Key Points
New Delhi: Ratings agency Crisil said on Thursday it has upgraded Thomas Cook India Limiteds (TCILs) rating to AA-/Stable for the long-term and to CRISIL A1 for the short-term..
The upgrade comes on the back of Thomas Cooks sharp revival after the pandemic and a significant increase in revenues across segments as it continues to maintain healthy operating margins benefitting cash generation, Crisil said in a statement..
Crisils upgraded ratings to AA-/Stable is a strong endorsement of Thomas Cook Indias leadership position across the sectors we operate in and our balance sheet strength," said Madhavan Menon, executive chairman, TCIL..
The travel service provider said it saw a significant scale-up of operations with a material improvement in overall revenue an increase of 164% to 50.91 billion in fiscal 2023 from 19.31 billion owing to the strong resurgence in demand and robust recovery in all business segments..
Driven by a strong travel appetite, TCIL has also witnessed record growth as operating profits (operating EBITDA) tripled in Q1 FY24 to 1.47 billion ," it added..
