Friday, May 24, 2024 EaseMyTrip faces a Rs 15 crore loss, its first in three years, after writing off recoverables from Go Airlines amid ongoing legal disputes. In the latest financial quarter, online travel service EaseMyTrip reported a financial setback, posting a Rs 15 crore loss. This marked a significant shift from the Rs 31 crore profit recorded during the corresponding period the previous year, indicating the first loss for the company in over three years.
Revenue for the company saw a substantial rise of 43%, climbing from Rs 121 crore to Rs 173 crore during the same timeframe. The shift into the red was primarily due to a significant write-off related to unrecoverable amounts from Go Airlines (India) Limited. EaseMyTrip decided to write these amounts off after determining that the likelihood of recovering them amidst ongoing dispute resolution proceedings at the National Company Law Tribunal in Delhi was minimal.
The financial impact of this provision was approximately Rs 54 crore after taxes. Looking at the full year, EaseMyTrip’s revenue grew by 31%, reaching Rs 609 crore in FY24, up from Rs 464 crore in the previous fiscal year. However, the Profit After Tax (PAT) decreased by 23%, falling to Rs 103 crore in FY24 from Rs 134 crore in FY23.
On May 24, trading of company shares closed at Rs 44 on the National Stock Exchange, reflecting a decline of 2.6% just before the market closed at 15:59..