Madhavan Menon, the chairperson of Thomas Cook India, has been appointed as the non-executive chairman of the board of the travel company. According to the company’s filings to the BSE on Monday, this transition will take effect on June 1. Menon was re-appointed as executive chairman for a new five-year term in July 2023, but on February 3, he requested to be redesignated as non-executive chairman.
In his new role, Menon will continue to provide mentorship, guidance, and support to the board and senior management. Mahesh Iyer, the managing director and CEO of the company, will manage the group’s operations. Menon has been a pivotal figure at Thomas Cook India for approximately 25 years, having joined in 2000 as executive director overseeing the foreign exchange business. He advanced to managing director in 2006 and became chairman and managing director in 2016.
Under Menon’s leadership, the company has evolved into India’s premier omnichannel travel provider, expanding its reach across 21 countries on four continents, including regions such as Australia, China, ASEAN, South Asia, the Middle East, and Africa.
In its latest report, Thomas Cook India announced an operational income of ₹2,061 crore for Q3 of FY25, marking an 8% increase from ₹1,893 crore in the previous year. However, the company experienced a significant decline in net profit for Q3 FY25, which fell to ₹47.2 crore, compared to ₹90.5 crore in the same quarter of FY24. The decrease in profit, attributed to a higher Effective Tax Rate (ETR), was influenced by its subsidiary, Sterling Holiday Resorts, recognizing Deferred Tax Assets (DTA) of ₹23.1 crore from prior losses and unabsorbed depreciation, which are expected to reduce future tax liabilities.
Additionally, Thomas Cook India is acquiring the hotel business of its subsidiary, Nature Trails Resorts Pvt. Ltd (NTRPL), which is wholly owned by Sterling Holiday Resorts Ltd (SHRL) and fully owned by Thomas Cook India, for a cash consideration of up to ₹60 crore.
