EaseMyTrip Invests ₹100 Crores In New Hotel Company, Jeewani Hospitality
The well-known online travel company, EaseMyTrip is expanding into the hotel business. The company plans to build a luxurious five-star hotel in Ayodhya.
Ayodhya is a city that’s gaining a lot of attention due to the recently inaugurated Ram Temple. The hotel will be very close to the temple, within a 1-kilometer radius.
The decision was made by EaseMyTrip’s Board of Directors on February 11, 2024. They have agreed to invest up to ₹100 crores in a new company called Jeewani Hospitality Private Limited.
This investment will give EaseMyTrip a 50% share in Jeewani Hospitality. To fund this, EaseMyTrip will issue new shares in its own company.
These days EaseMyTrip is doing financially very well. The company reported a 9.6% increase in its net profit, reaching ₹45.6 crore for the December quarter of the financial year 2024.
This is higher than the ₹41.69 crore profit they made in the same period the previous year. The increase is mainly due to more people traveling.
However, this profit is a slight drop from the ₹47 crore they earned in the September quarter of 2024. Overall, their total income grew by 18% compared to last year, reaching ₹165 crore.
Despite this good financial performance, EaseMyTrip’s stock prices saw some ups and downs on February 12, 2024. The stock initially went up by 5% but then dropped by 7% from its highest point of the day.
By noon, the stock price was at ₹50.7, which is 0.88% lower than the start of the day. The ups and downs might be due to the company’s investment costs of new 5-star hotels in Ayodhya.
Nishant Pitti, the CEO and Co-Founder of EaseMyTrip sees Ayodhya as a key place for investment, especially with the increasing number of visitors to the Ram Temple, which has attracted over 24 lakh people.
The new hotel is aimed at providing a unique and spiritual experience to tourists visiting the city.
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