ixigo Jumps Over 7% Post Strong FY24 Earnings

Shares of online travel aggregator (OTA) Ixigo jumped 7.7% to INR 176.55 during the intraday trading on the BSE on Friday (July 5) following its stellar FY24 performance.

ixigo on Thursday (July 4) posted a 212% jump in its net profit to INR 73.1 Cr in FY24 from INR 23.4 Cr in the previous fiscal. Its operating revenue during the year also rose almost 31% year-on-year (YoY) to INR 655.9 Cr.

The train ticketing business continued to contribute the largest portion to its revenue during the year, growing 24% YoY to INR 370.1 Cr. Meanwhile, its flight ticketing revenue also witnessed a significant 43% jump YoY in FY24.

The startup said that its gross transaction value (GTV) crossed INR 10,000 Cr during the year, growing 38% YoY.

ixigo’s group CEO Aloke Bajpai said that the startup expects its trains segment to grow in the mid-teens in terms of volume for the next few years, given the organic acquisition of users and new features and product pipeline. 

Meanwhile, after staying more conservative in its branding and ad spending over the last decade, ixigo has increased its spending in this bucket. Its ad and branding expenses more than doubled to INR 55.2 Cr in FY24 from INR 21.4 Cr in the previous year.

Its March quarter performance was also strong on a YoY basis with net profit rising 55.2% YoY to INR 7.4 Cr in the quarter and operating revenue up 20.4% YoY to INR 164.8 Cr.

After a sharp jump during the early trading hours, ixigo shares shed some gains and were trading 4.7% higher at INR 171.7 by 12.40 PM IST.

ixigo made a stellar debut on the Indian bourses last month. It listed on the BSE at INR 135 apiece, 45.16% higher than its issue price of INR 93.

Currently, ixigo shares are trading almost 30% higher than their listing price on the BSE.