TBO Tek (TBOTEK) Q3 24/25 earnings summary

Executive summary

• Achieved strong Q3 FY2025 growth with GTV up 26% year-over-year and revenue up 29%, led by Hotels & Ancillaries and international markets, especially Europe and Latin America.

• Europe GTV rose 90% (including acquisition) and 60%+ organically; regional growth also strong in LATAM (+34%), MEA (+31%), APAC (+67%), and North America (+34%).

• Unique Active Agents grew 10% year-over-year, supporting GTV and gross profit.

• Investments in AI, platform enhancements, and geographic expansion underpin growth strategy.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2024, were approved and released following a board meeting on February 12, 2025.

Financial highlights

• Q3 revenue from operations reached INR 422.2 crore, up 29.2% year-over-year; gross profit increased 34% to INR 297 Cr.

• Adjusted EBITDA for Q3 was INR 75 crore, up 26.1% year-over-year, with a margin of 17.8%; PAT at INR 50 crore, down 1.6% due to INR 12.48 crore forex loss.

• Nine-month revenue at INR 1,291.3 crore (+26%), adjusted EBITDA at INR 249.7 crore (+24.5%), PAT at INR 171 crore (+10.9%).

• Cash and bank balances at INR 1,335.5 crore as of December 31, 2024.

• Consolidated revenue for Q3 FY25 was INR 4,221.88 Mn, up from INR 3,268.58 Mn in Q3 FY24; consolidated net profit for Q3 FY25 was INR 499.76 Mn.

Outlook and guidance

• Management targets maintaining 19%+ EBITDA margin for the full year.

• Q4 expected to be impacted by Ramadan seasonality and full integration of Jumbonline, with a rebound anticipated in Q1.

• IPO proceeds are being utilized for technology, platform growth, and international expansion, with INR 3,231.65 Mn unutilized as of December 31, 2024.

• Continued focus on profitable top-line growth, with margin expansion expected in the long term as reinvestment moderates.

• Fast-tracking investments and geographic expansion, with new legal entities in Indonesia, Greece, and Israel.