Ixigo Turns Profitable, Reports Rs500cr Revenue In FY23
In the fiscal year 2023, ixigo’s domestic revenue increased to Rs 487.9 crore from Rs 369.3 crore in the previous year. The company’s export revenue services also grew by almost 30 per cent to Rs 13.3 crore
With a consolidated net profit of Rs 23.4 crore in financial year (FY) 2023, traveltech major ixigo’s parent entity Le Travenues Technology turned profitable. Furthermore, the startup recorded a net loss of Rs 21.1 crore in FY22. It made a profit of Rs 7.5 crore in FY21.
As a travel aggregator, ixigo makes most of its money from selling various travel services. This includes fees from booking rail, airline and bus tickets, as well as income from advertising.
In the fiscal year 2023, ixigo’s domestic revenue increased to Rs 487.9 crore from Rs 369.3 crore in the previous year. Company’s export revenue services also grew by almost 30 per cent to Rs 13.3 crore.
Overall, including interest income and other non-operating income, ixigo’s total revenue in FY23 was Rs 517.6 crore compared to Rs 384.9 crore the previous year. It claims to have over 66 million monthly active users across its platforms, which include ixigo, ConfirmTkt and AbhiBus.
In FY23, ixigo’s total expenses increased to Rs 484.3 crore from Rs 402.5 crore in the previous fiscal year. The biggest contributor to expenses was employee costs. Employee benefit expenses rose to Rs 126.3 crore, with Rs 102.6 crore spent on salaries and wages. Advertising and promotional expenses also increased to Rs 93.1 crore.
The company said that it is targeting a 40 per cent revenue growth in FY24 and aims to scale its business to Rs 700 crore. Moreover, It has received SEBI’s approval for its Rs 1,600 crore IPO in December 2021, the startup postponed its listing plan due to market conditions.
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