Online travel platform Ixigo returned profitable in the June quarter ahead of its proposed initial public offering (IPO).
According to an addendum to Ixigo filed with the Securities and Exchange Board of India (SEBI), the travel portal owned by Le Travenues Technology Ltd posted Net profit of 8.2 crores in April-June as compared to losses 3.4 crore a year ago.
For the year ended March 2022, its loss was 21.2 crore against profit of 7.5 crore in FY2011, mainly due to the Covid-led disruptions and the employee stock ownership scheme allocated to employees.
In the June quarter, Ixigo’s operating revenue doubled 118.8 crore, as against 56.4 crore in the year-ago quarter.
Ticketing revenue accounts for 94% of its operating revenue. It also booked other income of 10 crores mainly on write-back of a liability.
Its operating revenues grew by 3.4x between FY20 and FY22—from FY20 to . 111.6 crore in 135.5 crore in FY21 and 379.5 crore in the year ended March 2022.
Ixigo claims to emerge as the fastest growing online travel agent among 30 Indian peers, as well as the second largest OTA after MakeMyTrip in terms of operating revenue in FY22.
Ixigo’s employee costs doubled 30 crore during the quarter from 15.2 crore in the June quarter of FY22.
With the jump in travel, there has been an increase in marketing spend for OTAs in FY 2012 as compared to FY 2011. In the last financial year, its advertising and selling expenses were 57.5 crores, it added.
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