EaseMyTrip reports 9.5% growth in net profit to Rs 45.7 crore in Q3FY24; Revenue up 18.1% YoY

Indian travel technology firm EaseMyTrip has disclosed a net profit of Rs 47.5 crore in the third quarter of FY24, reflecting a 9.5% surge from the Rs 41.2 crore profit recorded in the corresponding period last year. Additionally, its revenue soared to Rs 160.7 crore, marking an impressive 18.1% year-on-year increase. The company’s EBITDA also witnessed growth, rising to Rs 65.3 crore, representing a 10.9% increase from the previous year.

While demonstrating robust growth in Q3FY24, the company remains committed to broadening its product offerings. EaseMyTrip recently acquired approximately a 13% stake in ECO Hotels and Resorts. Furthermore, it introduced EasyDarshan, providing curated pilgrimage packages, and “Explore Bharat – Discover the Soul of India,” designed to showcase India’s rich heritage to international travelers.

EaseMyTrip has inked a significant Memorandum of Understanding (MOU) with the Government of Uttarakhand to enhance the state’s tourism sector through global marketing campaigns. Additionally, the company has established partnerships with entities such as Vi for exclusive travel offers and UP Yoddhas in Kabaddi.

Moreover, EaseMyTrip has launched EaseMyTrip Platinum, Gold, and Silver Cards to provide luxury travel experiences to High-Net-Worth Individuals (HNI). This exclusive subscription program offers specialized services, benefits, and privileges, enhancing the overall travel experience for its subscribers.

Furthermore, the company has recorded a gross booking revenue (GBR) of Rs 6,422.6 crore in 9MFY24. The total number of air bookings (net of cancellations) in Q3FY24 reached 2.26 million, with hotel night bookings and other bookings amounting to 91,915 and 270,000, respectively. For 9MFY24, air ticket sales (net of cancellations) stood at 8.37 million, while hotel night bookings and other bookings totaled 380,000 and 770,000, respectively, as per its consolidated financial statements with the National Stock Exchange.

Disclaimer: The views expressed in this feature article are of the author. This is not meant to be an advisory to purchase or invest in products, services or solutions of a particular type or, those promoted and sold by a particular company, their legal subsidiary in India or their channel partners. No warranty or any other liability is either expressed or implied.
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