EaseMyTrip net profit grows more than 300% to 27.13 crore



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NEW DELHI : Online travel company EaseMyTrip, operated by Easy Trip Planners Ltd, on Tuesday announced an annual increase of more than 300% in its consolidated net profit to ??27.13 crore for the September quarter due to higher sales of airline tickets and hotel reservations during the quarter, the company said in a stock market notice.

The company, which was listed on the ESB / NSE in March 2021, reported consolidated revenue of ??59.78 crore for the quarter ending September 30, compared to ??22.29 crore of income from the same period of the previous year.

However, in the September quarter, the company’s expenses increased 74.35% to ??23.4 crores.

“Outside of the airline segment, performance in all businesses such as hotels, buses, trains, vacations (was) exceptional (during the quarter),” said Rikant Pittie, co-founder of EaseMyTrip .

“This growth also represents a strong recovery in the travel industry in India which has been severely affected by the pandemic. We are now extremely optimistic about the strong pent-up demand in the travel industry,” Pittie added.

During the September quarter, air segment bookings (airline ticket bookings) increased 2.5 times and hotel night bookings increased 11 times for the second quarter of the fiscal year 22, Easy Trip Planners said in the stock notification.

“The company has also expanded its international presence to six countries – the Philippines, Singapore, Thailand, the United Arab Emirates, the United Kingdom and the United States,” he added.

EaseMyTrip competes with other online travel agencies like MakeMyTrip, Yatra, Cleartrip and ixigo among others in the domestic market.

As it stands, domestic passenger air traffic has grown significantly since June with the easing of lockdown restrictions following the drop in new cases of covid-19, which has given more people confidence. to travel by plane.

Bookings have further increased during the current festival season.

Domestic passenger air traffic increased 5.45% year-on-year in September. About 7.07 million passengers took off in September against 6.7 million in August, according to the latest data from the Directorate General of Civil Aviation (DGAC).

Since mid-October, scheduled airlines have been allowed to operate up to 100% of their pre-covid capacity on domestic flights after the government removed a capacity cap imposed on airlines since flights resumed in May 2020 after two months of lockdown.

“We are now extremely optimistic about the strong pent-up demand in the travel industry,” added Rikant Pittie, co-founder of EaseMyTrip.

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