Gaurav Bhatnagar is the Joint Managing Director of the Company. He holds a bachelor’s degree of technology in computer science and engineering from the Indian Institute of Technology, Delhi and worked at Microsoft Corporation. He is member of the executive committee of World Travel & Tourism Council (WTTC) and is one of the co-founders of TBO. He is also a cofounder of Tekriti Software Private Limited. He was appointed to their Board of Directors with effect from November 6, 2006 and has been associated with the Company since its inception. Ankush Nijhawan is the Joint Managing Director of the Company. He holds a bachelor’s degree of science in business administration, with a major in marketing and a minor in psychology from Bryant University. He has experience in the travel industry and is one of the co-founders of TBO. He is the chairperson for FICCI’s Outbound Tourism Committee. He is a member of Young President’s Organization. He has appeared on CNBC-TV18’s show titled ‘Young Turks’. He has been named amongst the “40 Most Influential Indians under 40 2016-17” by URS Asia One. He has also been facilitated by the Economic Times as “The Game Changers of India” for his “revolutionary and unconventional contribution to Indian industry”. He was appointed to our Board of Directors with effect from March 12, 2007. Udai Dhawan is a Non-Executive Nominee Director of the Company. He holds a bachelor’s degree in commerce from the Shri Ram College of Commerce, University of Delhi, a master’s degree in business administration from the Wharton School, University of Pennsylvania and is a Chartered Accountant from the Institute of Chartered Accountants of India. He has been involved in financial services since 1993. He is the founding partner at Affirma Capital. He was previously managing director for Standard Chartered Private Equity Advisory (India) Private Limited (SCPE). Prior to SCPE, Udai Dhawan worked in corporate investing, M&A and corporate finance, across India and the United States with J.P. Morgan, Sabre Inc., Kotak Mahindra Capital Company Limited and Arthur Andersen & Co. He was appointed to their Board of Directors with effect from September 7, 2018.

A. Balance Sheet

Particular (In Million)	Mar-21	Mar-22	Mar-23	9MFY24
Equity Share Capital	18.95	104.24	104.24	104.24
Reserves	2,022	2,215	3,299	4,953
Borrowings	0	27	64	29
Trade Payables	1,732	7,273	18,030	27,221
Other Liabilities	1,989	3,095	4,083	5,232
Total Liabilities	3,721	10,396	22,176	32,483
Net Block	20	61	96	88
Capital work-in-progress	0.6	2	0	35
Investments	0.3	0.8	0.3	20
Other Assets	391	982	1,422	3,787
Total NC Assets	413	1,045	1,519	3,930
Receivables	1,202	5,311	15,662	26,087
Cash & Bank	3,324	5,043	6,613	5,454
Other Assets	823	1,316	1,786	2,069
Face value	1	1	1	1

B. Profit & Loss Statement

Particular (In Million)	Mar-21	Mar-22	Mar-23	9MFY24
Sales	1,418	4,833	10,646	10,238
Service fees	360	1,585	3,319	3,526
Employee Cost	596	1,331	2,284	1,987
Other Expenses	689	1,596	3,223	2,798
Other Income	347	287	212	158
Depreciation	111	157	246	212
EBITDA	120	607	2,031	2,085
EBITDA Margin	8.50%	12.57%	19.08%	20.36%
Interest	12	35	72	65
Profit before tax	-295	460	1,742	1,736
Tax	46	123	257	194
Net profit	-341	337	1,485	1,542
NPM (%)	-19.34%	6.59%	13.68%	14.83%

C. Cash Flow Statement

Particular (In Million)	Mar-21	Mar-22	Mar-23	9MFY24
Cash From Operating Activity
Profit From Operation	-119	481	2,044	2,006
Receivable	1,692	-3,966	-9,964	-2,935
Payable	-915	5,357	10,076	1,885
Other WC Items	-113	275	446	-321
Working Capital Changes	663	1,666	558	-1,371
Direct Taxes	-39	-165	-228	-218
Net Cash Inflow from Operating Activity	506	1,983	2,374	418
Cash from Investing Activity
Fixed assets purchased	-6	-59	-65	-67
Fixed assets sold	0.2	0.1	0.3	4
Other investing items	-260	-247	-997	-1,205
Net cash inflow from investing activities	-266	-306	-1,062	-1,267
Cash from Financing Activity
Repayment of borrowings	0	0	-3	-37
Intrest paid fin	-12	-33	-66	-63
Other financing items	-42	-124	-71	-17
Net Cash Flow	186	1,520	1,172	-967

Name of the Company	Revenue (In Crore)	PAT (In Crore)	EPS ( in Rs)	P/E	CMP	Mcap (In Crore)
TBO Tek Limited	1,065	148	13.67	67.3	920	9,990
Rategain Travel Technologies Limited	565	68	6.31	64.4	707	8,316

* All the data is as per FY23. * Note :- Travel CTM and Webjet Ltd are the global peers of this company.

Review and Recommendation of TBO Tek by team IZ is 7/10. 1. Their journey began during the mid-2000s when India experienced a surge in low-cost carriers, propelling the country to become the world's third-largest domestic aviation market. In 2006, they created the TBO platform as a technological solution for travel agents to simplify airline ticket booking across multiple airlines. The travel industry is vast, fragmented, and characterized by limited technology adoption. Guided by their mission to empower the travel industry through technology, they have grown into a global business, servicing buyers and suppliers in over 100 countries as of December 31, 2023. 2. Market Position They are a leading travel distribution platform in the global travel and tourism industry, recognized for their Gross Transaction Value (GTV) and revenue for Fiscal 2023. They operate in over 100 countries, offering buyers a comprehensive travel inventory tailored to their customers' needs. Their platform supports various currencies and offers foreign exchange assistance. They connect suppliers like hotels, airlines, and car rentals with buyers, including retail buyers such as travel agencies and independent travel advisors, and enterprise buyers like tour operators, travel management companies, and online travel companies. 3. Business Model Their two-sided technology platform facilitates seamless transactions between suppliers and buyers. The platform allows suppliers to display inventory, market their offerings, and set prices for a global buyer base. For buyers, their platform serves as an integrated, multi-currency, and multi-lingual solution for booking travel across various segments such as leisure, corporate, and religious travel. They employ two key revenue models: a B2B Rate Model, where they receive inventory from suppliers, apply a markup, and sell to buyers, and a Commission Model, where they earn a commission from suppliers based on sales. 4. Sales and Marketing As of December 31, 2023, their sales team comprises 449 members across 43 countries, playing a vital role in driving their business growth. Their sales and marketing focus is on increasing the number of buyers on their platform and enabling them to make more bookings. Their sales team focuses on onboarding new agents, conducting KYC procedures, and securing bank guarantees and credit from buyers where applicable. The team assists buyers in familiarizing themselves with the platform and achieving key milestones. 5. The Revenue has Increased from Rs.141 Crores in FY21 to Rs.1,064 Crores in FY23. 6. The EBITDA has Increased from 12 Crores in FY21 to 203 Crores in FY23. 7. The PAT has Increased from (-34) Crores in FY21 to 148 Crores in FY23. 8. As per FY23, CFO/EBITDA is 1.01, As per FY24, EPS is 18.93, 9. Market Capitalization is 9,990 Crore & P/E is 48.59x based on FY24.

TBO Tek Limited E - 78, South Extension Part I, New Delhi – 110 049 Phone: +91 124 499 8999 Email: corporatesecretarial@tbo.com Website: http://www.tbo.com/