MAM
Festival Tourism is driving Travel Demand Thomas Cook India observes 20% growth in bookings
Mumbai: Thomas Cook (India) Ltd., India’s leading integrated travel and related financial services company, has reported a strong growth in ‘Festival Tourism’ as the Indian traveller seeks to combine spiritual elements with unique cultural experiences. This year, the Kumbh Mela and Holi have proved to be significant drivers, with over 20% growth from the previous year. The company has also recognized that a ‘smart weekend holiday’ concept (taking a day off from work to extend festival holidays) is creating a distinctive boost to travel demand.
This year, Holi has reiterated the trend of Festival Tourism and this has been a boon to Thomas Cook India’s domestic travel business, with demand up by over 12%. Indians are showing significant interest in the celebrations at Vrindavan’s famous Banke-Bihari temple and Gulal Kund’s re-enactment of Holi by local Krisha-leela drama troupes in Brar; equally Mathura-Dwarka; or joining in Shantiniketan’s cultural events started by Tagore.
Thomas Cook India’s customer data and analytics also reveal that Festival Tourism is no longer restricted to India, with the country’s new age travellers opening up to cultural experiences globally, and an increase in demand of approximately 20% for experiences including the water festival/ Songkran in Thailand, the lantern festival in Taiwan, Chinese New Year in Singapore, the Dragon Boat Festival in Hong Kong, the colourful Carnival in Rio de Janeiro, Brazil and Venice, Italy, Mardi Gras festivities in Louisiana, USA, the famed tomato festival/ La Tomatina in Spain, a colourful display of costume and culture – Dia de los Muertos in Mexico, and the Boryeong Mud Festival in Korea, amongst others.
The concept of ‘smart weekend holidays’ is another significant trend being witnessed this Holi weekend, with work-weary millennials taking a Friday off to create an extended weekend from Thursday to Sunday. Short haul, no-visa or easy visa regime destinations are in high demand, with an increase of over 25% to destinations like Dubai-Abu Dhabi, Singapore, Bali, Thailand, Sri Lanka; also off-roading and adventure getaways to Uttarakhand, Corbett, Kufri, Neemrana, Kolad/Dandeli in Maharashtra, Andamans, Mysore-Coorg, and more. Growth is being witnessed predominantly from millennials/the DINKs-SINKs segment and ad-hoc groups of friends and families.
Rajeev Kale, President and Country Head, Leisure Travel, MICE, Thomas Cook (India) Ltd. said, “Festival Tourism is the new trend, with India’s new age travellers rediscovering their roots and joining in the celebrations of festivals like Holi in India’s Vrindavan, Mathura-Dwarka; also Mardi Grass, Songkran, and several others in international locations. Extending the weekend by taking a day off from work, is giving rise to an interesting concept of ‘smart weekend holidays’. Both are catalysing our travel demand this year, and clearly trends that we are looking forward to!”
About Thomas Cook (India) Limited: Set-up in 1881, Thomas Cook (India) Ltd. (TCIL) is the leading integrated travel and travel related financial services company in the country offering a broad spectrum of services that include Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Insurance, Visa and Passport services and E-Business. It operates leading B2C and B2B brands including Thomas Cook, SOTC, TCI, SITA, Asian Trails, Allied T Pro, Australian Tours Management, Desert Adventures, Travel Circle International Limited, Private Safaris East & South Africa.
As one of the largest travel service provider networks headquartered in the Asia-Pacific region, The Thomas Cook India Group spans 25 countries across 5 continents, a team of over 8226 and a combined revenue in excess of Rs. 11,411.6 Cr. (over $ 1.75 Bn).
TCIL has been felicitated with The Best Outbound Tour Operator and Leading Company with Cutting Edge Travel Innovation at the Times Travel Awards 2018, Excellence in Domestic Tour Operations at the SATTE Awards 2018, Best Travel Entrepreneur of The Year at TTG Travel Awards 2017, The French Ambassador’s Diamond Award for Exemplary Achievements in Visa Insurance– 2015 to 2018 and the Condé Nast Traveller – Readers’ Travel Awards from 2011 to 2018.
CRISIL has removed its rating from ‘rating watch with developing implications’ and reaffirmed the rating of ‘CRISIL AA–’ on the long-term bank facilities of TCIL, while reaffirming its ‘CRISIL A1+’ rating on the short-term bank facilities and short- term debt of the Company.
For more information, please visit www.thomascook.in
Fairbridge Capital (Mauritius) Limited, a subsidiary of Fairfax Financial Holdings Limited promotes TCIL by holding 66.94% of its paid up capital and is responsible for the execution of acquisition and investment opportunities.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
