The listed travel tech company’s net profit also zoomed 48% QoQ to INR 50.02 Cr in Q4 FY24
Operating revenue surged to 36% YoY to INR 255.81 in the quarter
RateGain’s operational revenue grew 69% to INR 957.03 Cr in FY24 from INR 565.12 Cr in the previous year
Traveltech company RateGain’s consolidated profit after tax (PAT) zoomed 48% to INR 50.02 Cr in the quarter ended March 31, 2024 (Q4 FY24) from the INR 33.78 Cr profit it reported in the year ago.
In Q4 FY24, Rategain
saw a 24% jump in profits from the previous quarter’s INR 40.42 Cr. For the full fiscal year of FY24, the company’s profits more than doubled to INR 146.39 Cr from FY23’s INR 68.40 Cr.
RateGain’s operating revenue surged to INR 255.81 Cr in the quarter, up 36% year-on-year (YoY) from Q4 FY23’s INR 187.72 Cr and 1.5% quarter-on-quarter (QoQ) from Q3 F24‘s INR 252.02 Cr.
Meanwhile, its expenses also increased marginally in the quarter to INR 211.40, a 0.2% sequential increase from last quarter’s INR 210.86 Cr. However, the number is up 30% YoY from Q4 FY23’s INR 161.88 Cr.
In tandem with the increase in its profits for the full fiscal year, the startup’s operational revenue grew 69% to INR 957.03 Cr in FY24 from INR 565.12 Cr in the previous year. Total expenses also grew to INR 809 Cr in FY24, a 56% increase from previous fiscal’s INR 517.8 Cr.
The company’s earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter stood at INR 54.2 Cr, up 68% YoY from Q4 FY23’s INR 32.2 Cr. Its EBITDA margins also expanded to 21.2% from previous quarter’s 17.6%.
Post the announcement, the startup’s stocks were trading 5.70% higher at INR 775.50 during the intra-day trading session on May 21. The RateGain stock hit a high of INR 810 per share around 2 PM on Tuesday, before settling slightly lower.
For the uninitiated, RateGain offers SaaS solutions for the travel and hospitality industry. The platform claims to work with more than 3,000 customers and 700 partners spanning 100 countries.
Commenting on the company’s financial result, CEO Bhanu Chopra said, “FY24 was a transformative year for RateGain and it would not have been possible without the combined effort of our global teams to continuously deliver value to our clients.”
The company said that it witnessed strong traction across the services it offers to online travel aggregators (OTAs), airlines and car rentals. Further, it said that it acquired 337 new customers during the quarter. Fresh customers for the company include Yatra, Rental, and Flyr.
“We continue to see robust revenue growth coupled with strong margin expansion, clearly demonstrating the value we are delivering to our customers… The company continues to witness significant improvement across key operating metrics including customer retention and revenue diversification. With focused execution we witnessed doubling of our contract wins in the past year powered by healthy growth from key markets and a strong demand for our products in emerging markets positioning us well for future growth opportunities,” RateGain’s CFO Tanmaya Das said.
The quarter saw members of the promoter group offloading 3% stake. Megha Chopra, one of the company’s promoters, and Usha Chopra, part of the promoter group, together divested shares equivalent to 3% stake out of the total holding of 51.25%.
