Leading online travel company EaseMyTrip said it made a net loss of ₹ 15 crore in the March quarter of FY24 as against a profit of ₹ 45.6 crore in the previous quarter. Majorly, the loss in profitability is on account of a one-off which amounted to ₹ 72.4 crore and included "advances to supplier written off" as well as the write-down of trade receivables by the start-up.
Revenues from operations, however, saw a striking rise of 41 percent on a year-on-year basis to touch ₹ 164 crore during Q4.
Pushing EaseMyTrip's operations, Nishant Pitti, the man behind the venture, focused on a strategic move the company made during the quarter by taking a 50% stake in Jeewani Hospitality.This will open the gates for a 150-room Radisson Blu luxurious hotel in Ayodhya to diversify the company's portfolio and meet the daily needs of 1.5 lakh visitors.
"In Q4 FY24, we acquired a 50 per cent stake in Jeewani Hospitality to develop a luxurious 150-room Radisson Blu hotel in Ayodhya, expanding our portfolio with high-quality hospitality offerings to 1.5 lakh daily visitors," Pitti said.
In another development, the company has forayed into the insurance segment with a new subsidiary, EaseMyTrip Insurance Broker Pvt Ltd, marking its entry into the Rs 7.9 trillion insurance industry.
"These initiatives underpin our commitment to strengthening partnerships and enhancing customer satisfaction across the travel and financial services sectors," Pitti added.
