TBO Tek Limited has informed the Exchange about Investor Presentation
May 22, 2025
BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1 Dalal Street, G Block, Bandra-Kurla Complex, Bandra (E) Mumbai - 400 001, Maharashtra, India Mumbai - 400 051, Maharashtra, India Scrip Code: 544174 Scrip Symbol: TBOTEK
Sub: Investor Presentation
Dear Sir/ Madam,
Pursuant to the provisions of Regulation 30 read with Schedule III of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we are enclosing herewith the investor presentation on the Audited Financial Results for the quarter and financial year ended March 31, 2025.
Kindly take the above information on record.
Thanking you,
Yours faithfully For and on behalf of TBO Tek Limited
Neera Chandak Company Secretary
Encl.: As above
TBO Tek Limited
CIN: L74999DL2006PLC155233 ✉ info@tbo.com | (cid:57275)(cid:57276)(cid:57277)(cid:57278)(cid:57279) +91 124 4998999 (cid:44375)(cid:44377)(cid:44376)Registered Office Address: E-78 South Extension Part- I, New Delhi-110049, India (cid:44375)(cid:44377)(cid:44376)Corporate Office Address: Plot No. 728, Udyog Vihar Phase- V Gurgaon-122016 Haryana, India
Your booking experience starts at www.tbo.com
TBO.com: Travel Simplified Investor Presentation: Q4 & FY25
1
Disclaimer
This presentation may contain statements which reflect Management’s current views and estimates and could be construed as forward-looking statements. The future involves risks and uncertainties that could cause actual results to differ materially from the current views being expressed. These risks and uncertainities include but are not limited to our growth and expansion plans, our ability to obtain foreign regulatory approvals, exchange rates, our ability to manage international operations, our exposure to market risks as well as other risks.
fluctuation in earnings,
technological changes,
Our Business
Suppliers
Direct APIs or through supply aggregators
1 Million+ Hotels
750+ Airlines
Hotels
Airlines
Car Rentals
Transfers
Cruises
Insurance & Others
48,000+ Attractions
Rail
Retail Selling Platform
Integration API for Enterprise Customers
Payments Infrastructure
Customer Service
Marketing Services
Loyalty
XML, JSON APIs
Retail Selling Platform
Buyers
Retail Buyers
Travel Agencies
Independent Travel Advisors
T r a v e e r s
l
189,000+ Registered Buyers
13.2 Million+ Transactions
Enterprise Buyers
Tour Operators
Travel Management Companies
Online Travel Agencies
Super apps, Loyalty Apps
Connects travel buyers across the world serving end travelers with globally distributed travel suppliers to seamlessly create joyful experiences for all travelers
16 Languages
55+ Currencies
20+ Payment Methods
~150 Countries
Among Top 4 B2B Travel distribution platforms globally
3
Q4 & FY2024-25 Update
4
Strong Growth Across All Key Metrics
Transacting buyers (Monthly) 28,392
7% FY - Growth Rate (YoY)
GTV
Revenue
Gross Profit
Adj. EBITDA
INR 30,832 Cr.
INR 1,737 Cr.
INR 1,193 Cr.
INR 329 Cr.
16% FY - Growth Rate (YoY)
25% FY - Growth Rate (YoY)
29% FY - Growth Rate (YoY)
22% FY - Growth Rate (YoY)
6% Q4 - Growth Rate (YoY)
4% Q4 - Growth Rate (YoY)
21% Q4 - Growth Rate (YoY)
24% Q4 - Growth Rate (YoY)
15% Q4 - Growth Rate (YoY)
Our FY 2024-25 Performance
Where we went beyond
What could have been better
Delivered strong Y-o-Y financial Performance
- Revenue +25%, GP +29%, Adj EBITDA + 22%
- Strong Balance Sheet with Rs 1,450+ Cr Cash
Strong Q4 numbers even with seasonal impact of
Ramadan
1
2
3
Performance of airline segment
Forex management with currency
volatility in key markets
Faster expansion in international
Global Footprint expansion: 15+ new markets e.g. Australia,
markets
France, Germany; accelerated (60+) Sales hiring in Q4’FY25
Hotel+ contribution in GTV terms is 59% (vs 50% in FY24)
and in gross profit terms is 84% (vs 78% in FY24)
AI-led technology initiatives going on in full steam
Successful JOL integration 1 year ahead of plan
1
2
3
4
5
6
Notes: Hotels+ = Hotels and Ancillaries
6
Enterprise Performance Summary Business Performance – Q4
Active Agent**
Active Bookers**
#
+7%
33,927
22,795
36,449
23,283
11,132
13,166
Q4 FY’24
Q4 FY’25
INR Cr
GTV
+4%
7,511
3,825
3,686
7,788
3,391
4,396
#
+10%
42,492
23,407
19,085
46,789
24,220
22,569
Q4 FY’24
Q4 FY’25
INR Cr
Revenue
+21%
369
109
260
446
102
344
Q4 FY’24
Q4 FY’25
India
International
Q4 FY’24
Q4 FY’25
Notes: ** Active Agents and Active Booker numbers are unique count for the quarter, and do not include Jumbonline and Bookabed
7
Enterprise Performance Summary Business Performance – FY25
Active Agent**
Active Bookers**
#
+9%
45,029
29,797
15,232
FY’24*
26,536
14,843
11,692
FY’24*
GTV
+16%
INR Cr
48,986
31,079
17,907
FY’25
30,832
14,151
16,681
FY’25
#
+12%
60,186
31,419
28,767
FY’24*
INR Cr
Revenue
+25%
1,393
448
945
67,537
32,749
34,788
FY’25
1,737
429
1,309
India
International
FY’24*
FY’25
Notes: FY24 Jumbonline acquisition was completed on 18th December 2024. Hence, included numbers are for part period only. ** Active Agents and Active Booker numbers are unique count for the quarter, and do not include Jumbonline and Bookabed
Hotel business has strong fundamentals Hotel+ Saliency expanding fast core growth engine for TBO
GTV
50%
50%
55%
45%
Revenue
Gross Profit
41%
59%
2% 25%
73%
2% 30%
68%
2% 19%
79%
3% 13%
84%
3% 19%
78%
2% 26%
72%
FY 23
FY 24
FY 25
FY 23
FY 24
FY 25
FY 23
FY 24
FY 25
Air
Hotel and Ancilliary
Other
Fig. include TBO core business , Bookabed and Jumbonline but exclude other revenue lines
Hotels+ = Hotels and Ancillaries
9
Hotel business has strong fundamentals 4th largest and currently fastest growing B2B platform
GTV (FY25) Apr’24-Mar’25
Growth LY
3Y CAGR FY22-FY25
$2.2 B
35%
59%
GTV Apr’24-Mar’25
~$8.66 B1
GTV (FY25)
~$3.2 B2
Growth LY
~12%3
Growth LY
~21%
3Y CAGR FY22-FY25
~20%4
3Y CAGR FY22-FY25
~66%
Notes: TBO figures are represented on a consolidated level, for Hotels & Ancillary product with Jumbo and Bookabed); 1. Calculated basis H2 (Apr-Sep) 2024 and H1 (Oct – Mar) FY25; 2. Estimated TTV fig. shared by the company management in H1 results, Conv 1AUD = 0.63USD; 3. Based on Apr-Mar period, same as H1 FY25 4. Based on estimates for H2 FY2025
10
Hotel business has strong fundamentals Our Global footprint is driven through Hotels+ segment
Europe
36%
70%
8%
29%
North America
10%
21%
Latin America
25%
25%
APAC
8%
66%
12%
8%
XX%
YoY growth rate
Regional share of Hotels & Ancillaries segment GTV for FY25. Europe organic growth rate was 41%
GTV is calculated basis source market (i.e. location of the booking agent)
India | Focus on Hotel+ with revamped GTM model
in INR Cr
1,653
GTV
+16%
2,042
Market fundamentals
2,213
23K Transacting
Agents
69
Cities with Feet-on-street
FY23
FY24
FY25
16% Non-Air
Saliency
20
Regional sales offices
(1) With large air buying base in the region, share of wallet growth with Non-Air cross-sell and upsell is the key focus
(2) Domestic hotel supply strengthened with new hotels including branded chains
(3) Platinum desk, for high touch account mgmt and inside sales, launched for Top Non-Air buyers, initial traction positive
Notes: Fig. include Hotels & Ancillary products;
12
MEA | Gaining depth in select markets and increasing SoW
in INR Cr
3,031
GTV
+23%
3,703
Market fundamentals
4,620
5.3K Transacting
Agents
12
Countries with Feet-on-street
FY23
FY24
FY25
25% Business
Salience
40
Source Markets in the region
(1) Key Growth Markets: Saudi Arabia, South Africa, and Northern Africa.
(2) UAE continues to see volume growth despite high market saturation.
(3) Focus on regional payment methods, translations and pushing ancillary sales.
Notes: GTV fig. include Hotels & Ancillary product, excludes Zamzam
13
Europe | Building presence in new markets
GTV
+92%
3,903
in INR Cr
1,806
Market fundamentals
6,638
3.9K Transacting
Agents
25
Countries with Feet-on-street
FY23
FY24
FY25
36% Business
Salience
49
Source Markets in the region
(1) Focus markets - Spain, France, Italy, UK, and Germany with strong in-market FoS.
(2) Offering localized support across major European languages to drive stickiness.
Notes: GTV fig. include Hotels & Ancillary product along with BookABed, Jumbonline
14
Americas | Focus on US with new leadership
GTV
+32%
2,659
in INR Cr
1,897
Market fundamentals
3,312
5.3K Transacting
Agents
8
Countries with Feet-on-street
FY23
FY24
FY25
18% Business
Salience
23
Source Markets in the region
(1) Strong growth in Brazil and other emerging markets through gains in wallet share
(2) NorAm has a new sales leader onboard (in May 2025) with renewed focus on US market
Notes: Fig. include Hotels & Ancillary product only
15
APAC | Unlocking Potential in High Growth APAC Markets
in INR Cr
GTV
+89%
852
1,414
396
FY23
FY24
FY25
Market fundamentals
2.6K Transacting
Agents
9
Countries with Feet-on-street
8% Business
Salience
18
Source Markets in the region
(1) Sales team is scaled up to focus on Australia, New Zealand, Hong Kong, and Indonesia
(2) Highly fragmented market with a long runway for growth
Notes: Fig. include Hotels & Ancillary product only
16
Hotel business has strong fundamentals Our Hotel+ growth is balanced across key pillars
Hotel+ GTV
Transacting Buyer Base
x
Transaction Frequency
x
Transaction Value
Agents with positive sales in ‘000
#transactions per buyer per year
Avg. Booking value in $
+9%
36
40
34
+9%
121
131
111
+10%
313
333
276
FY 23
FY 24
FY 25
FY 23
FY 24
FY 25
FY 23
FY 24
FY 25
Notes: Fig. include TBO Core Hotel business only, and excludes Bookabed and Jumbonline
17
Hotel business has strong fundamentals We have multiple levers to continue driving our growth
/non-exhaustive
Hotel+ GTV
Transacting Buyer Base
x
Transaction Frequency
x
Transaction Value
Retail Market expansion
Product Portfolio
Luxury/Premium Bookings
Market Penetration
Buyer Engagement
Connected Trips
Managing Churn
Account Management
Mix change to higher- value markets
Enterprise partnerships
…
Inorganic opportunities
…
Current focus areas
18
Hotel business has strong fundamentals Large headroom to sustain high-growth over next 5 years
/non-exhaustive
Hotel+ GTV
Transacting Buyer Base
x
Transaction Frequency
x
Transaction Value
• We are just getting started in very large markets such as Europe, North America, Australasia, etc.
• Our long-term buyer
stickiness is ~40%, and has significant upsides
• Our ancillary portfolio
started last year, and yet under incubation
• More than a third of
transacting buyer base is acquired in last 2 years outside of India
• Only ~37% of TBO India
• We have recently launched
transacting agents buy hotels on platform
platform campaign manager
• Growth in luxury travel
segment is ~2x vs overall travel market1
• Our retail proposition along with scale is differentiated to cater luxury travel
• We have started incubating ‘Connected trips’ initiatives
Source – 1. Grand View Research and Custom Market Insights
19
Strategic initiatives driving growth
20
Strategic Initiatives International Market Expansion and Penetration
FY25
FY26
~60 New KAMs added in Q4’FY25
~100 KAMs to be added by Q2’FY26
15+ Countries added in the year
~20 New countries to be added
+5 New entities established
North America leader onboarded
21
Strategic Initiatives Platinum Launch
22
Strategic Initiatives Platinum Launch
Platinum Pilot in first 3 months has…
Enabling luxury experiences
Platinum performance
~77
30+
Hotels added across markets
Destinations covered
29.7%
22.2%
Growth YoY in Platinum Hotel share
30K+ Bookers reached through
campaigns
2025 vs 2024
March
April
Notes: Platinum share is based on booking date
23
Detailed Financial Performance
24
Consolidated Financial Results : P&L
Amounts in INR Cr
Particulars
Quarter Ended
Year Ended
Mar 31, 2025 Mar 31, 2024 Mar 31, 2025 Mar 31, 2024
1. Income
Revenue from operations Other income Total income
2. Expenses Service fees Employee benefits expense Finance costs Depreciation and amortisation expenses Share issue expenses Net loss on foreign exchange differences Other expenses Total expenses
3. Profit before exceptional items and tax (1-2)
4. Exceptional items
5. Profit before tax (3-4)
6. Income tax expense/(credit)
7. Profit for the period/year (5-6)
446.1 16.4 462.5
135.2 99.2 5.4 13.9 - 6.9 140.2 400.7
61.8
-9.0
70.8
11.9
58.9
369.1 9.3 378.4
118.1 78.7 4.1 15.0 0.3 2.4 106.4 325.1
53.3
-
53.3
6.9
46.4
1,737.5 61.8 1,799.3
544.0 376.1 23.3 51.9 3.0 25.7 513.5 1,537.4
261.9
-12.7
274.6
44.7
229.9
1,392.8 28.2 1,421.0
470.7 277.3 10.6 36.2 2.0 5.6 384.5 1,186.9
234.1
7.2
226.9
26.3
200.6
25
Consolidated Financial Results : P&L
Particulars
Profit / (Loss) for the year/ period (A) Tax Expense (B) Profit / (Loss) before tax (C=A+B) Add: Finance costs (D) Add: Depreciation and amortisation expenses (E) Add: Net loss on foreign exchange differences (F) Less: Other income (G) Add: Exceptional items (H) Earnings before interest, taxes, depreciation and amortization expenses (EBITDA) (I = C+D+E+F-G+H) Add: Share issue expenses (J) Add: Employee Stock Option Expense (K) Adjusted Earnings before interest, taxes, depreciation and amortization expenses (Adjusted EBITDA) (L= I+J+K) Revenue from operations (M) Adjusted EBITDA Margin (Adjusted EBITDA as a percentage of Revenue from operations) (N = L/M)
Quarter Ended
Year Ended
Amounts in INR Cr
Mar 31, 2025 Mar 31, 2024 Mar 31, 2025 Mar 31, 2024 200.6 26.3 226.9 10.6 36.2 5.6 (28.2) 7.2
229.9 44.7 274.6 23.3 51.9 25.7 (61.8) (12.7)
58.9 11.9 70.8 5.4 13.9 6.9 (16.4) (9.0)
46.4 6.9 53.3 4.1 15.0 2.4 (9.3) -
71.6
- 7.5
79.1
65.6
0.3 3.1
69.0
300.9
258.3
3.0 24.9
2.0 9.2
328.8
269.5
446.1
369.1
1,737.5
1,392.8
17.7%
18.7%
18.9%
19.4%
26
Consolidated Financial Results : Balance Sheet
Particulars
As on Mar 31, 2025 Mar 31, 2024
Particulars
Assets Non-current assets
Property, plant and equipment Goodwill Other intangible assets Intangible assets under development Right-of-use assets Financial assets i. Investments ii. Other financial assets Deferred tax assets (net) Other non-current assets
Equity Equity share capital Other equity Total equity
Non-current liabilities Financial liabilities
i. Borrowings ii. Lease liabilities iii. Other financial liabilities Employee benefit obligations Deferred tax liabilities (net)
13.0 88.6 180.5 13.9 66.9
2.0 3.9 12.0 0.6
12.8 91.2 176.3 38.9 65.0
2.0 11.9 15.3 1.7
Amounts in INR Cr
As on Mar 31, 2025 Mar 31, 2024
10.9 1,184.2 1,195.1
90.1 66.6 - 17.6 8.3
10.4 534.4 544.8
135.1 63.8 41.3 13.8 2.3
Total non-current assets
415.1
381.4
Total non-current liabilities
182.6
256.2
Current assets
Financial assets i. Investments ii. Trade receivables iii. Cash and cash equivalents iv. Bank balances other than (ii) above v. Loans vi. Other financial assets
Current tax assets (net) Other current assets
170.5 4,061.3 961.7 323.4 2.3 46.6 1.1 232.3
- 3,306.7 751.5 102.6 1.3 71.6 2.5 239.8
Total current assets
5,799.2
4,476.0
Current liabilities Financial liabilities
i. Borrowings ii. Lease liabilities iii. Trade payables
(a) total outstanding dues of micro and small enterprises (b) total outstanding dues other than (iii)(a) above
iv. Other financial liabilities Employee benefit obligations Contract Liabilities Other current liabilities Current tax liabilities (net) Total current liabilities
46.2 11.2
3.6 4,317.6 135.4 12.6 242.4 49.1 18.5 4,836.6
- 11.5
3.3 3,600.1 118.9 12.0 252.4 48.9 9.3 4,056.4
Total Assets
6,214.3
4,857.4
Total Equity and Liabilities
6,214.3
4,857.4
27
KPI Metrics (1/2)
Particulars
Monthly Transacting Buyers(1) (number) - India
- International
Total GTV (₹ crore) - Source Market(2) - India
- International
Total GTV Mix (%) – Source Market(3) - India
- International GTV – Product (₹ crore)(4) - Airlines
- Hotels and ancillary
Total GTV Mix (%) – Product(5) - Airlines
- Hotels and ancillary Revenue from operations (₹ crore) – Product(6) - Airlines
- Hotels and ancillary
- Others
Total Take Rate (%) – Product(7) - Airlines
- Hotels and ancillary
Total
Quarter ended
Year ended
March 31, 2025
March 31, 2024
March 31, 2025
March 31, 2024
18,436
18,298
18,552
18,529
9,973 8,407
9,840 7,952
28,409
26,705
28,392
26,481
3,391.4
3,824.9
14,151.1
14,843.5
4,396.4
3,686.0
16,680.6
11,692.1
7,787.8
7,510.8
30,831.7
26,535.5
43.5%
56.5%
50.9%
49.1%
45.9%
54.1%
55.9%
44.1%
3,092.2
3,511.4
12,633.9
13,376.5
4,695.7
3,999.4
18,197.8
13,159.0
7,787.8
7,510.8
30,831.7
26,535.5
39.7%
60.3%
46.8%
53.2%
41.0%
59.0%
50.4%
49.6%
79.4 87.1
327.5 346.6
356.4 271.8
1,371.6
1,013.6
10.3 10.2
38.3 32.5
446.1 369.1
1,737.5
1,392.8
2.6%
7.6%
5.7%
2.5%
6.8%
4.9%
2.6%
7.5%
5.6%
2.6%
7.7%
5.2%
Notes: (1) Monthly Transacting Buyers are the average number of Buyers with net positive sales (which is calculated as fresh bookings minus cancellations) during each month computed for the relevant year / period from Buyers in a particular source market.
(2) GTV - Source Market is computed as total transaction value net of cancellations during the year / period generated from a particular source market.
(3) GTV Mix % - Source Market is computed as GTV of a particular source market divided by total GTV for the relevant year / period.
(4) GTV – Product is computed as total transaction value net of cancellations during the year / period generated from sale of airline tickets and hotel and ancillary bookings on all our platforms.
(5) GTV Mix % - Product is computed as a particular product GTV divided by total GTV for the relevant year / period.
(6) Revenue from Operations - Product means revenue recognized on (a) sale of airline tickets (b) Hotel and Ancillary bookings and (c) other miscellaneous products like TBO Academy and white label services, on all our platforms. (7) Take Rate % - Product is computed as revenue from operations from particular product divided by such product’s GTV for the relevant year / period.
28
KPI Metrics (2/2)
Particulars
Gross Profit (₹ crore) – Product(8) - Airlines
- Hotels and ancillary
- Others
Total Revenue from operations (₹ crore) – Source Market(9) - India
Quarter ended
Year ended
March 31, 2025
March 31, 2024
March 31, 2025
March 31, 2024
38.8 31.3
158.8 171.2
262.5 210.1
999.7 721.4
9.6
9.6
35.0 29.4
310.9 251.0
1,193.5 922.1
102.0 108.9
428.5 448.2
- International
344.1 260.2
1,309.0 944.6
446.1 369.1
1,737.5
1,392.8
(8) Gross Profit - Product is computed as revenue from operations from the product less service fee for the relevant year / period.
(9) Revenue from Operations - Source Market means revenue recognized on sale of airline, hotel and ancillary bookings created by buyers in the relevant source market.
(10) Take Rate % - Source Market is computed as revenue from operations from a particular source market divided by GTV from such source market for the relevant year.
(11) Gross Profit - Source Market is computed as revenue from operations from a particular source market less service fee for the relevant year / period.
Total Take Rate (%) – Source Market(10) - India
- International
Total Gross Profit (₹ crore) – Source Market(11) - India
- International
Total EBITDA (₹ crore)(12) Adjusted EBITDA (₹ crore)(13) EBITDA Margin (%)(14) Adjusted EBITDA Margin(15)
3.0%
7.8%
5.7%
2.8%
7.1%
4.9%
3.0%
7.8%
5.6%
3.0%
8.1%
5.2%
(12) EBITDA is calculated as profit/(loss) before tax plus finance costs plus depreciation and amortization expenses plus net loss on foreign exchange differences plus exceptional items minus other income.
53.0 44.4
219.6 223.6
257.9 206.5
973.9 698.5
310.9 251.0
1,193.5 922.1
(13) Adjusted EBITDA is calculated as EBITDA plus share issue expenses plus employee stock option expense plus share of loss of joint ventures
71.6 65.6
300.9 258.3
79.1 69.0
328.8 269.5
16.05%
17.73%
17.77%
18.70%
17.32%
18.92%
18.54%
19.35%
(14) EBITDA Margin % is calculated as a percentage of EBITDA divided by revenue from operations.
(15) Adjusted EBITDA Margin % is calculated as a percentage of Adjusted EBITDA divided by revenue from operations.
29
Thank You!
30
Earnings Call details
Q4 & FY25 Earnings Conference Call To discuss the performance for the Quarter and Financial Year ended 31st March 2025
Day/Date: Thursday, May 22nd, 2025
Time: 18:30 hours IST
Zoom Link to Join the Call
https://us06web.zoom.us/webinar/register/WN_OigLeKKPTiKLAZqY4hxjbQ *Please Note Registration is compulsory
For more information, please contact: investors@tbo.com
31