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DreamFolks Records 192% Growth In Revenue, 550% Growth In PAT
Number of passengers availing lounge access and other touchpoints through us has grown at a 164 per cent yoy in the first nine months of the FY23 and at 87.93 per cent in Q3FY23, according to the statement
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DreamFolks Services (DFSL), India’s airport lounges access aggregator grew 192 per cent by revenue and 550 per cent growth in PAT (profit before tax) in the first nine months of FY23, according to the company’s statement.
The company recorded strong growth because of a recovery in domestic air traffic by 63.04 per cent in the ninth month of FY23 which surpassed the pre-covid level.
Domestic air traffic grew by 16.67 per cent in Q3 of FY23 as compared to Q3 of FY22 and witnessed record-high footfall in Airport lounges.
The number of passengers availing lounge access and other touchpoints through us has grown at 164 per cent yoy in the first nine months of FY23 and at 87.93 per cent in Q3FY23.
In 9MFY23, passengers accessing airport lounges and other touchpoints stood at 5.81 million compared to 2.20 million in 9MFY22 reflecting the recovery in the travel industry growth.
Passengers accessing airport lounges and other touchpoints through us stood at 2.15 million in Q3FY23 compared to 1.14 million in Q3 FY22.
According to the statement, the company entered into a strategic partnership with one of the foremost and leading golf privileges providers, Vidsur Golf, which will enable DreamFolks to expand its already diverse service offering by enabling customers to access Golf courses across 40 plus golf courses in India and 250 plus golf courses across Asia Pacific.
The operating revenues for Q3FY23 grew by 107.50 per cent on a YoY basis whereas, for 9MFY23, operating revenue grew by 192.09 per cent, the company said.
The company also expects to witness stable gross margins in business for Q3FY23.
Commenting on the results Chairperson and Managing Director, Liberatha Kallat said, “Globally, air travel has bounced back like never before and we have surpassed the pre-covid numbers as well in terms of domestic air traffic in India. This growth comes on the back of opening up of borders, growing propensity to travel by air over other modes and constant upgradation of airport infrastructure to meet the growing demand.”
With a deeply integrated tech stack, a strong R&D team working on future initiatives and cash-generative operations, we stand on a strong footing to stay ahead of the curve and achieve our targets, Kallat added.