Consolidated net profit slipped 29.7% to Rs 6.46 crore on an 11% increase in net sales to Rs 1,727.02 crore in Q3 December 2019 over Q3 December 2018.
Consolidated profit before tax fell 16% to Rs 18.17 crore in Q3 December 2019 as against Rs 21.64 crore in Q3 December 2018. The drop in consolidated PBT is attributable to a timing difference, due to the demerger exercise which led to delays in invoicing by the Inbound business. This is expected to be normalised in Q4 FY20.
Tax expense, during the quarter, slumped 61.3% to Rs 3.97 crore as compared to Rs 10.26 crore in corresponding quarter last year. The Q3 result was declared during trading hours yesterday, 30 January 2020.
Consolidated EBITDA jumped 43.7% to Rs 80.18 crore in Q3 December 2019 over Rs 55.80 crore in Q3 December 2018.
Thomas Cook (India) group has a cash and bank deposit balance of Rs 1,413.70 crore as of 31 December 2019 and generates an average of Rs 200 crore in free cash annually.
Commenting on the Q3 result, Madhavan Menon, the chairman and managing director of Thomas Cook (India), has said that, Given the challenging market conditions that were prevalent throughout 2019, the Group delivered a strong performance with consolidated revenue from operations growing by 11% to Rs. 17.2 Bn. from Rs. 15.5 Bn.
We continue our focus on sustainability and profitability with initiatives focused on margin and cost management. Looking ahead, despite the geopolitical tensions and natural calamities unfolding including the Corona Virus outbreak etc., we are cautiously optimistic and look to end the financial year on a strong note, he added.
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Thomas Cook (India) provides travel and travel related financial services. The services of the Company include foreign exchange, corporate travel, insurance, visa and passport services, gift cards, hotel bookings, flight ticket bookings, tour packages and electronic business.
Shares of Thomas Cook (India) declined 2.56% to Rs 53.30. It hit an intraday high of Rs 51.65 and an intraday low of Rs 55.40.
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