EaseMyTrip Reports Q4 FY24 Net Loss of Rs 15 Crore; Revenue Surges 41%
New Delhi: Online travel company EaseMyTrip announced a net loss of Rs 15 crore for the January-March quarter of the fiscal year FY24, compared to a profit of Rs 45.6 crore in the previous quarter.
The net loss is attributed to a one-time expense of Rs 72.4 crore, which included write-offs for “advances to supplier” and trade receivables by the startup.
Despite this, the revenue from operations led by Nishant Pitti surged 41% year-on-year to Rs 164 crore in Q4.
“In Q4 FY24, we expanded our portfolio by acquiring a 50% stake in Jeewani Hospitality to develop a luxurious 150-room Radisson Blu hotel in Ayodhya,” said Pitti, emphasizing the company’s commitment to enhancing its hospitality offerings for approximately 1.5 lakh daily visitors.
EaseMyTrip also launched a new subsidiary, EaseMyTrip Insurance Broker Pvt Ltd, marking its entry into the Rs 7.9 trillion insurance industry.
“These strategic initiatives underscore our dedication to strengthening partnerships and elevating customer satisfaction across the travel and financial services sectors,” Pitti added.
