EaseMyTrip, a leading online travel technology company, has released its financial results for the quarter ending June 30, 2023. In Q1 FY24, EaseMyTrip achieved its highest-ever quarterly GBR of INR 2,371 crore, representing a 42.6 per cent increase from the corresponding quarter’s GBR of INR 1,663.1 crore.
Adjusted Revenues also grew significantly, reaching INR 193.2 crore, a 46.9 per cent YoY increase from Q1 FY23’s INR 131.5 crore. Adjusted Revenues as a percentage of GBR rose from 7.9 per cent in Q1 FY23 to 8.2 per cent in Q1 FY24.
EaseMyTrip’s profitability has been consistent since its inception, reporting an EBITDA of INR 37.5 crore in Q1 FY24 with an EBITDA Margin of 29.6 per cent. Profit after Tax (PAT) for Q1 FY24 was INR 25.9 crore, with a PAT Margin of 20.5 per cent.
In terms of bookings, the air segment grew 1.4 times YoY while hotel nights booking saw a jump of 2.2 times YoY. Bookings in the Others segment also grew by 1.4 times YoY. In Q1 FY24, EaseMyTrip sold 32.1 lakh air tickets (net of cancellations), a growth of 43.3 per cent YoY from 22.4 lakh bookings in Q1 FY23. The hotel segment also experienced robust growth, with total hotel nights sold increasing from 0.7 lakh in Q1 FY23 to 1.6 lakhs in Q1 FY24, a remarkable 123.2 per cent increase.
The others segment, which includes trains, buses, and other bookings, saw a 39.6 per cent YoY increase, with 2.2 lakh bookings in Q1 FY24 compared to 1.6 lakh bookings in Q1 FY23.
EaseMyTrip’s Dubai business also continued its growth journey, achieving a 22.3 per cent increase from the previous quarter. Gross Booking Revenue for Q1 FY24 was INR 53.0 crore, up from INR 43.3 crore in Q4FY23, bringing the cumulative GBR for the Dubai business to INR 171.4 crore.
India’s outbound tourism market size in 2022 was estimated to be USD 15163.4 million, which is projected to rise by 11.4 per cent CAGR between 2022 and 2032 and reach USD 44799.9 million. India’s impressive rebound as a source market for outbound travel in Asia and Europe is a positive sign for the tourism industry, indicating a growing demand for travel.
