TBO Tek’s operating revenue increased 31% to INR 369 Cr in Q4 FY24 from INR 281.4 Cr in the year-ago quarter
The Q4 numbers include the results of Spain’s Jumbonline, which the company acquired in December last year
Shares of TBO Tek listed on the exchanges earlier this month at a premium of over 50% to the issue price
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Recently-listed B2B travel portal Travel Boutique Online or TBO Tek posted a 64% jump in profit after tax (PAT) at INR 46.4 Cr in the March quarter (Q4) of the financial year 2023-24 (FY24) from INR 28.2 Cr in the corresponding period last year, helped by a sharp growth in its hotels and packages segments.
However, PAT declined on a quarter-on-quarter basis from INR 50.8 Cr in the previous quarter – Q3 FY24.
It must be noted that the Q4 numbers include the results of Spain’s Jumbonline, which the company acquired in December last year.
TBO Tek’s operating revenue increased 31% to INR 369 Cr in Q4 FY24 from INR 281.4 Cr in the year-ago quarter.
Founded in 2006, TBO Tek provides travel solutions to travel agents and tour operators. It offers white-label solutions, hotel and flight booking APIs and dynamic packages, among others. The platform claimed to connect around 164K buyers across over 100 countries with more than 1 Mn suppliers, as of March 31, 2024.
Its revenue from the hotel and packages segment increased almost 41% year-on-year (YoY) to INR 271.8 Cr, while revenue from air ticketing vertical increased 7.4% YoY to INR 87 Cr in Q4 FY24.
The company said that its gross transaction value (GTV) rose 22% YoY to INR 7,511 Cr during the reported quarter.
Meanwhile, in FY24, TBO Tek posted a PAT of INR 200.6 Cr on an operating revenue of INR 1,392.8 Cr, registering a 35% and 31% YoY rise, respectively.
Commenting on the earnings, Gaurav Bhatnagar, cofounder and joint MD, said, “Our acquisition of Jumbonline has already started showing positive results and contributed meaningfully to our bottom line in Q4. We believe that the results are a validation of strategy to focus on both organic and inorganic growth to drive EBITDA margin expansion via operating leverage.”
“In the coming year, we will continue to invest in global market development, supply strengthening and platform innovation. We will be looking for strategic inorganic opportunities as well”, he added.
On the expenditure front, the company spent INR 1,181.4 Cr in FY24, registering over a 29% rise YoY.
This was TBO Tek’s first earnings announcement after its listing on the bourses earlier this month. Its shares listed at INR 1,426 on the NSE, a premium of 55% over the issue price of INR 920. The shares listed at INR 1,380 on the BSE, a 50% premium.
The stock has gained 1.2% since listing and ended today’s trading session at INR 1,396.9 on the BSE.
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