BackEase Trip posts record jump in gross booking revenue, net profit up 47% in Q3
Easy Trip Planners is a mid-cap company having a market cap of ₹9,013.19 Cr and the company deals in the Consumer Discretionary sector.
PremiumEasy Trip Planners is a mid-cap company having a market cap of ₹9,013.19 Cr and the company deals in the Consumer Discretionary sector. The company declared its Q3 results today after which its shares ended on a green note. The company reported Profit After Tax (PAT) of INR 41.7 Crores for the ended December 2022 up by 47.8% Q-o-Q from INR 28.2 Crores a quarter ago, whereas its PBT for the quarter reached INR 57.3 Crores from INR 38.8 Crores, up 47.6% Q-o-Q.
The adjusted revenue was at INR 196.2 Crores in Q3FY23 representing a growth of 29 percent YoY and 16 percent QoQ and the company said it records the highest-ever GBR of INR 2,267.0 Crores in Q3FY23 up from INR 1,977.7 Crores a quarter ago. This Gross Booking Revenue (GBR) number is a result of the flight and hotel segments' significant volume rise. Bookings for airlines and hotels, which make up EaseMyTrip's key divisions, surged by 31 and 88 percent respectively YoY during Q3FY23 and by 65 and 121 percent throughout 9MFY23.
According to Ease Trip Planner, its Dubai operations saw steady growth and generated total gross booking revenue of INR 75.1 Crores in 9MFY23. The quarterly Gross Booking Revenue grew by 85.9% quarter on quarter to INR 44.2 Crores from INR 23.8 Crores in the corresponding period. Additionally, the company inked an exclusive General Sales Agreement (GSA) with Go First Airlines (formerly Go Air) to sell, promote, and market passenger tickets in the Kingdom of Saudi Arabia for a minimum of three years. By establishing a separate office and serving the airlines in Dammam & Riyadh, Saudi Arabia, among other cities, the firm will also expand the reach of Go First.
“EaseMyTrip has introduced an invite-only programme called EMTPRO, for its elite customers with the key feature being ‘Refer Now & Earn Forever’. It has also introduced a similar programme for its shareholders – EMTFAMILY, which is its effort to give back to the shareholders who have placed their trust in the company. EaseMyTrip added ~4.3 Lac customers during the quarter bringing the aggregate number to 1.38 Crores," said the Board of Directors in a stock exchange filing.
“During the quarter, EaseMyTrip has also forayed into EaseMyTrip Franchise, a flagship brand which promises at providing an in-person retail store experience to the customers. This enables the company to tap into a new set of offline customers especially in Tier II cities and expand its reach, even deeper in the domestic markets," they further added.
Nutana Aviation and CheQin were two significant acquisitions completed by EaseMyTrip in Q3FY23. EaseMyTrip will be able to expand its business for renting and booking charter aircraft thanks to Nutana Aviation IFSC Private Limited, a company engaged in the provision of air charter services. This acquisition will boost EaseMyTrip's hotel channel and is consistent with the company's strategy of growing its non-air segment, according to the company.
EaseMyTrip acquired a 55% stake in CheQin, a novel hotel booking platform, while also acquiring a 75% stake in Nutana Aviation Capital IFSC Private Limited, a Gujarat GIFT City-based provider of flight charter services. EaseMyTrip established a unique, invite-only programme where consumers would be enlisted into a "Refer Now & Earn Forever" program, allowing them to enjoy exclusive deals like buy 2 nights get 1 free on more than 500 hotels, exclusive discounts on different flight and hotel reservations, etc.
A flagship brand of EaseMyTrip, EaseMyTrip Franchise, strives to give its customers a retail shop experience. By doing this, the company is reaching out to a fresh group of offline customers and extending its footprint. In order to promote tourism in the state, the firm also announced that it has inked an MoU with the Assam Tourism Development Corporation (ATDC). The International Indian Film Academy and Awards (IIFA) 2023 will take place in the Etihad Arena, the most cutting-edge indoor entertainment facility in the Middle East, on Yas Island in Abu Dhabi, with EaseMyTrip serving as the event's official travel partner.
World's leading tennis players like Novak Djokovic, Nick Kyrgios, Iga Swiatek, and Indian ace player Sania Mirza competed in the first World Tennis League, which was held in the Coca-Cola Arena in Dubai and broadcast in more than 120 countries. EaseMyTrip was named the official travel partner for the event. According to the company, it signed on to be Sharjah Warriors' official travel partner. This organization, owned by Capri Global, was one of six competing in a T20 event in the United Arab Emirates that was put on by the Emirates Cricket Board.
In order to provide individuals with the option to book their trip using "book now and pay later" for flights, hotels, and vacation reservations on EaseMyTrip, EaseMyTrip and MobiKwik Zip, India's top "Buy Now Pay Later" platform, have partnered.
The shares of Easy Trip Planners closed today on the NSE at ₹51.60 apiece level, up by 2.08% from the previous close of ₹50.55.
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