Nishant Pitti's EaseMyTrip reports Rs 15.75 crore loss in Q4FY24, revenue up 40.7% YoY

Online travel ticket booking platform EaseMyTrip has reported a net loss of Rs 15.75 crore for the fiscal fourth quarter, ending March 31, 2024.

This marks a significant downturn compared to the net profit of Rs 31 crore recorded in the same period of the previous fiscal year.

Despite the loss, the company's revenue from operations increased substantially, rising 40.7% to Rs 164.04 crore from Rs 116.60 crore in the corresponding quarter of the previous fiscal year.

The loss was because EaseMyTrip wrote off of amounts recoverable from "Go Airlines (India) Limited" as the Holding Company assessed that "the chances of recovery are remote in the pending dispute resolution proceedings of the airline at National Company Law Tribunal, Delhi Bench."

Key financial metrics?

At the operating level, the company's EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortization) for the fourth quarter rose by 24% year-on-year to Rs 57.70 crore.

However, the EBITDA margin decreased to 29.9% from 36.3% in the corresponding period of the previous fiscal year. The Gross Booking Revenue (GBR) for the quarter was reported at Rs 2090 crore.

How did non-air segments perform?

EaseMyTrip's non-air segments experienced robust growth during the quarter. Total hotel night bookings increased by 39% to 1.4 lakh, while other bookings surged by 53% to 2.7 lakh.

For the entire fiscal year 2024, hotel night bookings reached 5.2 lakh, a 49% increase, and other bookings rose by 67% to 10.4 lakh.

Year-end financial highlights

For the fiscal year 2024, EaseMyTrip reported a 32% increase in revenue from operations, amounting to Rs 590.58 crore. The company reported a PAT of Rs 103.46 crore, down from Rs 134.10 crore in the previous fiscal

The company's EBITDA for the year was Rs 228.20 crore, reflecting a 19% year-on-year growth. Additionally, the GBR for the year stood at Rs 8512.60 crore.

The company emphasized its continued momentum and strong market position as one of the few profitable new-age tech companies in the industry.

EaseMyTrip partnerships and acquisition

In the fourth quarter, EaseMyTrip expanded its business portfolio through strategic acquisitions and partnerships.

The company acquired a 50% stake in Jeewani Hospitality and plans to develop a luxurious 150-room Radisson Blu Hotel in Ayodhya.

Additionally, EaseMyTrip launched a new subsidiary, EaseMyTrip Insurance Broker Private Limited, marking its entry into the Rs 7.9 trillion insurance market.

The company also introduced the "PNB EMT Credit Card" in collaboration with Punjab National Bank, and partnered with Zoomcar to offer self-drive car rentals.

“We diversified our business and expanded our services to better serve our customers... These initiatives underpins our commitment to strengthening partnerships and enhancing customer satisfaction across the travel and financial services sectors," said Nishant Pitti, CEO and Co-founder of EaseMyTrip.