ixigo Shares Rally 10%, M-Cap Zooms To $717 Mn

Shares of online travel aggregator Ixigo rallied over 10% to INR 159.60 apiece on BSE during the intraday trading today (December 11).

However, the stock pared some of the gains later and was trading 9.25% higher at INR 157.60 at 3:28 PM.

The stock has ended in red in 8 out of the last 11 trading sessions. On a year-to-date basis, the stock has plunged over 5%.

The Delhi NCR-based startup made its stock market debut in June this year. 

At the time of writing, the market capitalisation of ixigo stood at INR 6,084.13 Cr (around $717 Mn).

This comes after Ixigo acquired a 51% stake in train food delivery platform Zoop Web Services Pvt Ltd for INR 12.54 Cr ($1.4 Mn) through a combination of primary and secondary share purchases a few weeks ago. 

The company’s consolidated net profit nearly halved to INR 13.08 Cr from INR 26.70 Cr in the second quarter (Q2) of the financial year 2024 (FY24). The decline was majorly led by the rise in company’s total tax expenses, which stood at INR 5.26 Cr during the quarter under review.

In the quarter under consideration, Ixigo’s revenue from operations rose 26% to INR 206.47 Cr from INR 163.91 Cr in the corresponding quarter last year.

The company’s adjusted EBITDA (excluding ESOP expenses) rose 326% to INR 20.99 Cr from INR 4.92 Cr in Q2 FY24. 

Ixigo made a strong market debut on June 18, with its shares listing at a premium of more than 45% on the BSE. The stock debuted at INR 135 apiece as against an issue price of INR 93.

In October, the Gurugram-based company allotted 17.57 Lakh stock options under its employee stock option plan (ESOP) 2024.