Dec23 quarter shareholding pattern shows Promoter holding unchanged, Abakkus holding unchanged,
Motilal Oswal Focused Fund added 21.60 lac shares (almost 4%),Mark Mobius Fund added 1.5 lac shares and retail investors sold almost 10 lac shares…
Disc. Tracking position…
1 Like
which platform do you use to track FII / DII share holdings
Bank cost varies with lounge, i.e. Delhi lounge access is costlier than Patna lounge access. The cost is a function of lounge area, food menu
I had an opportunity to discuss this with Patna airport lounge operator
2 Likes
Could you provide more insights from your conversation coz if avg lounge cost per person is around Rs1000, I do not see card companies giving it as freebie, as to recoup this amount on transaction pf lets say 60,000 and MDR around 1.5%, plus lounge facility is a small portion of the benefits offered to CCs, also with very few customers revolving credit card balance interest income will reduce and then banks have to focus on their overall product costs and devalue their cards.
If we look at SBI cards I think in its concall its income has dropped due to lesser revolvers, so product managers will have to cut costs.
Icici bank has revised the spend criteria for several coral and similar cards to 35k spend per quarter to be eligible for 1 lounge visit in next. The coral card is an entry level card and mostly free for all salary account holders. This is effective April 1 2024
The recovery of the costs for banks will not appear feasible by purely looking at unit economics. A bank will take a view on the overall earnings from a portfolio of cards and the cost incurred. And there will also be banks who are in growth phase who won’t bother about profitability in the short run. The smarter banks will try to eventually phase out the tail customers whose relationship value is negative or negligible. But for no bank will all customers be profitable and that is acceptable in the overall game plan.
Disclosure : Invested.
Recently visited the Hyderabad airport encalm lounge. Still had waiting of 10 mins around evening times. There is a bigger lounge going to open in the expanded terminal as well. So far do not see any effect of cards reducing lounge visits.
Management still is on cautious mode due to change in lounge access eligibility criteria.
Q4 will reflect the actual impact of the issue, even Q3 has some impact but there is no drop in pax QoQ. if Q4 pax cross 3 M then i am sure this has minimal impact on DFS
| FY23 | FY23 | FY24 | ||||||
|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | ||
| **1.81 | 2.15 | 2.34 | 2.6 | 2.7 | 2.9 |
Basis the latest q3 fy24 results and concall, the revised sales CAGR can be considered to be 50% CAGR in place of 65.56% (refer above post). Other calculations to follow through.
1 Like
I don’t think that they can do 50% CAGR with the current head winds of spend based lounge access, this is definitely going to impact the pax number but surprisingly we have not seen much affect on the number of pax in Q3, we may get some confirmation in the Q4 about the affect.
I believe that this company has the potential to establish exclusive lounges in premium locations, which would set them apart from simply being an aggregator. This strategic move could solidify their position in the market, making it difficult for new entrants to replace them.
1 Like
Well then it has huge competition from Adani Lounges.
While Adani Lounges may pose competition, their model differs significantly. Unlike Adani, DreamFolks is an aggregator with strong banking affiliations, giving them a unique advantage. Additionally, I believe Adani is unlikely to enter the aggregator business. Even If they want to, a potential takeover of DreamFolks could actually benefit the investors 
2 Likes
Yes it is an aggregator. But what you mentioned in your comment was “potential to establish exclusive lounges”. For that there will be other competitors.
Hi I have question: So dreamfolks is currently asset light model which act as aggregator/ middleman between lounge and credit card (Banks) Don’t you think from account perspective the revenue they are disclosing is GMV, and not net revenue and cost related to lounge access is also not related to them their real revenue should be Sales - lounge access fees as they are middlemen. It is accounting revenue recognition rule.
Or am I missing something here? Reply will be appreciated.
Thanks,
True I also had the same thought, would love an accountant’s perspective on it.
Adani in talks with Plaza Premium which has already tie up with Dreamfolks…Interesting development…
Thanks for your video
but being shareholders we are well aware of the reasons behind the fall after Q1.
3 Likes