EaseMy Trip Q3 FY24 – Not easy to defend the premium valuation

The travel portal lost market share in Q3 and profitability was under pressure

Madhuchanda Dey
February 12, 2024 / 09:20 AM IST
EaseMy Trip Q3 FY24 – Not easy to defend the premium valuation

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PRO Only Highlights
-  Quarterly performance largely backed by improved realisations
-  Medium-term triggers China plus and protectionist measures for tyre industry
-  Valuations not inexpensive; but improved medium-term outlook

Highlights Gross booking revenue growth flat in a seasonally strong Q3 Realised revenue growth reflects the impact of the introduction of convenience fees Cost inches up partially on account of recent acquisitions Decline in volume across air, hotel, and others Revises full-year profit guidance downward Receivable from Go Air remains an overhang Largest peer’s growth and relative valuation more attractive Wait for meaningful correction to check in EaseMy Trip (EMT, CMP: Rs 51.1, Market Cap: Rs 9055 crore, Rating: Equal-weight) has experienced  a sharp rally in recent times....