DreamFolks Q1 Revenue Up 66% To Rs 266.32 Cr

DreamFolks, an airport service aggregator platform, on Wednesday, said that it had recorded a 66 percent year-on-year growth in revenue at Rs 2,66.32 crore for the quarter ending June FY24.

In the June quarter of the current fiscal year, its post-tax profit (PAT) amounted to Rs 12.96 crore, with a reported PAT margin of 4.87 per cent.

This growth is attributed to an increase in passenger growth and various initiatives driving penetration in lounges and other services.

The Board of DreamFolks has approved a dividend of Rs 0.5 per share for the quarter ending 30 June ‘2023, the company said.

This dividend will be payable on or before 8th September’2023 to the shareholders on the record date as of 22 August’ 2023. DreamFolks Services strong financial position enables it to share its success with its shareholders.

Liberatha Kallat, Chairperson and Managing Director said: "It has been an impressive beginning to the year, building upon the positive trends of the previous two quarters. DreamFolks has showcased strong operational capabilities, resulting in a significant revenue uptick. Regarding our Financial Performance, we have witnessed a remarkable 66.18 per cent revenue growth, surging from Rs 160.26 crore in Q1 FY23 to Rs 266.32 crore in Q1 FY24.

Kallat added, "Our steadfast commitment to an asset-light model and lean team structure has allowed us to proudly maintain a debt-free status."

In recognition of the company’s exceptional performance and commitment to delivering value to its shareholders, the Board of Directors is pleased to announce the Inaugural interim dividend of INR 0.5 per share.

The domestic air traffic for the quarter has increased by 18.63 per cent in comparison to the same period in the previous fiscal year. Despite Q1 being a typically subdued period, the company has seen a robust 45.30 per cent YoY growth in passengers utilizing their lounge and other services in Q1 FY24.