TBM Staff - Mumbai Ixigo has posted profit of INR 73 crore in FY24 compared to INR 23 crore in the last fiscal. Its total income stood at INR 665 crore, up 28.6 per cent from INR 517 crore a year ago.
Gross Transaction Value (GTV) crossed INR 10,000 crore in FY24, growing by 38 per cent year-on-year (YoY) for the full year and by 34.9 per cent YoY for Q4 FY24. This was led by flight GTV expansion of 75 per cent for the full year and 63.6 per cent for Q4 versus the same quarter in the previous year.
The company highlighted that in the fourth quarter the flights market grew at single digit and take rates contracted due to supply constraints and higher airfares.
Also, there was little to no growth in the reserved train ticket market.
The management noted that despite the slow growth in the travel market, Ixigo continued to grow volumes in flight and train verticals much faster and on buses too, the company grew largely in line with the market.
“We have seen spiritual tourism pick up in our own searches for FY24 with the rise in footfall to Varanasi during the year, and then with the Ram Temple inauguration and the Ayodhya airport launch, we have seen that on flight sectors connecting Ayodhya from major cities, we have been able to tap into a higher market share than our national average and continue to see the same pattern on airports such as Darbhanga, Jharsuguda, Patna, Kanpur, Lucknow, etc,” said Rajnish Kumar, Group Co-CEO, Ixigo. (Source: Moneycontrol)
