Le Travenues Technology (IXIGO) Q2 24/25 earnings summary

Executive summary

• Achieved all-time highs in GTV, revenue from operations, contribution margins, and adjusted EBITDA for Q2 FY25, with GTV reaching ₹35,287.4 million, up 40% year-over-year.

• Revenue from operations grew 26% YoY to ₹2,064.7 million, with broad-based growth across trains, flights, and buses.

• Adjusted EBITDA rose 326% YoY to ₹209.96 million, with margin at 10% for Q2 FY25.

• Over 93.97% of transactions involved Tier 2, 3, or 4 towns, reinforcing focus on next billion users and deepening penetration in these markets.

• Board approved acquisition of a 51% stake in Zoop, an IRCTC-authorized e-catering partner, to expand in-train food delivery and ancillary offerings.

Financial highlights

• Q2 FY25 revenue from operations: ₹2,064.7 million (+25.96% YoY); contribution margin: ₹910.82 million (+24% YoY), margin as % of revenue at 44%.

• Adjusted EBITDA for Q2 FY25: ₹209.96 million (Q2 FY24: ₹49.23 million); PAT: ₹130.85 million, down from ₹267.01 million YoY due to absence of prior year one-offs and higher deferred tax.

• H1 FY25 operating cash flow: ₹704.21 million, up 262% YoY.

• Average transaction value per segment improved from ₹1,055 to ₹1,137.

• Over 78 million monthly active users and 3.43 million monthly transacting users (+43% YoY).

Outlook and guidance

• Management expects continued growth and margin gains, leveraging product improvements, AI, and synergies across brands.

• Focus on converting large user base into first-time bookers, improving retention, and expanding value-added services.

• Guidance to maintain a 6% annual take rate for train ticketing; branding expenses to remain around 3.5% of GTV annually.

• ESOP costs expected to remain within historical quarterly ranges.

• Liquidity remains strong post-Zoop acquisition, with over ₹2,811 million in cash and equivalents expected.