Thomas Cook India Chairman Madhavan Menon Retires
Thomas Cook India announced the retirement of its Executive Chairman, Madhavan Menon, effective May 31. Post his retirement, Managing Director and CEO Mahesh Iyer will take over the operations of the company. Menon joined Thomas Cook India in 2000 as the Executive Director for the foreign exchange business. He has been instrumental in expanding the company through various domestic and international acquisitions. Even though he is stepping down from the executive position, he will continue to be the Non-Executive Chairman of the company.
Thomas Cook India has announced integration plans of its wholly owned subsidiary Sterling Resorts's Nature Trails Resorts in its domestic business. Nature Trails runs resorts at four locations across Maharashtra. Sterling Resorts is a wholly-owned subsidiary of Thomas Cook India, which will pay Rs 60 crore for this business to reinforce its domestic travel offerings.
In a stock exchange filing, Thomas Cook India pointed out that its customers are predominantly young travelers. "Nature Trails has been a preferred choice for schools, corporates and families for over two decades. The integration will enable us to leverage our customer base and enhance our domestic travel portfolio", the company mentioned.
The announcement follows Thomas Cook India’s Q3 FY25 financial results, which reported a 48% decline in net profit. The company’s net profit for the quarter stood at Rs 47.2 crore, down from Rs 90.5 crore in the same period last year. Despite a 7.3% increase in revenue to Rs 2,083 crore, costs surged by 9.4%, impacting profitability.
Commenting on the results, Menon said, "Despite geopolitical tensions and currency volatility impacting our international Destination Management Services (DMS) operations, we maintained our margins through effective cost management and sustainable growth strategies".
