Easy Trip Planners logs in gains after a Rs 42-crore block deal

This block deal comes on the heels of promoters selling 2.3 percent stake on June 30. In an interview with CNBC-TV18, co-founder Prashant Pitti had said that promoters ‘have no intention to sell any further stake’.

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Easy Trip Planners shares rose 2 percent on July 12 after a block deal of 97.1 lakh shares worth Rs 42 crore. The buyers and sellers could not be ascertained immediately.

At 11:30am, the stock was quoting Rs 44.35, higher by 1.9 percent from previous close. It has lost 17 percent so far in 2023.

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This block deal comes on the heels of promoters selling 2.3 percent stake on June 30. In an interview with CNBC-TV18, Co-founder Prashant Pitti had said that promoters “have no intention to sell any further stake”.

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

The travel portal has been on an aggressive expansion mode. On July 11, it signed a general sales agreement (GSA) with SpiceJet. Under the deal, EaseMyTrip will be responsible for selling and promoting the products and services offered by SpiceJet in India.

On June 21, it opened its offline retail store in Patiala, Punjab. Earlier this year, Easy Trip Planner launched offline storefronts under the franchising model at Patna and then in Surat and Jaipur.

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

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

In Q4FY23, Easy Trip Planners posted a 33.5 percent jump in net profit on the back of strong post-pandemic demand for travel. The company’s consolidated net profit for the quarter jumped 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.