Rategain Travel Technologies Ltd. reported 1.5% QoQ growth, (our estimate: 1.9%), led by data-as-a-service (34% of revenue) and distribution (22% of revenue) segments growth of 6.4%/2% QoQ, while MarTech (44% of revenue) was down 2.3% on seasonal dip in Adara.
Ebitda stood at 21.2% (beat), up 57 bps QoQ on lower bonus provisioning for employees.
The company shared an optimistic outlook, guiding 20% YoY organic growth (~26% including acq) and Ebitda margin expansion of 100-200 bps for FY25.
Given strong operational performance over FY24-FY25, Rategain is likely to build a solid foundation for future growth, in our view.
We largely retain our estimates for FY25E/FY26E and expect the company to continue riding tailwinds of global travel…