EaseMyTrip Shares Zoom 16% After Stock Turns Ex-Bonus

Shares of online travel aggregator EaseMyTrip surged more than 16% to INR 19.01 apiece on the BSE during the intraday trading after the stock turned ex-bonus today (November 29). 

The upswing in EaseMyTrip share prices came after the company revised its record date for the 1:1 bonus to November 29.

Last month, the company’s board approved its third bonus share issue. Investors who owned a stake in EaseMyTrip before November 29 were eligible for one additional equity share for every share they hold.

At 2:34 PM, EaseMyTrip shares were trading at INR 18.06 apiece on the BSE, 10.66% higher than the stock’s previous close. However, the stock has plummeted more than 55% on a year-to-date basis, underperforming BSE Sensex, which has climbed over 10% during the period.

At the time of writing, the company’s market capitalisation stood at INR 6,414.79 Cr (around $759.1 Mn).

It is pertinent to note that EaseMyTrip shares were under huge selling pressure after its cofounder and CEO Nishant Pitti offloaded a significant amount of his shares in the last week of September. The stock hit a fresh 52-week low of INR 14.23 on November 23. 

The announcement of the bonus issue has revived the stock’s price to some extent. But it is still trading 70% below its 52-week high of INR 56.

Further, EaseMyTrip’s financial health has been on a decline. The company’s consolidated profit after tax (PAT) dropped 42.8% to INR 26.8 Cr in the second quarter (Q2) of the financial year 2024-25 (FY25) from INR 46.9 Cr in the year-ago quarter.

Operating revenue rose 2.1% to INR 144.6 Cr in Q2 FY25 from INR 141.6 Cr in the September quarter last year. 

However, the revenue from the company’s core online flight booking business saw a dip during the quarter. The revenue from this vertical declined 22.5% to INR 9.25 Cr from INR 11.94 Cr a year ago. 

In an effort to shore up its revenue, EaseMyTrip has been diversifying its business and strengthening its product portfolio. Recently, the company unveiled EMT Desk, a new platform designed to offer businesses an integrated approach to manage corporate travel needs. 

Earlier this month, the online travel aggregator also said it was acquiring a 49% stake in Australia-based study abroad consultant services provider Planet Education Australia via an equity share swap worth INR 39.20 Cr. 

The acquisition is part of EaseMyTrip’s plans to foray into the hospitality sector. Earlier this year, the company said it partenered with the Jeewani Group and set aside up to INR 100 Cr for building a new five-star hotel in Ayodhya.

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