ixigo's profit jumps 212% to Rs 73.1 crore in FY24; Revenue rises by 31% to Rs 656 crore

Newly-listed online travel ticket booking platform ixigo has reported a significant 212% increase in net profit, rising from Rs 23.4 crore in FY23 to Rs 73.1 crore in FY24.

The company's operating revenue also grew by 31% during the same period, from Rs 501.2 crore to Rs 655.9 crore.

Additionally, Ixigo’s Gross Transaction Value (GTV) surpassed Rs 10,000 crore, marking a 38% year-over-year growth.

What were the key revenue drivers?

Ixigo's revenue was primarily driven by its operations in train, airline, and bus ticket reservations. Train reservations were the largest contributor, accounting for 56.4% of the total revenue, which rose by 24.2% to Rs 370 crore.

Revenue from airline bookings stood at Rs 146 crore, while bus reservations brought in Rs 132 crore.

Furthermore, the company generated Rs 9.2 crore from interest and financial assets, bringing its total income to Rs 665 crore for FY24.

The firm’s flight business saw a remarkable 77% year-on-year growth in passenger segments, with a total booking of 95.6 million.

What were the key financial metrics?

The company reported an improvement in several key financial metrics. Its EBITDA for FY24 amounted to Rs 53.1 crore, representing a 17.8% increase. The Adjusted EBITDA, which includes ESOP expenses and other adjustments, increased by 24.7% to Rs 55.3 crore.

The Contribution Margin for the full year grew by 34.7% to Rs 293.8 crore.

Notably, the EBITDA margin improved to 11.55%, and the Return on Capital Employed (ROCE) rose to 14.05%. On a unit level, Ixigo spent Rs 0.96 to earn a rupee in FY24.

What were the expenditure trends?

Ixigo’s overall expenditure increased by 29.8% to Rs 628 crore in FY24 from Rs 484 crore in FY23. A significant portion of this expenditure, 22.4%, was attributed to employee benefits, which rose by 12% to Rs 141 crore.

Other expenses included marketing, legal costs, customer refunds, and partner fees. Despite these increases, the company maintained tight control over its costs, contributing to its improved profitability.

Founded in 2007, the company allows users to book flights, trains, buses, hotels, and holiday packages.