EaseMyTrip Second Quarter Profit Jumps 330% YoY; airline segment, hotel reservations are increasing
Online travel booking platform, EaseMyTrip reported a 330% year-over-year (YOY) increase in profit to Rs 27.1 crore in the September quarter (T2 FY22), compared to Q2 of FY21 when its net profit was Rs 6.1 crore. As the travel industry is on the road to recovery due to revenge travel after the deadly second wave of COVID-19, EaseMyTrip said its gross booking revenue (GBR) stood at Rs. 895.1 crore , thus generating strong and sustainable growth for its shareholders, investors and customers.
Airline segment bookings grew 2.5 times, or 153% year-over-year, in the second quarter of FY22, while for the first half of the year (S1FY22), airline ticket bookings aircraft were multiplied by 3, indicating that the impact of the second wave of COVID-19 on the aviation industry was not as severe as the first. In terms of booking hotel nights, the company informed the exchanges that it increased 11x, or 961% year-on-year, for the second quarter of fiscal 22.
The company further stated that it had performed consistently across all businesses and continued to gain market share, increased margins and commissions, and improved operational efficiency.
âAs the second largest online travel platform in India, we continue to deliver exceptional performance and generate greater value for our investors, shareholders and customers. Apart from the airline segment, the performance of companies such as hotels, buses, trains, vacations is exceptional. This growth is a direct result of our persistent efforts to innovate and build an efficient infrastructure to better serve our customers, âsaid Rikant Pittie, co-founder of EaseMyTrip.
He further added that this growth also represents a strong recovery in India’s travel industry which has been severely affected due to the pandemic. âWe are now extremely optimistic about the strong pent-up demand in the travel industry. We will continue to strengthen ourselves on all fronts and are confident that our continued focus on financial and operational efficiency will help us achieve sustainable business growth in the coming quarters. too, âPittie said.
EaseMyTrip is preparing for its very first acquisition, that of the B2B travel marketplace Traviate. It has also extended its international presence to six other countries: the Philippines, Singapore, Thailand, the United Arab Emirates, the United Kingdom and the United States.
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