DreamFolks achieves remarkable 66% revenue growth in Q1, announces interim dividend

DreamFolks, India’s largest airport service aggregator platform has clocked a remarkable 66% YoY growth in revenue at INR 2,663.21 million for the quarter ended June FY24. This is attributed to increase in passengers’ growth and various initiatives driving penetration in lounge and other services.

Key Highlights - Q1 FY24:

- Q1FY24 Revenue of INR 2,663.21 million; 66.18% Growth YoY

- ­EBITDA at INR 186.92 million; EBIDTA Margin at 6.99%

- ­PAT stood at INR 129.62 million; PAT Margin at 4.87%

Commenting on the results Ms. Liberatha Kallat, Chairperson and Managing Director said:

It has been an impressive beginning to the year, building upon the positive trends of the previous two quarters. DreamFolks has showcased strong operational capabilities, resulting in a significant revenue uptick. Regarding our Financial Performance, we have witnessed a remarkable 66.18 % revenue growth, surging from INR 1602.60 million in Q1 FY23 to INR 2663.21 million in Q1 FY24. Our steadfast commitment to an asset-light model and lean team structure has allowed us to proudly maintain a debt-free status.

In recognition of the company’s exceptional performance and commitment to delivering value to its shareholders, the Board of Directors is pleased to announce the Inaugural interim dividend of INR 0.5 per share.

Operational Highlights:

The domestic air traffic for the quarter has increased by 18.63% in comparison to the same period in the previous fiscal year. Despite Q1 being a typically subdued period, the company has seen a robust 45.30% YoY growth in passengers utilizing their lounge and other services in Q1 FY24.

Interim Dividend announcement

The Board of DreamFolks has approved a dividend of INR 0.5 per share for the quarter ending 30th June ‘2023. This dividend will be payable on or before 8th September’2023 to the shareholders on the record date as of 22nd August’ 2023. DreamFolks services strong financial position enables it to share its success with its shareholders.