ixigo Reports Q2 Profit of ₹63 Cr, Revenue Up 13% YoY

Online travel aggregator ixigo reported a consolidated net profit of ₹63.4 crore ($7.6 million) for the second quarter ending September, a substantial reversal from a loss of ₹3.5 crore in the same period last year. The company's profitability was boosted by an exceptional gain from the sale of a portion of its stake in Freshbus.

Operating revenue for the quarter rose 12.9% to ₹321 crore, up from ₹284.2 crore in the second quarter of the previous fiscal year. Sequentially, however, operating revenue saw a 10% decline from ₹356.8 crore.

The exceptional gain of ₹40.7 crore resulted from ixigo's partial exit from its investment in electric bus operator Freshbus. This gain reflects both the proceeds from the stake sale and the remeasurement of its remaining investment. ixigo sold Freshbus shares for ₹36.6 crore in August, reducing its holding from 25.66% to 8.27%, which led to Freshbus no longer being classified as an associate.

Excluding exceptional items and tax, ixigo posted a profit of ₹31 crore for the quarter, compared to a loss of ₹4 crore in the year-ago period. This figure was lower than the ₹44.2 crore profit reported in the previous quarter. Total income for the quarter stood at ₹343 crore, compared to ₹289.4 crore in the prior year's second quarter.