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EaseMyTrip Q3 results: Online travel service provider EaseMyTrip on Friday reported a 9.5% increase in its net profit $45.7 crore in Q3FY24 against $41.2 crore in the same period of the previous year.
Its consolidated net income increased by 18.1% year-on-year to $160.8 crore in the quarter ended December against $136 crore in Q3FY23. Its EBITDA increased to $65.3 crore during the quarter under review.
On Friday, shares of the company, registered as Easy Trip Planners, closed 3.07% lower in $50.84 per share.
During the quarter under review, EaseMyTrip acquired a stake of around 13% in ECO Hotels and Resorts, diversifying its portfolio beyond online travel services. Recently, the company also signed a Memorandum of Understanding (MOU) during the Global Investor Summit in London. The MOU also includes joint marketing campaigns targeting key locations such as UK/Europe, Middle East, Asia and US/Canada, to boost tourism in Uttarakhand.
EaseMyTrip Q3: performance by segments
Looking at its segment-wise performance, airline segment bookings decreased by 29.7% to 22.6 lacs. Hotel night bookings fell 4.1% to 91,915 during the quarter under review. EaseMyTrip bookings in the others segment increased by 82.5% to 2,70,980, contributing 1.9% to the GBR. However, the online platform’s gross booking revenue decreased by 10.6% to $2,026.0.7 million rupees.
“In Q3FY24, we diversified our portfolio by acquiring 13% stake in ECO Hotels and Resorts and signed an MoU with the Uttarakhand government. We also introduced EasyDarshan, which offers hassle-free pilgrimage packages, and “We launched ‘Explore Bharat’ to showcase India’s rich heritage to international travelers. Our exclusive subscription programme, EaseMyTrip Platinum, Gold and Silver cards, offers luxury travel experiences to HNIs,” said Nishant Pitti, Co-Founder and CEO of Easy Trip Planners.
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