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Ixigo posts 31% rise in Q3 revenues, clocks profit of Rs 24 crore
Le Travenues Technology, the parent company of online travel aggregator Ixigo, saw its operating revenue increase 31% year-on-year (YoY) to Rs 317 crore for the quarter ended December on account of growth across all lines of business.
With increased revenue, the company posted a net profit of Rs 24 crore for the quarter, up from Rs 15 crore a year ago.
The company's total expenses, however, rose to Rs 296 crore in the quarter from Rs 224 crore in the same period last year. A significant amount of the expenditure was attributed to employee benefits and `other expenses'.
Aloke Bajpai, Ixigo's cofounder and chief executive, said during a post-earnings call on Thursday that the large-scale disruption of Indigo operations in December resulted in approximately 4,500 cancelled / rescheduled flights, which caused a two-fold surge in customer queries.
“Despite the severity of the disruptions, our flight business grew faster than the overall market, with the gross transaction value (GTV) growing 22% and flight revenue growing 49% YoY,” Bajpai said, adding that the firm gained some market share in this category.
Calling out the one-offs during the quarter, group chief financial officer Saurabh Devendra Singh said that the flight disruptions would have adversely impacted the firm's Ebitda by about Rs 2 crore. The company posted an adjusted Ebitda of Rs 31 crore during the quarter.
Revenue from train reservations stood at Rs 134 crore, rising from Rs 119 crore a year ago. Revenue from airlines and buses stood at Rs 102 crore and Rs 75 crore, respectively.
“On trains, while the business continues to grow well, the share of trains in our GTV and revenue has reduced, as flights and buses grew faster,” Bajpai added.
Founded in 2007 by Bajpai and Rajnish Kumar, Ixigo allows users to book train, flight, and bus tickets, and book hotels, and offers various tools and services such as train PNR status, confirmation predictions, and updates on train seat availability.
It also provides personalised recommendations and automated customer support. According to the company, it has 544 million annual active users with 82 million monthly active users.
“Despite seeing good growth in the hotels segment, we're still not at the product-market fit stage in this business yet. We now have some deeper learnings on what all is broken in this space, and we are building our hypothesis on how those can be solved. We have talked to many customers and hoteliers, and also done on-ground market research to test the hypothesis. We expect to intensify our efforts on both product and supply in the coming fiscal year,” said Rajnish Kumar, group co-chief executive officer.
Last October, Dutch investment firm Prosus acquired 10.1% stake in the company for about Rs 1,296 crore. Ixigo had said that it will use the funds to expand its hotels vertical, considered to be a high-margin segment for online travel agencies. The venture capital firm also bought an additional 5.06% stake from existing shareholders Elevation Capital and Peak XV Partners through off-market transactions.
In FY25, Ixigo's revenue increased 39% to Rs 914 crore from Rs 656 crore in the previous fiscal, while its net profit was down 18% to Rs 60 crore, from Rs 73 crore.
The company's shares closed 1.84% down on Thursday, at Rs 234.90 on the BSE. The results were declared post-market hours.
Source: EconomicTimes
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