Ixigo’s Q4 net profit jumps 55%, triples for full year
Online travel booking platform Ixigo, which went public last month, has reported a 20% year-on-year (YoY) increase in its operating revenue to Rs 164.8 crore for the quarter ended March 2024. Its net profit in the period jumped 55% to Rs 7.3 crore.
For the fiscal year 2024, Ixigo’s net profit more than tripled to Rs 73 crore from Rs 23 crore in FY23. Revenue from operations grew by 31% on year in FY24 to Rs 655.8 crore.
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Offering CollegeCourseWebsiteMIT xPROMIT Technology Leadership and InnovationVisitIIT DelhiCertificate Programme in Data Science & Machine LearningVisitIndian School of BusinessISB Product ManagementVisit“Our growth strategy relies on…our ability to monetise our large user base incrementally every year through innovations in our ancillary/value-added services and better cross-selling and upselling within our ecosystem,” said Aloke Bajpai, Ixigo’s cofounder and group CEO.
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Bajpai also flagged the slowing growth in the flights booking segment over the last two quarters of FY24.
“Currently, the domestic flight market is capacity-constrained, operating at very high fare levels. The last couple of quarters have seen single-digit year-on-year growth in passenger capacity as well as take rate compression to levels seen only pre-Covid,” he said.
The company’s revenue growth in the fourth quarter came in at a relatively slower pace given the slowdown in air travel and reserved train ticketing segments.
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