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EaseMyTrip.com, a leading online travel platform in India, continues its strong financial performance, reporting INR 1,607.9 million in revenue for Q3FY24, marking an 18.1 per cent year-on-year increase. EBITDA reached INR 653.7 million, up by 10.9 per cent year-on-year, with a Profit After Tax (PAT) of INR 456.6 million, reflecting a 9.5 per cent year-on-year growth. Gross Booking Revenue (GBR) for Q3FY24 stands at 20,260.7 million.
Highlighting financial performance, for FY24, the Revenue from Operations was INR 4,265.3, growth of 28.4 per cent Y-o-Y. The EBITDA stood at INR 1,705.2 million, a 17.9 per cent of Y-o-Y growth and the reported Profit After Tax of INR 1,188.6 million, growth of 15.3 per cent Y-o-Y. This strong performance underscores EaseMyTrip’s continued momentum and further strengthens its position as one of the few profitable new-age tech companies in the industry.
Additionally, the company recorded a GBR of INR 64,226.0 million in 9MFY24, further strengthening its market position. The total number of air bookings (net of cancellations) in Q3FY24 reached 22.6 Lacs. Similarly, hotel night bookings and the other bookings were 91,915 and 2.7 Lacs, respectively. For 9MFY24, air ticket sales (net of cancellations) were 83.7 Lacs.
Furthermore, there were 3.8 Lacs hotel night bookings and 7.7 Lacs in the other bookings.
Following a successful quarter, EaseMyTrip acquired a stake of approximately 13 per cent in ECO Hotels and Resorts, diversifying its portfolio beyond online travel services. This move aligns with the company’s commitment towards organic and in-organic growth and sustainability by promoting environmentally friendly practices within the travel and hospitality sector.
In another significant milestone, EaseMyTrip and the Government of Uttarakhand have signed a landmark Memorandum of Understanding (MOU) during the Global Investors Summit in London. This partnership aims to elevate Uttarakhand’s global tourism appeal. The MOU includes joint marketing campaigns targeting key markets like the UK/Europe, Middle East, Asia, USA/Canada, leveraging EaseMyTrip’s global reach to bolster Uttarakhand’s tourism sector. EaseMyTrip also introduced EasyDarshan, providing curated pilgrimage packages across India. These packages offer hassle-free journeys, encompassing transportation, accommodation, guided tours, and special pujas, prioritizing safety and convenience. Additionally, the launch of “Explore Bharat – Discover the Soul of India” showcased the nation’s rich heritage, culture, and landscapes, targeting overseas travellers.
Notable growth in November 2023, with 136 trips, showcases a positive trend, though the customer numbers were still behind 2019 by 23 per cent. Rama Mahendru, GM- India at Intrepid Travel, foresees matching 2019 revenue, driven by new offerings. Plans on agenda to enhance female tour leadership initiatives as well as new services in MP and north-east.
Furthermore, EaseMyTrip introduced an exclusive subscription program, the EaseMyTrip Platinum, Gold, and Silver Cards, offering luxury travel experiences to High-Net-Worth Individuals (HNI). These cards feature specialized services, benefits, and privileges, enhancing the travel experience for subscribers. EaseMyTrip has been actively cultivating partnerships with various entities to bolster its marketing and collaboration efforts.
Alongside becoming the Principal Sponsors of UP Yoddhas in Kabaddi, the company has extended its reach to the world of tennis as the Official Associate Partner of World Tennis League Season 2. Additionally, EaseMyTrip has entered into a significant collaboration with Vi to extend exclusive propositions related to travel and international roaming, further enhancing its range of services for customers.
Moreover, in this quarter, EaseMyTrip successfully concluded three major sales – the Winter Carnival Sale, Travel Utsav Sale, and Dussehra Travel Sale. These sales offered significant discounts on flights, hotels, holidays, buses, cabs, and more, allowing the company to provide better value to its customers.
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