EaseMyTrip.com, a leading online travel platform in India, continues its strong financial performance, reporting INR 1,607.9 million in revenue for Q3FY24, marking an 18.1 per cent year-on-year increase. EBITDA reached INR 653.7 million, up by 10.9 per cent year-on-year, with a Profit After Tax (PAT) of INR 456.6 million, reflecting a 9.5 per cent year-on-year growth. Gross Booking Revenue (GBR) for Q3FY24 stands at 20,260.7 million.
Highlighting financial performance, for FY24, the Revenue from Operations was INR 4,265.3, growth of 28.4 per cent Y-o-Y. The EBITDA stood at INR 1,705.2 million, a 17.9 per cent of Y-o-Y growth and the reported Profit After Tax of INR 1,188.6 million, growth of 15.3 per cent Y-o-Y. This strong performance underscores EaseMyTrip’s continued momentum and further strengthens its position as one of the few profitable new-age tech companies in the industry.
Additionally, the company recorded a GBR of INR 64,226.0 million in 9MFY24, further strengthening its market position. The total number of air bookings (net of cancellations) in Q3FY24 reached 22.6 Lacs. Similarly, hotel night bookings and the other bookings were 91,915 and 2.7 Lacs, respectively. For 9MFY24, air ticket sales (net of cancellations) were 83.7 Lacs.
Furthermore, there were 3.8 Lacs hotel night bookings and 7.7 Lacs in the other bookings.
Following a successful quarter, EaseMyTrip acquired a stake of approximately 13 per cent in ECO Hotels and Resorts, diversifying its portfolio beyond online travel services. This move aligns with the company’s commitment towards organic and in-organic growth and sustainability by promoting environmentally friendly practices within the travel and hospitality sector.
In another significant milestone, EaseMyTrip and the Government of Uttarakhand have signed a landmark Memorandum of Understanding (MOU) during the Global Investors Summit in London. This partnership aims to elevate Uttarakhand’s global tourism appeal. The MOU includes joint marketing campaigns targeting key markets like the UK/Europe, Middle East, Asia, USA/Canada, leveraging EaseMyTrip’s global reach to bolster Uttarakhand’s tourism sector. EaseMyTrip also introduced EasyDarshan, providing curated pilgrimage packages across India. These packages offer hassle-free journeys, encompassing transportation, accommodation, guided tours, and special pujas, prioritizing safety and convenience. Additionally, the launch of “Explore Bharat – Discover the Soul of India” showcased the nation’s rich heritage, culture, and landscapes, targeting overseas travellers.
Notable growth in November 2023, with 136 trips, showcases a positive trend, though the customer numbers were still behind 2019 by 23 per cent. Rama Mahendru, GM- India at Intrepid Travel, foresees matching 2019 revenue, driven by new offerings. Plans on agenda to enhance female tour leadership initiatives as well as new services in MP and north-east.
Furthermore, EaseMyTrip introduced an exclusive subscription program, the EaseMyTrip Platinum, Gold, and Silver Cards, offering luxury travel experiences to High-Net-Worth Individuals (HNI). These cards feature specialized services, benefits, and privileges, enhancing the travel experience for subscribers. EaseMyTrip has been actively cultivating partnerships with various entities to bolster its marketing and collaboration efforts.
Alongside becoming the Principal Sponsors of UP Yoddhas in Kabaddi, the company has extended its reach to the world of tennis as the Official Associate Partner of World Tennis League Season 2. Additionally, EaseMyTrip has entered into a significant collaboration with Vi to extend exclusive propositions related to travel and international roaming, further enhancing its range of services for customers.
Moreover, in this quarter, EaseMyTrip successfully concluded three major sales – the Winter Carnival Sale, Travel Utsav Sale, and Dussehra Travel Sale. These sales offered significant discounts on flights, hotels, holidays, buses, cabs, and more, allowing the company to provide better value to its customers.
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MakeMyTrip Limited, India’s leading travel service provider, has released its unaudited financial and operating results for the fiscal second quarter ending September 30, 2023. Despite seasonal challenges, the company has reported robust year-on-year revenue and profitability growth, driven by strong travel demand across various categories.
The company recorded Gross Bookings of USD 1.839.7 million in Q2 FY24, a substantial increase of 23.8 per cent in constant currency compared to USD 1,514.7 million in the same period last year (Q2 FY23). According to IFRS (International Financial Reporting Standards), the company reported revenue of USD 168.7 million in Q2 FY24, reflecting a remarkable 32.8 per cent year-on-year growth compared to USD 131.3 million in Q2 FY23.
Segment-wise performance:
MakeMyTrip‘s various segments contributed significantly to its strong financial performance. The Air Ticketing segment reported revenue of USD 80.3 million, while Hotels and Packages generated USD 75.7 million. Bus Ticketing recorded USD 21.8 million, and other services contributed USD 11 million in revenue.
Profit and margin:
The company’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for Q2 FY24 stood at USD 13.5 million, compared to USD 10.7 million in Q2 FY23. Remarkably, MakeMyTrip reported a profit of USD 2.0 million during this period, in contrast to a loss of USD 6.8 million in Q2 FY23.
The first half of the fiscal year (H1) for IHCL was equally impressive, as it continued to deliver exceptional results. The revenue for this period reached INR 2,997 crores, demonstrating a substantial 17 per cent YoY increase. The EBITDA registered at INR 862 crores, reflecting a notable 19 per cent YoY growth, along with an expansion of 0.4 basis points in the EBITDA margin. The Profit After Tax (PAT) for H1 reached INR 389 Crores, marking a remarkable 34 per cent YoY growth.
Expansion and acquisitions:
MakeMyTrip continues to enhance its service offerings and expand its presence in the market. On October 31, 2023, its wholly-owned subsidiary, MakeMyTrip (India) entered into an agreement to acquire a majority interest in Savaari Car Rentals, a renowned provider of inter-city car rental services in India. This strategic acquisition is set to be finalised by December 31, 2023, and is expected to bolster MakeMyTrip’s footprint in the inter-city car rental market within India.Commenting on these impressive results, Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, stated, “Despite the seasonal challenges typically associated with the second quarter of the fiscal year, we are delighted to report strong year-on-year revenue growth and an expansion in Adjusted Operating Profit. Our ability to deliver innovative travel solutions, our brand strength, and our commitment to delivering superior value to our customers and partners continue to drive our profitable growth.”
The travel demand in various categories remained robust, with both Gross Bookings and profitability experiencing notable growth in this quarter, highlighting MakeMyTrip’s resilience and its ability to thrive even during seasonally challenging periods.
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