ixigo Profit Jumps 55.2% in March Quarter
Jul 04, 2024 18:55
Travel platform ixigo's parent company, Le Travenues Technology, reported a 55.2% jump in profit for the March quarter, driven by strong revenue growth and increased GTV.
Mumbai, Jul 4 (PTI) Le Travenues Technology Ltd, the parent company of travel booking platform ixigo, on Thursday reported a 55.2 per cent growth in consolidated profit after tax (PAT) to Rs 7.34 crore in three months to March over the year-ago period.
The company, which got listed on exchanges last month, had delivered a consolidated PAT of Rs 4.73 crore in the March quarter of FY23, according to a presentation.
The revenue from operations during the quarter under review grew 20.4 per cent at Rs 165 crore as against Rs 137 crore in the corresponding quarter of the previous fiscal, ixigo said in the presentation.
For FY 2023-24, consolidated PAT grew over three-fold to Rs 73 crore in the fourth quarter of the previous fiscal over Rs 23.30 crore posted in the earlier fiscal while the revenue from operations stood at Rs 655.87 crore during FY24, registering a growth of 30.8 per cent on the Rs 501.25 crore topline delivered in the year earlier, as per the presentation.
EBITDA (earnings before interest, taxes, depreciation and amortisation) increased by 23.2 per cent for Q4 FY24 as compared to the same period in the previous year and by 17.8 per cent for FY24, amounting to Rs 53.1 crore in FY24, the company said.
Also, Gross Transaction Value (GTV) crossed Rs 10,000 crore in FY24, growing by 38 per cent year-on-year for the full year and by 34.9 per cent YoY for Q4 FY24, ixigo said, adding this was led by flight GTV expansion of 75 per cent for the full year and 63.6 per cent for Q4 versus the same quarter in the previous year.
"FY24 has been an awesome year for the ixigo group. Our playbook of building the best customer experience for travelers has helped us continue our robust growth trajectory of 38 per cent growth in our GTV and 30.8 per cent growth in our revenue from operations.
"We have also hit double-digit Adjusted EBITDA margins in Q4 and gained market share in all three key verticals of flights, buses and trains during the year despite limited capacity growth in the overall market during the quarter," the company quoted Aloke Bajpai, Group CEO & Rajnish Kumar, Group Co-CEO as saying.
ixigo shares closed higher by 4.83 per cent at Rs 163.95 on BSE.
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