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Easy Trip Planners Limited Earnings Release 2021
59372_rns_2021-06-15_e6b63abd-1e8a-4b9e-81da-a8295f50878b.pdf
Earnings Release
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Date: June 15, 2021
To,
To,
Department of Corporate Services, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001
Listing Department, National Stock Exchange of India Limited C-1, G-Block, Bandra-Kurla Complex Bandra (E), Mumbai – 400 051
Scrip Code: 543272
Symbol: EASEMYTRIP
SUB: PRESS RELEASE
Dear Sir/ Ma'am,
We are enclosing herewith a press release titled EaseMyTrip profits jump by 86% in FY20-21 despite lower bookings in pandemic year.
Kindly take the same on your record.
Thanking you, Yours faithfully, For Easy Trip Planners Limited
_________________________ Preeti Sharma Company Secretary and Compliance Officer Membership No.: A34417
Easy Trip Planners Limited
Registered Office :Building No 223, Patparganj Industrial Area, Patparganj, New Delhi, Delhi 110092 Phone : +91 - 11 - 43030303, 43131313 E-mail : [email protected]eb : www.EaseMyTrip.com| CIN No. L63090DL2008PLC17904
EaseMyTrip profits jump by 86% in FY20-21 despite lower bookings in pandemic year
- While gross booking revenues fell, PAT for FY20-21 almost doubled to Rs 61.4 crore as against a net profit of Rs 33 crore in FY19-20.
- Records highest ever profitability in FY2021 due to increase in margin & commissions and reduction in operational expenses
- In Q4, profit was up by 8x to Rs 30.5 crore from Rs 3.6 crore in the corresponding fiscal in FY20 while adjusted total income jumped to Rs 103 crore from Rs 60 crore
- In Q4, EaseMyTrip witnessed a V-shaped recovery, clocking almost 89% of the gross booking revenue of the corresponding quarter in the previous fiscal
New Delhi, June 15: Easy Trip Planners Limited, India's second largest online travel portal almost doubled its profit for FY20-21 at Rs 61.4 crore in fiscal 2020-21 as against a net profit of Rs 33 crore in FY19-20. This was despite halving of Gross Booking Revenue in a pandemic struck year. The company recorded a net profit of Rs 30.5 crore in the fourth quarter of the fiscal as opposed to a profit of Rs 3.6 crore in the previous fiscal.
| Total Income* | Profit Before Tax | Profit After TaxRs. 614 Mn | ||
|---|---|---|---|---|
| Rs. 1,508 Mn | Rs. 834 Mn | |||
| Lower due to less bookingduring the pandemic year | +82% | +86% |
Consolidated Key Financial Highlights:
| Particulars (Rs. in Mn) | Q4 FY21 | Q4 FY20 | Y-o-Y | FY21 | FY20 | Y-o-Y |
|---|---|---|---|---|---|---|
| Gross Booking Revenue | 9,076 | 10,249 | -11% | 21,284 | 42,047 | -49% |
| Total Income* | 693 | 404 | 72% | 1,508 | 1,810 | -17% |
| Total Expenses | 272 | 351 | 23% | 674 | 1,351 | -50% |
| Profit Before Tax | 421 | 53 | 692% | 834 | 459 | 82% |
| Profit After Tax | 305 | 36 | 752% | 614 | 330 | 86% |
| PAT Margins (%) | 29.6% | 6.0% | 2,367 bps | 29.2% | 10.8% | 1,838 bps |
*Includes other income
Gross Booking Revenue, however, fell from Rs 4,204 crore in FY2019-20 to Rs 2,128 crore in FY2020-21 as a result of a national lockdown and pandemic dictated travel domestic and international travel. In the fourth quarter of the year, however, EaseMyTrip witnessed a V-shaped recovery as it made almost 89% of the gross booking revenue of the corresponding quarter in the previous fiscal, clocking in gross revenue of Rs 907.6 crore in the Q4 of FY20-21 as opposed to Rs 1024.9 crore in Q4 of FY20-21.
Total income for fiscal 20-21 stood at Rs 151 crore as against Rs 181 crore in the previous fiscal. In the fourth quarter of fiscal 20-21, total income jumped to Rs 69.2 crore as against Rs 40.3 crore in the Q4 of FY19-20.
The increase in profitability despite lower income was driven by increase in margin & commissions, and reduction in operational expenses including reduction in discounts, marketing and sales promotion and employee expenses as well as gains from cutbacks in payment charges. The net impact was a reduction in total expenditure from Rs 135 crore in fiscal 2019-20 to Rs 67 crore in fiscal 2020-21.
According to Prashant Pitti, Co-Founder and Executive Director, "Despite the challenges faced due to the pandemic, EaseMyTrip recorded its highest ever profitability in FY2021. This was possible due to increased commission from airlines, increase in operational efficiencies and our model of working on lean cost of operations. We have battled the headwinds of the Covid-19 pandemic and returned with strong profitability due to our lean cost structure and our ability to economize further without losing out on the revenue pie. FY20-21 was a year where the first two quarters were basically a washout for the industry due to the lockdown. The fact that we could bounce back in the last two quarters shows the resilience of the company.
We anticipate a huge pent up demand for travel & tourism sector post the vaccination drive across India, giving us strong revenue visibility for years to come. With new avenues for growth from hotels & holiday sector and leveraging our existing base of customers for cross selling we anticipate increased wallet share from the our customers enhancing the revenues & profitability going forward. Moving forward, we also reiterate our confidence in our ability to sustain Company's delivery of outstanding shareowner value."
Other Highlights
- Adjusted total income (Inclusive of discounts offered to customers) as a % of Gross Booking Revenue (GBR) from Airlines for FY21 stood at 9.88% as compared to 7.26% in FY20
- Cash & Term Deposits stood at Rs. 2,423 Mn
- Cash flow from operations for FY21 was Rs. 738 Mn, increase from Rs. 275 Mn in FY20
- Return on Capital Employed (RoCE) is at 48.3%, + 275 bps YoY
- Return on Equity (RoE) is at 37.5%, +493 bps YoY
About EaseMyTrip
EaseMyTrip is ranked 2nd among the Key Online Travel Agencies in India in terms of booking volume in the nine months ended December 31, 2020 (Source: CRISIL Report). EaseMyTrip also grew the highest at a CAGR of 47% during FY18 – 20.
EaseMyTrip offer a complete range of travel-related products and services for end-to-end travel solutions, including airline tickets, hotels and holiday packages, rail tickets, bus tickets and taxis as well as ancillary value added services such as travel insurance, visa processing and tickets for activities and attractions. EaseMyTrip provides its customers with the option of no-convenience fee during ticket booking. The customers are not required to pay any service fee where there are no alternate discount or promotion coupon being availed. As of December 31, 2020, EaseMyTrip provided its customers with access to more than 400 international and domestic airlines, more than 1,096,400 hotels in India and international jurisdictions, almost all the railway stations in India as well as bus tickets and taxi rentals for major cities in India. In addition, as of December 31, 2020, EaseMyTrip had 59,274 registered travel agents across almost all major cities in India.
Founded in 2008, Easy Trip Planners has offices across various Indian cities, including Delhi, Bengaluru and Mumbai. Its international offices (as subsidiary companies) are located in Singapore, the UAE and the UK.
For further information contact: Jerin Ephrem- 7045021895 Akash Verghese- 9702013458