IXIGO Annual Report | Balance Sheet for FY 2022-23

LE Travenues Technology Limited (IXIGO) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
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LE Travenues Technology Limited

Ixigo Balance Sheet (Amt. In INR Millions)

PARTICULARS	2023	2022	2021
ASSETS
Non-current Assets
Property, plant and equipment	17.33	16.20	3.96
Capital work-in-progress	28.89	-	-
Goodwill	2,584.76	2,541.37	816.97
Other intangible assets	246.77	303.80	141.75
Intangible assets under development	48.41	-	-
Right-0f-use assets	70.97	25.07	33.42
Financial assets
Investments	-	5.60	3.44
Other financial assets	106.51	66.39	10.01
Non-current tax asset (net)	103.57	88.60	78.92
Deferred tax assets (net)	158.92	5.01	51.19
Other non-current assets	0.51	3.54	6.54
Total non-current assets	3,366.64	3,055.58	1146.20
Current assets
Financial assets
Investments	477.42	397.89	21.51
Trade receivables	118.89	86.19	263.31
Cash and cash equivalents	731.25	247.33	201.05
Bank balances other than cash and cash equivalents	194.54	798.04	104.34
Loans and Advances	25.67	-	-
Other financial assets	117.90	114.41	9.97
Other current assets	826.94	685.27	104.33
Total current assets	2,492.61	2,329.13	704.51
Total Assets	5,859.25	5,384.71	1850.71
EQUITY AND LIABILITIES
Equity
Equity share capital	371.20	369.75	0.43
Instruments entirely equity in nature	-	-	2325.69
Other Equity	3,366.44	3,057.11	-2026.74
Equity attributable to equity holders of the Parent	3,737.64	3,426.86	-
Non-controlling interests	133.55	-	-
Total equity	3,871.19	3,426.86	299.38
Liabilities
Non-current liabilities
Financial liabilities
Borrowings	-	-	98.44
Lease liabilities	63.30	30.90	43.38
Other financial liabilities	295.58	507.20	310.93
Deferred tax liabilities (net)	25.20	28.84	37.33
Provisions	41.14	27.74	18.55
Total non-current liabilities	425.22	594.68	508.63
Current liabilities
Contract liabilities	91.48	52.14	40.07
Financial liabilities
Borrowings	5.35	27.31	50.97
Lease liabilities	31.64	12.49	8.71
Trade payables:	360.85	445.36	195.18
Other financial liabilities	745.22	700.8	694.95
Other current liabilities	285.33	97.87	38.08
Provisions	42.97	27.2	14.74
Total current liabilities	1562.84	1363.17	1042.70
Total liabilities	1988.06	1957.85	1551.33
Total equity and liabilities	5859.25	5384.71	1850.71

Le Travenues Technology Limited (IXIGO) Profit & Loss Statement (Amt. In INR Millions)

PARTICULARS	2023	2022	2021
Revenue from operations	5012.50	3795.80	1355.66
Other income	163.23	53.61	28.40
Total income	5175.73	3849.41	1384.06
Expenses
Employee benefits expense	1262.61	951.60	347.98
Finance costs	9.49	28.03	15.51
Depreciation and amortization expense	108.15	78.43	18.85
Other expenses	3462.67	2967.35	974.65
Total expenses	4842.92	4025.41	1356.99
Profit/(Loss) before exceptional item and tax	332.81	-176.00	27.07
Exceptional items	126.07	-	-
Profit/(Loss) after exceptional items	206.74	-176.00	27.07
Tax (income)/expense:
Current tax	76.77	55.40	2.80
Deferred tax credit	-103.99	-20.46	-51.06
Total tax (income)/expense	-27.22	34.94	-48.26
Profit/(Loss) for the year	233.96	-210.94	75.33
Other comprehensive income
Items that will not be reclassified to statement of profit and loss in subsequent periods
Re-measurement loss on defined benefit plans	-2.77	-1.61	1.27
Income tax relating to items that will not be reclassified to profit and loss	0.70	0.20	-0.77
Other comprehensive loss for the year, net of tax	-2.07	-1.41	0.50
Total comprehensive income/(loss) for the year, net of tax	231.89	-212.35	75.83
Profit/(loss) for the year
Equity holders of the parent	216.38	-243.82	71.85
Non-controlling interest	17.58	32.88	3.48
Comprehensive income/(loss) for the year
Attributable to :
Equity holders of the parent	-2.02	-1.18	0.40
Non controlling interest	-0.05	-0.23	0.10
Total comprehensive income/(loss) for the year
Attributed to :
Equity holders of the Parent	214.36	-245.00	72.26
Non-controlling interest	17.53	32.65	3.57
Earnings per equity share (Nominal value per share - INR 1) (not annualized)
Basic, computed on the basis of profit/(loss) attributable to equity holders (Rs)	0.58	-0.66	0.25
Diluted, computed on the basis of profit/(loss) attributable to equity holders (Rs)	0.57	-0.66	0.25

Le Travenues Technology Limited (Ixigo) Consolidated Cash Flow Statement (Amt. In INR Millions)

PARTICULARS	2023	2022	2021
Cash flow from operating activities
Profit/(Loss) before tax	206.74	-176.00	27.07
Adjustments to reconcile profit/(loss) before tax to net cash flows:
Depreciation and amortization	108.15	78.43	18.85
Impairment allowance of trade receivables	-2.88	1.16	2.14
Bad debts	-	0.22	0.08
Interest on borrowings	1.45	21.43	5.93
Exceptional Items	126.07	-	-
Provision for diminution in value of Investment	6.38	-	-
Interest on lease liability	8.04	6.60	9.58
Employee stock option scheme	156.23	185.15	49.06
Excess liabilities/provisions written back	-97.46	-0.91	-
Gain on change in fair value of investments (net)	-6.69	-10.25	-2.70
Gain on sale of investments (net)	-32.70	-8.61	-1.44
(Gain)/Loss on sale of property, plant and equipment (net)	-0.76	0.03	-0.11
Interest Income on Finance lease	-0.63	-	-
Loss on foreign exchange (net)	0.17	0.06	5.83
Rent concession	-1.91	-7.65	-11.00
Interest income on income tax refund	-0.89	1.47	-1.16
Interest income from:
On deposits with banks and others	-20.81	-22.60	-3.75
On other deposits and advances	-1.47	-0.57	-1.43
	240.29	243.96	58.22
Operating profit before working capital changes	447.03	67.96	85.29
Working capital adjustments:
(Increase)/Decrease in trade receivables	-29.82	192.74	-205.65
Increase in other financial assets	-18.89	-104.46	43.94
Increase in Loans and advances	-25.67	-	-
Increase in other current and non-current assets	-303.92	-565.84	-55.65
Increase in other financial liability	34.93	111.89	48.51
Increase/(decrease) in trade payables	7.44	-52.95	-87.94
Increase in contract liability	39.34	11.12	-1.18
Increase in other current liability	187.30	39.86	71.58
Increase in provision	26.40	19.80	-44.77
Net changes in working capital	-82.89	-347.84	-231.16
Cash flow from (used in) operating activities	364.14	-279.88	-145.87
Net Direct taxes paid	-57.12	-63.61	-5.97
Net cash flow from (used in) operating activities	307.02	-343.49	-151.84
Cash flow from investing activities:
Payment for purchase of non-current investments	-	-2.16	-
Investment in fixed deposits with banks	-1443.47	-3169.06	-
Proceeds from maturity of fixed deposits with banks	2027.66	2423.36	-
Payment for purchase of current investments	-5387.23	-1200.24	96.60
Proceeds from the sale of current investments	5347.09	842.47	-
Proceeds from the sale of property, plant, and equipment	1.10	0.04	0.81
Payment for purchase of property, plant and equipment, and intangibles	-54.58	-19.30	-1.05
Payments towards Non compete fee of Confirm Ticket Online Solutions Private Limited	-	-60.00	-112.31
Payments for acquisition of additional stake in Confirm Ticket Online Solutions Private Limited	-240.47	-	-
Payments of balance consideration for the acquisition of Abhibus business through BTA	-50.94	-1049.70	-
Investment in Preference Shares in Gogo Mobility	-0.79	-	-
Interest received	21.77	18.24	3.40
Net cash from/(used in) investing activities	220.14	-2216.35	-101.87
Cash flow from financing activities:
Payment of Borrowings	-	-200.00	-0.18
Proceeds from Borrowings	-	49.50	148.50
Payment of lease liabilities	-21.87	-7.65	-7.91
Proceeds from the issue of equity shares and securities premium	1.55	23.98	-
Proceeds from the issue of instruments entirely equity in nature	-	2733.07	-
Share application money (transfer) I received	-	0.25	-
Finance costs paid	-1.45	-20.34	-5.02
Net cash (used in)/from financing activities	-21.77	2578.81	135.39
Net increase in cash and cash equivalents (A+B+C)	505.39	18.97	-118.32
Cash & cash equivalents as of the beginning of the year	220.02	201.05	319.37
Cash acquired on the acquisition of the Subsidiary 44 C	0.49	-	-
Cash & cash equivalents as of the end of the year	725.90	220.02	201.05
Cash and cash equivalents comprise:
Cash on hand	-	0.02	0.16
Funds in transit	176.34	164.27	68.04
Balances with banks:
Current account	234.91	76.01	91.39
Deposit account (with original maturity of three months or less)	320.00	7.03	41.46
Cash and cash equivalents	731.25	247.33	201.05
Less: Bank overdraft (Secured)	-5.35	-27.31	-
Total cash and cash equivalents	725.90	220.02	201.05
Non-cash investing and financing activities Equity shares issued as part of the consideration paid for the acquisition of Abhibus
Equity shares issued as part of the consideration paid for the acquisition of Abhibus business under the Business Transfer Agreement	-	612.95	-
Equity shares issued as part of the consideration paid to acquire additional shareholding in Confirm Ticket Online Solutions Private Limited	-	372.99	-
Acquisition of Abhibus business assets by assuming liabilities	-	176.95	-
It includes payment of interest on lease liabilities of INR 8.04 (March 31, 2022: INR 6.6).

Here is a summary of the Cash Flow Statement of IXIGO for the years 2023 and 2022, broken down by activity in rupees in millions:

Cash Flow from Operating Activities:

Net cash flow from operating activities improved significantly from -343.49 in 2022 to 307.02 in 2023.

The operating profit before working capital changes increased substantially from 67.96 in 2022 to 447.03 in 2023.

The increase in working capital adjustments contributed to a net decrease in working capital of -82.89 in 2023, compared to -347.84 in 2022.

Cash Flow from Investing Activities:

Net cash used in investing activities decreased from -2216.35 in 2022 to 220.14 in 2023.

Significant cash flows were involved in the purchase and sale of current investments, fixed deposits with banks, and property, plant, and equipment.

Payments for acquisitions and additional stakes were made, impacting the overall cash flow.

Cash Flow from Financing Activities:

Net cash from financing activities decreased from 2578.81 in 2022 to -21.77 in 2023.

Payments for borrowings and lease liabilities were made.

There was a decrease in the issuance of equity shares and securities premiums.

Net Increase in Cash and Cash Equivalents:

The net increase in cash and cash equivalents improved from 18.97 in 2022 to 505.39 in 2023.

Cash and cash equivalents at the end of the year increased significantly from 220.02 in 2022 to 725.90 in 2023.

Cash and Cash Equivalents Composition:

Cash and cash equivalents include funds in transit, balances with banks (current and deposit accounts), and cash on hand.

The total cash and cash equivalents increased from 220.02 in 2022 to 725.90 in 2023.

Non-Cash Investing and Financing Activities:

Equity shares were issued as part of the consideration for the acquisition of Abhibus and Confirm Ticket Online Solutions.

The acquisition of Abhibus 's business assets involved assuming liabilities.

Other Notable Points:

Various adjustments, such as depreciation, impairment allowance, interest, exceptional items, and gains/losses, contribute to the reconciliation of profit before tax to net cash flows.

IXIGO Financial Ratios:

Particulars	2023
EBITDA	101.30 %
Networth	5.43 %
Return on Equity	0.0115
Total Assets	5.53 %
Fixed Assets	-3.04 %
Current Assets	-13.50 %
Current Liabilities	3.90 %
Trade Receivables	36.33 %
Trade Payables	-29.54 %
Current Ratio	1.76

Let 's break down the financial ratios and metrics of IXIGO for the year 2023 in a point-wise manner:

Profitability Ratios:

EBITDA Margin: Value: 101.30%

Explanation: EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) margin represents the percentage of EBITDA to total revenue. A margin above 100% might indicate the exclusion of certain expenses from the EBITDA calculation. Further investigation is needed.

Return on Equity (ROE): Value: 0.0115 (1.15%)

Explanation: ROE measures the profitability of a company about its shareholders ' equity. An ROE of 0.0115 implies a 1.15% return on each rupee of equity. This is a relatively low ROE and may suggest lower profitability compared to the equity invested.

Asset Management Ratios:

Total Assets Turnover: Value: 5.53%

Explanation: This ratio indicates the efficiency of the company in generating revenue from its total assets. A higher turnover percentage suggests better utilization of assets to generate sales.

Fixed Assets Turnover: Value: -3.04%

Explanation: A negative value for fixed assets turnover is unusual. It might suggest an issue with the calculation or a specific scenario where fixed assets are not contributing positively to revenue generation. Further investigation is needed.

Liquidity Ratios:

Current Ratio: Value: 1.76

Explanation: The current ratio measures the company 's ability to cover its short-term liabilities with its short-term assets. A current ratio of 1.76 indicates that the company has Rs.1.76 in current assets for every Rs.1 in current liabilities, suggesting a healthy liquidity position.

Current Assets and Current Liabilities Composition:

Current Assets Change: -13.50%

Current Liabilities Change: 3.90%

Explanation: The changes in current assets and current liabilities percentages give insights into the composition and management of short-term resources. A decrease in current assets might suggest more efficient management, while an increase in current liabilities should be monitored.

Working Capital Ratios:

Trade Receivables Turnover: Value: 36.33%

Explanation: This ratio indicates how efficiently the company collects payment from customers. A higher turnover suggests a faster conversion of receivables into cash.

Trade Payables Turnover: Value: -29.54%

Explanation: The turnover of trade payables ratio shows how quickly the company is paying its suppliers. A negative value might indicate an unusual situation or requires further investigation.

Other Considerations:

Net Worth Ratio: Value: 5.43%

Explanation: This ratio represents the percentage of net worth to total assets. It is essential for understanding the company 's financial structure and the proportion of assets financed by equity. A higher value suggests a higher proportion of equity in the capital structure.