Traveltech startup EaseMyTrip on Friday (July 29) said its consolidated profit after tax (PAT) more than doubled to INR 33.7 Cr in the April-June quarter of the financial year 2022-23 (FY23), helped by a strong demand recovery in the global travel segment.
In the corresponding quarter last year, EaseMyTrip’s PAT stood at INR 14.9 Cr. On a quarter-on-quarter (QoQ) basis, PAT grew 45.6% in Q1 from INR 23.3 Cr reported in Q4 FY22.
The startup’s adjusted revenue also witnessed a 169% year-on-year (YoY) growth to INR 131.5 Cr in Q1 FY23, while its Gross Booking Revenue (GBR) jumped over 4X to INR 1,663.1 Cr.
In Q1 FY22, the numbers stood at INR 48.9 Cr and INR 356.7 Cr, respectively.
“We are witnessing the golden era for the Indian online travel aggregator (OTAs) as the travel and aviation industry is showing an upward growth trajectory, with significant support from the government the industry is set [to] reach ultimate heights due to the growing demand,” EaseMyTrip said in a statement.
In fact, the OTA’s air segment booking surged 212% YoY to 22.4 Lakh during the quarter from 7.2 Lakh in Q1 FY22. Its hotel night booking also grew by 409% to 71K in the June quarter of FY23.
Having got a foothold in the air ticket segment, EaseMyTrip said that it is now focused on expanding its non-air verticals in the coming quarters this fiscal year.
“To continue the efforts for global expansion, the company will further keep looking at profitable markets,” EaseMyTrip added in the statement, reiterating its efforts to develop a fintech arm to provide customers with a ‘Buy now pay later’ (BNPL) option.
Meanwhile, the OTA’s total expenses in the period also more than tripled YoY to INR 47 Cr from INR 20.9 Cr in the year-ago quarter.
Founded in 2008 by Nishant Pitti, Rikant Pitti and Prashant Pitti, EaseMyTrip competes with the likes of MakeMyTrip and ixigo to help customers book air, rail, and bus tickets while also offering hotel and holiday packages among other travel services.
EaseMyTrip got listed on the Indian stock exchanges in March last year and has been bootstrapped so far.
Earlier this week, its peer MakeMyTrip reported a 59% decline in its loss at $10 Mn in the June quarter, helped by the post-pandemic recovery in travel demand.
EaseMyTrip reported its Q1 results after the market hours on Friday. Its shares ended 3.2% higher at INR 425.6 on the BSE on Friday. After witnessing a significant surge over the last two weeks, the shares are currently trading 106.6% higher than their debut price.
The post EaseMyTrip Q1 PAT More Than Doubles To INR 33.7 Cr appeared first on Inc42 Media.
Traveltech startup EaseMyTrip on Friday (July 29) said its consolidated profit after tax (PAT) more than doubled to INR 33.7… NewsInc42 Media