Easy Trip Planners Shares Plunge 10% as Promoter Seeks to Sell Stake
31st Dec 2024
Promoter's Stake Sale Plans
Shares of Easy Trip Planners Ltd (EaseMyTrip) tumbled 9% on Tuesday amid reports that co-founder and promoter Nishant Pitti was looking to sell his remaining 14% stake in the company for around Rs 780 crore. Pitti had previously sold over 24.65 crore shares, or a 14% stake, for Rs 920 crore in September 2023.
Q2 Financial Results
For the September quarter, Easy Trip Planners reported a 45.16% drop in profit to Rs 25.87 crore, while revenue rose 2.1% to Rs 144.67 crore. EBITDA fell to Rs 42.29 crore from Rs 67.65 crore a year ago, with EBITDA margin declining to 28.2% from 46.8%.
Growth in Non-Air Business Segments
The company said its non-air business segments, particularly the Hotels segment, were key drivers of growth for the quarter. The Hotels segment recorded a gross booking revenue (GBR) of Rs 241.40 crore, up 178.4% year-on-year.
Shares of Easy Trip Planners Ltd (EaseMyTrip) tumbled 9% on Tuesday amid reports that co-founder and promoter Nishant Pitti was looking to sell his remaining 14% stake in the company for around Rs 780 crore. Pitti had previously sold over 24.65 crore shares, or a 14% stake, for Rs 920 crore in September 2023.
Q2 Financial Results
For the September quarter, Easy Trip Planners reported a 45.16% drop in profit to Rs 25.87 crore, while revenue rose 2.1% to Rs 144.67 crore. EBITDA fell to Rs 42.29 crore from Rs 67.65 crore a year ago, with EBITDA margin declining to 28.2% from 46.8%.
Growth in Non-Air Business Segments
The company said its non-air business segments, particularly the Hotels segment, were key drivers of growth for the quarter. The Hotels segment recorded a gross booking revenue (GBR) of Rs 241.40 crore, up 178.4% year-on-year.