EaseMyTrip Q4 Net Profit Zooms 33% To INR 31 Cr On Strong Demand

Delhi NCR-based listed traveltech startup EaseMyTrip’s net profit rose 33.1% year-on-year (YoY) to INR 31.1 Cr in the March quarter of the financial year 2022-23 (Q4 FY23) on the back of a strong growth in hotel and air bookings.

The company had reported a net profit of INR 23.3 Cr in the year-ago quarter. However, EaseMyTrip’s profit declined 25.4% in Q4 FY23 from INR 41.7 Cr in Q3FY23.

Revenue from operations rose 91.5% to INR 116.6 Cr in Q4 FY23 from INR 60.9 Cr in the year-ago quarter. On a sequential basis, operating revenue declined 14% from INR 136.15 Cr.

Gross booking revenue surged 83% to INR 2,142.8 Cr during the quarter under review from INR 1,170.7 Cr in the corresponding quarter of the previous year.

In a statement, the traveltech startup said its air segment booking grew 1.6X during the quarter under review, while hotel night bookings reported a jump of 2.2X.

Meanwhile, total expenses jumped 57% YoY to INR 76.4 Cr in Q4 FY23 from INR 33 Cr in Q3 FY23. On a sequential basis, expenses rose 3% from INR 73.84 Cr in the quarter ended December 31, 2022.

For FY23, the startup reported a net profit of INR 134.1 Cr, up 26.6% from INR 105.9 Cr in FY22. Revenue from operations increased 91% to INR 448.8 Cr in FY23 from INR 235.4 Cr in FY22.

Gross booking revenue more than doubled to INR 8,050.6 Cr in FY23 from INR 3,715.6 Cr in the previous fiscal year.

Easemytrip also said that its Dubai business clocked a gross booking revenue of INR 43.3 Cr in the March 2023 quarter.

Commenting on the results, the company said in a statement, “This broad-based growth was a result of the company’s meticulous efforts to expand their reach and boost their brand presence and was aided by a pickup in all the segments of the company.”

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 US and New Zealand.

It competes with the likes of MakeMyTrip, Goibibo, among others. Earlier this year, 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.

Shares of EaseMyTrip ended Friday’s session 0.6% higher at INR 46.94 on the BSE. The company declared its financial statement after market hours.