EaseMyTrip's FY24 revenue up 31.5% but Q4 slips into loss amid Go First write-off
EaseMyTrip attributed the latest quarter's loss to write-offs of the amount recoverable from the now-defunct Go Airlines Ltd, which operated Go First.
Travel booking platform EaseMyTrip's revenue from operations in the financial year 2023-24 grew 31.5% year-on-year (YoY) to Rs 590 crore while profits declined by 23% YoY to Rs 103 crore as the latest quarter slipped into a loss.
On a quarterly basis, the company posted a 40.7% YoY increase in revenue for the January to April 2024 quarter to Rs 164 crore. The rise in revenues was also matched by a rise in expenses, which were up 53.8% YoY to Rs 117.4 crore in Q4 from the comparable period a year ago.
Despite making an annual profit, the company slipped into a loss in the latest quarter. It incurred a loss of Rs 15.7 crore in Q4 FY24, down from a profit of Rs 45.6 crore in the comparable period a year ago.
The company attributed the latest quarter's loss to write-offs of amounts that were supposed to be recovered from now-defunct Go Airlines (India) Limited, which operated Go First carrier. The holding company, Easy Trip Planners Ltd, has determined that the chances of recovering the money are very low due to the ongoing dispute resolution proceedings for the airline at the National Company Law Tribunal in Delhi.
Prashant Pitti,Nishant Pitti, and Rikant Pitti
For the entire fiscal year, the expenses increased by 41.2% to Rs 394 crore in FY24 from Rs 279 crore in the previous fiscal year. The steepest rise was in service cost of tour packages, which increased nearly 5X to Rs 49.6 crore in FY24 from Rs 10 crore in FY23. Employee benefit expenses also jumped 56.6% YoY, increasing to Rs 82 crore in the fiscal year.
Founded in 2008 by Nishant Pitti, Rikant Pitti, and Prashant Pitti, Delhi-headquartered offers services such as hotel bookings, air tickets, holiday packages, bus bookings, and white-label services.
Edited by Kanishk Singh