Madhavan Menon, chairperson of Thomas Cook India, has been redesignated as non-executive chairman of the board of the travel company. In its filings to BSE on Monday, the travel company said that he will change from his current role starting 1 June.
Menon was re-appointed as executive chairman of the company for a new five-year term in July 2023, for five years but on 3 February, the board redesignated him as non-executive chairman upon his request.
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He will continue his mentorship role by mentoring, guiding, and supporting the board and senior management. Mahesh Iyer, the company’s managing director and CEO, will oversee the group’s operations.
The company said in its filings that Menon has been a key figure at Thomas Cook India for about two and a half decades. He joined the business in 2000 as executive director, responsible for the foreign exchange business. He rose to managing director in 2006 and became chairman and managing director in 2016.
Growth to pole position
“Under him, the company has grown into the country’s leading omnichannel travel company, expanding its operations across 21 countries on four continents, including in regions like Australia, China, Asean, South Asia, the Middle East, and Africa,” the filing added.
On Monday night, Thomas Cook India also reported an income from operations of ₹2,061 crore in Q3 of FY25, growing 8% over last year’s ₹1,893 crore. However, the company saw a sharp decline in its net profit over Q3 FY25, falling to ₹47.2 crore, while in the corresponding quarter in FY24, the company reported a net profit of ₹90.5 crore. The company explained that its profit dropped by 11% mainly because of a higher Effective Tax Rate (ETR), which was due to its subsidiary, Sterling Holiday Resorts, recognising Deferred Tax Assets (DTA) worth ₹23.1 crore from past losses and unabsorbed depreciation, and it expects to use these to lower future tax payments.
The filing added that Thomas Cook India was buying the hotel business of its subsidiary, Nature Trails Resorts Pvt. Ltd (NTRPL), wholly owned by Sterling Holiday Resorts Ltd (SHRL) and fully owned by Thomas Cook India, for a cash deal of up to ₹60 crore.