ixigo posts INR 656 crore revenue and INR 73 crore profit in FY24, ET TravelWorld

Le Travenues Technology Limited, known as ixigo, India’s leading online travel agency (OTA) for the Next Billion Users, has announced its financial results for the fiscal fourth quarter and the full fiscal year ended March 31, 2024.

For the full fiscal year 2024, ixigo’s Gross Transaction Value (GTV) surpassed INR 10,000 Cr, marking a 38 per cent year-over-year (YoY) growth. This growth was also reflected in the fourth quarter of FY24, which saw a 34.9 per cent YoY increase in GTV. Notably, the Flight GTV expanded by 75 per cent for the full year and by 63.6 per cent for the fourth quarter compared to the same period the previous year.

Revenue from Operations grew significantly by 30.8 per cent YoY in FY24, reaching INR 655.9 Cr, up from INR 501.3 Cr in FY23. The fourth quarter of FY24 alone saw a revenue growth of 20.4 per cent YoY, amounting to INR 164.9 Cr. The Contribution Margin (CM) for the full year increased by 34.7 per cent, reaching INR 293.8 Cr. This was driven by a 40.9 per cent YoY increase in the Bus Contribution Margin and a 34.6 per cent YoY increase in the Train Contribution Margin.

EBITDA for Q4 FY24 increased by 23.2 per cent compared to the same period the previous year and by 17.8 per cent for the full year, amounting to INR 53.1 Cr. Adjusted EBITDA (which includes EBITDA plus ESOP Expenses less Other Income) saw a slight increase of 0.7 per cent for Q4 FY24 YoY and a substantial increase of 24.7 per cent for the full year, totaling INR 55.3 Cr.

Profit After Tax (PAT) grew impressively by 212.3 per cent YoY in FY24 and by 55.2 per cent YoY in Q4 FY24. The FY24 PAT of INR 73.1 Cr includes INR 29.7 Cr of Exceptional Item Income due to the accounting for the loss of control of an Associate, with both FY23 and FY24 benefiting from certain deferred tax advantages.Furthermore, the Ancillary Value Added Services attachment rate, as a percentage of total bookings sold, increased from 28.9 per cent to 31.3 per cent for FY24, demonstrating the company’s ability to enhance customer value through additional services.

Commenting on the results, Aloke Bajpai, Group CEO, and Rajnish Kumar, Group Co-CEO, ixigo, stated that FY24 has been an outstanding year for the ixigo group. They emphasized that the company’s commitment to providing the best customer experience has driven a robust growth trajectory, with a 38 per cent increase in GTV and a 30.8 per cent rise in Revenue from Operations. They noted that ixigo achieved double-digit Adjusted EBITDA margins in Q4 and gained market share in its key verticals of flights, buses, and trains, despite limited market capacity growth during the quarter.