TBO Tek (TBOTEK) Q4 24/25 earnings summary

Executive summary

• Achieved strong growth in FY25 with revenue up 25%, gross profit up 29%, and adjusted EBITDA up 22%, crossing INR 30,000 crores in GTV and INR 1,737 crores in revenue.

• Hotels and ancillaries business outpaced air, now contributing 59% of GTV and 84% of gross profit, up from 50% and 78% in FY24.

• Expanded into 15+ new markets, including Australia, France, and Germany, with Europe now the largest and fastest-growing region.

• Significant investments in sales and market development, adding 60+ sales staff in Q4 and planning 100 more, with new sales leadership in North America.

• Launched Platinum Desk and AI-led initiatives to enhance agent engagement and premium hotel offerings, with Platinum program showing 22-30% share of wallet improvement.

Financial highlights

• FY25 revenue reached INR 1,737.5 Cr, up 25% YoY; gross profit at INR 1,193.5 Cr (+29% YoY); adjusted EBITDA at INR 328.8 Cr (+22% YoY); net profit at INR 229.9 Cr.

• Q4 revenue grew 20.9% YoY to INR 446.1 crore; Q4 adjusted EBITDA at INR 79.1 crore (+14.6% YoY); Q4 PAT at INR 58.91 crore (+27% YoY).

• Adjusted EBITDA margin for FY25 was 18.9%, with Q4 at 17.73%; PAT margin at 13.2%.

• Cash and equivalents exceeded INR 1,450 Cr as of March 31, 2025.

• IPO completed in Q1 FY25, raising INR 4,000 Mn (fresh issue) and INR 11,508.09 Mn (offer for sale); unutilized proceeds temporarily invested in fixed deposits.

Outlook and guidance

• Confident in maintaining high growth rates in international markets, targeting similar organic growth (30%) as FY25.

• Plans to add ~100 new KAMs and expand into ~20 new countries by Q2 FY26.

• Continued focus on expanding buyer base, increasing transaction frequency, and growing average transaction value.

• Expect operating leverage to show in margins within 3-4 quarters as investments mature.

• Unutilized IPO proceeds earmarked for technology, platform growth, and inorganic acquisitions; INR 1,570.88 Mn remains unutilized as of March 31, 2025.