Categories: Travel

EaseMyTrip reports record-breaking Q2FY24 results with robust growth, ET TravelWorld

Picture used for representation.

EaseMyTrip.com, India’s leading online travel technology platform, has once again showcased its financial prowess by announcing outstanding financial results for the second quarter of FY24. The company reported a staggering Profit After Tax (PAT) of INR 471.8 million, reflecting a remarkable year-on-year growth of 67.2 per cent. These impressive figures reaffirm the company’s position as a leading player in India’s travel and technology industry.

During the second quarter of FY24, EaseMyTrip.com recorded exceptional performance across various key metrics:

– Air segment bookings witnessed a YoY growth of 2.3 per cent with 29.0 lakh air tickets sold (net of cancellations).
– Hotel nights bookings surged to 1,24,862, marking an impressive YoY increase of 60.2 per cent.
– The “Others” segment, which includes trains, buses, and more, experienced remarkable growth, with 2.7 lakh bookings and a substantial YoY increase of 98.5 per cent.
– The company achieved a Gross Booking Revenue (GBR) of INR 20,255.8 million, demonstrating a strong YoY growth of 2.4 per cent from INR 19,776.9 million.

Strategic Acquisitions and Expansion Initiatives
During Q2FY24, EaseMyTrip.com strategically acquired majority stakes (51 per cent) in three prominent travel companies, each known for its expertise in different sectors of the travel industry:

1. Guideline Travel Holidays Pvt. Ltd. in Mumbai.
2. TripShope Travel Technologies Pvt. Ltd. in Kashmir.
3. Dook Travels Pvt. Ltd. in Delhi.

These acquisitions not only boost the company’s growth but also extend its platforms to provide a diverse spectrum of exceptional services to a broader customer base. Guideline Travels excels in both B2C and B2B circuits, while TripShope Travel offers a range of solutions and boasts a vast customer base in Kashmir. Dook Travels provides travel services and operates across CIS countries, Turkey, the UAE, and India.

EaseMyTrip.com is further enhancing its presence in India by opening new franchise stores in key cities such as Ludhiana, Jalandhar, Delhi, and Agra. These stores are designed to provide personalized travel experiences, including flight and hotel bookings, transportation, and premium vacation packages. This expansion aims to enhance the company’s nationwide network and scalability, increasing its reach to offline customers.

The company’s consolidated Profit Before Tax (PBT) also witnessed an upswing. In Q2 FY24, the PBT surged over 16 times, reaching INR 766 million, as compared to a mere INR 49 million in Q2 FY23. The upward trajectory extended over the first half of the fiscal year, with the Group’s consolidated PBT for H1 FY24 reaching INR 1,774 million, compared to INR 26 million in H1 FY23.

Green Mobility and Global Expansion
In a bid to promote sustainable travel solutions and environmentally friendly mobility, EaseMyTrip.com has partnered with BluSmart, India’s leading all-electric ride-hailing service and EV charging superhub operator. Additionally, the company has forged an alliance with DuDigital Global Limited, a globally recognized technology company known for its excellence in administrative services, visa, passport, and identity management.With a vision to expand globally and a commitment to strategic initiatives and collaborations, EaseMyTrip.com is well-positioned as an industry leader in the evolving travel landscape.

In addition to the remarkable Q2 FY24 results, EaseMyTrip.com reported impressive performance during H1 FY24:

– Air segment bookings increased by 20.4 per cent YoY to 61.1 lakh.
– Hotel nights bookings reached 2.9 lakh, reflecting a substantial YoY increase of 90.5 per cent.
– Bookings in the Trains, Buses & Others segment grew by 66.8 per cent YoY to 5.0 lakh.
– Gross Booking Revenue amounted to INR 43,965.4 million, demonstrating a significant YoY increase of 20.8 per cent from INR 36,407.5 million.

Announcing the results, Nishant Pitti, Co-founder & CEO of Easy Trip Planners, commented, “I am delighted to report that our Q2FY24 Profit After Tax surged to Rs. 471.8 million, a 67.2 per cent increase compared to the same quarter in the previous year. With a similar trajectory, our H1FY24 Profit After Tax reached Rs. 732.0 million, a substantial 19.3 per cent growth year-on-year. Despite the lean period in the travel industry during Q2FY24, Easy Trip Planners delivered an strong performance where we recorded Gross Booking Revenue of Rs. 20,255.8 million. Furthermore, Revenue from Operations rose to Rs. 1,416.9 million, a robust 30.6 per cent year-on-year growth and a 14.2 per cent increase from the previous quarter.”