Trade-Wings - Trade-Wings
Financial Performance
Revenue Growth by Segment
Travel Related Services revenue was INR 212.40 Cr, while Cargo and Others contributed INR 6.37 Cr. Overall revenue from operations grew by 2% YoY to INR 212.41 Cr.
Geographic Revenue Split
The company operates in 34+ cities across India, with its registered office in Goa and corporate office in Mumbai. 100% of revenue is derived from domestic operations.
Profitability Margins
Net Profit Margin improved significantly from 0.04% to 0.29% (a 625% relative increase). Operating Profit Margin rose from 1.29% to 1.38%.
EBITDA Margin
Operating Profit Margin is 1.38%, up 0.09% YoY. Profit Before Tax (PBT) grew by 673.6% YoY to INR 0.61 Cr.
Capital Expenditure
Not explicitly disclosed as a Cr figure, but the company is utilizing assets and borrowing less, with the Debt-Equity ratio improving from 6.16 to 4.98.
Credit Rating & Borrowing
Reaffirmed at 'ACUITE B+' (Long-term) and 'ACUITE A4' (Short-term) for INR 16.38 Cr bank facilities; interest coverage ratio improved from 1.03 to 1.25.
Operational Drivers
Raw Materials
As a service provider, primary inputs are the talent pool (119 employees) and Foreign Exchange (Forex) for money changing services.
Import Sources
Not applicable for service industry; talent is sourced domestically in India.
Key Suppliers
Airlines (for ticketing), Hotels (for reservations), and Foreign Exchange providers.
Capacity Expansion
Operates in 34+ cities; no specific MT/MW capacity as it is a service provider.
Raw Material Costs
Employee costs and service procurement are primary; total expenditure rose 2.3% to INR 218.16 Cr.
Manufacturing Efficiency
Debtors turnover ratio improved from 1798.53 to 2087.88, indicating better recovery efficiency.
Logistics & Distribution
Cargo segment revenue was INR 6.37 Cr.
Strategic Growth
Expected Growth Rate
Not disclosed
Growth Strategy
Expanding customer base, infrastructure, and service lines. Leveraging India's 5% GDP contribution from tourism and 7.6 crore jobs in the sector.
Products & Services
Airline ticket booking, visa processing, car renting, hotel reservation, and money changing (forex, traveler’s cheques, money gram).
Brand Portfolio
Trade Wings.
New Products/Services
Steady expansion of service lines mentioned, but no specific new product revenue % disclosed.
Market Expansion
Presence in 34+ cities; looking to grow on the back of reviving global economies.
Market Share & Ranking
India's share of International Tourist Arrivals (ITAs) is 1.45% of World ITAs.
Strategic Alliances
Associate company: Trade Wings Logistics (India) Pvt. Limited.
External Factors
Industry Trends
Tourism sector has regained pre-pandemic levels (5% of GDP). ITAs in India have rebounded. The industry is highly competitive with MNC presence.
Competitive Landscape
Highly competitive with MNCs and large Indian companies causing pricing pressure.
Competitive Moat
Established brand (incorporated 1949) and wide network (34+ cities). Sustainability depends on maintaining a talent pool and adapting to rapid service changes.
Macro Economic Sensitivity
Sensitive to global economic cycles and political/social stability. Tourism sector contributes 5% to India's GDP.
Consumer Behavior
Rebound in international travel post-pandemic; easier travel due to tourist visa-on-arrival for certain countries.
Geopolitical Risks
Friendly relations between countries boost business; terrorist threats and changes in external affairs policies are significant risks.
Regulatory & Governance
Industry Regulations
Tourist visa policies, government external affairs policies, and Companies Act 2013 compliance.
Environmental Compliance
Not disclosed.
Taxation Policy Impact
Not explicitly stated, but PAT (INR 0.67 Cr) is higher than PBT (INR 0.61 Cr) due to potential tax adjustments/deferred tax.
Legal Contingencies
No pending litigations reported that would impact the financial position.
Risk Analysis
Key Uncertainties
Terrorist threats and global economic slowdown (cyclicality).
Geographic Concentration Risk
100% India-based operations across 34+ cities.
Third Party Dependencies
Dependent on airlines and hotels for service fulfillment.
Technology Obsolescence Risk
Risk if the company fails to enhance services to keep pace with rapid business changes.
Credit & Counterparty Risk
Sundry Debtors and Creditors balances are subject to confirmation as of March 31, 2025. Debtors turnover is 2087.88.