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Travel distribution company TBO Tek Ltd on Thursday said profit after tax (PAT) rose 64 per cent to Rs 46 crore in the quarter ended March 2024, compared to Rs 28 crore in the corresponding quarter of the previous year.
Revenue during the reporting quarter rose 31 percent to Rs 369 crore crore compared to the same period a year ago.
For the financial year 2023-24, PAT stood at Rs 201 crore, up 31 per cent over FY23, while revenue was recorded at Rs 1,393 crore, up 35 per cent over the financial year ended March 2023, it said company.
“FY 24 was a landmark year for TBO. Following our successful IPO, we delivered another year of remarkable growth, with revenue rising to Rs 1,393 crore, representing an increase of 31 percent with an adjusted EBITDA of Rs 270 crore,” said Gaurav. Bhatnagar, Co-Founder and Joint MD, TBO Tek Limited.
Gross transaction value rose to Rs 26,536 crore during FY24, registering a 19 per cent year-on-year growth, he added.
“Our acquisition of Jumbonline is already starting to show positive results and made a meaningful contribution to our bottom line in the fourth quarter. We believe the results are a validation of the strategy to focus on both organic and inorganic growth to increase EBITDA margin through operating leverage,” says Bhatnagar. said.
In the coming year, the company will continue to invest in developing the global market, strengthening its offering and platform innovation. We will also look for strategic, inorganic opportunities, he added.
“Our company’s remarkable trajectory reflects the robust growth in the travel industry. The government’s UDAN programme, the development of a large number of airports and an estimated investment of US$1.83 billion in airport infrastructure by 2026 will act as a catalyst for the growth of the company and the industry. ” said Ankush Nijhawan, Co-Founder and Joint MD, TBO Tek Limited.
According to him, outbound air traffic is expected to reach 42 million passengers by 2027, with a CAGR of around 6 percent between 2023 and 2027, while the outbound travel market is expected to grow at a CAGR of 11.1 percent during this period. to $19.6 billion, he said.
“We remain committed to capitalizing on this dynamic industry, delivering innovative solutions and forging strategic partnerships. We understand the complex requirements of our global customers. We are committed to the sustainable growth of the business to deliver long-term value for creating stakeholders by capitalizing on emerging industry trends backed by our solid foundation and visionary leadership,” he added.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
First print: May 31, 2024 | 3:05 PM IST
