TBO Tek has set up a new wholly-owned subsidiary in Indonesia as part of its plans to strengthen its footprint in the region and expand its global outreach
The B2B travel tech company reported a net profit of INR 60.1 Cr on an operating revenue of 450.7 Cr in Q2 FY25
Last month, TBO Tek won its six-year-long tax dispute against the central government’s Service Tax Department
Listed B2B travel tech company TBO Tek has set up a new wholly-owned subsidiary in Indonesia as part of its plans to strengthen its footprint in the region and expand its global outreach.
The subsidiary will provide business support services, including marketing and promotional activities, to TBO Tek in Indonesia, the company said in an exchange filing.
TBO Tek Indonesia was incorporated on November 28 with an authorised and issued capital of 10,000 shares at INR 10 Lakh each. However, the newly-launched entity is yet to commence business operations.
Founded in 2006, TBO Tek provides travel solutions to travel agents and tour operators. It offers white-label solutions, hotel and flight booking APIs and dynamic packages, among others.
The company has been expanding its presence in key international markets. Last month, the company set up a new subsidiary by the name of TBO Tek Australia, to solidify its presence in the Australian tourism industry.
Prior to that, in September, TBO Tek incorporated a subsidiary in Canary Island, to strengthen its footprint in the region.
Travel Boutique Online (TBO Tek) reported a 7% increase in its consolidated net profit to INR 60.1 Cr in the September quarter of the financial year 2024-25 (Q2 FY25) from INR 56.1 Cr in the same quarter last year.
The company’s operating revenue surged 28% to INR 450.7 Cr during the quarter under review from INR 352.3 Cr in the year-ago period.
While revenue from the air ticketing business was almost flat at INR 83.9 Cr, that from the hotels and packages segment rose 36.2% YoY to INR 357.1 Cr.
Last month, it was reported that TBO Tek won its six-year-long tax dispute against the central government’s Service Tax Department. At the heart of the dispute was how TBO Tek collected service tax from its travel sub-agents during 2007-2013.
Shares of TBO Tek were trading 0.64% lower at INR 1577.05 apiece on the BSE at 11:12 AM today.
