Ixigo, a travel technology platform that recently went public on stock exchanges, saw a more than twofold increase in profit in FY24.
The company reported a profit of Rs 73 crore for FY24 compared to Rs 23 crore for the previous financial year. The company released its results for the fourth quarter and full year of FY24 on July 4.
Ixigo's Financial
In FY24, the Gross Transaction Value (GTV) surpassed Rs 10,000 crore, increasing by 34.9 per cent YoY in Q4 of FY24 and 38 per cent YoY for the entire year. The largest contributor to this was the flight GTV expansion, which increased by 75 per cent for the entire year and 63.6 per cent for the fourth quarter compared to the same period last year.
Its total revenue increased to Rs 665 crore from Rs 517 crore the previous year by 28.6 per cent.
The company reported that, as a result of supply shortages and rising airfares, take-off rates fell in the fourth quarter and the flight market expanded at a single-digit rate.
Slow growth of travel industry
Additionally, the market for reserved train tickets saw little to no growth.
The management observed that although the travel industry was growing slowly, Ixigo was growing volumes in the flight and train verticals much more quickly, as well as on buses. The company's growth was essentially in line with the market.
Group CEO of the company Aloke Bajpai noted that the World Travel and Tourism Council projects that the travel and tourism industry will employ over 58.2 million people nationwide, one in every ten, and increase its GDP contribution to Rs 36.8 lakh crore by 2033, or 7 per cent of the Indian economy.
Share price
Ixigo's (Le Travenues Technology) shares were trading at around Rs 172 Per share on Indian bourses It was up by Rs 8 per share, resulting in a 4.94 per cent jump. The share opened at Rs 168 per share on Dalal Street.
