Indian travel tech company EaseMyTrip has reported a net profit of Rs 47.5 crore in the third quarter of FY24, marking a 9.5% increase from the Rs 41.2 crore profit reported in the same period last year.
Additionally, Its revenue also hit Rs 160.7 crore, an 18.1% year-on-year increase. The company's EBITDA also grew to Rs 65.3 crore, which is a 10.9% increase from the previous year.
Diversification of offerings
While the company showed strong growth in Q3FY24, it is also focused on diversifying its offerings. EaseMyTrip acquired approximately a 13% stake in ECO Hotels and Resorts.
The company also launched EasyDarshan, offering curated pilgrimage packages, and "Explore Bharat - Discover the Soul of India," aimed at showcasing India's rich heritage to international travellers.
Partnerships and programs
EaseMyTrip has entered into a significant Memorandum of Understanding (MOU) with the Government of Uttarakhand to boost the state's tourism through global marketing campaigns.
The company's partnership has also partnered with entities like Vi for exclusive travel offers and UP Yoddhas in Kabaddi.
It has also introduced EaseMyTrip Platinum, Gold, and Silver Cards to offer luxury travel experiences to High-Net-Worth Individuals (HNI). The exclusive subscription program is designed to provide specialized services, benefits, and privileges, further enriching the travel experience for its subscribers, it said.
Additionally, the company recorded a gross booking revenue (GBR) of Rs 6,422.6 crore in 9MFY24. The total number of air bookings (net of cancellations) in Q3FY24 reached 2.26 million. Similarly, hotel night bookings and other bookings were 91,915 and 270,000, respectively.
For 9MFY24, air ticket sales (net of cancellations) were 8.37 million. Furthermore, there were 380,000 hotel night bookings and 770,000 in the other bookings, as per its consolidated financial statements with the National Stock Exchange.
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