Nishant Pitti, a co-promoter of Easy Trip Planners Ltd., the parent company of online travel aggregator EaseMyTrip, has stepped down as the CEO effective January 1, 2025, due to personal reasons.
On Monday evening, Nishant Pitti had disclosed intentions to divest his remaining 14% ownership in Easy Trip Planners through block deals. However, only 1.4% of his stake was successfully sold on Tuesday.
Rikant Pittie, who previously served as the CFO of the company and is also the brother of Nishant, has been appointed as the CEO with immediate effect.
On December 31, a block of Easy Trip shares worth Rs 78.32 crore was sold by co-founder Nishant Pitti, resulting in the offloading of 4.99 crore shares or a 1.41 per cent stake in the company. EaseMyTrip operates under the brand Easy Trip Planner.
Following this transaction, Pitti’s ownership in Easy Trip has decreased to 12.8 per cent. The overall promoter holding has also decreased to 48.97 per cent from 50.38 per cent.
Additionally, on September 25, Pitti sold 24.65 crore shares, which constituted 14 percent of the total share capital and amounted to Rs 920 crore.
At 11.30 am, Easy Trip shares were trading at Rs 15.75, down by 0.76%.
Easy Trip Planners, the operator of EaseMyTrip.com, is a rapidly growing and profitable company in the online travel portal industry in India. They offer a wide range of travel-related products and services, including airline tickets, hotel and holiday packages, rail tickets, and bus tickets, for complete travel solutions.
In the second quarter of the financial year 2025, the company’s consolidated net profit decreased by 45.17% to Rs 25.87 crore compared to Rs 47.18 crore in the same period of the previous year. Despite this, revenue from operations saw a modest increase of 2.1% year on year, reaching Rs 144.67 crore in the quarter ending on 30 September 2024.