RateGain Travel reports turnaround PAT of Rs 11 cr in Q4 FY22

17 May 2022 , 01:01 PM

Revenue from operations rose 8.9% quarter on quarter and 50.6% year on year to Rs 107.88 crore in the quarter ended 31 March 2022. The company reported a profit before tax of Rs 12.35 crore in Q4 FY22 as compared to a pre-tax loss of Rs 2.96 crore posted in Q4 FY21. Adjusted EBITDA jumped 65.9% to Rs 12.6 crore in Q4 FY22 from Rs 7.6 crore in Q4 FY21. EBITDA margin improved to 11.7% in the quarter ended 31 March 2022 as compared to 10.7% in the quarter ended 31 December 2021 and 10.6% in the quarter ended 31 March 2021. The company said that the growth was driven on the back of new contract wins growing by 141% YoY to Rs 104.4 crore, and annual recurring revenue going higher than pre-COVID levels at Rs 431.5 crore. Recurring revenues for the year continued to stay strong at 98% with net revenue retention at 114%. On full year basis, the IT company reported a consolidated net profit of Rs 8.42 crore in the financial year ended March 2022 as against a net loss of Rs 28.58 crore in the financial year ended 31 March 2021. Revenue from operations was up by 46.2% year on year to Rs 366.59 crore in the financial year ended 31 March 2022 over financial year ended 31 March 2021. Commenting on the performance, Bhanu Chopra, chairman and managing director said, ?The singular focus of the company last year was to drive growth back to the pre-pandemic levels and at run rate basis we have exceeded the same. New product innovation, partnerships and strengthening our technology layer all contributed significantly to this growth. Our goal for FY23 is to build on this momentum and execute to expand our market share. We continue to stay optimistic about our growth and committed to deliver on the promise we have made to our shareholders.? Tanmaya Das, chief financial officer said, ?Our strong fundamentals and steady improvement in key KPIs is a testament to our business model RateGains performance showcases how new-age tech companies can drive growth and profitability in a tough macro environment. The global environment is improving in favor of travel even though macroeconomic uncertainty continues to persist due to multiple factors however high demand shows the industry has grown resilient.? RateGain Travel Technologies is a global provider of SaaS solutions for travel and hospitality that works with over 2200+ customers in over 100+ countries helping them accelerate revenue generation through acquisition, retention and wallet share expansion. Shares of RateGain Travel Technologies were trading 4.32% lower at Rs 318 on the BSE. Powered by Capital Market – Live News