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ixigo Posts INR 68 Cr PAT In Nine Months Of FY24, Nearly 3X Of FY23 Profit

Inc42 · 1y ago

ixigo Posts INR 68 Cr PAT In Nine Months Of FY24, Nearly 3X Of FY23 Profit

IPO-bound travel aggregator ixigo's parent company, Le Travenues Technology, has reported a profit of INR 65.7 Cr in the first nine months of the financial year 2023-24 (FY24), nearly triple the INR 23.3 Cr profit from the previous year. In the same period, ixigo recorded an operating revenue of INR 491 Cr. The company primarily generates revenue from convenience fees on ticket reservations and advertising services. ixigo recently refiled its draft red herring prospectus (DRHP) with SEBI, intending to raise INR 120 Cr through a fresh issue for its IPO.

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Ixigo posts Rs 656 Cr revenue and Rs 73 Cr PAT in FY24

Entrackr

Entrackr · 1y ago

Ixigo posts Rs 656 Cr revenue and Rs 73 Cr PAT in FY24

Le Ventures Private Limited, the parent company of Ixigo, has released its annual results for the fiscal year ended March 2024. The Gurugram-based company saw a 31% year-on-year increase in its revenue along with the profits spiking over 3X in the same period. Ixigo’s revenue from operations grew 31% to Rs 656 crore in FY24 from Rs 501 crore in FY23, its consolidated financial statements sourced from the National Stock Exchange (NSE) show. On a sequential basis, the firm recorded a modest 3.3% decrease in its revenue to Rs 164.8 crore in Q4 FY24 from Rs 170.5 crore in Q3 FY24. Ixigo primarily generates income from convenience fees and commissions on train, airline, and bus ticket reservations. Train reservations contributed 56.4% of the total revenue, rising by 24.2% to Rs 370 crore in FY24. Income from airlines and buses stood at Rs 146 crore and Rs 132 crore, respectively in FY24. The company also generated Rs 9.2 crore from interest and financial assets which took its total income to Rs 665 crore in FY24. During FY24, Ixigo had 480 million annual active users. Its flights business saw 77% YoY growth in passenger segments with total booking of 95.6 million in the last fiscal year. Akin to most late-stage tech companies, employee benefits accounted for 22.4% of the total expenditure. This cost increased by 12% to Rs 141 crore in FY24 from Rs 126 crore in FY23. The firm’s expenditure on marketing, legal, refunds to customers, fees to its partners, and other overheads took its overall expenditure up by 29.8% to Rs 628 crore in FY24 from Rs 484 crore in FY23. The 31% growth and tight control on overall cost helped Ixigo to post a 213.3% surge in its profits to Rs 73 crore in FY24 from Rs 23.3 crore in FY23. Its ROCE and EBITDA margin improved to 14.05% and 11.55%, respectively. On a unit level, it spent Rs 0.96 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 6.31% 11.55% Expense/₹ of Op Revenue ₹0.97 ₹0.96 ROCE 5.02% 14.05% Ixigo went public on June 18 and its IPO was oversubscribed by 98.3X while the portion of non-institutional investors (NIIs) oversubscribed by 110.5 times. The company also saw nearly an 80% surge in its valuation when compared to pre IPO round. With its current stock price at Rs 167 versus the IPO price of Rs 93, Ixigo will certainly face the challenge of delivering on high market expectations. While the firm has the benefit of a strong economy that has allowed valuations to expand in the public markets too, it does have to contend with intense competition and pressure on margins in the months ahead. That makes its Q1 results for the June quarter a huge event in terms of providing a pointer to its growth momentum.

IPO-Bound FirstCry reports INR 278 Cr loss in nine months of FY24

Inc42 · 1y ago

IPO-Bound FirstCry reports INR 278 Cr loss in nine months of FY24

Kids-focussed omnichannel retailer Firstcry posted a consolidated net loss of INR 278.2 Cr for the nine months ending December 2023 in the financial year 2023-24 (FY24). The Pune-based startup posted a consolidated net loss of INR 486 Cr in the full financial year 2022-23 (FY23), a 518% increase from INR 78.6 Cr in the previous fiscal year.

Yudiz Posts INR 2.9 Cr Loss In FY24, Revenue Tanks In H2

Inc42 · 1y ago

Yudiz Posts INR 2.9 Cr Loss In FY24, Revenue Tanks In H2

Yudiz Solutions reported a net profit of INR 1.33 crore in the first half of FY24, but recorded a loss of INR 4.2 crore in the second half. The company's operating revenue declined to INR 10.3 crore in H2 FY24 from INR 15.9 crore in H1 FY24, representing a year-on-year decrease of 37.2%. In FY23, Yudiz achieved a net profit of INR 2.7 crore on an operating revenue of INR 27.3 crore.

InsuranceDekho Turns Profitable, Posts INR 86 Cr PAT In FY24

Inc42 · 11m ago

InsuranceDekho Turns Profitable, Posts INR 86 Cr PAT In FY24

InsuranceDekho, an insurtech startup, recorded a net profit of INR 85.7 Cr in FY24, a significant improvement from the INR 51.6 Cr loss in FY23. The company's operating revenue also surged by 670% to INR 743.6 Cr in the fiscal year ending March 2024, compared to INR 96.5 Cr in FY23. Furthermore, InsuranceDekho is reportedly in the advanced stages of merging its operations with RenewBuy, a move that could value the combined entity at $1 billion.

Exclusive: KreditBee’s NBFC arm posts Rs 200 Cr profit in FY24

Entrackr

Entrackr · 1y ago

Exclusive: KreditBee’s NBFC arm posts Rs 200 Cr profit in FY24

KreditBee’s non-banking financial corporation (NBFC) arm, Krazybee, demonstrated notable growth in the fiscal year ending March 2024 (FY24), nearly doubling its revenue and tripling its profit. Krazybee’s revenues rose to Rs 1,399 crore in FY24 from Rs 717 crore in FY23, according to its standalone annual financial statement sourced by Entrackr. Krazybee, which facilitates personal loans through both its own and third-party NBFCs and banks, saw its interest income surge 2.5X to Rs 1,225.83 crore in FY24. Income from fees and commissions contributed an additional Rs 169 crore, bringing the firm’s total revenue to Rs 1,400 crore in FY24. On the expense side, Krazybee’s total expenses spiked by 80%, rising to Rs 1,132 crore in FY24 from Rs 630 crore in FY23. The amortized cost of loans accounted for 38% of the total expenses, increasing by 74% to Rs 432 crore. Finance costs grew by 43% to Rs 235 crore in the same period. One of the most notable expense shifts was the five-fold increase in employee benefit costs, which jumped to Rs 188 crore in FY24. In contrast, commissions and fees paid to other platforms saw a 24% decline. The 95% jump in scale and controlled expenditure helped Krazybee to multiply its profit by 3X to Rs 200 crore in FY24 from Rs 65 crore in FY23. The company’s Return on Capital Employed (ROCE) improved to 10.5%, while its EBITDA margin stood at 36%. On a unit level, Krazybee NBFC spent Rs 0.81 to earn a rupee of operating revenue in FY24. KreditBee has raised approximately $410 million across various funding rounds. According to startup data platform TheKredible, Premji Invest and Newquest Capital are the largest external stakeholders, followed by Alpine Capital, Motilal Oswal Group, and others. fy_table title =”FY23-FY24″ logo=”https://entrackr.com/storage/2024/09/Krazybee.png” chart_item=”FY23,FY24″ data=”EBITDA Margin,35%,36%:Expense/₹ of Op Revenue,₹0.88,₹0.81:ROCE,9%,10.5%”] KreditBee was valued at around $700 million during its latest tranche in March. The company is also planning to shift its domicile to India from Singapore. The reverse flip will smoothen it’s road to initial public offering (IPO). Entrackr exclusively reported the development in April.

Physics Wallah In The Red, Posts INR 1,131 Cr Loss In FY24

Inc42 · 11m ago

Physics Wallah In The Red, Posts INR 1,131 Cr Loss In FY24

The loss in FY24 increased due to changes in fair value of CCPS and higher ESOP and employee expenses. Physics Wallah also adjusted its FY23 net profit due to changes in accounting standards. The startup's operating revenue grew 2.6 times to INR 1,940.4 Cr in FY24.

Zomato Q3: Blinkit Posts Second Consecutive Contribution Positive Quarter

Inc42 · 1y ago

Zomato Q3: Blinkit Posts Second Consecutive Contribution Positive Quarter

Zomato's subsidiary Blinkit, the quick commerce vertical, continued its growth and achieved contribution positive status for the second consecutive quarter. In Q3 FY24, Blinkit's revenue reached INR 644 Cr, compared to INR 301 Cr in the same period the previous year. The contribution margin as a percentage of gross order value (GOV) improved to 2.4% in Q3 FY24. Zomato also reported a quadrupled consolidated net profit of INR 138 Cr and a 68% YoY increase in operating revenue to INR 3,288 Cr in Q3 FY24.

DroneAcharya’s H1 Profit Slides 62% To INR 1.50 Cr

Inc42 · 11m ago

DroneAcharya’s H1 Profit Slides 62% To INR 1.50 Cr

The BSE SME listed drone company experienced a 62% decrease in profits, with a PAT of INR 1.50 Cr in the first half of FY25 compared to the previous year. However, there was a significant increase in revenue from operations, rising by 28.8% to INR 26.90 Cr from INR 20.88 Cr in the first six months of FY24. On the other hand, expenses jumped 51.8% YoY to INR 25.23 Cr from INR 16.62 Cr in the quarter.

ixigo FY24: Profit Jumps Over 200% To INR 73.1 Cr, Train Bookings Biggest Revenue Source

Inc42 · 1y ago

ixigo FY24: Profit Jumps Over 200% To INR 73.1 Cr, Train Bookings Biggest Revenue Source

ixigo, an online travel platform in India, reported a 31% increase in operating revenue in the fiscal year, reaching INR 655.9 Cr. The train ticketing segment played a significant role in this growth, contributing INR 370.1 Cr, a 24% YoY increase. In the fourth quarter of FY24, ixigo achieved a net profit of INR 7.4 Cr with a revenue of INR 164.8 Cr.

Ola Electric clocks INR 1,242.7 Cr in Q1 FY24 sales, Nearly 50% of FY23 revenue

Inc42 · 1y ago

Ola Electric clocks INR 1,242.7 Cr in Q1 FY24 sales, Nearly 50% of FY23 revenue

Ola Electric has filed for an IPO to raise INR 5,500 Cr by issuing new shares. The startup's sales in the first three months of FY24 reached INR 1,242.7 Cr, almost half of the revenue reported in FY23. Ola Electric's primary source of revenue comes from two-wheeler sales. The company reported a net loss of INR 268 Cr in Q1 of FY24 and a net loss of INR 1,471.6 Cr in FY23. Its major expenditure is on procurement, which accounted for 76% of total expenses in Q1 of FY24. Ola Electric competes with Ather, Bounce Infinity, Hero, Revolt, TVS, Okinawa, among others.

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