New Delhi, May 25 Online travel company EaseMyTrip's CEO Nishant Pitti on Saturday said the company has decided to withdraw its bid for airline GoFirst to concentrate on its areas of strength.
The announcement came as the company posted a net loss of Rs 15 crore for the January-March quarter of the fiscal year 2024 (Q4 FY24), primarily owing to substantial write-offs related to now-bankrupt Go Airlines (India) Ltd, also known as GoFirst.
The company posted Rs 31 crore in net profit in the same period in the last fiscal year.
"We have decided to withdraw from the GoAir (GoFirst) bid to concentrate on our core areas of strength," Pitti posted on X.
"Our focus remains on leveraging our expertise and resources to achieve sustainable growth and success," he added.
The Q4 loss occurred after the travel company wrote off amounts recoverable from Go Airlines (India) Ltd after the holding company assessed that the chances of recovery are "remote in the pending dispute resolution proceedings of the airline at National Company Law Tribunal, Delhi Bench".
For the full fiscal FY24, EaseMyTrip recorded revenue of Rs 609 crore, a 31 per cent increase from Rs 464 crore in FY23.
In Q4 FY24, the company acquired a 50 per cent stake in Jeewani Hospitality to develop a luxurious 150-room Radisson Blu hotel in Ayodhya. It also introduced EaseMyTrip Insurance Broker Pvt Ltd, marking its entry into the Rs 7.9 trillion insurance industry.
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