ixigo, India's leading online travel agency, has reported impressive financial results for the fiscal year 2024, underscoring its strong market position and growth trajectory. The company's Gross Transaction Value (GTV) surpassed INR 10,000 Cr, achieving a notable 38% year-over-year (YoY) growth rate. This growth was particularly driven by a 75% increase in Flight GTV, highlighting ixigo's dominance in the flight booking segment.

Revenue from Operations for FY24 reached INR 655.9 Cr, representing a robust 30.8% YoY increase from INR 501.3 Cr in FY23. The fourth quarter of FY24 alone saw a 20.4% YoY revenue growth, totaling INR 164.9 Cr. The Contribution Margin (CM) for the year rose by 34.7%, supported by strong performances in bus and train bookings.

In terms of profitability, ixigo reported a Profit After Tax (PAT) of INR 73.1 Cr for FY24, marking substantial growth driven by operational efficiencies and strategic market expansion. Adjusted EBITDA, which includes ESOP Expenses and Other Income, saw a significant increase of 24.7% YoY, amounting to INR 55.3 Cr for the year.

Commenting on the results, ixigo's Group CEO, Aloke Bajpai, and Group Co-CEO, Rajnish Kumar, expressed satisfaction with the company's performance. They attributed the strong financial outcomes to ixigo's commitment to enhancing customer experience and expanding market share across key verticals despite challenging market conditions.

Looking ahead, ixigo remains focused on leveraging technological advancements and strategic initiatives to sustain its growth momentum and further strengthen its position in India's competitive online travel market.

This financial success positions ixigo as a pivotal player in India's travel and hospitality industry, poised for continued growth and innovation in the coming years.

Turkish hotel group Kaya Tourism Group has acquired the historic Great Northern Hotel in King’s Cross, marking its first property in London and signaling the start of its expansion into the UK and Europe.

The Great Northern Hotel, an 88-room property, is a Grade II-listed building with a rich history dating back to 1854. Designed by architect Lewis Cubitt, who also designed King’s Cross and London Bridge stations, the hotel underwent a £40 million renovation in 2013. Known for its prime location next to St. Pancras station, the only railway link from the UK to Europe, the hotel is strategically positioned in one of London’s most successful regeneration areas.

Kaya Tourism Group, part of Kaya Holding, operates 13 hotels in Turkey and Cyprus under the Kaya Palazzo Hotels & Resorts and Kaya Hotels & Resorts brands. The group plans to enhance the Great Northern Hotel’s food and beverage offerings, which currently include the Rails restaurant and Little Bar, to better serve the needs of King’s Cross and St. Pancras passengers as well as local residents.

Burak Kaya, Chairman of the Board at Kaya Holding, expressed his enthusiasm about the acquisition. "We are delighted to have made our first international hotel investment in London. Great Northern Hotel is located in one of the capital’s most successful regeneration developments and is right next to St. Pancras station, the only railway connection from the UK to Europe. We are proud to be the first Turkish tourism company to make such a significant hotel investment in the UK and believe this investment will strengthen mutual tourism relations between Turkey and the UK. We are actively considering next options for further expansion into Europe." he said.

Kaya also highlighted the group’s broader expansion plans, stating that they are actively considering additional opportunities for growth across Europe. This acquisition represents a significant milestone for Kaya Holding, as it becomes the first Turkish tourism company to make such a substantial investment in the UK hospitality sector.

The Great Northern Hotel has a storied past and architectural beauty that complements Kaya’s vision of high-quality hospitality. Previously managed by Kew Green and most recently by Marugal Distinctive Hotel Management, the hotel has maintained its reputation as a top destination for both business and leisure travelers.

Kaya Tourism Group’s acquisition of the Great Northern Hotel is a strategic move that underscores its commitment to expanding its footprint in the global hospitality market. By integrating Turkish hospitality with the historic charm of the Great Northern Hotel, Kaya aims to attract a diverse range of travelers and strengthen tourism ties between Turkey and the UK.

Tamil Nadu’s industrial town of Hosur is set to receive a major infrastructural boost with the announcement of a new international airport. Chief Minister MK Stalin made the announcement in the state assembly, emphasizing the strategic importance of this development in propelling the state’s economy towards a $1 trillion target by 2030.

The proposed airport will cover 2,000 acres and is designed to handle 30 million passengers annually. This move is expected to significantly enhance connectivity and support the burgeoning industrial and economic activities in the region. Hosur has emerged as a hub for electronics, automobile, and more recently, electric vehicle manufacturing.

Chief Minister Stalin highlighted that this project is part of a broader initiative to develop Hosur, Krishnagiri, and Dharmapuri districts into key economic growth centers. The government sees the airport as essential for facilitating business and travel, reducing dependency on Bengaluru’s Kempegowda International Airport, which is 74 km away.

Image is for representational purposes only.

Industries Minister TRB Rajaa praised the project, noting that it would not only benefit Hosur but also nearby districts such as Dharmapuri and Salem. He added that the new airport would create a twin-city ecosystem with Bengaluru, fostering growth in both Tamil Nadu and Karnataka.

Despite the enthusiasm, the project faces challenges due to current central government policies that restrict new airports within a 150-km radius of existing ones. This policy could pose a hurdle since Hosur is within this range from Bengaluru’s airport. However, Tamil Nadu’s government is determined to push forward, citing the airport's critical role in the state’s economic strategy.

Hosur’s existing industrial base, which includes major companies like Ashok Leyland, Titan, TVS Motors, and newer entrants like Ola’s e-vehicle factory, stands to benefit greatly from improved air connectivity. The airport is expected to streamline logistics and travel, thereby attracting more investments.

The new airport will complement Tamil Nadu’s existing international airports in Chennai, Coimbatore, Trichy, and Madurai, and domestic airports in Salem and Tuticorin. This development aligns with the state’s broader infrastructural and economic goals, reinforcing its position as a leading industrial and export hub in India.

Overall, the Hosur international airport project is poised to be a game-changer for Tamil Nadu, enhancing regional connectivity, boosting economic growth, and supporting the state’s ambitious vision for the future.