Below is a structured extraction and summary of the relevant and actionable financial information from Easy Trip Planners Limited’s results filing dated August 14, 2025:
1. Auditor’s Note
- Type: Independent Auditor’s Review Report (Walker Chandiok & Co LLP)
- Scope: Review of consolidated and standalone unaudited quarterly financial results for Q1 FY26 (quarter ended June 30, 2025).
- Qualifications/Concerns:
- None.
- The auditor’s report is unmodified with no qualifications or adverse remarks.
- Reliance placed on other auditors for 18 subsidiaries’ interim results; no issues reported.
- Associates’ interim financials unaudited but considered immaterial.
- Conclusion: Standard clean review report with no qualifications or concerns.
2. Financial Performance
Periods Covered:
- Latest quarter: Q1 FY26 (Apr-Jun 2025)
- Immediately preceding quarter: Q4 FY25 (Jan-Mar 2025)
- Same quarter previous year: Q1 FY25 (Apr-Jun 2024)
- Full financial year: FY25 (Apr 2024-Mar 2025)
Consolidated Financials (₹ Million)
| Particulars | Q1 FY26 (Jun 30, 2025) | Q4 FY25 (Mar 31, 2025) | Q1 FY25 (Jun 30, 2024) | FY25 (Mar 31, 2025) |
|---|---|---|---|---|
| Revenue from operations | 1,137.91 | 1,394.83 | 1,526.02 | 5,873.24 |
| Other income | 59.00 | 37.90 | 36.17 | 159.26 |
| Total income | 1,196.91 | 1,432.73 | 1,562.19 | 6,032.50 |
| Total expenses | 1,176.60 | 1,309.41 | 1,090.38 | 4,602.68 |
| Profit before share of loss of associates | 20.31 | 123.32 | 471.81 | 1,429.82 |
| Share of net loss of associates | (6.38) | - | - | - |
| Profit before tax | 13.93 | 123.32 | 471.81 | 1,429.82 |
| Total tax expense | 9.50 | (15.71) | 132.52 | 343.26 |
| Net profit after tax | 4.43 | 139.03 | 339.29 | 1,086.56 |
| EPS (Basic, ₹) | 0.00* | 0.04 | 0.09 | 0.30 |
| EPS (Diluted, ₹) | 0.00* | 0.04 | 0.09 | 0.30 |
*Rounded to two decimals; effectively zero EPS in Q1 FY26.
Standalone Financials (₹ Million)
| Particulars | Q1 FY26 (Jun 30, 2025) | Q4 FY25 (Mar 31, 2025) | Q1 FY25 (Jun 30, 2024) | FY25 (Mar 31, 2025) |
|---|---|---|---|---|
| Revenue from operations | 575.62 | 881.65 | 1,059.00 | 4,032.35 |
| Other income | 69.49 | 56.85 | 37.37 | 199.55 |
| Total income | 645.11 | 938.50 | 1,096.37 | 4,231.90 |
| Total expenses | 624.36 | 851.57 | 635.43 | 2,856.93 |
| Profit before tax | 20.75 | 86.93 | 460.94 | 1,374.97 |
| Total tax expense | 5.56 | 22.96 | 118.03 | 354.97 |
| Net profit after tax | 15.19 | 63.97 | 342.91 | 1,020.00 |
| EPS (Basic, ₹) | 0.00* | 0.02 | 0.10 | 0.29 |
| EPS (Diluted, ₹) | 0.00* | 0.02 | 0.10 | 0.29 |
*Rounded to two decimals; effectively zero EPS in Q1 FY26.
3. Detailed Notes / Management Commentary
- Accounting Standards: Results prepared under Ind AS 34 (Interim Financial Reporting).
- Equity Allotment: On April 12, 2025, the company allotted 92.77 million equity shares at ₹18.22/share (including premium ₹17.22) on preferential basis via equity swap consideration.
- Regulatory Search: Directorate of Enforcement conducted a search on April 16, 2025, at company premises and co-founder’s residence. No incriminating documents found; only ₹0.70 million cash seized. No further communication received; management does not expect any impact on financials.
- Investments Approved:
- ₹1,750 million for 50% stake in Three Falcons Notting Hill Limited (via share swap).
- ₹1,944.39 million for 100% acquisition of AB Finance Private Limited (via share swap).
- In-principle approval for investment in Vashu Bhagnani Industries Limited (via share swap).
- All investments subject to approvals and customary conditions.
- Tax Adjustments: Q4 FY25 includes adjustment of tax relating to earlier periods (-₹2.36 million).
- Share of Associates: Consolidated results include share of net loss of ₹6.38 million from associates in Q1 FY26.
- Other Comprehensive Income: Significant negative OCI in Q1 FY26 (-₹13.14 million consolidated) mainly due to exchange differences on translation of foreign operations (-₹21.34 million).
- EPS Impact: EPS dropped sharply in Q1 FY26 due to lower profits and increased equity base from preferential allotment.
4. Segment Information (Consolidated)
| Segment | Q1 FY26 Revenue (₹ Mn) | Q4 FY25 Revenue (₹ Mn) | Q1 FY25 Revenue (₹ Mn) | FY25 Revenue (₹ Mn) | Q1 FY26 Segment Result (₹ Mn) | FY25 Segment Result (₹ Mn) |
|---|---|---|---|---|---|---|
| Air Passage | 569.04 | 938.52 | 1,072.59 | 3,912.93 | 13.26 | 1,129.92 |
| Hotel Packages | 325.42 | 233.19 | 275.45 | 1,162.47 | (5.86) | 211.48 |
| Other Services | 243.45 | 223.12 | 177.98 | 797.84 | 2.13 | 111.54 |
| Total | 1,137.91 | 1,394.83 | 1,526.02 | 5,873.24 | 9.53 | 1,452.94 |
- Segment results declined sharply in Q1 FY26 vs prior periods, especially air passage and hotel packages.
- Air passage segment revenue down ~47% QoQ and ~47% YoY.
- Hotel packages revenue up QoQ but down YoY.
- Other services revenue increased QoQ and YoY.
- Segment assets increased to ₹13,480.63 million (Q1 FY26) from ₹11,539.34 million (FY25 end).
5. Capex, Projects, and Corporate Activity
- Capital Expenditure: Not explicitly detailed.
- Investments / Acquisitions:
- Approved ₹1,750 million investment for 50% stake in Three Falcons Notting Hill Limited.
- Approved ₹1,944.39 million acquisition of 100% equity in AB Finance Private Limited.
- In-principle approval for investment in Vashu Bhagnani Industries Limited.
- All investments to be executed via equity share swap (preferential allotment).
- Equity Issuance: 92.77 million shares allotted on April 12, 2025, at ₹18.22/share (including premium).
- No mention of writedowns, impairments, or restructuring.
6. Standalone vs Consolidated
- Both Standalone and Consolidated financial results are provided and reviewed.
- Standalone results show better profitability than consolidated in Q1 FY26 (PAT ₹15.19 million standalone vs ₹4.43 million consolidated).
- Consolidated includes subsidiaries and associates; associates contributed a net loss in Q1 FY26.
- Standalone segment results show negative profitability in air passage and hotel packages segments in Q1 FY26, but positive profit before tax due to unallocated income.
Summary for Investment Analysis Team
| Aspect | Key Points |
|---|---|
| Auditor’s Note | Clean review report with no qualifications or concerns. |
| Financial Performance | Q1 FY26 shows sharp decline in revenue and profitability vs prior quarters and year-ago quarter. EPS effectively zero due to equity dilution and lower profits. |
| Revenue Trend | Consolidated revenue down ~18% QoQ and ~25% YoY; standalone revenue down ~35% QoQ and ~46% YoY. |
| Profitability | Consolidated PAT down sharply to ₹4.43 million in Q1 FY26 from ₹139 million in Q4 FY25 and ₹339 million in Q1 FY25. Standalone PAT also down but positive at ₹15.19 million. |
| Margins | Profit before tax margin dropped from ~8.6% in Q4 FY25 to ~1.2% in Q1 FY26 consolidated. |
| Segment Performance | Air passage segment revenue and profitability declined significantly; hotel packages segment loss widened; other services segment stable. |
| Corporate Activity | Large investments approved totaling ~₹3,694 million in 3 entities via equity share swap; equity base increased significantly in April 2025. |
| Regulatory/Legal | Directorate of Enforcement search in April 2025 with no adverse findings or expected impact. |
| Other Notes | Negative OCI mainly due to foreign exchange translation losses; associates contributed net loss. |
Actionable Insights
- Monitor impact of large investments in Three Falcons, AB Finance, and VBIL on future financials and strategic positioning.
- Investigate reasons for sharp decline in air passage segment revenue and profitability; assess recovery prospects.
- Equity dilution from preferential allotment has materially impacted EPS; assess future capital raising plans.
- Keep watch on regulatory developments post Directorate of Enforcement search, though currently no impact.
- Segment-wise asset and liability growth indicates expansion; analyze capital allocation efficiency.
- Negative consolidated profitability despite positive standalone results suggests subsidiary/associate performance drag.
This summary provides a clear, period-aligned financial snapshot, key management notes, segment details, and corporate actions for investment decision-making.