TBO Tek (TBOTEK) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 saw strong growth across all KPIs, with active agent base reaching 35,194 and net profit rising to INR 61 crore from INR 47 crore year-over-year.

• EPS reached INR 5.85, up 24% year-over-year, with all key KPIs showing healthy growth and a notable 10.3% increase in hotel segment saliency.

• The company completed its IPO in May 2024, raising INR 4,000 Mn via fresh issue and INR 11,508.09 Mn via offer for sale.

• Jumbonline acquisition and integration contributed significantly to GTV and revenue, with integration progressing well.

• Major platform and organizational initiatives are underway, including onboarding of Gerardo Del Rio as President, International Business.

Financial highlights

• Revenue from operations grew 21% year-over-year to INR 418 crore; consolidated revenue for Q1 FY25 was INR 4,184.64 Mn.

• GTV increased by 14% year-over-year to INR 7,940 Cr; organic international GTV grew 17% excluding Jumbonline.

• Adjusted EBITDA was INR 85 crore with a margin of 20.33%; consolidated EBITDA for Q1 FY25 was INR 815.20 Mn.

• PAT stood at INR 61 crore, up 29% year-over-year, with a PAT margin of 14.6%.

• Basic EPS (consolidated) for Q1 FY25 was INR 5.85, up from INR 4.71 in Q1 FY24.

Outlook and guidance

• Expect stronger organic growth in international business in Q2 FY25 due to seasonality and timing of holidays.

• Full-year effective tax rate projected at 17.5%, with Jumbonline taxed at a higher rate.

• IPO proceeds are earmarked for platform growth, technology, marketing, and inorganic acquisitions, with unutilized funds temporarily invested in fixed deposits.

• Wage hikes to be effective from July, impacting Q2 results.

• Future GTV growth expected to be more volume-driven than price-driven.