EaseMyTrip has reported a four-fold increase in profit to ₹27.1 crore in the second quarter of the current fiscal as against a net profit of ₹6.3 crore in the corresponding quarter of the previous fiscal. Further, the Q2FY22 gross booking revenue (GBR) stood at ₹895.1 crore generating strong and sustainable growth for its shareholders, investors and customers.
Commenting on the company’s exceptional performance, Rikant Pittie, Co-Founder, EaseMyTrip said, “Being India’s 2nd largest online travel platform, we continue to deliver exceptional performance and generate greater value for our investors, shareholders and customers. Apart from the air segment, the performance across the businesses such as hotels, bus, trains, holidays is exceptional.”
“This growth is the direct result of our persistent efforts to innovate and build an efficient infrastructure to serve our customers better. This growth also represents a strong recovery of India’s travel sector that was severely affected due to the pandemic. We are now extremely bullish about the strong pent-up demand in the travel industry. We will continue to strengthen on all fronts and are confident that our continued focus on financial and operational efficiency will help us to achieve sustainable business growth in the coming quarters as well,” he said.
Acquisition
The company remains extremely optimistic about the future as it will continuously strengthen its lean infrastructure and efficient operations. Further, EaseMyTrip aims for its first-ever acquisition – Traviate which is India’s first B2B travel marketplace. The company has also expanded its international footprint to six countries – the Philippines, Singapore, Thailand, the UAE, the UK, and the USA.
“Therefore, EaseMyTrip will continue to create long-term sustainable value for its customers, partners, and investors. EaseMyTrip is one of the very few e-commerce platforms in the world that bootstrapped itself to the IPO,” he said.
In the last 13 years of its existence, EaseMyTrip has never raised capital from any external sources and has grown market-share via profits and internal accruals. EaseMyTrip is also the fastest-growing travel portal between FY18 to FY20 based on gross booking revenue. The company, which has been profitable since inception, provides its customers with the option of zero convenience fees during ticket booking.
