Online travel platform EaseMyTrip slipped into red in the March quarter of FY24 as it reported a loss of Rs 15 crore as against a profit of Rs 31 crore during the same period a year ago. This is the first time the company has incurred a loss in at least three years, data further showed.
During the same period, the company's revenue jumped 43 percent from Rs 121 crore to Rs 173 crore.
The loss was because EaseMyTrip wrote off of amounts recoverable from "Go Airlines (India) Limited" as the Holding Company assessed that "the chances of recovery are remote in the pending dispute resolution proceedings of the airline at National Company Law Tribunal, Delhi Bench."
The provision is to the tune of Rs 54 crore net of taxes.
On an annual basis, the company's revenue increased 31 percent to Rs 609 crore in FY24 from Rs 464 crore in FY23. Profit after tax (PAT) fell 23 percent to Rs 103 crore in FY24 from Rs 134 crore in FY23.
"In Q4 FY24, we acquired 50 percent stake in Jeewani Hospitality to develop a luxurious 150-room Radisson Blu hotel in Ayodhya, expanding our portfolio with high-quality hospitality offerings to 1.5 lacs (lakh) daily visitors," said Nishant Pitti, CEO and Co-founder of Easy Trip Planners.
He said that the company has diversified business, expanded services. It launched a new subsidiary, EaseMyTrip Insurance Broker Private Limited, marking its entry into the Rs 7.9 Trillion insurance industry.
"This move allows us to address customer needs more comprehensively beyond travel. Additionally, we have been proactive in establishing partnerships with the government and institutions and have also expanded our offline domestic footprints through franchise stores," Pitti said.
Company shares traded at Rs 44, down 2.6 percent at 15:59 on May 24 on the National Stock Exchange (NSE).
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