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Results
23-May-23
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Analysis
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Dreamfolks Services
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Strong performance
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Dreamfolks Services consolidated net sales
increased 139.74% to Rs 237.75 crore in Q4FY23 compared to Q4FY22. Operating profit margin has jumped from
12.37% to 14.18%, leading to 174.74% rise in operating profit to Rs 33.71
crore. Employee cost decreased from
3.44% to 2.16%. Other expenses fell
from 84.19% to 83.66%. Other direct
service cost fell from 82.34% to 82.14%.
Other income rose 475% to Rs 1.38 crore. PBIDT rose 180.50% to Rs 35.09 crore. Provision for interest fell 69.64% to Rs 0.17
crore.
PBDT rose 192.22% to Rs 34.92 crore. Provision for depreciation rose 70.37% to Rs
0.92 crore.
Profit before tax grew 197.98% to Rs 34.00
crore. Share of profit/loss were nil in
both the periods. Provision for tax was
expense of Rs 8.7 crore, compared to Rs 2.43 crore. Effective tax rate was 25.59% compared to
21.30%.
Minority interest was nil in both the
periods. Net profit attributable to
owners of the company increased 181.85% to Rs 25.31 crore.
Equity capital stood at Rs 10.45 crore as of
31 March 2023 to Rs 10.45 crore as of 31 March 2022. Per share face Value remained same at Rs
2.00.
Promoters’ stake was 67.00% as of 31 March
2023 compared to 100.00% as of 31 March 2022.
Management
Commentary by Liberatha Kallat - Chairperson and Managing Director
“Over the past year, we saw a strong
resurgence in Air Travel as a consequence of multiple tailwinds. From the
opening up of borders at the start of the year, major global events boosting
travel and changing travel trends including revenge travel and sharply growing
leisure travel. We are seeing new air traffic records being created each
passing day. In FY23, the number of domestic passengers traffic saw a major
rise of 59.74% and stood at 136.03 Mn as against 85.15 Mn in the previous year.
With a view to expand our premium service
offerings we deepened our association with Vidsur Golf, by acquiring a 60%
stake in the company and look to capitalize on the growing interest in Golf in
the country. This integration provides our customers access to 40+ golf courses
in the country and 1,800+ globally. From a Global expansion point of view, we
incorporated a wholly owned subsidiary in one of the most exciting travel
markets – Singapore, with the objective of carrying out airport related
services including lounge operations and access and running of loyalty
programs.
We continue to work on adding services to our
portfolio, investing in our R&D efforts, enhance user experience and expand
our footprint globally. To this effect, we also strengthened our senior leadership
team and appointed a Chief Business Officer, Sandeep Sonawane, to help redefine
airport services and driving our technology offerings to the next level.
Talking about to our Financial Performance,
we had our best ever year, with the revenue from operations growing by 174%,
from Rs. 2824.98 Mn in FY22 to Rs. 7732.52 Mn in FY23. From a quarterly
perspective too, we had a strong performance, the revenue standing at Rs.
2377.52 Mn in Q4FY23 as compared to Rs. 991.66 Mn in Q4FY22. We have achieved a
significant improvement in our profitability margins, working on an asset-light
model and lean team structure and continue to be debt-free”
Full
year results analysis
Net sales (including other operating income)
of Dreamfolks Services has increased 173.72% to Rs 773.25 crore. Operating profit margin has jumped from 7.99%
to 12.79%, leading to 338.09% rise in operating profit to Rs 98.92 crore. Employee cost decreased from 5.86% to
2.26%. Other expenses fell from 86.15% to
84.95%. Other direct service cost fell
from 83.99% to 83.46%.
Other income rose 121.48% to Rs 3.3
crore. PBIDT rose 324.68% to Rs 102.22
crore. Provision for interest fell
12.24% to Rs 1.29 crore. Loan funds
declined from Rs 8.25 crore as of 31 March 2022 to Rs 7.30 crore as of 31 March
2023. Sundry debtors were higher at Rs
201.89 crore as of 31 March 2023 compared to Rs 90.66 crore as of 31 March
2022. Cash and bank balance rose to Rs
36.83 crore as of 31 March 2023 from Rs 14.56 crore as of 31 March 2022.
PBDT rose 346.59% to Rs 100.93 crore. Provision for depreciation rose 64.32% to Rs
3.5 crore. Fixed assets increased to Rs
13.17 crore as of 31 March 2023 from Rs 11.19 crore as of 31 March 2022. Intangible assets declined from Rs 4.55 crore
to Rs 0.89 crore.
Profit before tax grew 375.96% to Rs 97.43
crore. Share of profit/loss were nil in
both the periods. Provision for tax was
expense of Rs 24.91 crore, compared to Rs 4.22 crore. Effective tax rate was 25.57% compared to
20.62%.
Minority interest was nil in both the
periods. Net profit attributable to
owners of the company increased 346.34% to Rs 72.53 crore.
Equity capital stood at Rs 10.45 crore as of
31 March 2023 to Rs 10.45 crore as of 31 March 2022. Per share face Value remained same at Rs
2.00.
Promoters’ stake was 67.00% as of 31 March 2023
,compared to 100.00% as of 31 March 2022 .
Cash flow from operating activities has
turned positive Rs 49.61 crore for year ended March 2023 from negative Rs 11.72
crore for year ended March 2022. Cash
flow used in acquiring fixed assets during the year ended March 2023 stood at
Rs 1.07 crore, compared to Rs 4.57 crore during the year ended March 2022.
The scrip is
currently trading at Rs 538
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Dreamfolks Services :
Consolidated Results
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Particulars
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2303 (03)
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2203 (03)
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Var.(%)
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2303 (12)
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2203 (12)
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Var.(%)
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Net Sales
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237.8
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99.17
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140
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773.25
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282.5
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174
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OPM (%)
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14.2
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12.4
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12.8
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8.0
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OP
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33.71
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12.27
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175
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98.92
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22.58
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338
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Other Inc.
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1.38
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0.24
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475
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3.3
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1.49
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121
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PBIDT
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35.09
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12.51
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180
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102.22
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24.07
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325
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Interest
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0.17
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0.56
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-70
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1.29
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1.47
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-12
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PBDT
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34.92
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11.95
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192
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100.93
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22.6
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347
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Depreciation
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0.92
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0.54
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70
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3.5
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2.13
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64
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PBT
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34.00
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11.41
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198
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97.43
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20.47
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376
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Share of Profit/(Loss) from Associates
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0
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0
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0
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0
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PBT before EO
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34.00
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11.41
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198
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97.43
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20.47
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376
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EO Income
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0
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0
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0
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0
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PBT after EO
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34.00
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11.41
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198
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97.43
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20.47
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376
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Taxation
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8.7
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2.43
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258
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24.91
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4.22
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490
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PAT
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25.30
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8.98
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182
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72.52
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16.25
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346
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Minority Interest (MI)
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-0.01
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0
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-0.01
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0
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Net profit
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25.31
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8.98
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182
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72.53
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16.25
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346
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EPS (Rs)*
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#
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#
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13.9
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3.1
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Notes
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* EPS is on current equity of Rs 10.45 crore, Face value of Rs
2, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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