There has been strong growth of ~110% in domestic air traffic in H1FY23 which has surpassed pre-covid level. Whereas the domestic air traffic grew by ~60% in Q2FY23 as compared to Q2FY22. There is record-high footfall in the Airport lounges primarily due to early arrival requirements and the higher engagement from Card Network Providers as well as Issuers to avail various offers and services.
Number of passengers availing the lounge access & other touchpoints through Dreamfolks has grown at a healthy rate of ~240% yoy in H1FY23 and ~140% in Q2FY23. In H1FY23, passengers accessing the airport lounges stood at 3.6 million compared to 1.1 million in H1FY22 reflecting the recovery in the travel industry growth. For Q2FY23, passengers accessing the airport lounges stood at 1.8 million compared to 0.76 million in Q2FY22.
Its number of lounges in India grew from 49 as on 30th September 2021 to 60 as on 30th September 2022, indicating a growth of ~22%.
In addition to lounge access, the company has witnessed strong footfall at other touchpoints like Meet & Assist, Food & Beverages, Airport Transport etc.
The operating revenues for Q2FY23 grew by ~180% on a YoY basis whereas for H1FY23, operating revenue grew by ~290%. We continue to witness stable gross margins in business for Q2FY23.
The company is well-positioned in a growing industry with a very large headroom for growth with rapidly expanding airport networks, increasing propensity to travel and changing lifestyles leading to greater likelihood of using lounges.