 "EaseMyTrip Q2FY25 results: Net profit declines 45% to Rs 26 crore")
Easy Trip Planners, also known as EaseMyTrip, an online travel agency, reported a decline in consolidated net profit by 45.2 per cent to nearly Rs 26 crore for the quarter ended September 30, compared with the same quarter last year.
The company’s net sales increased by 2.1 per cent to Rs 144.7 crore on a year-on-year (Y-o-Y) basis for the July-September quarter.
The profit before interest, depreciation, and taxes (PBIDT) of the company dropped by 37.5 per cent to Rs 42.3 crore on a Y-o-Y basis in the quarter ended September.
“Our Q2 FY25 results reflect sustained growth across diversified segments. Gross booking revenue reached Rs 2,075.6 crore,” said Nishant Pitti, co-founder and chief executive officer, Easy Trip Planners. “The non-air business segments have been key drivers of growth this quarter, demonstrating our successful diversification strategy,” he added.
The Delhi-headquartered company’s gross booking revenue (GBR) from hotels and packages reached Rs 2,414 million, marking a 178.4 per cent Y-o-Y growth. The company’s hotel night bookings were at 2.2 lakh, growing 75.3 per cent Y-o-Y. Bookings in the train, bus, and other segments rose by 3.3 per cent to 2.8 lakh, contributing 2.0 per cent to the GBR, according to the company’s press release.
In the July-September quarter, EaseMyTrip incorporated a new subsidiary, Easy Green Mobility, to enter the electric bus manufacturing market. This subsidiary will manufacture electric buses, with YoloBus as its operational arm.
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“The company is investing Rs 200 crore for research and development (R&D), product development, and establishing a manufacturing plant over the next 2-3 years, targeting the rapidly growing Indian electric bus market, which is projected to grow at a compound annual growth rate (CAGR) of 24 per cent from 2024 to 2030,” said the company in a statement.
The company further added that Easy Green Mobility will prioritise advanced technology and energy-efficient battery systems to support long-range travel, aiming for an initial production capacity of 4,000-5,000 buses. The partnership between Easy Green Mobility and YoloBus aims to redefine intercity travel and accelerate the transition to net-zero carbon mobility, with a target of operating over 2,000 electric buses by 2027-28.