TBO Tek (TBOTEK) Q3 24/25 earnings summary

Executive summary

• Achieved strong Q3 FY2025 growth with a 9% increase in monthly transacting buyers and 26% GTV growth year-over-year, driven by international expansion and robust hotel and ancillary segment performance.

• Europe led international growth with a 90% year-over-year increase in GTV, aided by the Jumbonline acquisition; organic growth in Europe still exceeded 60%.

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

• Significant investments in AI, platform enhancements, and geographic expansion are accelerating productivity and user engagement.

• 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 rose 29% year-over-year to INR 422.2 crore; gross profit increased 34%.

• Adjusted EBITDA grew 26% to INR 75 crore; PAT was INR 50 crore, down 1.6% due to INR 12.48 crore forex loss.

• For nine months FY25, revenue reached INR 1,291.3 crore (up 26%), adjusted EBITDA INR 249.7 crore (up 24.5%), and PAT INR 171 crore (up 10.9%).

• Consolidated revenue from operations for Q3 FY25 was INR 4,221.88 Mn, up from INR 3,268.58 Mn in Q3 FY24; nine-month revenue was INR 12,913.44 Mn, up from INR 10,237.53 Mn year-over-year.

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

Outlook and guidance

• Management targets maintaining adjusted EBITDA margins above 19% for the full year.

• Q4 expected to be seasonally weaker due to Ramadan, 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, temporarily invested in fixed deposits.

• Continued focus on international expansion, platform investments, and cross-selling to drive future growth.