Ixigo Reports Strong Financial Performance in FY24

Preeti Bali / 7:30 am / July 5, 2024

Le Travenues Technology Limited, the parent company of online travel platform Ixigo, announced impressive financial results for the fiscal year ending March 2024 (FY24). The company experienced a significant increase in both revenue and profits, demonstrating its strong performance in the Indian travel market.

Revenue Growth

Ixigo’s revenue from operations grew by 31% year-on-year, reaching Rs 656 crore in FY24 compared to Rs 501 crore in the previous fiscal year. This growth indicates a continued rise in demand for the company’s travel booking services.

Profit Surge

Ixigo’s profits witnessed a remarkable surge of 213.3% in FY24, reaching Rs 73 crore compared to Rs 23.3 crore in FY23. This substantial profit increase highlights the company’s efficiency in managing costs alongside its revenue growth.

Train Bookings Lead the Way

Train reservations remained the primary source of income for Ixigo, contributing 56.4% of the total revenue. This segment saw a rise of 24.2%, reaching Rs 370 crore in FY24. The company also experienced significant growth in its flight booking business, with passenger bookings increasing by 77% year-on-year.

Active User Base Expands

Ixigo’s user base continued to expand, with the company boasting 480 million annual active users in FY24. This large and growing user base positions Ixigo for continued success in the online travel market.

Cost Management and Investment

While employee benefits accounted for a significant portion of the company’s expenditure (22.4%), their costs only increased by 12% compared to the previous year. This indicates Ixigo’s focus on controlling overall costs while investing in its workforce.

Market Expectations and Future Challenges

Ixigo’s successful initial public offering (IPO) in June 2024, with an oversubscription rate of 98.3X, demonstrates strong investor confidence. However, the company faces the challenge of meeting high market expectations while navigating intense competition and potential margin pressures in the future.

Looking Ahead

The upcoming Q1 results for the June quarter will be closely watched to gauge Ixigo’s growth momentum and ability to maintain its strong financial performance.

More Stories