Conference Call with Easy Trip Planners Ltd. Management and Analysts on Q3FY24 Performance and Outlook. Listen to the full earnings transcript.
Travel Support Services company Easy Trip Planners announced Q3FY24 & 9MFY24 results: Financial Performance: - Q3FY24 revenue increased to Rs 1,607.9 million, up 18.1% YoY. - EBITDA for Q3FY24 stood at Rs 653.7 million, marking a rise of 10.9% from the previous year. - Profit After Tax (PAT) for Q3FY24 grew by 9.5% YoY to Rs 456.6 million. - Gross Booking Revenue (GBR) for Q3FY24 was at Rs 20,260.7 million. - For 9MFY24, the Revenue from Operations was Rs 4,265.3 million, exhibiting growth of 28.4% YoY. - EBITDA for 9MFY24 reached Rs 1,705.2 million, a growth of 17.9% YoY. - PAT for 9MFY24 increased by 15.3% YoY to Rs 1,188.6 million. Operational Highlights: - Total number of air bookings in Q3FY24 was 22.6 lakhs, which is a decline of 29.7% compared to last year. - Hotel night bookings for Q3FY24 was at 91,915, showing a 4.1% decrease YoY. - Q3FY24 bookings in the 'Others' segment witnessed an 82.5% increase to 2.7 lakhs. - In 9MFY24, air ticket sales were 83.7 lakhs, marking a 1.0% increase. - Hotel nights bookings in 9MFY24 saw a significant increase of 53.5% to 3.8 lakhs. - The Trains, Buses, and Others segment grew by 72.0% to 7.7 lakhs in 9MFY24. Strategic Initiatives and Partnerships: - EaseMyTrip acquired approximately 13% stake in ECO Hotels and Resorts. - Signed an MOU with the Government of Uttarakhand for tourism promotion. - Introduced EasyDarshan for curated pilgrimage packages and launched "Explore Bharat" for showcasing India's heritage. - Launched an exclusive subscription program aimed at High Net-Worth Individuals (HNIs). Awards & Recognitions: - EaseMyTrip recognized as the Online Travel Marketplace of the Year (B2C) at ET Travel World Awards. Announcing the results, Nishant Pitti, Co-founder and CEO of Easy Trip Planners, commented: "We're pleased to announce that our Q3FY24 PAT reached Rs 456.6 million, a 9.5% YoY increase, demonstrating our commitment to profitability. Similarly, our 9MFY24 PAT grew by 15.0% YoY to Rs 1,188.6 million. GBR for Q3FY24 and 9MFY24 stood at Rs 20,260.7 million and Rs 64,226.0 million, respectively. In Q3FY24, we diversified our portfolio by acquiring a 13% stake in ECO Hotels and Resorts and signed an MOU with the Government of Uttarakhand. We also introduced EasyDarshan, offering hassle-free pilgrimage packages, and launched "Explore Bharat" to showcase India's rich heritage to international travellers. Furthermore, our exclusive subscription program, the EaseMyTrip Platinum, Gold, and Silver Cards, provides luxury travel experiences to HNIs. These initiatives underscore the company's continuous expansion of services, catering to niche customer segments. Additionally, I am pleased to share that ET Travel World Awards has recognized EaseMyTrip as the Online Travel Marketplace of the Year (B2C). Looking ahead, we're intensifying efforts to grow our air ticketing business and enhance our presence in non-air segments such as hotels, holidays, and transportation on a global scale. Also, we are expanding our retail footprints domestically and exploring both organic and inorganic growth opportunities. These initiatives are aligned with our ongoing commitment to driving continued growth, providing comprehensive travel solutions, and ensuring a seamless experience for our customers." Result PDF