EaseMyTrip Q3 profit rises 4% YoY at Rs 41.7 cr, revenue increases 58%

Air tickets and hotel booking businesses do well to help volumes, says online travel firm

The company which operates online travel firm EaseMyTrip on Monday reported a consolidated net profit of Rs 41.7 crore in the third quarter of FY23, rising 4 per cent compared to Rs 28.2 crore in the same period last year.

Easy Trip Planners’ revenue from operations stood at Rs 136.2 crore, rising 58 per cent from Rs 86.5 crore during the year-ago period.

“On account of our strong marketing initiatives, our strategic collaborations, and our “No Convenience Fee” strategy, we have witnessed strong growth in the overall volumes during this quarter,” the company said in a regulatory filing.

“During the quarter, the company continued to invest in in-house capabilities by scaling up its workforce to accelerate operations, and boost rapid growth,” it said.

The firm’s total expenses in the third quarter came in higher at Rs 82.6 crore, from Rs 35.9 crore in the same period the previous year.

EaseMytrip recorded its highest ever gross booking revenue (GBR) of Rs 2,267 crore in Q3 FY23. This is up from Rs 1977.7 crore in the previous quarter. Led by a healthy top-line growth and a focus on operational efficiency, EaseMyTrip’s EBITDA for Q3 FY23 improved to Rs 58.9 crore, compared to Rs 40.2 crore in preceding quarter.

Air tickets segment volumes for Q3 FY23 grew by 31 per cent compared to the corresponding quarter last fiscal, as the firm witnessed good recovery in the domestic segment. Business travel did well too.

The hotel room booking segment grew 88 per cent YoY in Q3FY23 due to efforts for expansion and competitive pricing. The company’s train, buses and 'others' segment declined 7 per cent.

The company said it has signed an agreement with Go First Airlines (formerly Go Air) to sell, promote and market passenger tickets and other services in Saudi Arabia for at least three years.