EaseMyTrip, supported by the esteemed Life Insurance Corporation of India (LIC), unveiled plans to establish a prestigious 5-star hotel in Ayodhya, strategically located near the revered Shree Ram Mandir. This strategic move aims to propel the company’s growth trajectory, with a targeted profit before tax (PBT) of Rs 250 crores for fiscal year 2024.
The decision, provisionally sanctioned by the company’s Board of Directors, involves an investment of up to Rs 100 crore in Jeewani Hospitality Private Limited, securing 50% of the entity’s share capital through a preferential issuance of equity shares. However, final approval from the company’s board and regulatory endorsements are pending.
With LIC holding a notable 2.17% stake in EaseMyTrip, equivalent to 38,439,912 shares, the company’s financial performance has witnessed remarkable growth. Over the past three months, the stock surged by an impressive 22.54%, signaling investor confidence and market optimism, further bolstered by an 11.57% upswing in the preceding month alone.
EaseMyTrip aims to achieve its ambitious target of Rs 250 crores PBT for FY24, aligning with its strategic objectives. The online travel aggregator reported a robust year-on-year growth of 9.5% in net profit, reaching Rs 45.6 crore in the December quarter of FY24, attributed to sustained momentum in travel demand.
It’s essential to note that this article is for informational purposes only and not investment advice, highlighting the company’s strategic initiatives and impressive financial performance amidst dynamic market conditions.
