EaseMyTrip Q3 Profit Up 4.2% YoY To INR 41.7 Cr On Growth In Flights, Hotel Bookings

Delhi NCR-based listed traveltech startup EaseMyTrip on Monday (February 6) reported a 4.15% year-on-year (YoY) growth in consolidated net profit to INR 41.7 Cr in the third quarter of the financial year 2022-23 on strong growth in flights and hotel segments.

On a sequential basis, the net profit of EaseMyTrip grew 47.73% from INR 28.2 Cr.

Revenue from operations rose 57.29% YoY to INR 136.15 Cr, while total income increased 55.77% to INR 139.87 Cr.

Meanwhile, total expenses jumped 52.62% to INR 73.84 Cr during the quarter ended December 31, 2022, from INR 34.98 Cr in the year-ago quarter. 

Employee benefit expenses more than doubled to INR 14.29 Cr from INR 6.72 Cr in the December quarter of 2021. Sequentially, employee benefits expense increased 22.98% from INR 11.62 Cr in Q2FY23.

EaseMyTrip’s EBITDA during the quarter rose 8% to INR 58.93 Cr from INR 54.77 Cr in the corresponding quarter of the previous year. Sequentially, the traveltech’s EBITDA grew 46.45% from INR 40.24 Cr in Q2FY23.  

The startup declared the financial results during market hours. Its shares ended the day 2.47% higher at INR 51.85 on the BSE.

EaseMyTrip reported its highest-ever gross booking revenue of INR 2,267 Cr during the quarter, up 15% from INR 1,977.69 in the year-ago period. “Robust gross booking revenue for EaseMyTrip is driven by a strong volume growth in the flight and hotels segment,” the company said in a statement.

Hotel bookings soared 88.2% YoY to 95,875 nights, while the air segment reported a 31% YoY rise in bookings to 32.18 Lakh tickets.

Founded in 2008 by Rikant Pittie, Nishant Pitti and Prashant Pitti, EaseMyTrip offers travel solutions such as air tickets, hotels and holiday packages, rail and bus tickets, and ancillary value-added services. It has offices in India, the Philippines, Singapore, Thailand, the UAE, the UK, the USA and New Zealand.

Last month, it acquired a 55% stake in hotel booking marketplace cheQin for an undisclosed amount. The startup also launched EaseMyTrip Franchise recently to expand its offline geographical reach in the country.