Gurugram, Haryana (India), 09 August 2024 – DreamFolks Services Limited (herein referred to as “DreamFolks”), India’s largest travel and lifestyle service aggregator, today announced the financial results for the first quarter ended 30th June 2024.
Ms. Liberatha Kallat, Chairperson and Managing Director, commented on the performance: “We are happy to report a strong start to FY25. Our revenue from operations climbed approximately 20% Y-o-Y to Rs 3,208 million in Q1FY25, from Rs 2,663 million in Q1FY24. We recorded a gross margin of 11.7% and Adjusted EBITDA margin of 8.0% in Q1FY25.
We are on track to achieve a revenue growth of 20%, and a gross margin of 11-13% every year, which is in line with our guidance for FY25. Given the seasonality and contract renewal cycle of our business, the first two quarters in a fiscal see margin compression as compared to the second half of the year where we see the margins expand.
A notable highlight of this quarter was the growth in passenger volumes by 2.8% YoY, despite a structural shift from blanket benefit offers to the spend-based program implementation, by most of our clients.
We continue to take strides towards becoming a one-stop aggregator of lifestyle services in the country and will continue to take initiatives in line with our business strategies of adding new contemporary services other than lounges, increasing wallet share with existing clients, expanding & diversifying our client base and expanding geographically. In line with our strategy of adding more contemporary services into our portfolio, we have introduced a new service – Doctor consultation and Medicine on call during the quarter.
We believe that with our unique business model, the tailwinds from our allied industries, proprietary state-of-the-art technology platform, and our foray into adjacent lifestyle services, we are confident of the long-term momentum being sustained.”
Other Highlights:
- Onboarded 6 new lounges to our network in India – 5 at domestic terminals and 1 at international terminal
- We have added 41 lounges to our network outside of India
- Under the GolfKlik business service, we have added 6 domestic golf courses to our portfolio