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NEW DELHI : Easy Trip Planners Ltd-operated online travel company EaseMyTrip on Tuesday reported over 300% annual increase in its consolidated net profit to ₹27.13 crore for the September quarter on the back of higher sale of airline tickets and hotel bookings during the quarter, the company said in a stock exchange notification.
The company, which got listed on BSE/NSE in March 2021, reported a consolidated revenue of ₹59.78 crore for the quarter ending on 30 September, up from ₹22.29 crore revenue from the same period of the previous year.
However, during the September quarter, the company's expenses rose by 74.35% to ₹23.4 crore.
"Apart from the air segment, the performance across the businesses such as hotels, bus, trains, holidays (has been) exceptional (during the quarter)," said Rikant Pittie, co-founder of EaseMyTrip.
"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," Pittie added.
During the September quarter, air segment (air ticket bookings) booking grew 2.5 times and hotel nights booking grew by 11 times for Q2FY22, Easy Trip Planners said in the stock exchange notification.
"The company has also expanded its international footprint to six countries- the Philippines, Singapore, Thailand, the UAE, the UK, and the USA," it added.
EaseMyTrip competes with other online travel companies like MakeMyTrip, Yatra, Cleartrip, and ixigo, among the others, in the domestic market.
As things stand, domestic air passenger traffic has seen significant growth since June with the easing of lockdown restrictions following the decline in fresh covid-19 cases, which gave more people confidence to travel by air.
The bookings have further picked up during the ongoing festival season.
Domestic air passenger traffic rose 5.45% year-on-year in September. Around 7.07 million passengers took to the skies in September compared to 6.7 million in August, according to the latest data from the Directorate General of Civil Aviation (DGCA).
Since mid-October scheduled airlines have been allowed to operate at up to 100% of their pre-covid capacity on domestic flights after the government did away with a capacity cap imposed on airlines since the resumption of flights in May 2020 following two months of lockdown.
"We are now extremely bullish about the strong pent-up demand in the travel industry," added EaseMyTrip's co-founder Rikant Pittie.
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