Travel Boutique Online’s PAT crosses Rs 200 Cr in FY24

Online B2B travel distribution platform Travel Boutique Online (TBO) demonstrated a decent 30.8% Y-O-Y growth during the fiscal year ended March 2024. At the same time, the profits (PAT) of the company spiked with the same pace and surpassed Rs 200 crore in the same period.

Travel Boutique’s revenue from operations grew to Rs 1,393 crore in FY24 from Rs 1,065 crore in FY23, its consolidated financial statements accessed from the National Stock Exchange (NSE) show.


TBO is a travel distribution platform that extends white-label solutions to travel agents and tour operators. By facilitating air travel, hotel bookings, and tour packages, the platform makes money on commissions on these services.

The commission from hotels and packages formed a significant 72.8% of the total operating revenue which increased 40.4% to Rs 1,014 crore during FY24. Commission from air ticketing contributed Rs 347 crore to its operating income.

For the B2B travel distribution platform, the cost of providing services for air ticketing, hotels, and packages accounted for 40% of the overall expenditure. This cost grew 41.9% to Rs 471 crore in FY24.

Travel Boutique’s spending on employee benefits grew by 21.5% in FY24. Its legal, professional, advertising, technology, and other overheads took the overall expenditure up by 29.2% to Rs 1,181 crore in FY24.

Expenses Breakdown

Total ₹ 914 Cr
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Total ₹ 1,181 Cr
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  • Service fees
  • Employee benefits
  • Finance cost
  • Depreciation and amortisation
  • Others

Head to TheKredible for the complete expense breakup.

The controlled cost mechanism increased Travel Boutique’s profit by 35.8% to Rs 201 crore in FY24 from Rs 148 crore. Its ROCE and EBITDA margins stood at 31% and 19.9% respectively. On a unit level, it spent Rs 0.85 to earn a rupee in FY24.


FY23 FY24
EBITDA Margin 19% 19.9%
Expense/₹ of Op Revenue ₹0.86 ₹0.85
ROCE 43% 31%

TBO Tek was listed on the stock exchange on 15th May 2024. Currently, the share price of the firm stands at Rs 1,410.3 (as of 31st May 2025) with a total market cap of Rs 15,314 crore.

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