Shares of Easy Trip Planners Ltd, operator of EaseMyTrip, will be in focus today, as the company co-founder Nishant Pitti is reportedly looking to sell his remaining 14 per cent stake in the company for Rs 780 crore. As per the report co-founder and promoter Nishant Pitti could offload his remaining 14.21 per cent stake in the online travel portal on Tuesday via block deal. The share sale is estimated to fetch him Rs 780 crore, Moneycontrol reported.
Pitti, the report said, is expected to sell 5 crore shares at Rs 15.6 per unit.
To recall, on September 25 earlier this year, Pitti was seen selling 1,00,00,000 at Rs 38.28 apiece, 16,91,92,632 shares at Rs 37.22 apiece and 6,73,57,201 shares at Rs 37.42 apiece, totalling 24.65 crore shares, or 14 per cent stake for Rs 920 crore.
He was also seen selling 62,578,220 Easy Trip Planners shares on BSE in June 2023 at Rs 42.60 per share. EaseMyTrip shares have tumbled 16.56 per cent in 2024 so far. In the last five sessions, the stock was up 6.6 per cent.
Moneycontrol quoting sources said institutional investors including CRAFT Emerging Market Fund PCC - Elite Capital Fund, Multitude Growth Funds Limited, CRAFT Emerging Market Fund PCC - Citadel Capital Fund, Nexpact Limited and Eminence Global Fund are expected to participate in the fresh block deal.
The stock is down 17 per cent in 2024 so far.
Easy Trip Planners reported 45.16 per cent drop in profit at Rs 25.87 crore for the September quarter compared with Rs 47.18 crore YoY. Revenue for the quarter rose 2.1 per cent to Rs 144.67 crore from Rs 141.69 crore.
Q2 Ebitda fell to Rs 42.29 crore from Rs 67.65 crore YoY, with Ebitda margin declining to 28.2 per cent against 46.8 per cent YoY. The gross booking revenue (GBR) for the quarter stood at Rs 2,075.64 crore.
Post its Q2 results, the company said its non-air business segments were key drivers of growth for the quarter. The Hotels segment recorded a GBR of Rs 241.40 crore, up 178.4 per cent year-on-year growth.
This was led by a strong 75 per cent increase in hotel night bookings to 2.2 lakh, reflecting heightened demand and effective market penetration.
The cash flows from operations stood at Rs 58 crore.
"Meanwhile, our Trains, Buses & Others segment saw steady traction, with a GBR of Rs 40.70 crore —a 19.4 per cent year-over-year increase— indicating the growing appeal of our comprehensive travel offerings beyond air travel. Our Dubai operations have also contributed significantly, achieving a GBR of Rs 172.50 crore, a robust 371.3 per cent growth year-over-year. This substantial international growth underscores our strategic commitment to expanding our footprint in high-potential markets," it said.
"Together, these achievements highlight EaseMyTrip’s focus on driving long-term, profitable growth by tapping into diversified and international segments to deliver enduring value to our stakeholders," Easy Trip Planners said post its Q2 results.