Dreamfolks Services, which got listed earlier today, said its consolidated net profits for the June quarter came in at Rs 13.43 crore, compared to a loss of Rs 1.38 crore a year ago.
Total revenue for the quarter stood at Rs 160.46 crore, up 545.47 percent from Rs 24.85 crore in the same quarter last year.
The sharp jump in profits and revenue is likely due to resumption of air travel that were affected heavily last year. The company is involved in providing lounge services at airports and its fortunes are highly liked with growth in air travel.
Earlier on September 6, the shares of the company got listed on bourses at a premium of 56 percent. However, the stock saw some selling after the listing. It was trading at Rs 466, up 43 percent from issue price.
Healthy initial public offering (IPO) subscription, positive market conditions, leadership in airport lounge aggregation industry, and asset light business model boosted investor confidence around listing.
The Rs 562-crore IPO had received strong response from investors, getting subscribed 56.68 times during August 24-26. It was entirely an offer for sale by shareholders.
DreamFolks Services is a dominant player and India's largest airport service aggregator platform. The company facilitates access to airport-related services such as lounge, food and beverages, spa, pick-up and drop service.
Most analysts had a positive view on the issue, citing significant market share and early mover advantage in the segment.
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