Online travel aggregator Easy Trip Planners (EaseMyTrip) on Novermber 8 said its net profit for the quarter ended September 30, 2023 shot up 67.19 percent over the last year to Rs 471.78 crore as revenues increased and expenses reduced aided by lower spending on promotions.
The company’s revenue from operations came in at Rs 1,416.94 crore, registering a growth of 30.59 percent from Rs 1,084.99 crore a year ago, the travel agent said in an exchange filing.
The company's shares were volatile, moving up about 5 percent just after the earnings announcement, and then losing the ground amid intense rush to book profits. The stock traded at Rs 43.07, down about 3 percent on the BSE, as of 12.20pm.
The total expenses of the company were at Rs 799.18 crore, up bout 10 percent from Rs 732.66 crore. Advertising and promotional expenses for the quarter stood at Rs 138.55 crore as against Rs 297.16 crore a year ago.
The company’s revenue from the air passage segment increased about 10 percent but that from hotel packages and other services jumped eight times and 49 times, albeit on a low base. Thus, most of the revenue growth came from these two upcoming business segments.
The company said it has recoverables of Rs 72 crore from bankrupt Go Air, but added that the management is unable to comment upon the recoverability of such amount.
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