Le Travenues Technology, the parent company of online travel aggregator Ixigo, which went public in June, saw its net profit grow by 78.3% year-on-year (YoY) to Rs 14.8 crore for the quarter ended June 2024.
The Peak XV Partners-backed company reported operating revenue of Rs 181.8 crore for the quarter, up 16% from Rs 156.5 crore a year ago.
In the June quarter, total expenses rose YoY to Rs 168 crore from Rs 150 crore. A significant amount of the expenditure was attributed to employee benefits and other expenses.
Revenue from train reservations stood at Rs 100.4 crore, rising from Rs 88.6 crore a year ago.
Revenue from airlines and buses stood at Rs 41.5 crore and Rs 39.6 crore, respectively.
“Our international flight gross transaction value (GTV) continues its strong momentum with 71% YoY growth during the first quarter, contributing to a 28% YoY growth in our overall flight GTV for the quarter,” Aloke Bajpai, cofounder and chief executive, told analysts during a post-earnings call, highlighting that majority of the international growth is coming from tier II towns.
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Founded in 2007 by Aloke Bajpai and Rajnish Kumar, Ixigo allows users to book train, flight, and bus tickets, while offering various utility tools and services such as train PNR status and confirmation predictions, and updates for train seat availability. It also provides personalised recommendations and automated customer support.According to the company, it has 480 million annual active users.
“The government’s recently announced policy initiatives to enhance spiritual tourism are a welcome move toward growing domestic tourism among our ‘next billion users’ segment. The focus on developing tourist corridors at Vishnupad Temple and Mahabodhi Temple in Bodh Gaya, along with comprehensive initiatives for infrastructure development in Rajgir, Nalanda, and Odisha, will surely open new avenues for growth,” said Bajpai while highlighting that it saw a 40-50% increase in demand for spiritual tourism to destinations like Ayodhya, Varanasi, Bodh Gaya, and Tirupati over the past year.
In FY24, Ixigo witnessed an increase in operating revenue, which jumped by 31% to Rs 655.8 crore from Rs 501.2 crore in FY23. The company reported a consolidated net profit of Rs 73 crore in FY24 compared to Rs 23.3 crore in the previous fiscal year.
Ixigo was listed on the exchanges on June 18 at Rs 138, a premium of 48.5%% over its issue price of Rs 93. It closed on Thursday down 0.89% at Rs 172 on the BSE. The results were declared post-market hours.
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