Dreamfolks Services Reports 47% Revenue Growth for FY 2024

On May 28, 2024, Dreamfolks Services Limited announced their financial results for FY 2024 and the quarter ended March 2024.

In FY 2024, Dreamfolks Services Limited reported revenue of ₹11,350 million, registering a 47% growth. The company declared a final dividend of ₹1.5 per share, bringing the total dividend to 100% of the Face Value.

Financial Performance in Q4 FY 2024

In the quarter ended March 2024, the company’s revenue from operations was ₹2,811 million, 18.2% higher than ₹2,378 million in Q4 FY 2023. However, the company’s gross profit dropped by 17.3% to ₹351 million compared to the same period the previous year.

In Q4 FY 2024, the company reported a Profit After Tax (PAT) of ₹180 million, which declined by 28.9% compared to ₹253 million in Q4 FY 2023.

Financial Performance in FY 2024

In FY 2024, the revenue from operations was ₹11,350 million, showcasing a robust growth from ₹7,733 million in FY 2023. The gross profit of the company was ₹1,368 million, reporting a 7% growth from ₹1,279 million in the previous financial year.

However, Dreamfolks Services Limited’s PAT in the financial year 2024 dropped by 5.4% from ₹725 million in FY 2023 to ₹686 million in FY 2024.

Business Highlights

The company formed a strategic collaboration with RedBeryl, providing access to more than 3,000 exclusive members-only clubs in over 150 countries. These include front-row seats at global sporting events, premium dining experiences, elite mobility options, and many other luxury services.

They also teamed up with Beauty and Grooming services provider Looks Salon, which enables DreamFolks customers and Club Members to enjoy various grooming services through its over 200 outlets across India.

Dreamfolks Services Limited extended its partnership with EcoMobility to offer access to luxury car rental services in over 150 airports in India and abroad to DreamFolks club members.

Speaking of the financial performance, the Chairperson and Managing Director, Ms Liberatha Kallat, said, “In FY24, we have achieved a Revenue amounting to ₹11,350 million, reflecting a 47% YoY growth. Additionally, our “Other Services” other than India lounge continue to expand, recording a 14x jump from FY22 to FY24, with Revenue contribution growing to 6% this year, up from less than 2% in FY22. This growth is particularly noteworthy, given the strong growth of our India Lounge business in recent years. Our full-year Gross Margins of 12.1% were in line with our guidance of 11-13%.”

She further added, “Our vision is to make premium travel and lifestyle experiences accessible to everyone. We are steadfast in our commitment to this goal, continuously enhancing our portfolio with contemporary services into our portfolio through strategic collaborations. This quarter, we have expanded our offerings to include luxury car rentals, beauty and grooming services, and personalised luxury lifestyle services.”

She also mentioned that the company is broadening its client base and deepening engagement with existing clients by offering additional services and increasing its wallet share. Additionally, their ambition to go global is realised with the recruitment of a senior professional at their Singapore office.

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