Stock Crash: Ixigo-parent shares tank 20% after Q2 loss

Shares of Le Travenues Technologies Ltd., the parent company of travel services aggregator Ixigo, tumbled 20% on Thursday, October 30, after the company reported a loss at both EBITDA and net levels year-on-year for the September quarter.Ixigo’s revenue rose 37% year-on-year to ₹282.7 crore, compared to ₹206.4 crore in the same quarter last year.

The company reported an EBITDA loss of ₹3.6 crore, against a profit of ₹17.87 crore a year ago. Net loss stood at ₹3.46 crore, compared to a profit of ₹13.08 crore in the corresponding quarter last year.

Ixigo said its EBITDA adjusted for ESOP expenses rose to ₹28.5 crore, marking a 36% increase year-on-year.In terms of operating metrics, the company’s gross transaction value (GTV) grew 23% to ₹4,347.5 crore. Within this, flight GTV increased 29%, bus GTV rose 51%, and train GTV was up 12% year-on-year.

The company also reported a 20% improvement in contribution margin and a 30% rise in operating cash flow to ₹91.5 crore.

Looking ahead, Ixigo expects a stronger second half driven by the seasonal uptick in travel demand.

On the investment front, Prosus recently invested ₹1,295 crore in the company for a 10% stake at ₹280 per share, and intends to raise its holding to 16%.

Shares of Le Travenues Technology ltd. are now trading 17.32% lower at ₹268.50. On a year-to-date basis, the stock has gained 50%.