Le Travenues Technology (IXIGO) Q4 23/24 earnings summary

Executive summary

• Achieved 38% year-on-year GTV growth in FY24, reaching INR 10,283 crore (₹102,825.49 million), making it the fastest-growing OTA in India by GTV.

• Cumulative annual active users surpassed 480 million, with 7.7 crore (77.38 million) average monthly active users in FY24.

• Expanded adjusted EBITDA margin above 10% in Q4, with adjusted EBITDA for FY24 at ₹553.12 million, up 24.7% YoY.

• Strategic partnerships with PhonePe and Meesho to deepen market penetration, especially among next billion users.

• Completed IPO in June 2024, listing on NSE and BSE, with robust investor response.

Financial highlights

• FY24 revenue from operations rose 30.85% YoY to INR 655.9 crore (₹6,558.73 million); gross revenue grew 29.9% to INR 831.8 crore.

• Contribution margin increased 34.7% YoY to INR 293.9 crore (₹2,938.48 million), margin at 44.8%.

• Adjusted EBITDA rose to INR 55.3 crore (₹553.12 million) in FY24; PAT surged 212.3% YoY to INR 73.1 crore (₹730.61 million), including exceptional items.

• Q4 FY24 revenue from operations was INR 164.9 crore (₹1,648.52 million), up 20% YoY; adjusted EBITDA INR 17.1 crore.

• Gross Transaction Value reached INR 10,283 crore (₹102,825.49 million) in FY24, up from INR 7,452.43 crore (₹74,524.3 million) in FY23.

Outlook and guidance

• Expects to maintain double-digit growth in train volumes and outpace market growth in flights and buses.

• Focus on deepening penetration in next billion user markets and expanding B2B reach via new agent portal.

• Continued investment in AI and technology to drive operating leverage and customer engagement.

• Willing to accept some contribution margin compression in flights for market share gains via distribution deals.

• Hotel business in early stages, growing double-digit MoM from a low base, with focus on core user base and minimal burn.