Thomas Cook soars on domestic travel boom

Thomas Cook (India) jumps 5% to Rs 225.70 after the company said it has witnessed a significant growth in domestic travel demand in India.

Thomas Cook (India), India's leading omnichannel travel services company, and its group company, SOTC Travel, are experiencing a surge in domestic tourism. Their latest insights reveal a travel boom, with both companies exceeding their total domestic travel figures for all of 2023 in just the first half of 2024.

The latest insights suggest that travelers are seeking more luxurious experiences. This is evident in increased spending and a preference for higher category accommodation and prioritising in-hotel experiences like spa, wellness and dining. While short getaways remain popular, there's a growing trend towards extended vacations of 15 days. Popular destinations include Kashmir, North East, Andamans, Kerala, and Goa. Adventure activities, domestic cruises, and pilgrimage tours are also seeing a rise in demand. Pilgrimage tours are up by 45% compared to pre-pandemic levels, with a surprising interest from younger generations.

Rajeev Kale, president & country head Holidays, MICE, Visa, Thomas Cook (India): "Domestic tourism is fueling our growth this summer. We've achieved both our revenue and passenger volume targets for all of 2023 within the first half of 2024."

Daniel DSouza, president & country head, Leisure, SOTC Travel: "Our strategy to encourage Indians to explore their own country is evidently successful. We're bullish on India's domestic segment and ready to set new goals for the coming months and year."

Thomas Cook (India) is the leading omnichannel travel company in the country offering a broad spectrum of services including Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Value Added Services and Visa Services. It operates leading B2C and B2B brands. As one of the largest travel service provider networks headquartered in the Asia-Pacific region, The Thomas Cook India Group spans 28 countries across 5 continents.

On a consolidated basis, Thomas Cook (India) reported net profit of Rs 56.66 crore in Q4 March 2024 as against net loss of Rs 7.01 crore in Q4 March 2023. Net sales rose 26.70% YoY to Rs 1663.82 crore in Q4 March 2024.

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