EaseMyTrip Q1 results: Net profit soars six-fold to INR 15 cr – ET TravelWorld

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EaseMyTrip Q1 results: Net profit soars six-fold to INR 15 cr
EaseMyTrip, the online travel portal, has reported a six-fold jump in profits to INR 15.4 crore in the first quarter of FY22 as against a net profit of INR 2.5 crore in the corresponding quarter of the previous fiscal.

The company witnessed a 261 per cent growth in gross booking revenues with INR 356.7 crore in Q1FY22 as opposed to INR 98.7 crore in the corresponding period last fiscal.

Despite the impact of the second wave on the travel and tourism sector, the travel portal witnessed a year-on-year increase of 239 per cent in the air ticket booking segment. EaseMyTrip notes that the bookings of train, bus and other segments have reached 80 per cent plus volumes of FY21 in the first quarter itself, and the hotel segment too has sustained its momentum during the period.

EaseMyTrip Q1 results: Net profit soars six-fold to INR 15 cr
The travel portal credits the increase in profits to increased margins and commissions, enhanced operational efficiencies, and cost rationalisation programs along with a reduction in operational expenses with respect to discounts, marketing and sales promotion and employee expenses.

The company has reported a reduction of 48 per cent in discount expenses, 51 per cent in marketing expenses, and 28 per cent in employee expenses, compared to the last quarter of FY21. The company has further reported a 53 per cent cut down in other expenses on a quarter-to-quarter basis.

Commenting on the company’s performance, Nishant Pitti, CEO and co-founder, says, “With a substantial decline in cases and vaccination numbers picking up, we are optimistic about the recovery of the travel industry, and expect to sustain our growth on the back of a strong pent-up demand for travel. Apart from the airline ticketing vertical, we will also look to tap into growth opportunities in the hotels and holiday sector to enhance revenues and profitability going forward. We are confident that our continued focus on operational efficiency and financial discipline will help us deliver sustainable business growth, and we will continue to strengthen on all fronts to deliver greater shareholder value.”



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