Shares of Easy Trip Planners soared 20 per cent in Monday’s trade as the stock turned to ex-split and ex-bonus. The scrips got pre-divided from the face value of Rs 2 to Rs 1 each. It also became X-Bonus in the ratio of 3:1.
Following the development, the scrip gained 19.93 per cent to hit an intraday high of Rs 57.15 on the BSE. Later it was trading at Rs 53 per piece, up 11.23 per cent. The stock touched an adjusted 52-week high of Rs 59.56 on May 24. In the last one month, it has traded broadly in the range of Rs 46.10-57.15.
Earlier on February 28, the same company had given X-Bonus in the ratio of 1:1. In a November 14 note, Edelweiss Wealth said Easy Trip Planners reported better-than-expected revenue in the September quarter, even though margins were below estimates on higher advertising expenses.
The company reported a standalone net profit of Rs 30.63 crore for the September quarter, as against Rs 27.28 crore in the year-ago quarter. The company’s revenue rose to Rs 104.32 crore from Rs 43.68 crore in the year-ago quarter.
The management claims to have gained market share in Q2FY23, adding that strong pickup in air travel in domestic and international markets augurs well for the company.
“Additionally, the company is focused on expanding its non-air vertical from FY23. It also strategically pursued inorganic growth by acquiring innovative companies across diverse travel segments and evolving into a complete travel ecosystem. Management guides to achieve GBR of Rs 6,500-7,000 crore in FY23, and is expected to continue its strong growth momentum with consistent profitability in the coming years,” it said.
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