Ixigo Reports Strong Growth in FY24, Driven by Flight Bookings and Value-Added Services

Le Travenues Technology Limited (Ixigo), India’s leading online travel agency (OTA) catering to the “Next Billion Users,” announced its financial results for the fourth quarter (Q4) and full fiscal year (FY) ending March 31, 2024. The company delivered a positive performance, highlighting significant growth in key metrics.

Gross Transaction Value Soars

Ixigo’s Gross Transaction Value (GTV) surpassed the ₹10,000 crore mark in FY24, showcasing a remarkable 38% year-on-year (YoY) growth for the entire fiscal year. This momentum continued into Q4 FY24, with GTV rising by 34.9% YoY. This impressive growth can be attributed primarily to the surge in flight bookings, with Flight GTV expanding by a substantial 75% for the full year and 63.6% for Q4 compared to the same period last year.

Revenue and Profitability on the Rise

Revenue from Operations mirrored the positive trend, registering a 30.8% YoY increase in FY24, reaching ₹655.9 crore compared to ₹501.3 crore in FY23. Q4 FY24 also saw healthy growth in revenue, with a 20.4% YoY increase to ₹164.9 crore.

Ixigo’s profitability metrics also exhibited positive signs. Contribution Margin (CM) witnessed a significant 34.7% YoY growth for the entire fiscal year, reaching ₹293.8 crore in FY24. This increase was driven by strong performances in both the Bus and Train segments, with Bus CM rising by 40.9% YoY and Train CM increasing by 34.6% YoY.

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) displayed a growth of 23.2% for Q4 FY24 compared to the previous year’s corresponding quarter. For the full year, EBITDA reached ₹53.1 crore, reflecting a 17.8% YoY growth. Adjusted EBITDA, which factors in Employee Stock Option (ESOP) expenses and other income, also displayed positive growth, increasing by 0.7% for Q4 FY24 and a significant 24.7% for FY24, reaching ₹55.3 crore for the full year.

Profit After Tax (PAT) witnessed a substantial jump, with a growth of 212.3% YoY in FY24 and 55.2% YoY in Q4 FY24. It’s important to note that the FY24 PAT of ₹73.1 crore includes a one-time gain of ₹29.7 crore due to an accounting adjustment, and both FY23 and FY24 figures are impacted by deferred tax benefits.

Growing Importance of Value-Added Services

Ixigo is successfully expanding its revenue streams beyond core booking services. The company’s Ancillary Value Added Services Attachment Rate, which represents the percentage of bookings sold that include these services, climbed from 28.9% to 31.3% for FY24. This trend suggests that Ixigo effectively provides valuable add-ons to enhance the customer travel experience, generating additional revenue in the process.

“FY24 has been an awesome year for the ixigo group. Our playbook of building the best customer experience for travellers 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,” said Aloke Bajpai, Group CEO and Rajnish Kumar, Group Co-CEO, ixigo.

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