10:1 Stock Split Ahead: Eraaya Lifespaces Highlights Business Outlook of Its Indian Subsidiary EbixCash

Eraaya Lifespaces' stock began at Rs 2,032.95 per share on the BSE on Monday and hit an intraday high of Rs 2,032.95, up more than 4% from the previous close of Rs 1,937.60 per share. Following the release of the business outlook report for its Indian subsidiary EbixCash by Eraaya Lifespaces Limited, the company's shares were trading 3.22% higher at Rs 2,000 at 2:49 p.m. IST.

"In the foreign exchange sector, the previous quarter has been remarkable. We are proud to report that we achieved a gross revenue of approximately INR 198 Cr (About USD 23.57 Million) for Q2 of the fiscal year 2024-25. Our Foreign Exchange Division surpassed a GMV of INR 7,762 Cr (USD 935 Million Approx) and generated a gross revenue of about INR 180 Cr (USD 21.42 Million Approx), supported by strong EBITDA figures," said Mr. T.C. Guruprasad, CEO and Managing Director of EbixCash Payment Solutions.

With new collaborations with prominent organisations and educational agents, the FOREX verğcal continues to flourish, especially in the corporate and student remittances sectors. In the meanwhile, the Banknotes Vertical has strengthened its position by integrating five-star hotels into the EbixCash network and collaborating with additional banks for cash transactions.

Furthermore, the One Globe Globetro̩er Travel Card, a new product from EbixCash World Money, enables users to make purchases at retailers all over the globe without paying cross-currency fees. EbixCash Globetro̩er Travel continues to be a popular option for travellers as well as students which makes EbixCash World Money a competitive edge over rivals in the international travel business.

By expanding its branch operations in cities like Varanasi, Aurangabad, Kolhapur, and Udaipur, as well as by adding two additional international airports-Aurangabad and Surat-EbixCash World Money is strengthening its distribution network and gaining a stronger foothold in the corporate, student, and retail sectors. As a key partner for Western Union, MoneyGram, RIA, Mastercard Transaction Services (Transfast), and Instant Cash, EbixCash Payment Solutions' inward remittance division continues to dominate the cash-to-cash business.

EbixCash Payment Service also maintains its dominance in the B2B sector for IRCTC-based ticket issuing.

With operations at 32 international airports, including Delhi, Mumbai, Bangalore, Hyderabad, Chennai, and Kolkata, EbixCash's Forex operations have become a leader in India's airport foreign exchange market, generating over $4.8 billion in gross transaction value annually. With an approximate total yearly inbound remittance revenue of $5 billion, EbixCash has established itself as the unchallenged champion in India. With more than 500,000 agents and over 18,000 registered corporate clients, EbixCash is one of Southeast Asia's top travel exchanges through its travel portfolio of Via and Mercury. In conjunction, they handle an estimated $2.5 billion in gross merchandise value annually.

With more than 50 offices in Australia, Brazil, Canada, India, New Zealand, Singapore, the US, and the UK, Ebix powers numerous global exchanges in the areas of life, health, and property and casualty insurance, generating more than $100 billion in insurance premiums on its platforms each year.

Eraaya Lifespaces, a multibagger stock, is anticipated to be the centre of attention this week as it gets closer to its record date for a 10:1 stock split. The company chose Friday, December 06, 2024 as the record date in order to ascertain the eligibility of shareholders for the subdivision or split of each equity share with a face value of Rs. 10/- each into 10 equity shares with a face value of Re. 1/- each.