Shares of Easy Trip Planners, commonly known as EaseMyTrip, experienced a significant decline of up to 8.77%, dropping to a low of ₹37.40 per share on the BSE on Wednesday, September 25. This slump followed reports indicating that shares valued at ₹176.5 crore were exchanged in the block deal window. The stock's lowest level in the last 52 weeks stands at ₹37.01 on the BSE. For those looking to buy shares online, this price dip may present an interesting opportunity.
In the block deal, approximately 4.6 crore shares, representing a 2.6% stake in EaseMyTrip, were transacted at a floor price of ₹38 each. Reports suggested that Nishant Pitti, the travel tech platform's promoter, was likely to offload up to 8.5% of his stake through these block deals, with the total estimated size of the transaction reaching ₹622 crore. The indicative selling price was set at ₹41.5 per share, according to the reports. As of the June quarter, Pitti held a 28.13% stake in Easy Trip Planners, making it noteworthy for those who regularly buy shares online.
In addition to recent stock fluctuations, Easemytrip announced its entry into the electric bus manufacturing sector through its new subsidiary, Easy Green Mobility. This venture marks a significant step for the company as it diversifies its operations beyond travel bookings.
The Easy Green Mobility subsidiary is set to focus on manufacturing electric vehicles (EVs), while YoloBus, another subsidiary of EaseMyTrip, will operate the new initiative. The company is investing ₹200 crore for research and development, product development, and setting up a manufacturing facility over the next 2-3 years.
The Indian electric bus market is anticipated to grow at a compound annual growth rate (CAGR) of 24% from 2024 to 2030. The establishment of Easy Green Mobility aligns with Easemytrip's vision to capture a significant share of this evolving market and capitalise on the increasing demand for electric vehicles in India. Rikant Pitti, the co-founder of EaseMyTrip, highlighted that annual demand for electric buses could reach between 1,25,000 and 1,50,000 units within the next decade.
Easemytrip reported a 31% increase in its consolidated profit after tax, reaching ₹33.93 crore for the June 2024 quarter. This is an improvement from a profit of ₹25.90 crore in the same period last year. The company's total income rose to ₹156.22 crore for the April-June period, compared to ₹126.64 crore a year earlier, as detailed in a regulatory filing.
However, the total expenses also increased, amounting to ₹109.03 crore during the reviewed quarter, compared to ₹91.56 crore in the corresponding period of the previous fiscal year. Nishant Pitti, co-founder and CEO of Easemytrip, remarked on the company's sustained growth, stating, "Easemytrip maintained its bottom-line growth during this period, reflecting consistent operational momentum alongside a focus on profitability." Investors eager to buy shares online could view this as evidence of the company's operational strength.
The recent developments surrounding Easemytrip's shares underscore the dynamic nature of the share market investment landscape. With potential growth in both the travel and electric vehicle sectors, investors looking to buy shares online may find opportunities within this company. As the market continues to evolve, keeping an eye on Easemytrip's performance will be crucial for potential investors aiming to make informed decisions in the future.
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