THOMAS COOK INDIA 2023-24 Annual Report Analysis

Mon, 12 Aug

THOMAS COOK INDIA has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

THOMAS COOK INDIA Income Statement Analysis

• Operating income during the year rose 44.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 146.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 5.9% in FY24 as against 3.5% in FY23.
• Depreciation charges increased by 2.9% and finance costs increased by 11.3% YoY, respectively.
• Other income grew by 116.7% YoY.
• Net profit for the year grew by 2514.4% YoY.
• Net profit margins during the year grew from 0.2% in FY23 to 3.7% in FY24.

THOMAS COOK INDIA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	50,477	72,994	44.6%
Other income	Rs m	636	1,378	116.7%
Total Revenues	Rs m	51,113	74,371	45.5%
Gross profit	Rs m	1,764	4,340	146.0%
Depreciation	Rs m	1,240	1,276	2.9%
Interest	Rs m	891	992	11.3%
Profit before tax	Rs m	268	3,449	1,185.2%
Tax	Rs m	165	738	348.3%
Profit after tax	Rs m	104	2,711	2,514.4%
Gross profit margin	%	3.5	5.9
Effective tax rate	%	61.4	21.4
Net profit margin	%	0.2	3.7

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THOMAS COOK INDIA Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 34 billion as compared to Rs 30 billion in FY23, thereby witnessing an increase of 12.9%.
• Long-term debt down at Rs 1 billion as compared to Rs 1 billion during FY23, a fall of 24.6%.
• Current assets rose 21% and stood at Rs 29 billion, while fixed assets rose 10% and stood at Rs 33 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 62 billion as against Rs 54 billion during FY23, thereby witnessing a growth of 15%.

THOMAS COOK INDIA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	16,866	20,472	21.4
Current Liabilities	Rs m	29,941	33,812	12.9
Long-term Debt	Rs m	1,432	1,080	-24.6
Total Liabilities	Rs m	53,715	61,737	14.9
Current assets	Rs m	23,957	28,919	20.7
Fixed Assets	Rs m	29,758	32,819	10.3
Total Assets	Rs m	53,715	61,737	14.9

THOMAS COOK INDIA Cash Flow Statement Analysis

• THOMAS COOK INDIA's cash flow from operating activities (CFO) during FY24 stood at Rs 8 billion, an improvement of 27.8% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -4 billion, an improvement of 135.4% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -3 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 1 billion from the Rs 2 billion net cash flows seen during FY23.

THOMAS COOK INDIA Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	6,486	8,289	27.8%
Cash Flow from Investing Activities	Rs m	-1,864	-4,388	-
Cash Flow from Financing Activities	Rs m	-2,303	-2,912	-
Net Cash Flow	Rs m	2,390	1,009	-57.8%

Current Valuations for THOMAS COOK INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 5.8, an improvement from the EPS of Rs 0.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 208.5, stands at 36.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.8 times, while the price to sales ratio stands at 1.3 times.
• The company's price to cash flow (P/CF) ratio stood at 14.5 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	107.3	155.2
TTM Earnings per share	Rs	0.2	5.8
Diluted earnings per share	Rs	0.2	5.8
Price to Cash Flow	x	19.6	14.5
TTM P/E ratio	x	270.0	36.1
Price / Book Value ratio	x	2.0	2.8
Market Cap	Rs m	33,820	57,843
Dividends per share (Unadj.)	Rs	0.4	0.6

Ratio Analysis for THOMAS COOK INDIA

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 0.9x during FY24, from 0.8x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio improved and stood at 4.5x during FY24, from 1.3x during FY23. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company improved and stood at 13.2% during FY24, from 0.6% during FY24. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 20.6% during FY24, from 6.3% during FY23. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company improved and stood at 6.0% during FY24, from 1.9% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	0.8	0.9
Debtors’ Days	Days	41	32
Interest coverage	x	1.3	4.5
Debt to equity ratio	x	0.1	0.1
Return on assets	%	1.9	6.0
Return on equity	%	0.6	13.2
Return on capital employed	%	6.3	20.6

To see how THOMAS COOK INDIA has performed over the last 5 years, please visit here.

THOMAS COOK INDIA Share Price Performance

Over the last one year, THOMAS COOK INDIA share price has moved up from Rs 105.9 to Rs 208.5, registering a gain of Rs 102.5 or around 96.8%.

Overall, the S&P BSE SENSEX is up 20.6% over the year.

(To know more, check out historical annual results for THOMAS COOK INDIA and quarterly results for THOMAS COOK INDIA)