BackRateGain Travel Technologies jumps around 12% on strong March quarter results; Q4 net profit up 48%
Shares of RateGain Travel Technologies surged almost 12 percent in intra-day deals on Tuesday after the firm posted strong results for the quarter ended March 2024 (Q4FY24).
PremiumShares of RateGain Travel Technologies surged almost 12 percent in intra-day deals on Tuesday after the firm posted strong results for the quarter ended March 2024 (Q4FY24).
The company's net profit rose 48 percent year-on-year (YoY) to ₹50 crore versus ₹33.8 crore in the same period last year. Meanwhile, its operating revenue also grew 40 percent YoY to ₹255.8 crore as against ₹182.9 crore in the same period last year.
On the operating front, its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) surged 68.5 percent YoY to ₹54.2 crore, whereas EBITDA margin rose to 21.2 percent in the quarter under review from ₹17.6 percent in Q4FY23.
“FY24 was a transformative year for RateGain, and it would not have been possible without the combined effort of our global teams to continuously deliver value to our clients. The need for reliable insights, and easy-to-use and intuitive products will only increase as the industry starts looking at more data to make better decisions. Our investments over the past year in tech and talent to scale our AI-led products will enable us to be in a great position to help our customers to unlock new revenue every day. As we set sight on bigger goals, our culture of innovation and focus on operational excellence will be critical to drive future growth," said Bhanu Chopra, Chairman and Managing Director, RateGain.
Overall for the full financial year FY24, the company's net profit soared 112.6 percent YoY to ₹145.39 crore from ₹68.4 crore in FY23. Meanwhile, its operating revenue also jumped 69 percent to ₹957 crore versus ₹565 crore in FY23.
In FY24, the firm doubled new contract wins to ₹284.7 crore with the Annual Recurring Revenue at ₹1,023.2 crore.
The stock rose as much as 11.7 percent to its day's high of ₹820. It is now just 11 percent away from its 52-week high of ₹921.10, hit on February 16, 2024 and has rallied 121 percent from its 52-week low of ₹371.05, hit on May 30, 2023.
The stock has surged 78.5 percent in the last 1 year and almost 13 percent in 2024 YTD. It has risen almost 12 percent in May after a 2.7 percent and 11.7 percent decline in April and March. Meanwhile, it gained 2 percent in February and 9.5 percent in January.
"We continue to see robust revenue growth coupled with strong margin expansion, clearly demonstrating the value we are delivering to our customers. The key to this has been our proven ability to turn around our acquisitions validated by Adara’s exceptional performance. The company continues to witness significant improvement across key operating metrics including customer retention and revenue diversification. With focused execution we witnessed a doubling of our contract wins in the past year powered by healthy growth from key markets and a strong demand for our products in emerging markets positioning us well for future growth opportunities," said Tanmaya Das, Chief Financial Officer of RateGain.
RateGain Travel Technologies Limited is a global provider of SaaS solutions for travel and hospitality that works with 3200+ customers and 700+ partners in 100+ countries, helping them accelerate revenue generation through acquisition, retention, and wallet share expansion.
3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!
