Ixigo parent loses ₹1,000cr in market cap on quarterly results
Ixigo's parent company, Le Travenues Technologies, saw its shares tumble 20% this week after reporting a net loss for the July-September 2024 quarter—even though revenue actually jumped.
Shares slid to about ₹268.50 after the drop.
Revenue up 37% to ₹282.7cr
Ixigo's business is still growing fast: revenue was up 37% year-on-year to ₹282.7 crore, thanks to more people booking busses (up 51%) and flights (up 29%) on the platform.
But costs rose even faster—mainly due to a one-time ESOP payout—leading to a net loss of ₹3.46 crore versus a profit last year.
Prosus invests ₹1,295cr for 10% stake
Despite the setback, global investor Prosus just put in ₹1,295 crore for a 10% stake and plans to buy more.
Ixigo is betting on travel demand picking up in late 2024 with festival season and monsoon trips ahead, hoping that growth will soon translate into profits again.