During a previous festive season sale in early August this year, the startup had reported a record number of transactions on its platform worth over INR 300 Cr
While EaseMyTrip is yet to report its Q2 FY23 results, the startup saw its consolidated profit after tax (PAT) more than double to INR 33.7 Cr in Q1 FY23
RateGain, in its PULSE Report, said recently that due to travel demand surge India was likely to witness over 25.26 Lakh inbound international travellers through Delhi and Mumbai airports during the festive season
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Traveltech startup EaseMyTrip has registered an unprecedented sale of over INR 350 Cr during the festive season sale between October 6 and Oct 16, 2022, it said.
During a festive season sale in August this year, the startup had reported a record number of transactions on its platform worth over INR 300 Cr, as per its BSE filing.
This comes at a time when the overall travel segment is witnessing a massive surge in demand post the restriction related to the Covid-19 pandemic eased largely from earlier this year. In fact, RateGain in its PULSE Report said recently that India was likely to witness over 25.26 Lakh inbound international travellers through Delhi and Mumbai airports in the September-November period. Besides, Delhi alone was set to witness a 15% surge in travel demand ahead of Diwali, the report noted.
Following the demand surge, EaseMyTrip has also extended its festive sale offer period till October 23 when customers would be offered discounts on domestic and international flight bookings, hotels, holiday packages, and car bookings, among others.
There were reports last year that the startup was looking for ways to increase its revenue in the ‘non-air’ space, strengthening its business in the hotels, trains, bus, and holidays segment.
While EaseMyTrip is yet to report its Q2 FY23 results, the startup saw its consolidated profit after tax (PAT) more than double to INR 33.7 Cr in Q1 FY23, due to the boost from strong travel demand recovery across the globe. Its Gross Booking Revenue (GBR) had jumped over 4X to INR 1,663.1 Cr in the same quarter.
On the other hand, last year post the festive season, EaseMyTrip had recorded a 4X growth in its consolidated net profit to INR 27.13 Cr in Q2 FY22 with a 164% rise in the GBR to INR 895.09 Cr.
Many analysts expect the surging travel demand to remain a strong point in EaseMyTrip’s growth trajectory in the long run.
In a research note published last week, brokerage firm JM Financial said that it expected a sharp increase in the startup’s sequential and year-on-year (YoY) GBR in Q2. The jump would likely drive a strong growth in booking revenues for EaseMyTrip with take rates expected to see some improvement on a sequential basis, the brokerage noted.
However, strong competition in the sector persists as MakeMyTrip and Yatra had earlier witnessed a much sharper recovery compared to EaseMyTrip in the second half of FY22. Besides, the Indian ecommerce giant Flipkart has also forayed into online hotel-booking services recently strengthening its presence in the travel segment.
Separately, EaseMyTrip’s board last week approved the issuance of bonus shares in the ratio of 3:1 and a stock split in the company.
EaseMyTrip shares ended 0.7% higher at INR 400.25 on the BSE on Tuesday.
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