India's Easy Trip Planners Q4 profit jumps on travel demand boost

MakeMyTrip

26/05/2023 12:37

BENGALURU, May 26 (Reuters) - India's Easy Trip Planners
Ltd  EASM.NS , which operates online travel website
EaseMyTrip.com, posted a 33.5% jump in fourth-quarter profit on
Friday, helped by a burgeoning post-pandemic demand for travel. 
    The company's consolidated net profit for the quarter ended
March 31 rose to 311.5 million rupees ($3.8 million), compared
to 233.4 million rupees a year earlier.
    Travel-related spending by consumers post COVID restrictions
has been strong and steady, benefitting online travel platforms
Easy Trip Planners and rival MakeMyTrip Ltd  MMYT.O . 
        India's domestic passenger volumes will grow on
increasing air travel penetration, pent-up demand and improved
per-capita income, the company said in a statement.
  
   The company's expenses more than doubled in the quarter to
763.7 million, led by a three-fold increase in advertising
costs, which took a bite out of its profit.
        It reported an 83% jump in gross booking revenue (GBR)
to 21.43 billion rupees.
  
    Consolidated revenue from operations leapt 92% to 1.17
billion rupees, driven by its mainstay air travel bookings
segment, which contributed a hefty 95% to the topline.
    Higher demand for air travel also helped Interglobe Aviation
 INGL.NS , the operator of India's top airline IndiGo, to offset
rising fuel costs and post profit for the second consecutive
quarter. 
    Shares of Easy Trip Planners closed 0.54% up before results.
    
    (1 USD = 82.6001 INR) 

 (Reporting by Hritam Mukherjee in Bengaluru; Editing by Sonia
Cheema)
 ((Hritam.Mukherjee@thomsonreuters.com; +91 9830427878;))