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Anand Rathi Report
We retain a Buy rating on TBO Tek Ltd., with a 12- month target price of Rs 2,070 (earlier Rs 2,150), ~48 times FY27e EPS (60 times FY26e EPS).
TBO Tek's H1 FY25 revenue grew ~24.7% YoY to ~Rs 8.7 billion (organic growth ~17.1% YoY). The overall take rate rose from ~5.2% in H1 FY24 to ~5.5%, with monthly transacting buyers growing ~6.8% y/y to 28,252. Ebitda grew ~18.3% YoY to ~Rs 1.6 billion, with the margin at ~18.6% (~19.6% in H1 FY24), down ~100 bps YoY, as the company is prioritizing GTV and buyer-base expansion over margins in the near term.
On the hotel front, management expects the growth momentum to continue (~33.1% YoY growth in H1). However, in airlines, it expects flattish or low single digit growth in GTV, as the company's focus is largely on India outbound.
Outside India It plans to treat airline as a complimentary service, along with hotels to sell the entire package. Factoring in low H1 margins, we cut our FY25e/26E earnings 12.8%/8.3% and introduce our FY27E.
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