ixigo’s operating revenue increased almost 31% to INR 655.9 Cr in the reported fiscal year from INR 501.2 Cr in FY23
The train ticketing segment continued to be the biggest revenue contributor, with its revenue surging 24% YoY to INR 370.1 Cr in FY24
ixigo’s net profit in Q4 FY24 stood at INR 7.4 Cr on a revenue of INR 164.8 Cr
Recently-listed online travel aggregator Ixigo
posted a 212% jump in its net profit to INR 73.1 Cr in the financial year 2023-24 (FY24) from INR 23.4 Cr in the previous fiscal, helped by a steady growth across its business verticals.
ixigo’s operating revenue increased almost 31% to INR 655.9 Cr in the reported fiscal year from INR 501.2 Cr in FY23.
Founded in 2007 by Aloke Bajpai and Rajnish Kumar, ixigo earns revenue from selling various travel services like flights, trains, bus tickets, hotel bookings, and holiday packages. The train ticketing segment continued to be the biggest revenue contributor, with its revenue surging 24% to INR 370.1 Cr in FY24 from INR 297.8 Cr the previous year.
On the other hand, ixigo’s flight ticketing revenue also improved 43% year-on-year (YoY) to INR 146.4 Cr in FY24. The startup’s bus ticketing revenue increased almost 66% YoY to about INR 132 Cr in the year under review.
Commenting on the FY24 earnings, ixigo group CEO Bajpai, said, “FY24 has been a super productive year as we crossed 480 Mn annual active users cumulatively across the group and surpassed INR 10,000 Cr in GTV (+38% YoY). The synergies from our acquisitions have started to play out on our train and bus businesses. We have also improved our ancillary attachment rate rapidly to over 31%.”
“Our playbook of building the best customer experience for travelers has helped us continue our robust growth trajectory of 38% growth in our GTV and 30.8% 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,” he added in a statement.
Though the company witnessed growth in FY24, the March quarter (Q4) of the last fiscal saw net profit decline to INR 7.4 Cr from INR 30.6 Cr in the December quarter (Q3). However, this was most likely due to the seasonality factor.
Revenue in Q4 also declined to INR 164.8 Cr from INR 170.5 Cr in Q3 FY24. However, compared to Q4 FY23, both operating revenue and profit rose in the March quarter of 2024.
ixigo said that its monthly active users grew to 76.78 Mn in FY24 from 62.83 Mn in FY23.
ixigo’s group co-CEO, Kumar, said, “The scale of users we now serve is mind-boggling with 95.6 Mn passenger segments booked in FY24. Our flight business has outperformed with 77% YoY growth in passenger segments.”
Kumar also reiterated that ixigo is now leveraging GenAI to expand its AI capabilities and enhance our efficiency and customer experience. With the launch of its hotels segment, now there is further scope to cross-sell and up-sell to its user base.
