Travel Boutique Online Reports Strong Growth and Profitability in FY24

Travel Boutique Online (TBO), a leading online platform for B2B travel distribution, witnessed impressive growth in the fiscal year ending March 2024 (FY24). The company’s revenue from operations climbed 30.8% year-over-year, reaching Rs 1,393 crore, according to its consolidated financial statements retrieved from the National Stock Exchange (NSE). This growth was mirrored by a significant increase in profits, with net income exceeding Rs 200 crore in the same period.

Commission-Driven Revenue Model Fuels Growth

TBO operates as a travel distribution platform, offering white-label solutions to travel agents and tour operators. The company facilitates air travel bookings, hotel reservations, and tour packages, generating revenue through commissions earned on these services. Hotel and tour package commissions formed a substantial 72.8% of TBO’s total operating revenue, contributing significantly to the 40.4% increase to Rs 1,014 crore in FY24. Air ticketing commissions further bolstered revenue, reaching Rs 347 crore.

Balancing Costs with Profitability

For TBO, delivering air ticketing, hotel, and tour package services incurs a cost that accounted for 40% of its total expenditure. This cost category experienced a 41.9% rise to Rs 471 crore in FY24. Employee benefit expenses also increased by 21.5% during the same period. Legal, professional, advertising, technology, and other overhead costs saw a collective increase of 29.2%, leading to overall expenditure reaching Rs 1,181 crore in FY24.

Profitability and Market Performance

TBO’s focus on cost control resulted in a 35.8% increase in profits, reaching Rs 201 crore in FY24 compared to Rs 148 crore in the previous year. The company boasts healthy return on capital employed (ROCE) and earnings before interest, taxes, depreciation, and amortization (EBITDA) margins of 31% and 19.9%, respectively. Notably, TBO spent approximately Rs 0.85 to earn every rupee of revenue in FY24.

Public Listing and Market Presence

TBO Tek, the parent company of Travel Boutique Online, debuted on the stock exchange on May 15, 2024. As of May 31, 2025, the company’s share price stands at Rs 1,410.3, with a total market capitalization of Rs 15,314 crore. This successful public offering signifies TBO’s strong financial standing and its potential for continued growth in the B2B travel distribution sector.