EaseMyTrip to set up a 5-star hotel in Ayodhya; shares fall 7% from day’s high
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EaseMyTrip reported a 9.6 increase in net profit at Rs 45.6 crore in the December quarter of FY24.
Shares of online travel aggregator EaseMyTrip fell seven percent from its intraday high on February 12. The firm will establish a new 5-star hotel in Ayodhya, near the Ram Mandir temple.
In early trade, shares surged 5 percent but pared their gains to fall 2 percent in the red. As of 10.50 am, shares of the company were trading at Rs 50.6, lower by 1 percent on the NSE compared to the previous session’s closing price.
EaseMyTrip received an in-principle approval from its board for a joint-venture. The firm will commit Rs 100 crore as one of the joint venture partners, in Jeewani Hospitality, the entity super heading the project under incorporation.
In a filing with the exchanges, the firm said, “This investment will represent 50 percent of the total paid-up share capital of the JV Company on a fully diluted basis through equity swap, once finalized.”
“With over 2.4 million visitors flocking to Ayodhya following the Pran Pratishtha of the Ram Temple, the city has emerged as a prime investment destination for businesses to offer hospitality options tailored to tourists and inviting guests to delve into a spiritually fulfilling journey while relishing in top-notch hospitality,” said Nishant Pitti, CEO & Co-Founder, EaseMyTrip.
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On February 9, EaseMyTrip reported a 9.6 percent increase in net profit at Rs 45.6 crore in the December quarter of FY24, up from Rs 41.69 crore during the same period a year ago on the back of robust growth in travel demand.
Sequentially, the company’s profits dropped from Rs 47 crore in the September quarter of FY24.
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The travel aggregator reported a total income of Rs 165 crore, up 18 percent year-on-year (YoY) from Rs 139.8 crore. In Q2, the company had reported Rs 144 crore in income from operations.
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