Online travel service provider Easy Trip Planners Ltd on Friday released its fiscal fourth quarter earnings with a loss of Rs 15.75 crore in comparison to a profit of Rs 31.15 crore recorded during the fourth quarter of FY23. It posted revenue from operations at Rs 164.04 crore, up 40.7 per cent as against Rs 116.60 crore during the corresponding quarter of previous fiscal year. EBITDA was at Rs 57.70 crore, up by 24 per cent YoY. Furthermore, the Gross Booking Revenue (GBR) was at Rs 2090.00 crore in Q4FY24.
During the quarter, the company’s non-air segment saw a growth wherein the total hotel night bookings were 1.4 lakh which grew by 39 per cent and the other bookings were at 2.7 lakh, up by 53 per cent. For FY24, the hotel night bookings were at 5.2 lakh, up by 49 per cent; and the other bookings at 10.4 lakh by 67 per cent.
Bookings in the Train, Buses and Others segment rose by 53 per cent to 2.7 lakh, contributing 8 per cent to the segment revenue. For FY24, it rose by 67 per cent to 10.4 lakh, contributing 9 per cent to the segment revenue
For FY24, the revenue from operations came in at Rs 590.58 crore, up 32 per cent YoY. The EBITDA was Rs 228.20 crore, up 19 per cent on-year and profit growth was recorded at 16 per cent YoY. “This strong performance underscores EaseMyTrip’s continued momentum and further strengthens its position as one of the few profitable new-age tech companies in the industry. Additionally, the company recorded a GBR of Rs 8512.60 crorein FY24, further strengthening its market position,” the company said.
In addition to achieving strong financial performance this quarter and FY24, EaseMyTrip acquired a 50 per cent stake in Jeewani Hospitality and partnered with the Radisson Hotel Group to develop a 150-room Radisson Blu Hotel in Ayodhya City. In this quarter, EaseMyTrip also launched its new wholly-owned subsidiary, EaseMyTrip Insurance Broker Private Limited, to diversify its services into the Rs 7.9 trillion insurance market. EaseMyTrip also introduced the “PNB EMT Credit Card” in collaboration with Punjab National Bank helping the company reach out to millions of PNB customers through its 10,100 + branch network across the country.
Furthermore, EaseMyTrip partnered with Zoomcar to offer self-drive car rentals through its platform, enhancing travel convenience for its customers.
Nishant Pitti, CEO and Co-founder of Easy Trip Planners, said, “In Q4FY24, we acquired 50 per cent stake in Jeewani Hospitality to develop a luxurious 150-room Radisson Blu hotel in Ayodhya, expanding our portfolio with high-quality hospitality offerings to 1.5 lacs daily visitors. We diversified our business and expanded our services to better serve our customers by launching a new subsidiary, EaseMyTrip Insurance Broker Private Limited, marking our entry into the Rs 7.9 Trillion insurance industry. This move allows us to address customer needs more comprehensively beyond travel. Additionally, we have been proactive in establishing partnerships with the government and institutions and have also expanded our offline domestic footprints through franchise stores. These initiatives underpins our commitment to strengthening partnerships and enhancing customer satisfaction across the travel and financial services sectors. We look forward to continuing to serve our customers with excellence and expanding our offerings to meet evolving needs in the market.”