TBO Tek (TBOTEK) Q4 24/25 earnings summary

Executive summary

• Achieved strong growth in FY25 with revenue up 25%, gross profit up 29%, and adjusted EBITDA up 22% year-over-year, crossing INR 30,832 crore in GTV and INR 1,737 crore in revenue.

• Hotels and ancillaries business outpaced air, now contributing 59% of GTV and 84% of gross profit, up from 50% and 78% in FY24.

• Expanded into 15+ new markets, with Europe now the largest and fastest-growing region; accelerated sales hiring and launched AI-led initiatives.

• Board approved audited results for FY25 with an unmodified audit opinion; IPO completed in June 2024, resulting in NSE and BSE listing.

• Launched Platinum Desk and Platinum program for luxury hotels, showing 22-30% share of wallet improvement for participating hotels.

Financial highlights

• FY25 revenue reached INR 1,737.47 crore, gross profit INR 1,193 crore, and adjusted EBITDA INR 329 crore; Q4 revenue grew 20.9% YoY to INR 446.1 crore.

• PAT for FY25 was INR 229.89 crore, up from INR 200.6 crore in FY24; total comprehensive income for FY25 reached INR 2,359.47 Mn.

• Adjusted EBITDA margin for FY25 was 18.9%, with Q4 at 17.73%; PAT margin at 13.2%.

• Cash and equivalents at INR 1,455.5 crore as of March 31, 2025; strong balance sheet with over INR 1,450 crore in cash.

• IPO completed in Q1 FY25, raising INR 4,000 Mn (fresh issue) and INR 11,508.09 Mn (offer for sale); unutilized proceeds temporarily invested.

Outlook and guidance

• Confident in maintaining high growth rates in international markets, targeting similar organic growth (30%) as FY25 and expanding into 20 new countries.

• Continued focus on expanding buyer base, increasing transaction frequency, and growing average transaction value.

• Expect operating leverage to show in margins within 3-4 quarters as investments mature.

• Unutilized IPO proceeds earmarked for technology, platform growth, and inorganic acquisitions; INR 1,570.88 Mn remains unutilized.

• Management monitoring regulatory developments and evaluating options regarding FEMA-related matters.