Easy Trip Planners Q1FY24 profit declines 22% to Rs 26 Cr

Online travel service provider Easy Trip Planners Ltd, which operates under the brand EaseMyTrip, on Monday reported a 21.82% decline in consolidated net profit at Rs 25.9 crore for the June quarter. 

The company had posted a consolidated net profit of Rs 33.13 crore in the year-ago quarter, Easy Trip Planners said in a regulatory filing. In the quarter prior (Q4FY23), the company had posted a 33.5% jump in net profit to Rs 31.15 crore on the back of strong post-pandemic demand for travel.

Consolidated revenue from operations during the first quarter of the current fiscal stood at Rs 124.05 crore, as against Rs 87.58 crore a year ago, it added. 

Total expenses were higher at Rs 91.56 crore, as compared to Rs 47 crore in the same period a year ago, the company said.

Recently, the travel portal signed a general sales agreement (GSA) with SpiceJet, wherein it will be responsible for selling and promoting the products and services offered by the latter in India.

Further, it acquired a 51% stake in three prominent firms—Guideline Travels Holidays, a Mumbai-headquartered travel management firm; Dook Travels, a Delhi-based integrated travel management company, operating across CIS countries, Turkey, the UAE; and Tripshope Travel Technologies, a travel and leisure solution provider based in Kashmir.

In another move to expand its business, the company opened its offline retail store in Patiala, Punjab. Earlier this year, Easy Trip Planner launched offline storefronts under the franchising model in Patna, followed by in Surat and Jaipur.

(With inputs from PTI)