Travel technology platform ixigo's profit declined 49 percent during the December quarter to Rs 15.5 crore from Rs 30.6 crore a year ago, while the revenue rose to Rs 241.7 crore from Rs 170.5 crore a year ago, the company said on January 28.
Le Travenues, the company that operates online travel agency ixigo, said in its financial statement that the share of loss of associate (before taxes) during Q3FY25 was at Rs 1.86 crore, as compared to a loss of Rs 2.08 crore in Q3FY24.
Ixigo's ownership in associate company Fresh Bus has fallen from 41.4 percent to 25.66 percent post their capital raise in June 2024, said the Group's Chief Financial Officer (CFO) Saurabh Devendra Singh. He added that in Q3FY24, ixigo had a deferred tax gain of Rs 16.8 crore whereas in Q3FY25 the company has a deferred tax expense of Rs 5.90 crore, resulting in an overall increase in deferred tax expense by Rs 22.70 crore.
"If we see our profit before the share of loss of associates, taxes and exceptional items, it has improved from Rs 15.99 crore to Rs 23.31 crore, an increase of 46 percent YoY," the CFO said.
Aloke Bajpai, company's Chairman, Managing Director and Group Chief Executive Officer (CEO) said Ixigo has always been capital-efficient and frugal.
"...the tax benefits from the setoff of our historical carry-forward losses have been consumed faster after turning profitable, and though in the last fiscal we could take advantage of deferred tax credit, we are now carrying deferred tax expenses instead. A good problem to have," said CMD Bajpai.
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