Easy Trip Planners, which runs the online travel platform EaseMyTrip has recorded a quadruple growth in its consolidated net profit for the July-September quarter of FY22 at INR 27.13 Cr.
During the same period of the last fiscal (FY21), the Delhi NCR-based travel platform had recorded a net profit of INR 6.16 Cr.
The rise in profits can be attributed to the over 300% growth in the revenues from the air segment. The air passage revenue stood at INR 44.96 Cr during the period under review, compared to INR 10.27 Cr in the second quarter of FY21.
The year-on-year revenue growth came largely on the back of the opening up of the economy and the travel and hospitality segment. The same period of last fiscal was majorly impacted due to covid-19 lockdowns and restrictions.
The net revenue across segments for EaseMyTrip in July-September FY22 also rose over 4 times to INR 43.67 Cr.
In a statement, the company said that its Gross Booking Revenue (GBR) rose 164% to INR 895.09 Cr in the last quarter compared to INR 339.29 Cr in the same quarter of FY21.
During the same period, EaseMyTrip also made its first acquisition. The travel startup acquired Traviate — a B2B travel marketplace.
Earlier this month, Inc42 had reported that the company is in talks with multiple businesses in the travel sector for acquisition and is looking for avenues to increase its revenue in the ‘non-air’ space.
The company also expanded its international footprint to six countries — the Philippines, Singapore, Thailand, the UAE, the UK, and the USA.
Founded in 2008 by Nishant Pitti and Rikant Pitti, EaseMyTrip was listed on the domestic stock exchanges in March 2021. The company’s current market capitalisation stands at nearly INR 5,800 Cr.
The post EaseMyTrip Logs 4-Fold Rise In Profits In Q2 As Air Travel Picks Up Pace appeared first on Inc42 Media.
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