EaseMyTrip faced a setback in its financial performance for the first quarter of the FY23-24. The company reported a notable 21.8 per cent decline in its Profit After Tax (PAT), which amounted to ₹25.9 crore, in comparison to the previous fiscal’s corresponding quarter where it stood at ₹33.1 crore. This decline was attributed to a significant surge in customer discounts.
Furthermore, the net profit of EaseMyTrip also witnessed a decline of over 16 per cent from the preceding quarter of FY23, where it reported a net profit of ₹31.1 crore.
Despite these challenges, the company managed to achieve a remarkable milestone in terms of Gross Booking Revenue (GBR). The first quarter of FY24 saw a record-breaking GBR of ₹2,371 crore, marking a substantial y-o-y increase of 42.6 per cent. Additionally, the GBR for this quarter surged by 10.6 per cent compared to the previous quarter.
EaseMyTrip’s operating revenue displayed impressive growth as well. It soared by 41.5 per cent y-o-y and 6.3 per cent sequentially, amounting to ₹124 crore in Q1 FY24.
However, the company’s growth was overshadowed by the considerable rise in the total discounts provided to consumers. The discounts escalated to ₹76.6 crore in the reviewed quarter, a substantial increase from ₹43.9 crore in the corresponding quarter of the previous year. Moreover, this figure reflected a substantial 24.5 per cent increase on a quarter-on-quarter basis.
In response to these results, EaseMyTrip expressed satisfaction with its volume growth across all categories. The company managed to sell 32.1 lakh air tickets (net of cancellations) in Q1 FY24, indicating an impressive y-o-y growth of 43.3 per cent. Additionally, the total hotel nights sold in the quarter amounted to 1.6 lakh, in stark contrast to the 0.7 lakh recorded in the same quarter of the previous year.