Easy Trip Planners falls after 18% equity changes hands

In Q4FY23, Easy Trip Planners posted a 33.5 percent jump in net profit on back of strong post-pandemic demand for travel. The company’s consolidated net profit for the quarter rose to Rs 31.15 crore, compared to Rs 23.34 crore a year earlier

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Shares of Easy Trip Planners fell over 4 percent in early trade on June 30 after a big block of equity for 4.1 crore shares – amounting to 18.7 percent equity and worth Rs 164 crore – changed hands on the bourses. The buyers and sellers could not be ascertained immediately.

At 10:30 am, the stock was quoting at Rs 40.70 on the NSE, lower by nearly 3 percent from previous close.

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As of March end, promoters held 74.90 percent stake in the company. Of this, Nishant Pitti held 32.27 percent, Prashant Pitti held 10.49 percent and Rikant Pitti held 32.14 percent. Life Insurance Corporation of India also holds over 2 percent stake in the company.

The online travel company has been on aggressive expansion mode. On June 21, it opened its offline retail store in Patiala, Punjab. In 2023 alone, Easy Trip Planner has already opened offline storefronts under the franchising model at Patna followed by Surat and Jaipur.

In March, the company also signed a pact with the Andhra Pradesh government for promotion of tourism in the state. Andhra Pradesh receives the third highest number of tourists in the country, it said.

In November 2022, the company had announced stock split as well as bonus share issue in 3:1 ratio.

Also Read: Easy Trip stock’s 40% gain after bonus raises eyebrows; calls for scrutiny, say experts

In Q4FY23, Easy Trip Planners posted a 33.5 percent jump in net profit on back of strong post-pandemic demand for travel. The company’s consolidated net profit for the quarter rose to Rs 31.15 crore, compared to Rs 23.34 crore a year earlier.

However, its operating margins have tumbled to 42 percent from 50 percent over the past one year due to higher expenses, specially three-fold increase in advertising costs.