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Results
09-Aug-23
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Analysis
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Dreamfolks Services
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Sales up 66%, OP down 8%
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Dreamfolks Services consolidated net sales
increased 66.18% to Rs 266.32 crore in Q1FY24 compared to Q1FY23. Operating profit margin has declined from
11.99% to 6.62%, leading to 8.28% decline in operating profit to Rs 17.62
crore. Employee cost increased from
2.40% to 2.78%. Other expenses rose
from 85.62% to 90.60%. Other direct
service cost rose from 84.29% to 89.33%.
Other income rose 435% to Rs 1.07 crore. PBIDT fell 3.71% to Rs 18.69 crore. Provision for interest fell 38.24% to Rs 0.21
crore.
PBDT fell 3.09% to Rs 18.48 crore. Provision for depreciation rose 4.88% to Rs
0.86 crore.
Profit before tax down 3.45% to Rs 17.62
crore. Share of profit/loss were nil in
both the periods. Provision for tax was
expense of Rs 4.66 crore, compared to Rs 4.81 crore. Effective tax rate was 26.45% compared to
26.36%.
Minority interest was nil in both the
periods. Net profit attributable to
owners of the company decreased 3.27% to Rs 13.00 crore.
Promoters’ stake was 66.02% as of 30 June
2023 ,compared to 100.00% as of 30 June 2022.
Management
Commentary by Liberatha Kallat - Chairperson and Managing Director
“We started the current financial year on an
extremely strong note, with record high air traffic numbers clocked each month
and a growing propensity of passengers to access lounges. We continue to
maintain our 100% coverage of airports and railway lounges in the country and
have been instrumental in driving majority of the traffic to these lounges. In
addition to lounge access, we now offer a bouquet of premium service offerings
like Meet & Assists, Airport transfers, Golf sessions, and much more.
Towards the end of this quarter, we signed collaboration
with the Plaza Premium Group to expand our Global Lounge coverage network. This
expanded network offers members unparalleled access to premium lounges across
the world, across 4 continents, including key travel hubs, ensuring a seamless
and enhanced travel experience. With increased lounge coverage and access to an
extensive network of touchpoints, travelers can look forward to enjoy
unparalleled comfort and hospitality at key travel locations worldwide. With
this new development, DreamFolks` global touchpoints will increase to an
impressive 1700+.
Staying true to our DNA, we work on an
asset-light model, lean team structure and continue to be debt-free. We aspire
to continue working on adding services to our portfolio, invest in R&D
efforts to have a world-class proprietary tech platform and thereby enhance our
end-user experience.
We closed the quarter with a strong growth of
66% YOY and the revenue stood at Rs. 2,663 Mn as compared to Rs. 1,603 Mn in
Q1FY23. We will continue to focus on growth and maintain our leadership
position in India while spreading our wings globally”.
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 665
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Dreamfolks Services :
Consolidated Results
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Particulars
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2306 (03)
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2206 (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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266.3
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160.26
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66
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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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6.6
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12.0
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12.8
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8.0
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OP
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17.62
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19.21
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-8
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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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1.07
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0.2
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435
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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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18.69
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19.41
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-4
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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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0.21
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0.34
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-38
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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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18.48
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19.07
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-3
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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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0.86
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0.82
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5
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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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17.62
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18.25
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-3
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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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17.62
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18.25
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-3
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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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17.62
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18.25
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-3
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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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4.66
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4.81
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-3
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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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12.96
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13.44
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-4
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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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-0.04
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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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13.00
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13.44
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-3
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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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