Shares of Dreamfolks Services gained 10% to Rs 592.15 on the BSE in Wednesday’s intraday trade after reporting over 100% growth in profit after tax (PAT) at Rs 25.30 crore in the March quarter (Q4FY23), due to healthy operating income. It posted an after-tax profit of Rs 8.98 crore in the quarter a year ago (Q4FY23).

Over the past two sessions, the stock has risen 16%. It surpassed the previous high of Rs 550 and touched its first day of listing – September 6, 2022. The stock is currently being offered at an 82% premium to the issue price of Rs 326 per share. In contrast, the S&P BSE Sensex was up 0.19% at Rs 62,102 at 10:47 am.

DreamFolks is India’s largest airport service aggregator platform, leveraging its proprietary technology solutions to provide passengers with a better airport experience. The company’s global footprint spans more than 1,400 touchpoints in more than 120 countries.

The company’s operating income rose 140% to Rs 237.75 crore in Q4FY23 from Rs 99.16 crore in Q4FY22. Ebitda rose 181% year-on-year to Rs 35.09 crore and the margin improved 210 basis points to 14.8%.

Over the past year, the company has seen a strong recovery in air travel thanks to multiple tailwinds. Management said major global events have boosted travel and changed travel trends since the opening of borders at the beginning of the year, including revenge travel and a sharp rise in leisure travel.

The company is setting new air traffic records every day. Domestic passenger traffic surged 59.74% to 136.03 million in FY23, compared to 85.15 million in the previous year.

In terms of industry trends, the company said there was a strong premiumisation of luxury goods and services in the country and that was evident in the lounges as well. New and premium lounges are coming soon as more and more passengers are willing to pay extra for premium access.

With markets fully recovering, even surpassing pre-pandemic levels, major events around the world and leisure travel increasing, global air traffic is rapidly increasing, while a preference for comfort and luxury continues, the company said.