From the Executive Chairman’s Desk
As your read this edition of Pulse, the Group would have announced its results for the Third Quarter of the Calendar year 2023/First Quarter of the Financial Year 2023-24. This represents the fourth consecutive Quarter that the Group has reported positive financial results, after the losses that we incurred during 2020/21, and a part of 2022. The results for the Quarter were the highest ever recorded on the back of excellent results reported by TCIL, SOTC and Sterling Holidays. The profits were contributed to by the return to normalcy in the travel industry globally, especially Indian travellers, both domestically as well as internationally. This was due to restructuring, cost rationalization and the improved productivity. This, despite all the constraints of higher airfares, hotel costs, and the delays in visa issuance. Globally long-haul travel has been slow to recover, and this is reflected in the results of some of our Destination Management Companies. However, forward bookings across all businesses gives me the confidence to predict that the Group will witness a full recovery by the end of this year.
During this Quarter, we also witnessed a couple of prestigious Travel Awards that were given to SOTC & Thomas Cook. For me this confirms the fact that the industry recognizes our position as a leader in the Indian travel industry. All credit for this effort goes out to each one of you.
You will see an Interview with me in this issue after ten years, and I have tried my best to articulate all the achievements during the period of the disruption, and our re-emergence thereafter. You will also note the elevation of Mahesh Iyer as the Managing Director & CEO of Thomas Cook (India) Limited. Please join me in congratulating Mahesh on his new role. Mahesh will continue to be responsible for the businesses in Thomas Cook India.
On a personal note, Lili and I were blessed with a grandson Ray Menon Paranjpey, our second grandchild and a moment of pride for our daughter Pooja, son-in-law Rohan, elder sister Nina, and the rest of the family.
Just for the record, the Board has extended my journey with Thomas Cook by another five years.
Stay well and blessed.
Regards,
Madhavan Menon
Click Here for the Interview