Nishant Pitti’s Big Exit from EaseMyTrip
Nishant Pitti’s decision to offload his remaining stake is a significant move. According to reports, Pitti plans to sell about 50 crore shares at Rs 15.6 each. This follows a series of sales earlier this year, showcasing a gradual exit strategy by the co-founder.
To recap, in September 2023, Pitti sold 24.65 crore shares—approximately 14% of his holding—for Rs 920 crore. Those shares were sold at prices ranging from Rs 37.22 to Rs 38.28 per share. Before that, in June 2023, he sold over 6.25 crore shares on the BSE at Rs 42.60 apiece.
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Institutional Investors Eyeing EaseMyTrip Shares
The block deal is expected to attract attention from institutional investors. According to sources, major players such as CRAFT Emerging Market Fund PCC—Elite Capital Fund, Multitude Growth Funds Limited, and Eminence Global Fund are likely to participate.
This interest highlights the potential these investors see in EaseMyTrip shares, despite the stock being down 17% in 2024 so far.
EaseMyTrip’s Performance: A Mixed Bag
It hasn’t been the smoothest year for EaseMyTrip shares, which have fallen by 16.56% year-to-date. However, the stock has shown some recent recovery, gaining 6.6% in the past five sessions.
From a business performance perspective, the September quarter saw mixed results. Let’s delve into the numbers:
Profit Dip: Net profit dropped 45.16% year-over-year (YoY) to Rs 25.87 crore, compared to Rs 47.18 crore in the same quarter last year.
Revenue Growth: Revenue increased slightly by 2.1% to Rs 144.67 crore, up from Rs 141.69 crore.
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