting range of Easy Holidays and Quick & Easy Holidays: the products
offer easy travel (short-haul) destinations, affordable pricing, attractive
discounts
• Darshans product range to cover pilgrimage tours, spiritual & wellness
and experiential programs
• Thomas Cook India sustains its strategic
cities
partnership with Maldives Marketing and
Public Relations Corporation (MMPRC)
• Leisure Travel: Delhi, Hyderabad, Goa,
Vadodara Nashik, Tiruchirappalli,
Ghaziabad (Franchise outlets)
10
Update on Business operations: Leisure Hospitality (Sterling Resorts)
Revenue from Operations Rs mn
1,025
722
415
EBIT Rs mn
324
187
31
Q1FY23
Q4FY22
Q1FY22
Q1FY23
Q4FY22
Q1FY22
•
•
•
•
•
Revenue from Operations crossed the Rs. 1 bn mark for the quarter for the first time, signaling a strong comeback in the sector Sustained growth and profitability:
•
Riding on the positive recovery in the economy and leveraging on an increased average room rate (ARR), focused increase in guest spends on food & beverage and taking advantage of the cost-efficiency measures taken in the previous year the company topped its pre-pandemic performance on almost all key indicators. Technology Focus: Developed proprietary platform Sterling One enabling partners engage online – in real time
•
2.2X increase total room nights sold through online website in vs pre-pandemic levels
Focus on expanding distribution network into India’s tier 2-3 towns
•
In line with its vision to expand on an asset-light model, Sterling opened resorts in Madurai and Kalimpong
New additions in membership also doubled compared to the same quarter in the previous year
Resort Occupancy
73% v/s 52% in Q4 FY22
Average Room Rate (ARR)
Rs 6,904 51% increase y-o-y 35% from pre-pandemic period
Guest ratio
60% up from 42% of Q1 FY20
Network
37 Resorts; 2,297 rooms 15 Owned resorts, 10 Leased resorts & 12 Management contract
Sterling V Grand Madurai
Sterling Park Kalimpong Hero
11
Leisure Hospitality (Sterling Resorts) : Network
Hill Station
Beach
Waterfront
Heritage
Jungle
Adventure
North
•Mussoorie •Nainital •Kufri •Manali
East
•Darjeeling •Gangtok •Kalimpong
•Rishikesh •De Laila - Srinagar
•Corbett •Kanha •Sariska
•Puri
West
•Lonavala •Mount Abu
•Goa –Varca •Karwar
South
•Anaikatti •Munnar •Yelagiri •Yercaud •Ooty – Elk Hill •Ooty – Fern Hill •Kodai – Lake •Kodai - Valley
•Rudra Gir
GIR
NATURE TRAILS
•Sajan (NT) •Durshet (NT) •Dabhosa (NT) •Kundalika (NT)
•Palavelli - Godavari •Alleppey
•Guruvayur •Thiruvanna malai •Madurai
•Thekkady
•Wayanad
SRINAGAR
MANALI
KUFRI
DARJEELING
GANGTOK
MUSSOORIE
RISHIKESH
NAINITAL
CORBETT
KANHA
PURI
GODAVARI
SARISKA
MOUNT ABU
LONAVALA
GOA
KARWAR
WAYANAD
GURUVAYUR OOTY
YELAGIRI
YERCAUD
TIRUVANNAMALAI
ANAIKATTI
MUNNAR
ALLEPPEY
MADURAI
KODAIKANAL
THEKKADY
12
Update on Business operations : Digiphoto Entertainment Imaging Ltd. (DEI)
Revenue from Operations Rs mn
EBIT Rs mn
1,507
1,409
106
80
727
Q1FY23
Q4FY22
Q1FY22
Q1 FY23
Q4 FY22
Q1 FY22
-110
Key Highlights
•
•
•
Growth in Revenue from Operations led by traction in Southeast Asia and US markets
DEI inked agreements with new partners like Modhesh World UAE, LEGOLAND
Malaysia Resort and Club Med Cherating Beach; SkyHelix Sentosa and Jewel Changi,
Singapore; Alila Kothaifaru and Le Meridien Maldives; Statue of Belief and the VGP
Universal Kingdom, India; Museum of Science & Industry, Chicago USA
DEI renewed its imaging operation terms with 5 partners (Mount Faber, Jakarta
Aquarium, Aquaria Phuket, Atlantis Sanya and Resorts World Sentosa) this quarter
Imaging Services & Solutions
Experiences first. Memories second
Global Presence
3 Continents 19 Countries 130 Partners
Marquee Partnerships
Trusted by leading brands in the world
Technology expertise to drive business outcomes
Aligned with evolving consumer, industry & technology trends
An evolved guest Journey
Delivering an integrated and frictionless guest experience
13
Digiphoto Entertainment Imaging Ltd. (DEI) : Network
USA
BAHAMAS
CHINA MAINLAND
EGYPT
KUWAIT
DUBAI GLOBAL HQ
INDIA
SOUTH KOREA
HONG KONG SAR MACAU SAR
OMAN
BANGLADES H
MALDIVES
SINGAPORE MALAYSIA INDONESIA THAILAND
CONGO
MAURITIUS
14
Digiphoto Entertainment Imaging Ltd. (DEI) : Marquee partnerships
UAE Atlantis Dubai Inside Burj Al Arab Ferrari World Abu Dhabi At the Top, Burj Khalifa Yas Waterworld Jumeirah Beach Hotel Expo 2020 Ski Dubai Snow Penguins Warner Bros. Abu Dhabi Dubai Miracle Garden IMG Worlds of Adventure Wild Wadi Waterpark Arabian Adventures Qasr Al Watan Dubai Frame Sheikh Zayed Grand Mosque MotionGate The View at the Palm Hilton Ras Al Khaimah Beach
Resort and Spa Bollywood Parks Global Village LEGOLAND Dubai National Aquarium Abu Dhabi Museum of the Future
Hong Kong SAR
Ngong Ping 360
Maldives
Anantara Maldives Resorts Constance Moofushi Maldives InterContinental Maldives
Maamunagau Resort, an IHG Hotel JW Marriott Maldives Resort & Spa The St. Regis Maldives Vommuli
Resort
Sheraton Maldives Full Moon Resort
& Spa
The Westin Maldives Miriandhoo
Resort
Taj Exotica Resort & Spa The Residence Maldives Velassaru Maldives W Maldives
China Universal Beijing Resort Shanghai Disney Resort Atlantis Sanya
South Korea
LEGOLAND Korea
Singapore
Universal Studios Singapore Marina Bay Sands Mandai Wildlife Reserve S.E.A. Aquarium Jurong Bird Park Mount Faber Peak Resorts World Sentosa
Indonesia
Waterbom Bali Trans Studio Trans Snow World Bali Zoo Bali Bird Park JungleLand Adventure
Theme Park Jakarta Aquarium Mandapa, a Ritz-Carlton
Reserve
Malaysia
Petronas Twin Towers Aquaria KLCC Sunway lagoon Penang Hill Langkawi Skycab
15
Digiphoto Entertainment Imaging Ltd. (DEI) : Marquee partnerships
Thailand
Ramayana Waterpark Vana Nava Waterpark Aquaria Central Phuket Andamanda Phuket
Macau SAR
The Venetian Macao The Parisian Macao Macau Tower
The Bahamas
Atlantis Paradise Islands
Kuwait
Kidzania
Mauritius
Shanti Maurice Resort & Spa
Outrigger Mauritius
Beach Resort Heritage Le Telfair Golf & Wellness Resort
JW Marriott
Mauritius Resort
India
Ramoji Film City Snow World Marine Kingdom Snow Kingdom Wonder La Bounce Inc
Egypt
Ski Egypt Kidzania Snow City
USA
360 Chicago Gaylord Hotels Hard Rock Café Mangos Tropical Café The Incline Railway The Henry Ford Museum Rock City Anakeesta Great Smokey Mountain Wheel Delta River Boats Gulfarium
Oman
Oman Aquarium
DR Congo
Aqua Splash
16
Q1 FY23 Performance
Results – Q1 FY23 Consolidated
Particulars (Rs. mn)
Income from Operations
Other Income
i. Mark to market gain on Investment**
ii. Others
Total Income from Operations
Expenses
- Cost of services
- Employee benefits expense
- Other expenses
i. Mark to market loss on Investment
ii. Others
Total Expenses
EBITDA
Depreciation / Amortization
EBIT
Interest and Finance cost
Exceptional Items
PBT
Underlying PBT#
Tax expense
PAT
Q1 FY23
Q4 FY22
Q1 FY22
9,761.7
5,220.6
2,880.3
-
136.4
9,898.1
6,640.9
1,698.5
56.3
1,003.8
9,399.6
498.5
304.8
193.7
196.5
(20.3)
(23.0)
33.3
35.3
(58.4)
(207.0)
274.2
5,287.9
3,022.0
1,445.9
40.1
787.7
5,295.7
(7.8)
307.6
(315.4)
172.5
(29.8)
(517.7)
(270.6)
(4.8)
(512.9)
158.5
118.4
3,157.1
1,872.2
1,461.1
-
632.0
3,965.3
(808.2)
321.3
(1,129.5)
117.7
-
(1,247.2)
(1,405.7)
(310.3)
(937.0)
**Mark to Market Gain/ (Loss)
56.3
(247.1)
158.5
y-o-y
239%
-
15%
214%
255%
16%
59%
137%
-
(5%)
-
67%
-
-
-
-
-
-
q-o-q
87%
-
(50%)
87%
120%
17%
27%
77%
-
(1%)
-
14%
-
-
-
-
-
# Adjusting for the impact of Loss of Rs. 56 Mn, Loss of Rs. 247 Mn and Gain of Rs. 158 Mn in respective quarters as a result of a Mark to Market non-cash, non-operational loss arising from the Company’s shares in Quess Corp Limited through its Employee Benefit Trust)
18
Results – Q1 FY23 Consolidated
Particulars (Rs. mn)
Q1 FY23
Q4 FY22
Q1 FY22
y-o-y
q-o-q
219%
325%
147%
107%
239%
-
-
Segment Revenue
(a) Financial Services
479.4
380.5
150.4
(b) Travel and Related Services
6,750.4
2,708.8
1,588.5
(c) Leisure Hospitality & Resorts business
1,025.3
722.3
414.7
(d) Digiphoto Imaging Services
1,506.7
1,409.0
726.7
Total
Segment Results (EBIT)
(a) Financial Services
(b) Travel and Related Services
(c) Leisure Hospitality & Resorts business
(d) Digiphoto Imaging Services
Total
Less : Interest and Finance expenses
Less : Common Expenditure
PBT before exceptional
Add: Exceptional Items
PBT
9,761.7
5,220.6
2,880.3
111.5
54.7
(178.1)
(464.7)
(105.6)
(845.1)
324.2
106.0
363.7
196.5
170.0
(2.8)
(20.3)
(23.0)
187.3
31.0
946%
79.9
(110.4)
(142.8)
(1,030.1)
172.5
172.6
117.7
99.5
(487.9)
(1,247.2)
(29.8)
-
(517.7)
(1,247.2)
-
-
67%
71%
-
-
-
26%
149%
42%
7%
87%
104%
-
73%
33%
-
14%
(2%)
-
-
-
19
Contact Us
For further information please contact
Debasis Nandy President and Group CFO Tel: +91 22 4242 7000 Email: Debasis.Nandy@thomascook.in
Urvashi Butani General Manager- Investor Relations Tel: +91 22 4242 7095 Email: Urvashi.Butani@thomascook.in
Corporate Identification No: L63040MH1978PLC020717 Investor e-mail id: sharedept@thomascook.in Regd. Office: Thomas Cook India Ltd, Marathon Futurex, A Wing, 11Th & 13th Floor, N.M. Joshi Marg, Lower parel (E), Mumbai 400013 Website : www.thomascook.in
About Thomas Cook (India) Limited: Set up in 1881, Thomas Cook (India) Ltd. (TCIL) is the leading integrated travel and travel related financial services company in the country offering a broad spectrum of services that include Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Insurance, Visa and Passport services and E-Business. It operates leading B2C and B2B brands including Thomas Cook, SOTC, TCI, SITA, Asian Trails, Allied T Pro, Australian Tours Management, Desert Adventures, Luxe Asia, Kuoni Hong Kong, Sterling Holiday Resorts Limited, TC Forex, Distant Frontiers, TC Tours, TC Visa, Travel Circle International Limited, Ithaka, Digiphoto Entertainment Imaging (DEI), Private Safaris East & South Africa.
20
Disclaimer
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