Hot Pursuit     28-May-24
Dreamfolks Services slips as PAT slides 29% YoY in Q4 FY24
Dreamfolks Services declined 1.84% to Rs 497.70 after the company's consolidated net profit slipped 28.8% to Rs 18.02 crore in Q4 FY24 as compared with Rs 25.30 crore in Q4 FY23.

Revenue from operations jumped 18.25% year on year (YoY) to Rs 281.14 crore in the financial year ended 31 March 2024.

Profit before tax stood at Rs 24.40 crore in March 2024 quarter, down 28.24% from Rs 34 crore posted in corresponding quarter last year.

Total expense grew 25.67% YoY to Rs 257.79 crore in Q4 FY24 over Q4 FY23. Cost of services stood at Rs 246.01 crore (up 25.97% YoY), employee benefit expenses stood at Rs 6.34 crore (up 21.22% YoY) during the period under review.

Adjusted EBITDA stood at Rs 27.3 crore in Q4 FY24, down 24.2% from Rs 35.9 crore in same quarter previous fiscal.

On full year basis, the company reported consolidated net profit of Rs 69 crore in FY24, down 4.87% on YoY basis. Revenue from operations jumped 46.78% YoY to Rs 1,135.01 crore in the financial year ended March 2024.

Meanwhile, the company's board has recommended payment of final dividend of Rs 1.50 per equity share for FY23-24, subject to approval of the shareholders.

Liberatha Kallat, chairperson and managing director (MD), commented: “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.

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.”

Dreamfolks Services is India's largest airport service aggregator platform facilitating an enhanced airport experience to passengers leveraging a technology driven platform.

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