DreamFolks shares soar as record travellers queue up at busy airports for lounge access

After forming a Tweezer bottom candlestick pattern, a bullish reversal sign, the stock has rallied 17 percent from the Rs 364 support and has been making higher highs and higher lows since the first week of this month.

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The shares of DreamFolks Services, which operates India’s largest airport service aggregator platform, recouped the previous day’s losses and regained strength on October 27. The stock has gained 6 percent after the company reported the business update for the first half of the current financial year last week, saying there was a strong footfall during the period on account of recovery in travel industry growth.

DreamFolks clocked a massive 180 percent year-on-year growth in operating revenues for the quarter ended September FY23 and there was 290 percent growth YoY in half year of FY23.

The stock had fallen 68 percent from its record high of Rs 549 touched on the listing day (September 6) and corrected up to Rs 364, which acted as a strong support level. Since that correction, the stock has consolidated above this support level for a couple of weeks before showing a good uptrend this month.

After forming a Tweezer bottom candlestick pattern, a bullish reversal signal consisting of two candlesticks, the stock rallied 17 percent from the Rs 364 support and has been making higher highs and higher lows since the first week of this month.

“We continue to witness stable gross margins in business for Q2FY23. The company is well-positioned in a growing industry with a very large headroom for growth with rapidly expanding airport networks, increasing propensity to travel and changing lifestyles leading to a greater likelihood of using lounges,” the company said in a BSE filing on October 21.

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The firm said there was a strong growth of 110 percent in domestic air traffic in the first half of FY23 which has surpassed pre-Covid level, with a 60 percent growth in Q2FY23 compared to Q2FY22.

DreakFolks has seen record-high footfall in the airport lounges primarily due to early arrival requirements and the higher engagement from card network providers as well as issuers to avail various offers and services.

The company has an asset-light business model, integrating global card networks operating in India, credit card and debit card issuers, airline companies with various airport lounge operators and other airport-related service providers on its unified technology platform.

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It provides a host of services from door-step to the airport, within the airport, and again from the airport to the door-step at the destination, including lounges, food and beverage, spa, meet & assist, airport transfer, transit hotels/nap room access and baggage transfer.

The number of passengers availing lounge access and other touchpoints through the company grew at a healthy rate of 240 percent YoY in the first half of FY23 and 140 percent in September FY23 quarter.

In H1FY23, DreamFolks said, passengers accessing airport lounges stood at 3.6 million compared to 1.1 million in H1FY22, reflecting the recovery in the travel industry growth, and on the quarterly basis, it stood at 1.8 million compared to 0.76 million in Q2 FY22.

Its number of lounges in India grew 22 percent from 49 as of September 2021 to 60 as of September 2022.

In addition to lounge access, the company said it has also witnessed strong footfall at other touchpoints like meet & assist, food & beverages, airport transport, etc.

In the year ended FY22, it enjoyed a market share of over 95 percent of all India issued credit card and debit card access to airport lounges and also accounted for around 68 percent of the overall lounge access volume in India.

DreamFolks shares traded at Rs 422.75 on the BSE, rising 3.6 percent at the time of writing this article.