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Results
07-Feb-24
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Analysis
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Dreamfolks Services
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Strong revenue growth
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Dreamfolks Services consolidated net sales
increased 49.54% to Rs 305.06 crore in Q3FY24 compared to Q3FY23. Operating
profit margin has declined from 12.77% to 8.97%, leading to 5.03% rise in
operating profit to Rs 27.37 crore.
Employee cost increased from 1.90% to 2.40%. Other expenses rose from 85.33% to
88.64%. Other direct service cost rose
from 83.65% to 87.46%.
Other income rose 4.62% to Rs 0.68
crore. PBIDT rose 5.02% to Rs 28.05
crore. Provision for interest rose 3.57%
to Rs 0.29 crore.
PBDT rose 5.03% to Rs 27.76 crore. Provision for depreciation rose 10.23% to Rs
0.97 crore.
Profit before tax grew 4.85% to Rs 26.79
crore. Share of profit/loss were nil in
both the periods. Provision for tax was
expense of Rs 6.76 crore, compared to Rs 6.57 crore. Effective tax rate was 25.23% compared to
25.71%.
Minority interest was nil in both the
periods. Net profit attributable to
owners of the company increased 6.06% to Rs 20.13 crore.
Promoters’ stake was 66.02% as of 31 December
2023 ,compared to 67.00% as of 31 December 2022.
Ms.
Liberatha Kallat, Chairperson and Managing Director, commented on the
performance:
“We are delighted to announce that we have delivered a strong revenue growth of
49.5% YoY in Q3FY24, and a robust growth of 59.5% YoY for the 9MFY24 period. We
have achieved this growth by leveraging our enduring relationships and deep
integration with clients, well supported by our proprietary technology and a
strong resilient team. The travel & credit card industries continue to
witness tailwinds, and we are actively working to capitalise on these
opportunities.
We are actively working on diversifying our
business model by focusing on various aspects such as client mix, service mix,
and geographical expansion. Introducing our exclusive membership program, The
DreamFolks Club, allows us to offer premium travel and lifestyle services
tailored to diverse budget ranges. Additionally, we`ve incorporated new
services like health checkups and gifting, seamlessly integrated into the
DreamFolks Club for comprehensive benefits. Furthermore, we`ve expanded our
reach by forming a partnership with Russia`s leading lounge operator, Grey
Wall, to enhance our global presence.
Our deep integration with our clients is
coming to fruition as leading Banks/ Issuers have implemented spend/usagebased
solutions for product cost optimization using our proprietary technology
platform, through which they can define and provide benefits to its users based
on specific KPIs. Our platform will help the issuers to optimize their
operations and incentivize premium users.
We`re diversifying our business by leveraging
technology and our client base to strengthen our position in airport services.
Favourable factors like increased domestic traffic, digital payment adoption,
and rising demand for lounges offer significant growth opportunities ahead.”
For
year-to-date (YTD) results analysis
Net sales (including other operating income)
of Dreamfolks Services has increased 59.45% to Rs 853.88 crore.
Operating profit margin has declined from
12.21% to 8.11%, leading to 5.95% rise in operating profit to Rs 69.28
crore. Employee cost increased from
2.30% to 2.57%. Other expenses rose
from 85.49% to 89.31%. Other direct
service cost rose from 84.05% to 88.09%.
Other income rose 18.23% to Rs 2.27
crore. PBIDT rose 6.30% to Rs 71.55
crore. Provision for interest fell
41.09% to Rs 0.76 crore.
PBDT rose 7.23% to Rs 70.79 crore. Provision for depreciation rose 6.20% to Rs
2.74 crore.
Profit before tax grew 7.27% to Rs 68.05
crore. Share of profit/loss were nil in
both the periods. Provision for tax was
expense of Rs 17.39 crore, compared to Rs 16.21 crore. Effective tax rate was 25.55% compared to
25.55%.
Minority interest was nil in both the
periods. Net profit attributable to
owners of the company increased 7.96% to Rs 50.99 crore.
Promoters’ stake was 66.02% as of 31 December
2023 compared to 67.00% as of 31 December 2022 .
The scrip is
currently trading at Rs 547
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Dreamfolks Services :
Consolidated Results
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Particulars
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2312 (03)
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2212 (03)
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Var.(%)
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2312 (09)
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2212 (09)
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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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305.06
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204
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50
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853.88
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535.5
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59
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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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9.0
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12.8
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8.1
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12.2
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12.8
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8.0
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OP
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27.37
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26.06
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5
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69.28
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65.39
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6
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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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0.68
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0.65
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5
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2.27
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1.92
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18
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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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28.05
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26.71
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5
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71.55
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67.31
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6
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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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0.29
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0.28
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4
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0.76
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1.29
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-41
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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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27.76
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26.43
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5
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70.79
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66.02
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7
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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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0.97
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0.88
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10
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2.74
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2.58
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6
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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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26.79
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25.55
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5
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68.05
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63.44
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7
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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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0
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0
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PBT before EO
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26.79
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25.55
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5
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68.05
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63.44
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7
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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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0
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0
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PBT after EO
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26.79
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25.55
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5
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68.05
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63.44
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7
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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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6.76
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6.57
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3
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17.39
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16.21
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7
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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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20.03
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18.98
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6
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50.66
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47.23
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7
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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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-0.1
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0
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-0.33
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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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20.13
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18.98
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6
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50.99
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47.23
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8
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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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#
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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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