Wednesday, August 28, 2024 Thomas Cook India has achieved its highest-ever revenue and profit in the fiscal year 2023-24, reflecting a significant shift in consumer behavior and the global travel industry’s evolving landscape. The company’s revenue saw a substantial increase of 45%, reaching ₹7,426 crore in FY24, while its net profit surged dramatically from ₹10 crore in the previous fiscal year to ₹271 crore. This remarkable growth can be attributed to the resurgence of both outbound and domestic travel, a trend that began in the aftermath of the pandemic and has shown no signs of slowing down.
Madhavan Menon, the chairman of Thomas Cook India, observed that the surge in travel, initially seen as a form of “revenge travel” following the pandemic, has sustained its momentum. As the world emerged from the pandemic, a noticeable shift in consumer behavior occurred, with travel becoming a significant beneficiary. This trend persisted throughout the fiscal year, with only a brief lull during one quarter, which was affected by the heatwave and elections.
According to Menon, while the growth in demand may not continue at the explosive rate of 40%-50%, the appetite for travel remains strong, indicating a sustained recovery in the industry. A report by MakeMyTrip highlighted that holiday searches have increased by 45% post-pandemic, with over 100 million people searching for travel options on the platform annually. Menon further noted a demographic shift in the Indian t.