Easy Trip Planners said that its board has in-principally approved a proposal to open a five-star hotel in Ayodhya, which would be located less then one kilometer away from 'Shree Ram Mandir'.
The said proposal would be executed through an investment of an amount of up to Rs 100 crore in Jeewani Hospitality, a company under incorporation for 50% of the aggregate share capital of the said company on a fully diluted basis through swap i.e., fresh issuance of the companys own equity shares on preferential basis.
This in-principal decision of the Board is subject to final approval from board of the company and the relevant regulatory approvals.
The operator of EaseMyTrip.coma, a travel tech platform, stated that religious tourism witnessed 1,439 million tourists in 2022 and the places of religious tourism earned Rs 1.34 lakh crore in the same year. The sector is expected to generate a revenue of 59 billion by 2028, creating 140 million temporary & permanent jobs by 2030.
Nishant Pitti, CEO & co-founder, EaseMyTrip, said: "We are delighted to announce our intend towards the newest joint venture, a lavish retreat that not only epitomizes luxury but also cultivates a tranquil ambiance amidst the dynamic religious ambiance of Ayodhya.
With over 2.4 million visitors flocking to Ayodhya following the Pran Pratishtha of the Ram Temple, the city has emerged as a prime investment destination for businesses to offer hospitality options tailored to tourists and inviting guests to delve into a spiritually fulfilling journey while relishing in top-notch hospitality."
The company has also announced its earnings for the quarter ended on 31 December 2023.
Easy Trip Planners has reported 9.5% rise in net profit to Rs 45.66 crore on a 18.1% increase in revenue to Rs 160.79 crore in Q3 FY24 as compared with Q3 FY23.
EBITDA for the period under review improved by 10.9% year-on-year (YoY) to Rs 65.37 crore while the EBITDA margin declined to 39.5% in Q3 FY24 from 42.1% in Q3 FY23. Profit before tax in Q3 FY24 stood at Rs 60.26 crore, up by 5.2% from Rs 57.27 crore in Q3 FY23.
Gross booking revenue (GBR) for Q3 FY24 fell by 10.6% YoY to Rs 2,026.07 crore. The total number of air bookings (net of cancellations) in Q3 FY24 reached 22.6 lakhs, down 29.7% YoY and represented 90.2% of the GBR. Hotel nights bookings were 91,915, a decrease of 4.1% on YoY basis and contributing 7.9% to the GBR. Bookings in the Others segment rose by 82.5% YoY to 2,70,980 and contributed 1.9% to the GBR.
Nishant Pitti, co-founder and CEO of Easy Trip Planners, commented: In Q3 FY24, we diversified our portfolio by acquiring a 13% stake in ECO Hotels and Resorts and signed an MOU with the Government of Uttarakhand.
We also introduced EasyDarshan, offering hassle-free pilgrimage packages, and launched "Explore Bharat" to showcase India's rich heritage to international travellers.
Furthermore, our exclusive subscription program, the EaseMyTrip Platinum, Gold, and Silver Cards, provides luxury travel experiences to HNIs. These initiatives underscore the company's continuous expansion of services, catering to niche customer segments.
Looking ahead, we're intensifying efforts to grow our air ticketing business and enhance our presence in non-air segments such as hotels, holidays, and transportation on a global scale. Also, we are expanding our retail footprints domestically and exploring both organic and inorganic growth opportunities.
EaseMyTrip is Indias one of largest online travel platform in terms of air ticket bookings, based on the Crisil Report-Assessment of the OTA Industry in India, February 2021. The company offers 'end-to-end' travel solutions including air tickets, hotels and holiday packages, rail & bus tickets as well as ancillary value-added services. The company provides its users with access to more than 400 international and domestic airlines, over 2+ million hotels as well as train/bus tickets and taxi rentals for major cities in India.
The scrip fell 1.06% to currently trade at Rs 50.30 on the BSE.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
