EaseMyTrip Q1 profit soars to Rs 15 crore

NEW DELHI: Online travel firm EaseMyTrip on Monday reported an over six-fold jump in consolidated net profit to Rs 15.42 crore for the quarter ended June 30, 2021 mainly on account of robust performance in the air passage segment.

The company had posted a net profit of Rs 2.49 crore for the corresponding period of the previous fiscal year, EaseMyTrip said in a regulatory filing.

Total income stood at Rs 34.75 crore in the quarter under review. It was Rs 12 crore in the same period a year ago, it added. Revenue of the air passage segment stood at Rs 18.87 crore as against Rs 3.50 crore in the year-ago period, the filing said.

"Despite the challenges posed by the second wave of the pandemic, EaseMyTrip has delivered robust growth in one of the most disruptive periods for the travel and tourism industry. This was possible due to the increase in operational efficiencies and our model of working on lean cost of operations," EaseMyTrip Co-founder and CEO Nishant Pitti said.

The fact that the company recorded its highest ever profitability in 2020-21, and continues to stay profitable in June quarter of current fiscal year is a testament to its resilience and ability to adapt to the changing external environment, he added.

"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," Pitti said.

Shares of the company were trading at Rs 478.05 apiece on BSE, up 0.83 per cent from the previous close.