EaseMyTrip Reports 18% Revenue Growth in Q3, Records Rs 45.6 Crore Profit
- ByStartupStory | February 10, 2024
Travel booking platform Easy Trip Planners Pvt Ltd, operating under the brand EaseMyTrip, has witnessed a 9.5% year-on-year (YoY) growth in after-tax profit, reaching Rs 45.6 crore in the third quarter of the fiscal year 2023-24. The company recorded a revenue of Rs 160 crore, marking an 18.1% increase from Rs 136 crore earned in the same period last year. Additionally, the gross booking revenue for the quarter reached Rs 2,026 crore.
Total expenses stood at Rs 105 crore in Q3 FY24, representing a 27.2% increase from Rs 85.2 crore in the year-ago period. Employee benefit expenses remained the most significant cost for the company at Rs 22.1 crore in the latest quarter, rising 55.6% from Rs 14.2 crore in the year-ago period. The company has also reduced its payment gateway charges by 19.3% YoY to Rs 13 crore in the current fiscal from Rs 15.4 crore in the year-ago period.
During the quarter, the platform facilitated a total of 22.6 lakh air bookings (after deducting cancellations), along with 91,915 hotel night bookings and 2.7 lakh in other bookings. For the first nine months of the fiscal year, the company sold 83.7 lakh air tickets (net of cancellations), accompanied by 3.8 lakh hotel night bookings and 7.7 lakh in other bookings.
“Looking ahead, we’re intensifying efforts to grow our air ticketing business and enhance our presence in non-air segments such as hotels, holidays, and transportation on a global scale,” the company said in a regulatory filing. “Also, we are expanding our retail footprints domestically and exploring both organic and inorganic growth opportunities.”
In December, EaseMyTrip acquired a stake of approximately 13% in ECO Hotels and Resorts chain. Founded in 2008 by Nishant Pitti, Rikant Pitti, and Prashant Pitti, EaseMyTrip is an Indian online travel platform headquartered in Delhi. It provides services such as hotel bookings, air tickets, holiday packages, bus bookings, and white-label services.
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