Nishant Pitti, the co-founder and CEO of Easy Trip Planners, has announced his resignation, effective January 1, 2025. His brother, Rikant Pittie, who currently serves as the company’s chief financial officer, has been appointed as the new CEO with immediate effect. Nishant Pitti cited personal reasons for his resignation, and the company confirmed this change in a filing to the stock exchange. Nishant has been gradually reducing his stake in EaseMyTrip over the past few months, with his current holding at 12.8%. Rikant Pittie, the new CEO, holds a 25.88% stake in the company.
The company has been undergoing strategic shifts, including diversification efforts and expanding its business beyond air ticketing. Key developments include the acquisition of Planet Education Australia to enter the study tourism segment, venturing into the EV bus market under its Easy Green Mobility subsidiary, and investments in medical tourism companies. These acquisitions align with EaseMyTrip’s vision of creating a more comprehensive travel ecosystem for customers while reducing dependence on traditional air travel bookings.
Despite these strategic shifts, EaseMyTrip’s financial performance has shown mixed signals. The company reported a 45% decline in consolidated net profit, a 2.1% increase in net sales, and a 37.5% drop in profit before interest, depreciation, and taxes for the quarter ending September 30. Managing Director Prashant Pitti attributed the decline in profitability to higher expenses from recent acquisitions, which have yet to yield significant revenue growth.
Rikant Pittie’s last drawn remuneration was reported to be INR 9.6 million ($111,905). Following Nishant Pitti’s latest offload of 1.41% shares, the combined promoter holding in the company has decreased to 48.97% from 50.38%. Prashant Pitti, the other Pitti brother and the company’s managing director, holds a 10.29% stake in the company. Rikant Pittie also has directorships in subsidiaries and affiliated ventures, showcasing EaseMyTrip’s diversification efforts.
The acquisitions made by EaseMyTrip reflect the company’s vision of tapping into high-growth markets and expanding its services beyond air ticketing. However, the recent financial results show challenges as the company navigates through diversification efforts that have led to a decline in profitability. Despite these challenges, EaseMyTrip remains focused on expanding its offerings and creating a more comprehensive travel ecosystem for its customers. Nishant Pitti’s resignation and Rikant Pittie’s appointment as the new CEO mark a significant change in the company’s leadership as it continues to navigate through strategic shifts and financial challenges.
