RateGain Travel Q1 results: Revenue grows 79.8% at ₹214.48 crore
1 min read 07 Aug 2023, 09:42 PM ISTIts profit after tax (PAT) stood at ₹24.91 crore in the first quarter of Fy24 as compared to ₹8.42 crore in the same quarter last year
PremiumRateGain Travel Technologies Limited on Monday reported a revenue growth of 79.8% year-on- year at ₹214.48 crore for the first quarter ended on 30 June 2023 of financial year 2024.
Its profit after tax (PAT) stood at ₹24.91 crore in the first quarter of FY24 as compared to ₹8.42 crore in the same quarter last year.
RateGain’s Ebitda rose at ₹37.79 crore in June quarter from ₹11.93 crore a year ago.
The AI-powered SaaS solutions provider for the hospitality and travel industry also reported substantial improvement in operating margins at 17.6% for June quarter of FY24, up from 10.0% in the same period a year ago.
“In the backdrop of an evolving global environment, the travel demand continues to hold strong and this will further propel investments in the space as RateGain also looks to capitalise on the opportunity and double its revenue in the next three years," the company said in a release.
“As companies look to adopt AI, one of the constraints that limit them is the cost of developing any solution at scale as well as getting accurate data to ensure the results provided are useful for their internal as well as external stakeholders. RateGain's ability to provide this at scale in real-time across pricing and travel intent is helping generate interest in its offerings for digital marketing and competitor intelligence," it said.
In the release, Bhanu Chopra, founder and chairman, RateGain Travel Technologies, said, “We saw another great quarter with tremendous growth basis addition of new clients and expansion within our key accounts. With people's attitudes changing towards having more experiences, travel industry at macro level continues to witness robust demand."
“RateGain is at the forefront of digitizing this industry and in a great place to capitalize on the tailwinds our industry is witnessing. We are now focusing on our next big goal of doubling revenues in the next three years as we continue to witness robust traction with key clients and add new logos to propel our future growth. We have already started building the organization we need to accelerate RateGain towards that goal and are excited about the future," Chopra also said.
