asianprimenews
Breaking News
Breaking NewsGeneralPublic Interest

EaseMyTrip posts Highest-Ever EBITDA FY24 EBITDA at INR 2282 million

Mumbai, 27th May 2024: EaseMyTrip.com, one of the leading online travel tech platforms in India, sustained its momentum during this quarter. For Q4FY24, the Revenue from Operations was INR 1,640 million, up by 41% 

Y-o-Y. EBITDA was INR 577 million, up by 24% Y-o-Y and the Profit Before Tax was
INR 551 million, a Y-o-Y growth of 24%. Furthermore, the Gross Booking Revenue (GBR) was INR 20,900 million in Q4FY24.     

In Q4 FY24, our non-air segment saw robust growth wherein the total hotel night bookings were 1.4 Lacs which grew by 39% and the other bookings were 2.7 Lacs by 53%. For FY24, the hotel night bookings and the other bookings were 5.2 Lacs by 49% and 10.4 Lacs by 67%, respectively.

For FY24, the Revenue from Operations was INR 5,906, growth of 32% Y-o-Y. The EBITDA was INR 2,282 million, a 19% of Y-o-Y growth and the reported Profit Before Tax of
INR 2,151 million, growth of 16% 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 85,126 million in FY24, further strengthening its market position.

In addition to achieving strong financial performance this quarter and FY24, EaseMyTrip initiated significant collaborations to position itself as a growth-oriented company. Following a significant event in Indian history, the company acquired a 50% stake in Jeewani Hospitality and partnered with the Radisson Hotel Group to develop a 150-room Radisson Blu Hotel in Ayodhya City. This strategic move positions the hotel near the recently established Ram Mandir, enhancing its appeal and accessibility to 1.5 Lacs per day visitors.

In this quarter, EaseMyTrip also launched its new wholly-owned subsidiary, EaseMyTrip Insurance Broker Private Limited, to diversify its services into the INR 7.9 Trillion insurance market.

EaseMyTrip deepened its collaboration with the government, establishing a stronger alliance to jointly pursue shared objectives. It became the first travel partner for CSC e-Governance Services Limited, offering travel services including flight, hotel, bus, cab, holiday and activity to 8 lacs Village Level Entrepreneurs (VLE). These dedicated VLEs, representing CSC, play a pivotal role in delivering various services to citizens, with travel services being one of the key offerings. Additionally, it partnered with the Ministry of Rural Development to empower women’s self-help groups through skill development under the Lakhpati Didi Yojana. A significant step towards empowering women.

Through its EaseMyTrip Foundation and contributing to CSR, the company established a Memorandum of Understanding (MOU) with the Archaeological Survey of India (ASI). This partnership aims to designate EaseMyTrip Foundation as the Smārak Särathi (Monument Mitra) for four of India’s most esteemed historical monuments, as part of the government’s Adopt a Heritage 2.0 program. As the designated Smārak Särathi, EaseMyTrip will be responsible for the upkeep and enhancement of four prestigious historical monuments: Qutb Minar in Delhi, the Sun Temple in Konark, Agra Fort, and the Western Group of Temples in Khajuraho witnessing footfall of over 60 Lac visitors annually.

The company has played a pivotal role in expanding its range of products and services to provide a comprehensive solution for all travel needs. Embracing this approach, EaseMyTrip introduced the “PNB EMT Credit Card” in collaboration with Punjab National Bank helping EaseMyTrip reach out to millions of PNB customers through its 10,100 + branch network across the country.

Furthermore, EaseMyTrip partnered with Zoomcar to offer self-drive car rentals through its platform, enhancing travel convenience for its customers.

EaseMyTrip remains dedicated to expanding its domestic footprint by strategically opening physical franchise stores across the country by launching 4 franchise stores in Indore, Gurugram, and Jalgaon, in this quarter, underscoreing the company’s commitment to enhancing accessibility to travel services.

The company conducted its first nationwide roadshow aimed at fostering business connections and dialogue within the thriving tourism industry of the nation. The initiative witnessed roadshows in cities including Kolkata, Raipur, Nagpur, Indore, and saw participation from 1800+ B2B agents. This initiative was conducted in close collaboration with EaseMyTrip’s recently acquired domestic travel brands, Guideline Travels and Dook Travels.

Lastly, EaseMyTrip has been honoured with the prestigious title of Online Travel Agent of the Year by the SATTE India Awards and also has been recognized with the Versatile Excellence Travel Award (VETA) 2024 for the Best Online Travel Agency. These accolades are a testament to EaseMyTrip’s commitment to excellence, innovation, and the creation of a comprehensive travel ecosystem that caters to the needs of travellers across the nation.

 

Q4 FY24 Key Developments

 

Business Expansion

EaseMyTrip launched its latest subsidiary, EaseMyTrip Insurance Broker Private Limited. This initiative underscores the company’s commitment to broadening its portfolio and venturing into the insurance sector with a tailored solution to address the arising customer demands. The establishment of this new venture is poised to strengthen EaseMyTrip’s foothold in the market, targeting a vast INR 7.9 trillion industry alongside its existing ~26 million user base. By venturing into insurance brokerage, the company not only enhances its service spectrum but also paves the way for diversified business operations and revenue growth.

Strategic Partnership

EaseMyTrip, acquired 50% stake in the Jeewani Group, and established a partnership with Radisson Hotel Group to develop a 150-room Radisson Blu Hotel in Ayodhya City. The upcoming Radisson Blu Hotel, Ayodhya, expected to open in 2027, represents a greenfield project positioned to cater to the substantial demand from 1.5 Lacs per day visitors visiting Ayodhya.

Government Tie-up’s

EaseMyTrip entered into a MoU with the Ministry of Rural Development to provide training for members of the Deendayal Antyodaya Yojana – National Rural Livelihoods Mission Self-Help Groups under the Lakhpati Didi Yojana. This initiative is designed to help over ~1.8 Crore identified Didis to develop their entrepreneurial abilities and empower them to achieve financial independence.

EaseMyTrip has collaborated with Common Services Centre (CSC) e-governance Services Limited, positioning itself as the first travel partner to provide comprehensive travel solutions including flight, hotel, holiday, bus, cab and activities to CSC and its extensive network of 8 Lacs VLEs. These dedicated VLEs play a crucial role in delivering various services to citizens, with travel services being a key offering.

EaseMyTrip Foundation, a wholly owned subsidiary of EaseMyTrip, has partnered with the government as part of the government’s Adopt a Heritage 2.0 program to spearhead a comprehensive plan aimed at enhancing the upkeep, maintenance, and visitor experience at heritage monuments. This collaborative effort encompasses infrastructure upgrades, provision of on-site amenities, and educational initiatives to promote awareness about the historical and cultural significance of these sites. As the designated Smārak Särathi, EaseMyTrip will be responsible for the upkeep and enhancement of four prestigious historical monuments: Qutb Minar in Delhi, the Sun Temple in Konark, Agra Fort, and the Western Group of Temples in Khajuraho witnessing footfall of over 60 Lac visitors annually.

Corporate Travel Solutions

EaseMyTrip has announced a partnership with Zaggle Prepaid Ocean Services Limited, a SaaS FinTech company specializing in spend management solutions for corporates. This collaboration aims to deliver integrated travel and expense management solutions to EaseMyTrip’s corporate clients. Through this partnership, EaseMyTrip’s corporate customers will gain seamless access to Zaggle’s Expense Management System (EMS) platform.

New Product Launches

EaseMyTrip has collaborated with Punjab National Bank (PNB) to introduce the PNB EMT Credit Card. The card offers 10% discount on flight bookings, 20% discount on Hotel bookings, and flat INR 125 off on Bus bookings. Additionally, the PNB EMT Credit Card features a built-in wallet for secure and hassle-free contactless payments. Millions of PNB customers through its 10,000 plus domestic branches networks across the country

Roadshow

EaseMyTrip conducted our first nationwide roadshow aimed at fostering business connections and dialogue within the thriving tourism industry of the nation. The initiative witnessed roadshows in 12 cities starting from Kolkata and saw participation from 1800+ B2B agents. This initiative was conducted in close collaboration with EaseMyTrip’s recently acquired domestic travel brands, Guideline Travels and Dook Travels.

Expanding Franchise Business

EaseMyTrip inaugurated its first physical stores in Indore and Jalgaon, alongside the launch of two franchise stores in Gurugram. The launch of these franchise stores reflects EaseMyTrip’s dedication to enhancing accessibility to travel services through a blend of digital and physical channels. Customers can now access a wide range of travel-related services, including air and hotel bookings, bus and rail reservations, group travel packages, visa applications and exclusive vacation, cruise, and charter options.

Awards & Recognition

EaseMyTrip has achieved significant recognition, being honored as the Online Travel Agent of the Year by the SATTE India Awards and received the Versatile Excellence Travel Award (VETA) 2024 for the Best Online Travel Agency. These prestigious accolades underscore EaseMyTrip’s dedication to excellence, innovation, and the development of a comprehensive travel ecosystem tailored to meet the diverse needs of travelers

 

Related posts

DS Group Unveils # SaveTheFuture Campaign to Highlight A Social Change on ‘World Environment Day’

asianprimenews

‘House of Pataudi’ from Saif Ali Khan unveils its first store in Mumbai, offering shoppers the finest in Indian ethnic wear

asianprimenews

Mr Manish Jaiswal, Managing Director and Chief Executive Officer at Grihum Housing Finance Limited.

asianprimenews

Leave a Comment