The company said the consolidated FY18 and FY19 results are not comparable as the former includes 11 months of Quess results.
TCIL’s FY 18 consolidated results included a one-time accounting gain of Rs 500 crore on account of the Quess deconsolidation.
TCIL's profit before tax grew 10x from 5.3 crore to 57 crore in financial year 2019.
"This performance has been guided by a very strong performance of our travel and our forex business. The holiday business registered a 17% growth in topline sales and a bottom line growth of about 22%. The B2B side of the travel business grew by about 15% in terms of topline and the bottomline grew by about 20%," said Mahesh Iyer, executive director and CEO, TCIL.
Iyer said losses in the company's destination management services business (DMS) also reduced substantially during the period under review to Rs 13 crore from Rs 37 crore in financial year 2018.
TCIL's earnings before interest and taxes for the foreign exchange and travel services business increased by 29% to Rs 265 crore in FY 19 from Rs 206 crore in FY18. TCIL's travel revenues grew by about 19% from Rs 5077 crore to 6062 crore in FY19 and profit before interest and taxes grew by 34% moving up from Rs 135 crore to Rs 182 crore in the travel business.
"On the travel side, both the B2C and B2B businesses registered a double digit growth. The online business that we have been incubating have been performing really well. 24% of our group holiday business gets sold online and we have seen robust growth on the online side. Similarly the B2B side on MICE has seen strong growth in the current quarter also. We have seen 80% growth in our topline and similar growth in profitability for our B2B business that is more specifically MICE," Iyer said.
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