The travel-tech company IntrCity, which also owns RailYatri and SmartBus, was unable to maintain its growth momentum from FY23 to FY24. The company saw a slight 16% year-over-year increase in revenue for the fiscal year ending in March 2024, following six-fold growth in FY23. But in FY24, the company supported by the Nandan Nilekani family trust cut its losses by more than 52%, to less than 10 crores.

Following a 15.9% increase to 317.34 crore in FY24 from 273.9 crore in FY23, IntrCity's consolidated financial statements filed with the Registrar of Companies show that the company's operating revenue increased.

For its brands, SmartBus and RailYatri, IntrCity manages mobile and web platforms. Long-distance bus routes throughout India are serviced by the flagship brand, IntrCity SmartBus, while RailYatri provides train travel services like meal ordering and ticket booking.

The filings indicate that during FY24, the Indian Railway Catering and Tourism Corporation (IRCTC) accounted for the majority of commission revenue.

Bus operations accounted for 93.8% of the company's total revenue in FY24, a 16.9% increase to 297.71 crore. In addition, it received commissions of 18.08 crore and advertisement services revenue of 1.55 crore.

Furthermore, 3.38 crore was collected in the form of interest and gains from financial assets (non-operating revenue). With this factor included, the company's total revenue increased to 320.7 crore in FY24.

Regarding expenses, 68.3% of the total expenditure was attributed to the cost of revenue, which is the direct cost incurred in providing services. From 197.8 crore in FY23 to 225.8 crore in FY24, this cost increased by 14.2%.

Read More News :

Tata Power-DDL partners with Baaz Bikes to set up Battery Swapping Stations in National Capital

Gaurav Maheshwari joins InCred Finance as CFO