Easy Trip Planners Q1 net profit rises Rs 33 crore

EaseMyTrip (PC-Shutterstock)

Online travel service provider Easy Trip Planners Ltd on Friday reported an over two-fold rise in consolidated net profit at Rs 33.13 crore in the June quarter on accelerated travel activities as the pandemic-induced restriction eases.

The company, which operates under the EaseMyTrip brand, had posted a consolidated net profit of Rs 15.43 crore in the year-ago period, Easy Trip Planners Ltd said in a regulatory filing.

Consolidated revenue from operations during the quarter under review stood at Rs 87.58 crore as against Rs 31.31 crore last year.

During the quarter, there was consistent performance across businesses and the company witnessed strong recovery in demand across its segments, Easy Trip Planners said.

Air passage segment clocked revenue of Rs 79.44 crore, up from Rs 31.49 crore in the preceding year. Hotel packages vertical registered revenue of Rs 7.29 crore in the June quarter against an outgo of Rs 27.5 lakh a year ago. Other services segment posted revenue of Rs 85.7 lakh from Rs 9.9 lakh in the previous year, the filing said.

Other services segment posted revenue of Rs 85.7 lakh from Rs 9.9 lakh in the previous year, the filing said. In the past two years, the outbreak of COVID-19 pandemic led to various restrictions on travel across the globe leading to high number of cancellations and limited new air travel, hotel packages, bus and train bookings.

However, with the pandemic easing off and restrictions lifted, there has been a recovery in the travel and tourism industry.

Now, the travel and aviation industries are showing an upward growth trajectory, the company said.

Easy Trip Planners said it is focused on expanding its non-air verticals this fiscal, while also aiming to grow across the air ticketing segment and expand in hotels and holidays segments too in the coming quarters.