Thomas Cook Q4 FY25 results: net profit up 13.5% to ₹66.01 crore, revenue up 18.3%

How did Thomas Cook perform in Q4 FY25?

Thomas Cook reported consolidated Q4 FY25 revenue of ₹1,969 crore, up ₹305.04 crore or 18.3% from ₹1,664 crore in Q4 FY24. EBITDA rose ₹7.12 crore or 7.8% to ₹98.30 crore, but the margin declined by 0.5 percentage points to 5.0%. Profit before tax rose 45.7% to ₹88.44 crore and net profit rose 13.5% to ₹66.01 crore; basic EPS increased from ₹1.22 to ₹1.39.

Against Q3 FY25, revenue fell ₹92.15 crore or 4.5% to ₹1,969 crore and EBITDA fell ₹17.45 crore or 15.1% to ₹98.30 crore. The EBITDA margin declined by 0.6 percentage points to 5.0%. Profit before tax rose 24.1% to ₹88.44 crore, net profit rose 39.6% to ₹66.01 crore and basic EPS rose from ₹1.06 to ₹1.39. On a standalone basis, revenue was ₹392.29 crore and net profit was ₹15.88 crore.

What changed in Thomas Cook's costs and profit?

Total expenses rose ₹298.53 crore or 18.3% year on year to ₹1,930 crore, with cost of materials up ₹266.14 crore or 22.8% at ₹1,433 crore. Employee cost rose ₹21.83 crore or 8.8% to ₹269.97 crore, depreciation rose ₹3.57 crore or 10.9% to ₹36.36 crore and other expenses rose ₹9.95 crore or 6.3% to ₹167.20 crore. Finance costs were lower by ₹2.96 crore or 11.2% at ₹23.53 crore.

Other income increased ₹24.35 crore or 84.6% year on year to ₹53.14 crore, while the company recorded a ₹3.11 crore exceptional charge, against no exceptional item in Q4 FY24. Tax expense was ₹25.11 crore, up ₹20.89 crore or 495.0% from ₹4.22 crore. These movements accompanied the increase in profit before tax to ₹88.44 crore, while net profit rose ₹7.84 crore or 13.5% to ₹66.01 crore.

How did Thomas Cook do in FY25 as a whole?

For FY25, Thomas Cook reported consolidated revenue of ₹8,139.57 crore, up ₹840.22 crore or 11.5% from ₹7,299.35 crore in FY24. Total income rose 11.4% to ₹8,284.53 crore and profit before tax rose 9.7% to ₹378.36 crore. Net profit declined ₹12.72 crore or 4.7% to ₹258.39 crore, while basic EPS fell from ₹5.57 to ₹5.46.

The full-year result showed higher operating income and profit before tax, but the decline in net profit was accompanied by the higher tax charge shown in the quarter. The investor presentation also reported FY25 operating PBT of ₹3,821 crore, up 15% from ₹3,337 crore in FY24, with travel services EBIT up 29% and forex EBIT up 21%.

What do the balance sheet and cash flow show?

At 31 March 2025, total assets were ₹7,115.69 crore, compared with ₹7,141.04 crore at 30 September 2024. Total equity increased to ₹2,236.69 crore from ₹2,118.21 crore, while borrowings fell to ₹240.56 crore from ₹258.03 crore. Cash and cash equivalents fell to ₹848.70 crore from ₹1,059.08 crore; inventories were ₹36.17 crore, trade receivables ₹632.09 crore and trade payables ₹2,508.08 crore.

FY25 operating cash flow was ₹717.24 crore, compared with ₹828.93 crore in FY24. Investing cash flow was an outflow of ₹329.31 crore, compared with an outflow of ₹438.76 crore, and financing cash flow was an outflow of ₹183.04 crore, compared with an outflow of ₹291.22 crore. Capital expenditure was ₹116.99 crore in FY25 and ₹104.29 crore in FY24.

How has Thomas Cook done over the last 8 quarters?

Revenue reached ₹2,105.94 crore in Q1 FY25, its highest level in the eight-quarter trend, before falling to ₹2,003.76 crore in Q2 FY25 and rising to ₹2,061.01 crore in Q3 FY25. Q4 FY25 revenue was ₹1,968.86 crore, lower than the preceding quarter. Revenue rose year on year in each of the last eight quarters.

Net profit peaked at ₹90.53 crore in Q3 FY24 and bottomed at ₹47.29 crore in Q3 FY25 before rising to ₹66.01 crore in Q4 FY25. The EBITDA margin was highest at 6.5% in Q1 FY24 and Q1 FY25, and lowest at 5.0% in Q4 FY25. In the latest quarter, profit increased while revenue and the EBITDA margin declined.

Which businesses drove the quarter?

Financial services reported revenue of ₹78.70 crore, up 14.3% from ₹68.83 crore in the year-ago quarter, and EBIT of ₹33.45 crore against ₹30.81 crore. Travel and related services reported revenue of ₹1,572.29 crore, up 25.3% from ₹1,254.42 crore, while EBIT rose to ₹58.87 crore from ₹23.47 crore; the reported EBIT margin was 3.7%.

Leisure, Hospitality and Resorts reported revenue of ₹116.41 crore, down 1.2% from ₹117.87 crore, and EBIT of ₹23.47 crore against ₹36.62 crore. Digiphoto imaging services reported revenue of ₹201.46 crore, down 9.5% from ₹222.70 crore, and EBIT of ₹7.84 crore against ₹7.88 crore; its reported EBIT margin was 3.9%.

What else did the company announce?

The board recommended a final dividend of ₹0.45 per share for the year ended 31 March 2025, subject to shareholder approval, and set 21 August 2025 as the record date. The register of members and share transfer books were to remain closed from 22 August to 3 September 2025, with payment or dispatch from 16 September 2025. The 48th AGM was scheduled for 3 September 2025.

The board recommended the reappointment of Managing Director and Chief Executive Officer Mahesh Iyer, who retires by rotation, and appointed Ali Asgar Khuzema Lokat as Chief Internal Auditor from 13 May 2025. It also recommended Dedhia Shah & Partners LLP as secretarial auditors for FY25-26 through FY29-30, subject to shareholder approval. The company also filed an investor presentation on Q4 and FY25 performance.

What did Thomas Cook's management say?

Management said FY26 would be a good outcome similar to FY25 despite near-term challenges. Mahesh Iyer said the company remained cautiously optimistic given geopolitical events and potential global trade wars, with its focus on customer experience, digital transformation and cost optimisation. Debasis Nandy said the business would return to previous margin levels and that overall profitability was expected to grow with higher revenue.

Management identified seasonality flattening, the launch of the Borderless Travel Prepaid Forex Card, and Sterling’s expansion as priorities. Sterling added 13 resorts and 600+ rooms in FY25, with plans for 14-15 new resorts in FY26 to take room inventory to about 4,000 rooms. Forex EBIT margin guidance was maintained at 40-45%, while DEI top-line growth was targeted at about 12% CAGR and margin recovery from 6.5% in FY25 to 9.1% in FY24.

Management did not provide specific Q1 FY26 quantitative guidance, citing softness after the 22 April episode. The call also referred to DEI’s exposure to geopolitical disruption and the FTI bankruptcy, softer corporate travel in March, and Sterling’s membership sunset and one-time leadership and technology investment costs. K. S. Ramakrishnan said DEI was “one of the most profitable souvenir imaging business across the world”.

How did Thomas Cook shares react?

The filing appeared after market hours. From the price when the filing appeared, the stock was up 2.8% after 5 minutes, 4.1% after 15 minutes and 1.9% after 30 minutes. On the reaction day, the stock closed down 2.6% from the previous close, compared with a 0.8% median rise for the other industry stocks, a 3.4 percentage-point underperformance.

By the next day’s close, the stock was up 0.3% from its pre-results close, while the industry median was up 3.0%; by the fifth session, it was up 8.3%, compared with a 5.5% industry median. The Nifty Microcap 250 was up 1.6% on the reaction day, 3.3% by the next day and 5.2% by the fifth session.

Earlier reaction-day moves were down 12.8% on 3 February 2025, up 1.8% on 13 November 2024, down 10.1% on 31 July 2024 and down 4.3% on 15 May 2024.

How did other Tour Travel Related Services companies do?

Six other Tour Travel Related Services companies were compared for the quarter. Their median revenue growth was 37.8%, above Thomas Cook’s 18.3% revenue growth. Two peers grew more slowly than Thomas Cook and four grew faster than the company; all six peers reported higher profit.