Le Travenues Technology posted a 31% year-on-year (YoY) jump in operating revenue and a 60% increase in quarterly profit.
For the quarter ended December, the company reported operating revenue of Rs 317 crore, supported by growth across flights, buses and trains. Net profit rose to Rs 24 crore from Rs 15 crore a year earlier. However, profitability was partly offset by a sharp rise in costs, with total expenses increasing to Rs 296 crore from Rs 224 crore last year, driven mainly by higher employee benefits and other operating expenses.
The selloff follows management commentary on resilient operating performance during December, a month marked by industry-wide disruptions after large-scale IndiGo flight cancellations and rescheduling across the country.
“Despite the severity of the disruptions, our flight business grew faster than the overall market, with the gross transaction value (GTV) growing 22% and flight revenue growing 49% YoY,” Ixigo Co-founder and Chief Executive Aloke Bajpai said during a post-earnings call on Thursday, adding that the company gained market share in the category.
Group Chief Financial Officer Saurabh Devendra Singh said, “The December flight disruptions would have adversely impacted Ebitda by about Rs 2 crore. The company reported an adjusted Ebitda of Rs 31 crore for the quarter.”
Segment performance: Flights and buses lead
Revenue from train reservations rose to Rs 134 crore from Rs 119 crore a year ago, while airlines and buses contributed Rs 102 crore and Rs 75 crore, respectively.“On trains, while the business continues to grow well, the share of trains in our GTV and revenue has reduced, as flights and buses grew faster,” Bajpai said.
Founded in 2007 by Bajpai and Rajnish Kumar, Ixigo offers bookings across trains, flights, buses and hotels, along with tools such as PNR status, seat availability updates and automated customer support. The company said it has 544 million annual active users and 82 million monthly active users.
Bullish views by brokers
JM Financial Institutional Securities struck a more optimistic note, reiterating a ‘BUY’ rating on the stock with an unchanged target price of Rs 275.
The brokerage said Ixigo’s consolidated GTV grew 21.5% year-on-year in the quarter, led by strong growth in buses and flights, even as both segments faced supply-side disruptions. It flagged near-term pressure on contribution margins, which slipped to 36.3% from 42.4% a year ago due to aggressive product and marketing investments, particularly in the bus segment.
“Despite this, adjusted EBITDA margin of 9.7% decreased only 37bps YoY, reflecting strong operating leverage,” the brokerage said, adding that reported EBITDA and adjusted profit after tax were ahead of expectations despite the estimated Rs 2 crore Ebitda hit from December’s flight disruptions.
JM Financial said it remained “constructive on ixigo’s medium-term growth and profitability trajectory,” projecting healthy growth in GTV and revenue over the next three years.
The latest results follow a volatile year for the company. In FY25, Ixigo’s revenue rose 39% to Rs 914 crore, while net profit declined 18% to Rs 60 crore. In October, Dutch investment firm Prosus acquired a 10.1% stake in the company for about Rs 1,296 crore, with plans to back expansion in the higher-margin hotels business.
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