The company reported operating revenue of Rs 206 crore for the quarter, up 26% from Rs 164 crore a year ago.
The company’s total expenses rose to Rs 191 crore in the September quarter from Rs 169 crore in the same period last year.
The company has attributed the decline in profit to an increase in deferred tax cost of Rs 5 crore and the share of loss incurred by an associate at Rs 2 crore. The company has also recorded an exceptional income of Rs 30 crore in the September quarter of FY24, which was absent this year.
“In Q2FY25 our share of loss on Freshbus, which is an equity minority investment that we have, amounted to Rs 1.93 crore, with the loss inflated from Rs 75 lakh,” said Saurabh Devendra Singh, the company’s chief financial officer (CFO) during a post-earnings analysts call.
“On account of loss of control in Freshbus in September 2024, we had to revalue the investment which gave a one-time notional gain of Rs 29.7 crore in Q2FY24, which is not there in Q2FY25,” he said.
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A significant amount of the expenditure was attributed to employee benefits and other expenses. Revenue from train reservations stood at Rs 110 crore, up from Rs 100 crore a year ago. Revenue from airline and bus bookings stood at Rs 56 crore and Rs 40 crore, respectively.
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Founded in 2007 by Aloke Bajpai and Rajnish Kumar, Ixigo allows users to book train, flight, and bus tickets, while offering various utility tools and services such as train PNR status and confirmation predictions, and updates for train seat availability. It also provides personalised recommendations and automated customer support.
According to the company, it has 480 million annual active users.
Ixigo has acquired a 51% stake in Zoop which is an IRCTC-authorised food delivery aggregator that has been operating since 2016, for Rs 12 crore.
“Our board at its meeting held today has approved entering into definitive agreements to acquire a 51% stake in Zoop Web Services Private Limited for a total consideration of Rs 12.54 crore, including non-compete fee, subject to the completion of certain conditions precedent, through a combination of secondary and primary share purchases,” said Bajpai.
“The idea here is not to go and burn money, because the company we are acquiring is profitable. We think that we can grow this profitably from here, and the growth has been staggering in the past also for them,” he added.
In FY24, Ixigo witnessed an increase in operating revenue, which jumped by 31% to Rs 655.8 crore from Rs 501.2 crore in FY23. The company reported a consolidated net profit of Rs 73 crore in FY24 compared to Rs 23.3 crore in the previous fiscal year.
Ixigo was listed on the exchanges on June 18 at Rs 138, a premium of 48.5%% over its issue price of Rs 93. It closed on Thursday down 0.57% at Rs 149 on the BSE. The results were declared post-market hours.
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