EaseMyTrip Shares Spike 5% As Q3 Profit Jump Impresses Investors

EaseMyTrip surged over 5% to reach Monday's intraday high of ₹53.90.

What Happened: Easy Trip Planners — EaseMyTrip's parent company — reported an around 4.25% year-over-over increase in profits at ₹41.6 crore. The profits jumped over 47% quarter-over-quarter from last quarter's ₹28.2 crore. 

The company also reported the highest-ever gross booking revenue of ₹2,267 crore this quarter – a 75% increase from the year-ago period. The online travel company's revenue stood at ₹139.9 crore as compared to ₹89.8 crore in the year-ago period. 

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The company also reported major growth in both the air and hotel segments. Air bookings grew by 31.0% YoY and the revenue for the segment stood at ₹111.5 crore. Hotel bookings reported a jump of 88.2% YoY posting revenue of ₹23.6 crore. It added 4.3 lakh customers during the quarter.

The company attributed the growth to a "strong seasonal push, and vigorous festive spending" across each segment. 

The results come as the company made several major announcements last month that received mixed reactions from the market. The announcements included the 55% acquisition of the online hotel booking marketplace cheQin for around ₹3 crore. The company has said that going forward it will look to pursue more acquisitions.

Price Action: Shares of Easy Trip Planners were up 4.25% at ₹52.75 in the afternoon hours of trading on Monday.

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Posted In: Hotel Bookingsonline platformQ3FY23Tourism IndustryTraveling