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Thomas Cook India inks a long-term agreement with KrisFlyer - the loyalty programme of Singapore Airlines

Author: Vicky Karantzavelou / Date: Tue, 11/15/2022 - 07:54
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Selected as the First Foreign Exchange Partner for the Program; KrisFlyer & PPS Club members will earn miles on every Thomas Cook Foreign Exchange transaction.

MUMBAI - Thomas Cook (India) Limited - India’s omnichannel forex services company has signed a long-term agreement with KrisFlyer - Singapore Airlines (SIA) Group’s loyalty membership program. This makes Thomas Cook India the first Foreign Exchange partner on the KrisFlyer platform, giving Thomas Cook valuable first mover advantage. With the rapid revival of travel, the partnership intends to leverage India’s multiple and highly opportune segments of business: leisure, b-leisure and Corporate MICE.

KrisFlyer members will earn 15 KrisFlyer miles on every purchase of US$100 cash or equivalent value in any other currency; and 30 KrisFlyer miles on loading equivalent forex on card. This offer is valid on a minimum purchase value of US$500/equivalent on retail transactions and available across Thomas Cook India’s omnichannel retail and digital network. Members can redeem miles on their flights including Singapore Airlines, Scoot, Star Alliance member airlines and SIA partner carriers, and on KrisShop -SIA Group’s award- winning e-commerce arm. In addition, miles can also be redeemed on a broad range of shopping and dining experiences, as well as wellness activities, with partners on  Kris+ - SIA Group’s rewards and lifestyle mobile app.

Foreign Exchange comprises a key business line for Thomas Cook India, with a dominant market share in the Country. KrisFlyer – Singapore Airline Family’s world class rewards programme, has an extensive membership of over 50 lakhs globally and 3 lakhs in the India region. The partnership offers Thomas Cook India a viable database of active travellers, while giving KrisFlyer members a dual advantage: easy access to India’s leading Foreign Exchange Company, coupled with mileage benefits on every retail forex transaction. Thomas Cook’s Foreign Exchange empowers its customers with the convenience and flexibility of its unique omnichannel model: simple and quick bookings via its online Forex store, support of its call centre or its closest Forex outlet to interact with a Forex expert. The Company’s Ghar pe Forex commitment of doorstep delivery in 2 hours, serves as a strong reassurance with a smooth, swift and effortless closure.

Mr. Mahesh Iyer, Executive Director & CEO, Thomas Cook (India) Limited. said, “At Thomas Cook India, we value strong partnerships and alliances to serve more customers and so, are delighted to partner with KrisFlyer, the premium membership programme of the world’s most awarded airline, Singapore Airlines. This strategic partnership is aimed at benefiting consumers of both brands.

KrisFlyer members are rewarded with miles on every retail card and cash forex transaction with Thomas Cook India, which can be redeemed on flights, cabin upgrades, shopping, dining experiences, and more. Thomas CookIndia in turn, gets an opportunity to serve KrisFlyer members - some of the most valuable and discerning travellers in the world. As India’s Forex Specialist, Thomas Cook India’s omnichannel model offers seamless Forex services to KrisFlyer members via our extensive retail network of over 100 dedicated foreign exchange branches across 65 Indian cities, 21 counters at leading airports, our call centre and website.”

Mr. Sy Yen Chen, General Manager India, Singapore Airlines, said, “KrisFlyer has evolved from an airline loyalty programme to a travel and lifestyle-centric rewards programme that unlocks an entire universe of benefits for our customers. With international travel bouncing back so rapidly, this partnership with a brand that is as renowned and trusted as Thomas Cook, gives our members a new avenue to earn miles, not just when they fly with us. We are very pleased and proud to have collaborated with Thomas Cook in what is surely going to be a very successful partnership.”

Results for the Quarter ended 30 Sept 22
Thomas Cook (India) Limited also reported its second consecutive profitable quarter on the back of sustained recovery & cost management. On track to a profitable FY23 Standalone PBT of Rs. 193 Mn in Q2 FY23 Vs a loss of Rs. 249 Mn on a YoY basis Consolidated PBT of Rs. 49 Mn in Q2 FY23 Vs loss of Rs. 1,100 Mn in Q2 FY22

  • Standalone PBT of Rs. 193 Mn in Q2 FY23 Vs a loss of Rs. 249 Mn on a YoY basis; robust sequential growth of 226% from Rs. 59 Mn in Q1 FY23
  • Consolidated PBT of Rs. 49 Mn in Q2 FY 23, represents significant growth in profitability Vs loss of Rs. 1,100 Mn in Q2 FY22 and a loss of Rs. 23 Mn in Q1 FY23
  • Foreign Exchange reported EBIT of Rs. 205 Mn in Q2 FY23 Vs a loss of Rs. 27 Mn on a YoY basis; robust sequential growth of 84% from Rs. 112 Mn in Q1 FY23
  • Travel and Related Services (consolidated) turned profitable with an EBIT of Rs. 34 Mn in Q2 FY23 Vs a loss of Rs. 847 Mn on a YoY basis; and a loss of Rs. 178 Mn in Q1 FY23
  • Sterling Holiday Resorts reports an EBIT of Rs. 44 Mn in Q2 FY23 Vs Rs. 106 Mn on YoY basis; on a sequential basis EBIT stood at Rs. 324 Mn in Q1 FY23
  • Digiphoto Entertainment Imaging reported an EBIT of Rs. 90 Mn in Q2 FY23 Vs loss of Rs. 108 Mn in Q2 FY22; Q1 FY23 EBIT stood at Rs. 106 Mn
  • Cash and bank balances as on Sept 30, 2022 were at Rs. 9,135 Mn up from Rs. 8,500 Mn as on June 30, 2022
  • The Group continues to drive cost savings. Costs in Q2 FY23 Vs Q2 FY20 (pre pandemic) reduced by 35% at a standalone level and 24% at a consolidated basis.

Mr. Madhavan Menon, Managing Director, Thomas Cook (India) Limited said, “Our second consecutive strong quarterly results are an outcome of the Group’s sustained recovery efforts & cost management - resulting in a cost saving of 24% Vs pre pandemic levels. Our focus on customer centric technology to drive efficiency, scale and productivity is helping drive the rapid pace of recovery across lines of business as well as geographies. The robust demand we are witnessing for travel across segments gives us the confidence of a profitable FY 23!”.
 

ABOUT THE AUTHOR

Vicky Karantzavelou

Co-Founder & Chief Editor

Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales. She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.