Revenue from operations jumped 79.78% year on year to Rs 214.48 crore in the quarter ended 30 June 2023.

Profit before tax surged to Rs 32.11 crore in the first quarter of FY24 from Rs 11.04 crore recorded in Q1 FY23.

EBITDA soared to Rs 37.79 crore in Q1 FY24 as against Rs 11.93 crore in Q1 FY23. EBITDA margin improved to 17.6% in Q1 FY23 as compared to 10% in Q1 FY23.

The revenue and operating margins increased on the back of operating leverage playing out with improved operating metrics driving performance across different verticals.

The revenue maximization solutions provided by the company continue to find favour with its key clients across the travel and hospitality space, who are looking to drive digitization to provide their guests with a better omnichannel experience, drive efficiencies and optimize their revenue.

In the backdrop of an evolving global environment, the travel demand continues to hold strong, and this will further propel investments in the space as RateGain also looks to capitalise on the opportunity and double its revenue in the next three years.

The company continues to deepen relationships with existing clients and add new logos, helping it grow its new contract wins by 3.1x to Rs 59.32 crore. With the recent investments into expanding its sales teams and presence in key geographies, the company has a healthy pipeline of Rs 361.28 crore and is focused to drive value for its customers.

Bhanu Chopra, founder and chairman, RateGain Travel Technologies, said, “We saw another great quarter with tremendous growth basis addition of new clients and expansion within our key accounts. With people's attitudes changing towards having more experiences, travel industry at macro level continues to witness robust demand.

We are now focusing on our next big goal of doubling revenues in the next three years as we continue to witness robust traction with key clients and add new logos to propel our future growth. We have already started building the organization we need to accelerate RateGain towards that goal and are excited about the future.”

Tanmaya Das, chief financial officer, RateGain Travel Technologies, stated, “Our focus of driving deeper relationships with enterprises has helped us deliver strong revenue growth with healthy margin expansion in a seasonally soft quarter. With operating leverage playing out, we continue to build on the path of sustainable growth.”

Meanwhile, the company's board has approved raising of funds for an aggregate amount not exceeding Rs 600 crore through issue of equity shares by way of a qualified institutions placement (QIP).

RateGain Travel Technologies is a global provider of SaaS solutions for travel and hospitality. It is one of the world's largest processors of electronic transactions, price points, and travel intent data helping revenue management, distribution and marketing teams across hotels, airlines, meta-search companies, package providers, car rentals, travel management companies, cruises and ferries drive better outcomes for their business.