Travel distribution firm TBO Tek Ltd on Thursday said its profit after tax (PAT) rose by 64 per cent to Rs 46 crore in the quarter ended March 2024 from Rs 28 crore in the corresponding quarter of the previous year.
Travel distribution firm TBO Tek Ltd on Thursday said its profit after tax (PAT) rose by 64 per cent to Rs 46 crore in the quarter ended March 2024 from Rs 28 crore in the corresponding quarter of the previous year. The revenue during the reporting quarter jumped 31 per cent to Rs 369 crore crore compared to the year-ago period.
For FY 2023-24, the PAT stood at Rs 201 crore, up 31 per cent over FY23 while the revenue was recorded at Rs 1,393-crore, an increase of 35 per cent over the financial year ended March 2023, the company said.
"FY 24 was a landmark year for TBO. Following our successful IPO, we have recorded another year of remarkable growth, with revenue soaring to Rs 1,393-crore, showcasing 31 per cent increase with adjusted EBITDA at Rs 270-crore," said Gaurav Bhatnagar, co-founder and Joint MD, TBO Tek Limited.
The gross transaction value during FY24 surged to Rs 26,536-crore, marking a 19 per cent year-over-year growth, he added.
"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," Bhatnagar said.
In the coming year, the company 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.
"Our company's remarkable trajectory has mirrored the robust growth in the travel industry. Government's UDAN scheme initiative, development of large no. of airports and estimated investment of USD 1.83 billion in airport infrastructure by 2026 will act as a catalyst to the company's and the industry growth," said Ankush Nijhawan, Co-founder and Joint MD, TBO Tek Limited said.
The outbound air traffic, according to him, is expected to reach 42 million passengers in 2027 growing at a CAGR of approximately 6 per cent between 2023 and 2027 while the outbound travel market is expected to grow at a CAGR of 11.1 per cent during this period, reaching USD 19.6 billion, he said.
"We remain committed to capitalizing on this dynamic industry, delivering innovative solutions and forging strategic partnerships. We understand the intricate requirements of our global customers. We are committed to the company's sustainable growth to create long-term stakeholders value by capitalizing on emerging industry trends backed by our solid foundation and visionary leadership", he added.