Rategain shares rise after Q2 net profit jumps 132%
2023.11.21 00:32
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Rategain Travel Technologies has reported a significant surge in its financial performance for the second quarter of the fiscal year 2024, with net sales climbing to ₹234.72 crore, marking an increase of over 88% from the same period last year. The company’s net profit also saw a substantial rise, jumping approximately by 132% to reach ₹30.04 crore. Additionally, the firm’s EBITDA grew considerably to ₹50.07 crore.
Before market open today, Rategain concluded a funding round through a Qualified Institutional Placement (QIP), raising ₹600 crore at an issue price of ₹643 per share, with an additional premium of ₹642. This funding round resulted in the issuance of roughly 93 lakh equity shares. The capital is earmarked for strategic growth initiatives and technological investments, particularly in AI-driven solutions for the hospitality sector.
Following the announcement of the QIP and the impressive financial results, Rategain’s stock opened nearly one percent higher at ₹721.15 compared to its previous close of ₹715.90.
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