RateGain Q4 FY25 Results: PAT up 48% YoY, EPS ₹4.2

Q4FY25 snapshot: income falls sequentially, rises sharply YoY

RateGain Travel Technologies Ltd reported total income of ₹276.86 crore for the quarter ended March (Q4FY25). The company’s total income fell 7.4% quarter-on-quarter from ₹299.04 crore in Q3FY25. On a year-on-year basis, total income rose 47.5% from ₹187.73 crore in Q4FY24. The quarterly pattern shows a softer close to the year sequentially, but a strong improvement compared with the year-ago base. Alongside income, profit and cost lines also moved in different directions on a QoQ versus YoY comparison.

Expenses: down QoQ, higher versus last year

For Q4FY25, operating expenses were reported at ₹211.41 crore. This was 6.4% lower than the ₹225.92 crore spent in Q3FY25, matching the commentary that quarterly expenses declined. At the same time, the company reported that expenses were up 30.6% year-on-year. The mix of lower sequential spending and higher YoY cost growth aligns with a business that expanded materially over the last 12 months while tightening costs during the quarter. The expense trajectory is relevant because it supports the margin and profit outcomes discussed for the period.

Profit before tax: down from Q3, up strongly from Q4FY24

Profit before tax (PBT) for Q4FY25 stood at ₹65.45 crore. The company reported a 10.5% decline from ₹73.12 crore in Q3FY25. However, PBT increased 153.2% year-on-year compared with ₹25.85 crore in Q4FY24. The sharp YoY rise indicates the scale of improvement from the prior year’s quarter. The sequential fall, in contrast, suggests Q4 did not maintain Q3’s run-rate on pre-tax profitability.

Net profit and EPS: lower sequentially, higher YoY

Profit after tax (PAT) for Q4FY25 came in at ₹50.02 crore. That was 11.5% lower than ₹56.54 crore in Q3FY25, but 48.0% higher than ₹33.79 crore in Q4FY24. Earnings per share (EPS) was ₹4.20 in Q4FY25, down 12.5% from ₹4.80 in Q3FY25 and up 35.5% from ₹3.10 in Q4FY24. The reported profit movement mirrors the income trend: softer QoQ but strong YoY. The company also summarised results as a 7.4% QoQ decline in consolidated revenues, with 47.5% YoY growth.

Management commentary: margins and “three consecutive quarters” of ₹50 crore-plus PAT

RateGain also reported a record-high EBITDA margin of 23.2% in Q4FY25, citing improved operational efficiencies. Management commentary noted this was the third consecutive quarter where the company delivered more than ₹50 crore in PAT. In another Q4FY25 summary, RateGain stated revenue of ₹260.7 crore, with year-on-year growth in EBITDA and PAT at 11.7% and 10% respectively. These statements focus on margin delivery and consistency of quarterly profitability. The margin figure provides context on how expenses and operating leverage translated into profitability.

Full-year FY25: revenue crosses ₹1,000 crore mark

For FY25, RateGain reported operating revenue of ₹1,076.67 crore, up 12.5% year-on-year from ₹957.03 crore. The company also described FY25 as the first time it crossed the ₹1,000 crore revenue mark, citing FY25 revenue of ₹1,077 crore. FY25 EBITDA was reported at ₹232 crore, up 22.3%, with EBITDA margin at 21.6%, up 180 basis points from the previous year. FY25 PAT was reported at ₹209 crore, up 44% year-on-year. The company also reported FY25 free cash flow of ₹120 crore.

Segment and customer metrics cited for FY25

RateGain attributed FY25 growth to steady performance across verticals. It cited full-year growth of 8.5% in DaaS, 5.4% in Distribution, and 19% in Martech. It also reported net revenue retention (NRR) of 105% for the full fiscal year. In addition, the company said revenue from its top 10 customers grew 17.3% on a year-to-date basis. These metrics frame the year’s performance beyond the headline revenue and profit numbers.

Contract wins, recurring revenue, and industry context

The company’s commentary also referenced new contract wins and recurring revenue. It reported doubling new contract wins in FY2024 to ₹284.78 crore, with annual recurring revenue at ₹1,023.26 crore. RateGain also referenced a $100 billion global travel tech market in the material provided. Separately, it cited cash of $149,506K USD. These points are presented as part of the broader operating context and market opportunity described alongside financial performance.

Key numbers table: what changed in Q4FY25

Why the results matter for investors tracking RateGain

The Q4FY25 set of numbers shows a clear split between sequential performance and year-on-year growth. Total income, PBT, PAT, and EPS all declined versus Q3FY25, while each line item improved strongly over Q4FY24. The cost line is central to that picture, with expenses falling QoQ as the company reported operational efficiencies and a record-high quarterly EBITDA margin of 23.2%. On the full-year lens, RateGain’s FY25 operating revenue of ₹1,076.67 crore and PAT of ₹209 crore underline the scale-up achieved during the year. The company also stated it met its FY25 revenue guidance target of 12-13%.

Conclusion

RateGain closed FY25 with operating revenue of ₹1,076.67 crore and a reported 44% rise in full-year PAT to ₹209 crore, while Q4FY25 delivered total income of ₹276.86 crore and PAT of ₹50.02 crore. The company’s next updates will likely be watched for how margins and customer metrics such as NRR and top-customer revenue trends sustain after Q4’s sequential dip.