DreamFolks achieves Revenue of Rs. 11,350 Million registering a growth of 47% in FY24 Declares a Final Dividend of Rs. 1.5 per share, taking Total Dividend in FY24 to 100% of the Face Value
Mumbai (India), 28 May 2024 – Dreamfolks Services Limited (herein referred to as “DreamFolks”), India’s largest airport service aggregator platform, today announced the financial results for the fourth quarter and full year ended 31 March 2024.
Ms. Liberatha Kallat, Chairperson and Managing Director, commented on the performance: “In FY24 we have achieved a Revenue amounting to Rs. 11,350 Million, reflecting a 47% YoY growth. Additionally, our “Other Services” other than India lounge continue to expand, recording a 14x jump from FY22 to FY24 with Revenue contribution growing to 6% this year, up from less than 2% in FY22. This growth is particularly noteworthy, given the strong growth of our India Lounge business in recent years. Our full year Gross Margins of 12.1% were in line with our guidance of 11-13%.
Our vision is to make premium travel and lifestyle experiences accessible to everyone. We are steadfast in our commitment to this goal, continuously enhancing our portfolio with contemporary services into our portfolio through strategic collaborations. This quarter, we have expanded our offerings to include luxury car rentals, beauty and grooming services, and personalised luxury lifestyle services. In addition to broadening our client base, we are also focussing on deepening our engagement with the existing clients, by offering additional services and increasing their wallet share. Furthermore, our ambition to go global is being realised with the recruitment of a senior professional at our office in Singapore. This strategic move is intended to penetrate the Southeast Asian market, capitalising on the region’s robust economic growth and dynamic business environment, thereby acting as a gateway to broader global opportunities.
Our leading position in the lounge services industry, coupled with our proprietary state-of-the-art technology platform and deep integration with long-standing clients positions us strongly. Supported by favourable industry tailwinds such as increasing demand for travel and luxury services and the growing adoption of credit cards and digital payment solutions; we are well-equipped to sustain positive performance in future.
Key Financial Highlights of the Quarter (Consolidated):
- Particulars (Rs Million) Q4FY24 Q4FY23 YoY FY24 FY23 YoY
- Revenue from Operations 2,811 2,378 18.2% 11,350 7,733 46.8%
- Gross Profit 351 425 (17.3%) 1,368 1,279 7.0%
- Adjusted EBITDA* 273 359 (24.2%) 1,033 1,046 (1.2%)
- Profit After Tax 180 253 (28.9%) 686 725 (5.4%)
*After adjusting for non-cash ESOP Expenses
Other Highlights:
- Formed a strategic partnership with RedBeryl, a pioneer in luxury lifestyle and personalised services facilitator, offering access to 3,000+ exclusive members-only club across 150+ countries, including front-row seating at global sporting events.; dining experiences and elite mobility options, and many more luxury services.
- Expanded partnership with Eco Mobility, to provide access to luxury car rental services in 150+ airports in India and abroad to DreamFolks club members.
- Partnered with Beauty and Grooming services provider Looks Salon, allowing DreamFolks clients and Club Members to enjoy a variety of grooming services through its 200+ outlets across the country.
