The increase in demand for travel worldwide has helped the company to increase its PAT to 1.49 Cr in the year-ago quarter to 14.9 Cro in the previous quarter
The adjusted revenue of EaseMyTrip witnessed an increase of 169% to INR 131.5 Cr in Q1 FY23.
EaseMyTrip stated that it is focusing on growing its non-air verticals in the next quarters of the fiscal year that is coming up.
The travel tech company EaseMyTrip the day before (July 29) announced that its consolidated profits after taxes (PAT) nearly doubled to 33.7 Cr during the April-June quarter of fiscal year 2022-23 (FY23) and was helped by a strong recovery in demand within the global travel sector.
In the same quarter in the previous year, EaseMyTrip’s PAT was INR 14.9 Cr. In a quarter-on-quarter (QoQ) scale, PAT grew 45.6% in Q1 compared to INR 23.3 Cr for Q4 FY22.
The company’s adjusted revenues also recorded a 169% increase year-on-year (YoY) increase up to 131.5 Cr in the first quarter of FY23. Its Gross Booking Revenue (GBR) increased by more than 4x up to 1,663.1 Cr.
In the first quarter of FY22, the figures were INR 48.9 Cr and INR 356.7 Cr, respectively.
We are witnessing the dawn of a new time in the field of Indian internet-based travel agent (OTAs) because the aviation and travel sector is showing an upward trajectory of growth and with the support of the government. The industry is poised to achieve its highest levels because of the rising need, EaseMyTrip said in an announcement.
In actuality the air segment of the OTA’s booking jumped 212% YoY, to 22.4 Lakh during the quarter from 7.2 Lakh in Q1 FY22. Hotel night bookings increased by 409% to 70K during the FY23 June quarter.
With its success in the airline ticket market, EaseMyTrip said that it is now focusing in expanding the non-air verticals over the next quarters of this fiscal year.
To keep working towards international expansion EaseMyTrip will look at markets that are profitable, EaseMyTrip added in the statement, while reiterating its efforts to create an arm of fintech to offer customers the option to pay for their purchases later’ (BNPL) option.
The total expenses of the OTA in the same period increased by more than three times YoY to INR 47 Cr , up from INR 20.9 Cr in the previous quarter.
The company was founded in 2008 by Nishant Pitti Rikant Pitti, and Prashant Pitti in 2008, EaseMyTrip rivals the services of MakeMyTrip and ixigo in helping customers purchase air trains, bus, and rail tickets. It also offers hotels and holiday packages as well as other travel-related services.
EaseMyTrip was listed on Indian market in the month of March of last year. The company has been funded with bootstraps to date.
This week, its rival MakeMyTripreported the reduction of 59% in its losses to $10 million for the quarter ended June, aided by the post-pandemic improvement in demand for travel.
EaseMyTrip announced its Q1 earnings following market closed on Friday. Its shares closed 3.2 percent better than INR 425.6 in Friday’s BSE in the early hours of Friday. After experiencing a substantial increase in the past two weeks and trade 106.6 percent higher than their opening price.