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EaseMyTrip block deal: Shares slump 15%, hit 52-week low as 2.6% equity changes hands
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3 min read | Updated on September 25, 2024, 12:01 IST
SUMMARY
Earlier, news reports said that the travel tech platform's promoter, Nishant Pitti, was likely to sell up to 8.5% of his stake in the company through block deals, with an estimated block size of ₹622 crore. The indicative price for the sale was set at ₹41.5 per share, as per the report. As of June quarter, Pitti held a 28.13% stake in Easy Trip Planners.
Stock list
As many as 4.6 crore shares, representing a 2.6% stake in EaseMyTrip, changed hands at a floor price of ₹38 apiece
Last seen, the stock was trading 14.7% lower at ₹35 on the BSE.
As many as 4.6 crore shares, representing a 2.6% stake in EaseMyTrip, changed hands at a floor price of ₹38 apiece, reports added.
Earlier this month, the travel booking platform announced it was venturing into the electric bus manufacturing market through its new subsidiary Easy Green Mobility.
Easy Green Mobility will manufacture EV buses, with YoloBus (another subsidiary of EaseMyTrip) serving as its operating arm.
EaseMyTrip is investing ₹200 crore for extensive R&D, product development, and setting up a manufacturing plant over a period of 2-3 years.
"The Indian electric bus market is expected to grow at a CAGR of 24% from 2024 to 2030. The establishment of Easy Green Mobility aligns with EaseMyTrip's vision to capture a significant share of the evolving market and capitalise on the growing demand for electric vehicles (EVs) in India," the company stated.
Rikant Pitti, Co-Founder, EaseMyTrip, stressed that a decade from now, the yearly demand for electric buses is expected to grow to 1,25,000 to 1,50,000 units per annum.
EaseMyTrip Q1 FY25 Results
EaseMyTrip Planners reported a 31% rise in its consolidated profit after tax to ₹33.93 crore in the June 2024 quarter.
It had reported a profit after tax (PAT) of ₹25.90 crore in the same quarter of last fiscal.
The company's total income increased to ₹156.22 crore in the April-June period from ₹126.64 crore a year ago, a regulatory filing showed.
However, its total expenses also rose to ₹109.03 crore during the quarter under review, as against ₹91.56 crore in the corresponding period of the previous fiscal.
"EaseMyTrip sustained its bottom-line growth during the relevant period, continuing with steady operational momentum along with continued focus on profitability. During Q1 FY2025, the gross booking revenue was ₹2,274.5 crore. Our revenue from operations grew by 23% YoY at ₹152.6 crore. EBITDA had a growth of 34.9% as compared to Q1 in the previous financial year and was ₹50.6 crore," Nishant Pitti, co-founder and CEO of EaseMyTrip, stated.
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