Tourism is one of the fastest-growing sectors in the country, and it has witnessed immense growth in FY 2023-24. Inbound tourism has attracted over 9 million visitors, marking an immense growth of 64% compared to 2022. In 2022, around 6 million foreign tourists came to the country. However, the number of tourists is still 15.5% below the pre-pandemic time.
The growth in the travel industry has also had a great effect on stocks like Thomas Cook (India), TBO TEK, BLS International Services, etc. The travel operators are expected to grow revenue by 15-17% this fiscal year.
Thomas Cook (India) Ltd, a leading travel company in the country, offers services like Foreign Exchange, Corporate Travel, MICE (Meetings, Incentives, Conferences, and Exhibitions), etc. This company has reported consolidated revenue of Rs 2106 crore, showing a 10.9% YoY growth.
The TBO Tek is a travel distribution platform associated with hotels, airlines, car rentals, cruises, etc. In Q1FY25, this company reported Rs 418 crore consolidated revenue, reflecting a 21.45% YoY increase.
BLS International Services Ltd is the country’s leading digital service provider, delivering correspondent services to banks. This company reported Rs 493 crore in consolidated revenue in Q1FY25, marking a 28.47% YoY growth.
Also Read: India Promoting Sustainable Tourism to Save Environment
Constantly improving infrastructure, rising incomes, shifting travel patterns, and the government’s push for domestic tourism are the main factors in tourism growth. The government also shows great promise for tourism infrastructure enhancement in the future, with significant transportation connectivity improvement. It also allocated Rs 2,479 crore for tourism in the FY25 Budget.