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EaseMyTrip Reveals Profit Hikes By 125% YoY In Its Q1 FY 2023 Results

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HT Bureau

 

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GUWAHATI, Aug 5: Easy Trip Planners Ltd commences its fiscal year as the company continues to remain profitable, which has been a principle since inception. This quarter, yet again, marks a huge milestone for EaseMyTrip.

The company celebrated its 14th anniversary this year with the customers by announcing a mega sale and offering discounts as a testimonial to them.

EaseMyTrip announced positive Q1 FY2023 results, reporting a profit jump of 125 percent YoY and 45.36 percent QoQ. The company did not only join the elite club of India’s first 100 unicorns last fiscal while remaining bootstrapped and consistently profitable but has also grown in Gross Booking Revenue (GBR) this quarter by 366 percent to Rs 1,663.1 crore from Rs 356.7 crore as compared with Q1 FY22 and Profits After Tax (PAT) by Rs 33.7 crore from Rs 14.9 crore YoY in Q1 FY23. In spite of the challenges that came while the travel and tourism industry is reviving from the pandemic, EaseMyTrip has been instrumental in generating remarkable profits and reflecting resilience and strong fundamentals which have earned the trust of its stakeholders as well. 

“We are witnessing the golden era for the Indian OTAs as the travel and aviation industry is showing an upward growth trajectory, with significant support from the government the industry is set to reach ultimate heights due to the growing demand. As a result, EaseMyTrip is prepared to continue its dream run of delivering consistent profits while supporting the revival of the travel ecosystem.”

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The company cites its entry to the new market – New Zealand by incorporating a wholly – owned foreign subsidiary, apart from its other subsidiaries in Philippines, Thailand, Singapore, The UAE, The UK, The USA. 

With this respect, EaseMyTrip has achieved Dubai expansion and marked a cumulative GMV of 70.74 mn in just three months. Through partnerships and agreements with the Tourism Boards and other brands, EaseMyTrip is moving towards the strong recovery of the industry and ensuring the current pent – up demand is utilised efficiently by engaging in operational and performance excellence. After a key foothold in the air ticket segment, EaseMyTrip is focused on expanding its non – air verticals, this fiscal. In the coming quarters, EaseMyTrip aims to continue its growth across the air ticketing segment and expand its hotels and holidays segments too. To continue the efforts for global expansion, the company will further keep looking at profitable markets. In addition, the company will also look to develop a FinTech arm, to provide customers with a ‘Buy now pays later’ option.

 

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