EaseMyTrip soars with Q2-FY24 results and strategic expansions
Nov 09, 2023
New Delhi [India], November 9 : EaseMyTrip, India's second-largest travel portal, has marked another quarter of substantial growth, revealing impressive financial figures and strategic expansions in its Q2-FY24 results.
The company reported a Profit After Tax (PAT) of Rs 47.2 crores, showcasing a YoY growth of 67.2 per cent.
Q2FY24 witnessed a gross booking revenue of Rs 2026 Crores, reflecting a YoY growth of 2.4 per cent.
The adjusted revenue reached RS 213 Crores, exhibiting a substantial YoY growth of 25.7 per cent.
Finishing the quarter with a Profit Before Tax (PBT) of Rs 64.7 Crores, EaseMyTrip demonstrated a significant improvement compared to Rs 38.8 Crores in the same quarter last year.
The company introduced its in-house Smart Voice Recognition Technology, powered by advanced AI and ML. This cutting-edge voice assistance tool aims to revolutionize the travel booking experience.
In a strategic move, EaseMyTrip expanded its presence in the northern part of India by opening new franchise stores in Ludhiana, Jalandhar, Delhi, and Agra. This expansion aims to offer tailored travel experiences, enhance business scalability, and reach offline customers.
The company acquired a 51 per cent stake in three companies - Guideline Travel (leading cruise provider), TripShope Travel (leading travel and leisure solution provider in Kashmir), and Dook Travels (travel service provider operating across Central Asian countries, Turkey, the UAE, and India).
EaseMyTrip collaborated with DuDigital Global Limited, a top global technology company, to enhance and streamline administrative processes related to visas and passports.
EaseMyTrip, which successfully navigated its way to an IPO in March 2021, stands out as one of the few profitable new-age companies in the industry.
As the only OTA with complete in-house technology and call centre, EaseMyTrip maintains a low-cost structure.
The company boasts a healthy balance sheet with Cash and Fixed Deposit Receipts (FDR) of RS 290 Crores, providing flexibility and a robust financial position for investing in growth avenues.
EaseMyTrip is strategically adding new travel-related business verticals inorganically, focusing on acquiring asset-light, tech-based, and synergistic travel businesses.
EaseMyTrip's Q2-FY24 results underscore its resilience, innovative approach, and strategic vision in navigating the evolving landscape of the travel industry.
The company's continuous growth trajectory positions it as a significant player in India's travel and technology sector.
