The Company has also improved its financial risk profile following sharp revival in business activity. The upgraded ratings factor in the strong parental support from Fairfax Financial Holdings Ltd. The Thomas Cook India Group witnessed significant scale-up of operations with material improvement in overall revenue – an increase of 164% to Rs. 50.91 Bn in fiscal 2023 from Rs 19.31 Bn. owing to strong resurgence in demand and robust recovery in all business segments. The revenue witnessed sustained momentum across segments in the first quarter of fiscal 2024 with an increase of 94% YoY to Rs.18.98 Bn. Driven by strong travel appetite, TCIL witnessed record growth with tripling of Operating Profits for Q1 FY24 to Rs 1.47 Bn (Operating EBITDA). Structural reduction in costs have resulted in better margins and return on capital employed (ROCE).