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ECONOMY OVERVIEW

Global Economy

The global economy encountered a widespread deceleration in CY2022, accompanied by a notable surge in inflation, one that was unseen of in several decades owing to the ongoing geopolitical conflicts leading to disruptions in supply chains, as well as the enduring impacts of the COVID-19 pandemic. Price pressures persisted due to tight labour markets in several economies. Moreover, concerns regarding slowdown in demand were heightened due to fears of a recession and vulnerabilities within the financial sector.

Given this context, as per the International Monetary Funds World Economic Outlook, April 2023, the global GDP

grew by 3.4% in CY2022, Advanced Economies grew by 2.7% in CY2022, while Emerging Markets and Developing Economies (EMDE) experienced a growth of 4.0% in CY2022.

Despite the broad-based slowdown, there were clear signs of recovery in certain sectors and regions. Disruptions to supply chains and markets, particularly in energy and food caused by the geopolitical conflicts are fading, indicating a

gradual return to stability. The implementation of monetary policies by central banks worldwide played a crucial role in supporting the economy. These policies were designed

to address the adverse effects of the slowdown, provide liquidity and stimulate economic activity. As economies

adapted and found ways to navigate through the pandemics aftermath, the negative impacts have begun to subside, which would lead to improved economic conditions in the future. The positive indicators have demonstrated a capacity for recovery and resilience in the face of challenging circumstances.

Despite these positive indicators, the IMF predicts that there

will be a slower growth in CY2023, as the Global Economy will grow by 2.8%, the Advanced Economies by 1.3%, while the Emerging Markets and Developing Economies (EMDEs) will grow by 3.9%. In CY2024, the Global Economy is projected to grow at 3.0%, Advanced Economies by 1.4% and Emerging Market and Developing Economies by 4.2%. The ongoing efforts to address the issues and implement supportive measures have played a crucial role in these encouraging developments.

Indian Economy

The Indian Economy has exhibited resilience in the face of global economic challenges. The country is experiencing robust growth in various sectors, fuelled by consumer demand and investments and is poised to maintain its growth trajectory in the upcoming years. Indias GDP grew by 6.8% in CY2022, as per the International Monetary Funds World Economic Outlook Database: April 2023. This growth has been propelled by robust investment activity, supported by government policies and efforts to enhance transport infrastructure, logistics, and the business ecosystem. Consequently, this has stimulated demand and domestic private consumption.

Indias economic prospects appear promising, with a projected GDP growth rate in the range of 6.0% - 6.3% in CY2023 and CY2024 (International Monetary Funds World Economic Outlook Database: April 2023). This growth will be driven by various factors, including a growing population, digital transformation initiatives, supportive government policies, and sound macroeconomic fundamentals. Furthermore, the labour market conditions are improving, and consumer confidence is contributing to the growth of private consumption.

Inflation remained elevated throughout the year, with Consumer Price Inflation (CPI) at 6.7% in CY2022 (as per International Monetary Funds World Economic Outlook Database: April 2023) owing to the uncertain global environment. However, the combination of declining global commodity prices and the interest rate hikes implemented by the Reserve Bank of India (RBI) is expected to aid in decreasing inflation to 4.9% in CY2023 and 4.4% in CY2024. (International Monetary Funds World Economic Outlook Database: April 2023)

As per the First Advance Estimates released by the Ministry of Finance, the service sector witnessed a growth of 9.1% during FY23 in terms of Gross Value Added (GVA) at Basic Prices and contributed 53% to Indias GVA at current prices. The services sector, being one of the main contributors to the Indian economy, is expected to experience robust growth in FY24. Tourism Industry, which is one of the three primary industries in the services sector, along with Information Technology and Healthcare, are poised to drive growth for this sector. Indias growth rate surpassed that of many comparable economies, reflecting strong domestic consumption and reduced reliance on global demand.

Going ahead, the Indian economy is expected to witness robust growth, driven by increased capital investments along with strong credit disbursement, due to the strengthening of the books of the corporate and banking sectors. Agencies worldwide like the World Bank, the IMF, and the ADB, project India to be the fastest-growing economy for the next few years.

INDUSTRY OVERVIEW Indian Online Travel Market

The growing influence of the travel and tourism sector

as an economic powerhouse and its potential as a tool for infrastructure development is irrefutable. Not only does

the travel and tourism sector spearhead growth, but also improves the quality of peoples lives with its capacity to create large-scale employment of diverse kinds and accelerate regional development with a multiplying effect on the activity of its allied sectors.

Travel and tourism, one of the fastest-growing economic sectors in India, contributed US$ 178 billion to the nations GDP in 2021. According to India Brand Equity Foundation

(IBEF), India is a large market for travel and tourism. It offers a diverse portfolio of niche tourism products - cruises, adventure, medical, wellness, sports, MICE, eco-tourism, film, rural and religious tourism. India has been recognised as a destination for spiritual tourism for domestic and international tourists. As per the IBEFs February 2023 report on Tourism and Hospitality, the contribution to the GDP is expected to reach US$ 512 billion by 2028, at a strong CAGR growth of 16% between 2021-28.

The travel industry bounced back remarkably in FY23 after being severely affected by the pandemic and is expected to move at an exponential pace. As per the data published by Directorate General of Civil Aviation (DGCA), the number of passengers that travelled by airlines domestically increased 62% YoY to 136 million passengers in FY23, as compared to 84 million passengers in FY22. In terms of Foreign Tourists Arrivals, India welcomed 6.19 million tourists in CY2022, which is ~57% of the number of Foreign Tourists Arrivals in CY2019 (Pre-COVID Year) and is now growing at a good rate YoY. Against the backdrop of foreign tourist arrival of merely 1.52 million in India in CY2021, CY2022 saw a significant rise to 6.19 million in India, growing by 307% YoY. As indicated in the February 2023 IBEF Report on Aviation, India is poised to become the third-largest air passenger market globally by 2024, encompassing both domestic and international travel, and is expected to host over 480 million air travellers by 2036.

The government has placed significant emphasis on infrastructure development and has envisaged increasing the number of operational airports to 220 by 2025 from 131 in 2022. The Airports Authority of India has outlined an investment plan of 250 billion over the next five years, aimed at enhancing airport facilities and infrastructure. Moreover, Indian carriers are also expected to double their fleet capacity, reaching over 1,100 aircraft, by 2027(Source: IBEF report, 2023).

The online travel market in India is expected to reach US$ 31 billion by the end of FY25, growing at a 14% CAGR from FY20. This will be driven by amplified efforts of the hotels, bus, trains, and other segments to increase the adoption of internet platforms for booking, making it more convenient for travellers. The online hotel booking segment and air travel bookings segment, are expected to grow at CAGR of 20% and 16% respectively from FY 2020-25.

India is steadily shifting towards a more urban population, with 37.0% of the population estimated to be living in metropolises by 2025, whilst already having the largest youth population in the world, with more than 808 million people below 35 years of age and increasing disposable income. This rising urbanisation trend is expected to result

in greater purchasing power in urban centres with more substantial growth across industries, especially the ones concerning discretionary spending like travel & tourism. ("Assessment of the OTA Industry in India" Report by CRISIL,

September 2022)

Since the youth population of the country had been steadily

growing over the years, the Internet and smart phone penetration in India nearly doubled from 2015 to 2019 and is further increasing rapidly. It is astonishing that in 2000, 90% of all phone connections were fixed lines and today, over 98% of all phone connections are mobile, as per the Department of Telecommunications, Government of India.

This swift adoption of the internet has been made possible

by falling data prices. Low-cost smart phones, the adoption of 3G/4G technologies, and the governments push for Digital India have also contributed significantly to the increased penetration of the internet in the country. The advent of the internet has brought about a significant increase in peoples engagement with social media platforms. Before making a purchase, individuals now extensively browse websites, gather comprehensive information, and read reviews on the desired product or service. Furthermore, social media platforms like Facebook, Twitter, and travel blogs have become popular channels for people to share and discuss their travel plans. These platforms serve as effective advertising spaces for online travel service providers, allowing them to promote their offerings and exclusive deals for online bookings. As a result, the online travel market has experienced substantial growth.

OUTLOOK (INPUTS FROM MANAGEMENT)

Tourism & Hospitality sector in India has seen some major developments, investments and support from the Government in the recent past. The percentage share of Foreign Tourist Arrivals in India during August 2022 among

the top 15 source countries was highest from Bangladesh (24.89%), followed by USA (16.93%), UK (10.74%), Australia

(3.77%), Canada (3.44%), Sri Lanka (3.18%), Nepal (2.56%), Malaysia (2.54%), Germany (2.16%), France (2.01%), Oman (1.98%), Singapore (1.73%), UAE (1.45%), Italy (1.19%) and Japan (1.17%).

The government has also been doing its bit to encourage foreign tourism. Till the end of September 2022, a total of

155 Dekho Apna Desh webinars have been organised by Ministry of Tourism.

In the Union Budget 2022-23, 2,400 crore (US$ 309.13 million) has been allocated to the Ministry of Tourism which is 18.42% higher than the allocation for FY 2021-22,

1,181.30 crore (US$ 152.16 million) is allocated for the

Swadesh Darshan Scheme, 235 crore (US$ 30.27 million) for the Pilgrimage Rejuvenation and Spiritual and Heritage Augmentation Drive (PRASHAD) Scheme. In August 2022, Ministry of Tourism sanctioned 76 projects for 5,399.15 crore (US$ 678.39 million) under Swadesh Darshan Scheme for development of tourism infrastructure in the country. In June 2022, the Ministry of Tourism along with Associations of Indian Universities (AIU) initiated a 12 episode webinar series under Azadi Ka Amrit Mahotsav (AKAM) to engage and expose young minds of our country to the rich and diverse heritage of the country. The Ministry of Road Transport and Highways has introduced a new scheme called All India Tourist Vehicles Authorisation and Permit Rules, 2021, in which a tourist vehicle operator can register online for All India Tourist Authorisation/Permit. This permit will be issued within 30 days of submitting the application.

With all these initiatives, the travel market in India is projected to reach US$ 125 billion by FY27 from an estimated US$ 75 billion in FY20. The Medical Tourism sector alone is expected

to increase at a CAGR of 21.1% from 2020-27. By 2029, the travel and tourism market in India is expected to account for about 53 million jobs and international tourists arrival is expected to reach 30.5 billion by 2028.

(Source: IBEF)

HOSPITALITY SECTOR

The hospitality industry in India is broadly classified into lodging, food and beverages, transportation, theme parks & amusement parks, and other related fields. All these sectors put together are an integral part of the services sector in India and have immense potential for growth due to the countrys rich cultural and historical heritage, variety in ecology, terrains, and places of natural beauty spread across the country. According to a report by Fisdom, the hospitality industry in India has been seeing tremendous growth in the last few years. Considered a sunrise industry, it shows a huge potential for manifold growth in the future. The hospitality sector is one of the most profitable, accounting for more than 8% of the countrys workforce and an estimated 15 million jobs being created in the last few years. It is one of

the top sectors attracting FDI or Foreign Direct Investment in the country. The hotels market in India, including domestic,

inbound, and outbound, was at approx. US$ 32 billion in FY20, which is expected to reach a remarkable US$ 52 billion by FY27, as per the IBEF Report on Tourism & Hospitality released in February 2023. According to Travel Trends

Today, there has been an annual increase in corporate travel expenses of about 11% in 2021, as the economy has started reopening after the pandemic, which also helps in increasing the business of hotels.

The tourism industry also contributes to the economy by providing employment to millions of citizens of the country. The tourism sector in India employed 39 million people in FY20, accounting for 8.0% of the total employment in the country. By FY29, this number is expected grow to 53 million, as tourism will continue to grow in India.

The government is also leaving no stone unturned in supporting the tourism sector by encouraging the development of multiple-use infrastructure including hotels, resorts & restaurants, transport infrastructure, and healthcare facilities. The inflow of Foreign Direct Investment (FDI) is also being promoted in the Hotel and Tourism industry. This is visible through the FDI equity inflow of US$16.61 billion during the period April 2000 - September 2022, which constitutes approx. 3% of the total FDI inflow across all sectors. (IBEF Report)

OUTLOOK (INPUTS FROM MANAGEMENT)

There is an evident paradigm shift in consumer behaviour that is reflected in the hospitality industry. There is a tendency to travel for a quick getaway during the weekends since the lockdowns have lifted. Business travel has adorned a new avatar "bleisure" - as more and more business travellers are including some amount of private leisure time during official trips.

With the G-20 presidency, India can expect more attention and interest in the MICE business. In order to enhance Indias share in the MICE business to 2% in the next five years from

its current share of about 1%, the Ministry of Tourism has

introduced a National Strategy for MICE Industry which will convert that interest into opportunity.

Hospitality World expects the Indian hotel industry can look

forward to robust demand for the next eight to twelve months of calendar 2023 with the demand for the near future mainly gaining traction from domestic leisure travel, recovery in business travel, and increased foreign tourist

arrivals. A report by "Fisdom" suggests that the hospitality sector in India is expected to attain a value above 1,000 bn by the end of 2023. This estimate is considering the industrys expansion rate at a CAGR of nearly 5% observed during the 2018-21 period. This growth is highly attributed to the high number of foreign tourists and business executives visiting the country through 2018-19 combined with the higher disposable income of the Indian population, as seen in the last decade. Further, customers from tier-II and tier-III cities are expected to also start booking rooms online on account of the convenience offered by online services.

COMPANY OVERVIEW

Easy Trip Planners Limited, herein referred to as "EaseMyTrip" or "the Company," was established in 2008 and has grown to become the one of the largest online travel company in India. The Company started primarily with the B2B2C distribution channel, providing travel agents with access to their website for booking domestic airline tickets, catering to the offline travel market in India.

Building on their B2B2C channel, EaseMyTrip expanded its operations to the B2C distribution channel in 2011, primarily

targeting the travel needs of Indias growing middle-class population. This strategic move allowed the Company to tap into the travel requirements of individual customers. In 2013, leveraging their presence in the B2B2C and B2C channels, EaseMyTrip ventured into the B2E distribution channel, offering comprehensive travel solutions to corporate clients.

Presently, EaseMyTrip offers a wide range of travel-related products and services to provide end-to-end travel solutions.

These include airline tickets, hotels and holiday packages, rail tickets, bus tickets, air charter services, and taxi services. Additionally, the Company offers ancillary services such as travel insurance, visa processing, and tickets for various activities and attractions. EaseMyTrip also provides customers with the option of a no-convenience fee, eliminating the need for service fees when alternate discounts or promotional coupons are not utilised. The Company prioritises transparency and maintains a dedicated in-house technology team focussed on developing a secure, advanced, and scalable technological infrastructure. the top sectors attracting FDI or Foreign Direct Investment in the country. The hotels market in India, including domestic, inbound, and outbound, was at approx. US$ 32 billion in FY20, which is expected to reach a remarkable US$ 52 billion by FY27, as per the IBEF Report on Tourism & Hospitality released in February 2023. According to Travel Trends

Today, there has been an annual increase in corporate travel expenses of about 11% in 2021, as the economy has started reopening after the pandemic, which also helps in increasing the business of hotels.

The tourism industry also contributes to the economy by providing employment to millions of citizens of the country. The tourism sector in India employed 39 million people in FY20, accounting for 8.0% of the total employment in the country. By FY29, this number is expected grow to 53 million, as tourism will continue to grow in India.

The government is also leaving no stone unturned in supporting the tourism sector by encouraging the development of multiple-use infrastructure including hotels, resorts & restaurants, transport infrastructure, and healthcare facilities. The inflow of Foreign Direct Investment (FDI) is also being promoted in the Hotel and Tourism industry. This is visible through the FDI equity inflow of US$16.61 billion during the period April 2000 - September 2022, which constitutes approx. 3% of the total FDI inflow across all sectors. (IBEF Report)

OUTLOOK (INPUTS FROM MANAGEMENT)

There is an evident paradigm shift in consumer behaviour that is reflected in the hospitality industry. There is a tendency to travel for a quick getaway during the weekends since the lockdowns have lifted. Business travel has adorned a new avatar "bleisure" - as more and more business travellers are including some amount of private leisure time during official trips.

With the G-20 presidency, India can expect more attention and interest in the MICE business. In order to enhance Indias share in the MICE business to 2% in the next five years from its current share of about 1%, the Ministry of Tourism has introduced a National Strategy for MICE Industry which will convert that interest into opportunity.

Hospitality World expects the Indian hotel industry can look forward to robust demand for the next eight to twelve months of calendar 2023 with the demand for the near future mainly gaining traction from domestic leisure travel, recovery in business travel, and increased foreign tourist arrivals. A report by "Fisdom" suggests that the hospitality sector in India is expected to attain a value above 1,000 bn by the end of 2023. This estimate is considering the industrys expansion rate at a CAGR of nearly 5% observed during the 2018-21 period. This growth is highly attributed to the high number of foreign tourists and business executives visiting the country through 2018-19 combined with the higher disposable income of the Indian population, as seen in the last decade. Further, customers from tier-II and tier-III cities are expected to also start booking rooms online on account of the convenience offered by online services.

COMPANY OVERVIEW

Easy Trip Planners Limited, herein referred to as "EaseMyTrip" or "the Company," was established in 2008 and has grown to become the one of the largest online travel company in India. The Company started primarily with the B2B2C distribution channel, providing travel agents with access to their website for booking domestic airline tickets, catering to the offline travel market in India.

Building on their B2B2C channel, EaseMyTrip expanded its operations to the B2C distribution channel in 2011, primarily targeting the travel needs of Indias growing middle-class population. This strategic move allowed the Company to tap into the travel requirements of individual customers. In 2013, leveraging their presence in the B2B2C and B2C channels, EaseMyTrip ventured into the B2E distribution channel, offering comprehensive travel solutions to corporate clients.

Presently, EaseMyTrip offers a wide range of travel-related products and services to provide end-to-end travel solutions.

These include airline tickets, hotels and holiday packages, rail tickets, bus tickets, air charter services, and taxi services. Additionally, the Company offers ancillary services such as travel insurance, visa processing, and tickets for various activities and attractions. EaseMyTrip also provides customers with the option of a no-convenience fee, eliminating the need for service fees when alternate discounts or promotional coupons are not utilised. The Company prioritises transparency and maintains a dedicated in-house technology team focussed on developing a secure, advanced, and scalable technological infrastructure.

As of March 31,2023, EaseMyTrip has served over 14 million customers, granting them access to a network of more than 400 international and domestic airlines. The Company also offers a wide selection of hotels in India and international locations, covers nearly all railway stations in India, and provides bus tickets and taxi rentals in major Indian cities. Moreover, EaseMyTrip boasts a substantial network of over 60,000 registered travel agents across Indias key metropolitan areas.

Through its strategic distribution channels and comprehensive product offerings, EaseMyTrip has positioned itself as a prominent player in the Indian online travel industry, catering to the diverse travel needs of millions of customers.

PRODUCTS AND SERVICES

The Companys products and services can be broadly classified into the following business segments:

(i) Airline Tickets, which comprises standalone sale of airline tickets, as well as airline tickets sold as part of

the holiday packages

(ii) Hotels and Holiday Packages, which comprises standalone sales of hotel rooms as well as travel packages (which may include hotel rooms, cruises, travel insurance and visa processing)

(iii) Other Services, which comprises rail tickets, bus tickets, air charter services, taxi rentals and ancillary value-added services such as travel insurance, visa processing and tickets for activities and attractions

The products and services are offered online through

their user-friendly websites (www.easemvtrip.com and www.easemvtrip.in) and Android & iOS based mobile applications (EaseMyTrip).

BUSINESS SEGMENTS

Airline Tickets: EaseMyTrip offers a wide range of airline tickets for both domestic and international travel. With access to over 400 service airlines, including popular domestic carriers like Indigo, Vistara, Air India, and Spice Jet, as well as international airlines like Etihad Airways, Lufthansa, etc., customers have a diverse selection to choose from.

The Company primarily earns its revenue in this business vertical through commissions and incentives received from airline tickets booked by customers through its platforms. These commissions and incentive payments, including performance-linked bonuses, are provided by GDS service providers, select airlines and credit card companies. The amount received is generally based on the volume of sales generated by the Company. In addition to commissions

and incentives, EaseMyTrip also generates revenue from convenience fees, cancellation service charges, rescheduling charges, and advertisement revenue associated with travel bookings. The segment contributed 90.9% to the overall net revenue of the Company and registered a sharp growth of 73.4% YoY to reach 4,079.6 million in FY23 as compared to 2,353.0 million in FY22.

Air Segment Revenue ( Million)

Hotels and Holiday Packages: EaseMyTrip provides a wide range of hotel and holiday packages, catering to various vacation themes such as beach, adventure, family, pilgrimage, romantic, shopping, cruise, and culture. Additionally, they offer services like escorted tours, honeymoon specials, group tours, and weekend trips.

By offering this flexibility and convenience, EaseMyTrip is able to cross-sell multiple products in a single transaction, simplifying the booking process for customers. Furthermore, they leverage the B2E (Business-to-Employee) route to cater to large groups of travellers from corporate and organisations, assisting with planning and booking travel arrangements for events like meetings, conferences, and exhibitions. As of March 31, 2023, EaseMyTrip provides access to a vast selection of over 2 million hotels worldwide.

The Company has a unique way doing the hotel business which helps in maintaining a lean cost structure. EaseMyTrip does not directly deal with the hotels and hence, does not typically assume any inventory risk. Instead, the Company has partnerships with aggregators and receive commissions from them, allowing EaseMyTrip to operate with only a 37 people hotel team. These commissions are received on a periodic basis, further contributing to the Companys revenue stream. The business contributed 8.4% of the Companys net revenue to reach 378.7 million in FY23 as compared to 5.7 million in FY22.

Other Travel Products and Services: EaseMyTrip enables the booking of rail tickets, bus tickets, air charter services, taxi rentals, and ancillary value-added services such as travel insurance, visa processing, and tickets for activities and attractions. EaseMyTrip has been focussing on the Education travel category as well. The Company also provides solutions for Luxury weddings & events, MICE programmes, sports tourism, etc.

Particulars	Year Ended
CONSOLIDATED	March 31, 2023 (Audited) in Million	March 31, 2022 (Audited) In Million	Growth (YoY)
1. Segment Revenue
(a) Air Passage	4,079.6	2,353.0	73.4%
(b) Hotel Packages	378.7	5.7	6,566.5%
(c) Other Services	30.1	(4.9)	NM
Net Segment Revenue	4,488.3	2,353.7	90.7%

KEY BUSINESS STRENGTHS

Tapping into the huge potential of the Travel Industry

Capitalising on the burgeoning opportunities within the travel industry, EaseMyTrip has strategically positioned itself to harness the growth of the online ticketing market in India. One of the key factors driving this growth is the rising adoption of discount coupons, which provide customers with transparency and help cultivate a loyal customer base.

To further enhance the customer experience, EaseMyTrip offers comprehensive support at every stage of their journey, including pre-trip, during travel, and post-trip. Our in-house 24x7 call centres are readily available to address any concerns or enquiries, ensuring a seamless travel experience for our valued customers. In addition, we provide convenience to our customers by delivering e-tickets and flight alerts via text messages and online messaging platforms, enabling them to stay informed and updated throughout their travel journey. By leveraging these strategies, EaseMyTrip aims to solidify its position as a trusted and customer-centric travel service provider, catering to the evolving needs of travellers in an increasingly digital landscape.

Leveraging our low-cost Operations to deliver Consistent Performance

Throughout our operational history, we have relied on various sources of funding to meet our working capital requirements and facilitate the expansion of our business but have never had any external equity infusion and have remained bootstrapped throughout our 15-year-old journey. These funding sources primarily include the funds generated from our operations and equity infusion from our promoters.

A key factor contributing to our consistent financial and operational performance is our advanced technology infrastructure and operating systems. These technological assets have empowered us to establish and maintain a streamlined, efficient, and lean organisational structure relative to the scale of our business operations. We continuously strive to optimise the allocation of our human resources, minimising operational and systemic errors while enhancing overall customer satisfaction.

As a result of our diligent efforts, we have successfully reduced personnel and administration costs, while concurrently increasing employee productivity and improving operating efficiencies. As of March 31, 2023, our Company had a total of 753 full-time employees, which represents the lowest number of employees among the Key Online Travel Agencies in India.

By prioritising cost-effectiveness and operational excellence, we have positioned ourselves as a financially resilient and efficient organisation within the competitive online travel industry.

In-house Advanced Technology playing a pivotal role in our growth

Our organization boasts a proficient in-house technology team that has successfully crafted a robust, secure, and scalable technology infrastructure and software. This advanced technological framework empowers us to consistently enhance our customer-centric initiatives, introduce innovative services and solutions, and elevate the overall delivery of our products and services.

Through our in-house technology capabilities, we have effectively sustained high levels of customer satisfaction and expanded our market presence. As of March 31, 2023, our esteemed technology team consisted of 114 skilled professionals possessing strong technical backgrounds and domain expertise. These experts continuously stay abreast of evolving technologies to effectively cater to the diverse range of products and services we offer.

Our in-house technology team serves as a vital asset, propelling our organisation forward by leveraging cutting-edge technologies, optimising our operations, and enabling us to adapt to the dynamic demands of the ever-evolving digital landscape. Their expertise plays a pivotal role in driving our success and ensuring we remain at the forefront of technological innovation within our industry.

Extensive Distribution Network Built on a Hybrid Platform

Our organisation has established an extensive distribution network supported by a hybrid platform, encompassing three distinct channels: B2C (Business-to-Consumer), B2E (Business-to-Employee), and B2B2C (Business-to-Business-to-Consumer). This multi-channel approach allows us to effectively cross-sell our diverse range of products and services.

Our distribution network is built upon a hybrid platform that combines various mediums such as websites, mobile applications, and a widespread network of travel agents across the nation. This comprehensive infrastructure enables us to cater to a wide range of customer preferences and enhance accessibility to our offerings. Furthermore, we have dedicated call centres, specifically tailored to handle enquiries and bookings related to holiday packages, ensuring personalised assistance and support.

Through the implementation of streamlined software across our distribution channels, we are able to provide multiple touch points for marketing additional travel products and services to our existing customer base. This enables us to leverage our established relationships with customers, offering them a seamless and convenient experience while expanding our market reach.

By leveraging our expansive distribution network and hybrid platform, we are well-equipped to effectively promote our comprehensive suite of travel offerings, strengthening our customer relationships and driving growth within the competitive travel industry.

Using new-age marketing strategies to further strengthen our Brand

As a result of our dominant market position and established operational history, the EaseMyTrip brand has achieved noteworthy recognition throughout India. This strong brand recognition has bestowed us with several advantages, including the ability to attract new customers and negotiate advantageous contracts with airlines and hotels.

Over time, our brands reputation has experienced significant growth, evidenced by a substantial increase in website visits and our 14 million Customers. This heightened brand strength has fortified our relationships with various airline operators and hotel chains, establishing deeper connections and fostering mutual growth.

In our ongoing pursuit of cross-marketing initiatives, we have forged strategic partnerships with numerous organisations. These collaborations enable us to extend exclusive promotions and discounts on ticket purchases made through our websites and mobile applications, while also offering attractive cash-back options. Additionally, we actively seek alliances with diverse brands to facilitate cross-marketing of our comprehensive range of products and services. Recognising the love for cricket and movies in the country, we have also actively invested in the brand by sponsoring various high-profile events in cricket and the movies.

By leveraging our strong brand recognition, cultivating fruitful partnerships, and continuously exploring cross-marketing opportunities, we are committed to fortifying our market position, enhancing customer engagement, and expanding our reach within the highly competitive travel industry.

Experienced Management Team with an Established Track Record

The management team of our Company possesses an established track record and extensive experience in driving organisational success. Our promoters continue

to play pivotal role in the execution of growth strategies since the inception of the Company, actively contributing to its operations. Their hands-on involvement has been instrumental in shaping the Companys growth trajectory.

Furthermore, our senior management team brings a wealth of experience in the Internet and information technology sector. Their profound technical expertise has been pivotal in expanding the companys business through strategic initiatives. They have successfully broadened our distribution channels, enabling us to reach a wider customer base. Additionally, their guidance and vision have been instrumental in the expansion of our product and service offerings, ensuring that we remain at the forefront of innovation within the industry.

With a management team that combines hands-on operational experience and domain expertise, we are well-positioned to navigate the challenges of the market and capitalise on emerging opportunities. Their collective knowledge and strategic guidance are integral to the continued growth and success of our organisation.

BUSINESS STRATEGIES

Seizing the growth opportunities in the Travel Industry

The significant growth observed in the Indian online ticketing market can be attributed to multiple factors, including the widespread adoption of internet and smartphones, the rise of low-cost airlines, the increasing popularity of online railway ticket booking systems, and the overall convenience offered by online bookings. Although the travel industry has faced challenges due to the COVID-19 pandemic, the industry has strongly bounced back in the latter part of this financial year, surpassing the pre-COVID volumes in terms of domestic air travel.

In light of these growth prospects, our Company is committed to seizing the opportunities presented by the travel industry.

We aim to leverage these opportunities to drive repeat purchases from existing customers while also attracting new customers to our platforms. By staying attuned to market trends, evolving customer preferences, and leveraging our technological capabilities, we are well-positioned to capitalise on the anticipated growth in the Indian Online Travel market.

As we navigate the changing landscape, we remain focussed on providing exceptional customer experiences, innovative services, and seamless booking processes. By continually adapting and evolving our offerings, we are poised to maximise our market share and sustain our position as a key player in the dynamic travel industry.

Leaning on Non-Air segments to bolster growth

EaseMyTrip has placed a strong emphasis on the expansion of its product portfolio, particularly targeting the hotel and holiday packages segment that offers higher-margin opportunities. The hotel industry, characterised by its fragmented nature, has witnessed a relatively low share of online bookings, indicating significant potential for growth. As hotel suppliers increasingly list their inventories online, customers are gravitating towards the convenience of digital transactions when making hotel reservations.

To capitalise on these trends, EaseMyTrip has strategically partnered with 23 Application Programming Interfaces (APIs) for hotels. This collaboration has not only expanded the Companys network of hotel suppliers but has also granted real-time access to a wider range of international hotels. Moreover, in line with its ambition to establish a stronger presence in the global hotel and holiday packages market, EaseMyTrip has continued to expand its operations and is now present internationally in the Philippines, Singapore, Thailand, the UAE, the UK, the USA, and New Zealand. The Company has also opened an office in Dubai, United Arab Emirates which has performed well in the first year of its operation and has recorded a Gross Booking Revenue of 1,184.4 million in FY23.

Furthermore, EaseMyTrip recognises significant untapped potential within segments such as hotels, international travel, and bus services, where the online volume penetration remains below 20%. The Company aims to penetrate these segments by offering enhanced online booking experiences and expanding its customer base. Additionally, EaseMyTrip seeks to augment its presence in the rail ticket booking segment by providing customers with convenient "last-mile" travel solutions in cities where air travel may not be a viable option.

By strategically diversifying its product offerings, expanding its international presence, and targeting segments with low online penetration rates, EaseMyTrip is poised to capture a larger share of the travel market while delivering enhanced value and convenience to its customers.

Travel Agent Network in Tier II & III Cities and Introduction of Franchise Model

A significant portion of smaller, traditional travel agents, classified as B2B2C customers, are increasingly seeking collaboration with online travel agencies to streamline their operations and remain competitive in the digital marketplace. This trend is driven by their desire to reduce operational costs and leverage the benefits of online platforms. For our Company, the B2B2C channel holds particular significance as it allows us to reach customers in smaller markets, specifically Tier II and Tier III cities.

To tap into this growing demand, we plan to leverage our existing network of travel agents. This network will enable us to meet the needs of customers in smaller cities while also facilitating the procurement and on boarding of local hotels in these areas. Additionally, we aim to expand the number of travel agents who have access to our customisable B2B2C portal, thereby addressing the travel requirements of the offline travel market.

In alignment with its expansion plans, EaseMyTrip introduced the EMT Franchise business model in the second half of the financial year, with the objective of tapping into the customer base which prefers a tailored "meet and greet" experience. So far, the Company has opened four franchise stores, in Patna, Surat, Jaipur and Patiala. The innovative EaseMyTrip franchise model is disrupting the travel industry by providing convenient access to our services, overcoming the limitations of digital literacy.

To support travel agents in smaller towns, we are implementing technology solutions that enhance their connectivity and enable more efficient business operations.

By leveraging technology, we aim to provide travel agents with the tools and resources they need to effectively conduct their business in an increasingly digital landscape.

Through these strategic initiatives, we are well-positioned to cater to the evolving needs of travel agents in smaller markets, strengthen our B2B2C channel, and effectively serve customers in Tier II and Tier III cities.

Focussing on Innovative Products and Technology to enhance Customer Experience

The ever-evolving landscape of technological innovations and advancements presents continual opportunities in the realm of travel bookings. Recognising this, EaseMyTrip remains steadfast in its commitment to research and development, with a key focus on optimising its technology infrastructure. Through these efforts, the Company aims to enhance the reliability of its platforms and deliver an elevated user experience to its customers.

A core objective of EaseMyTrip is to provide its users with a diverse range of discounted travel products and services, exclusively available through its mobile applications. By expanding the functionality of these applications, the company plans to incorporate location-based and language-based services, thereby offering personalised recommendations that facilitate seamless travel planning. Moreover, these enhanced applications will serve as a valuable resource for customers during their journeys, providing them with ongoing support and enriching their overall travel experience.

By investing in technological advancements, EaseMyTrip is dedicated to improving user engagement and satisfaction. The Company remains committed to leveraging cutting-edge technology to optimise its platforms, introduce innovative features, and ultimately enhance the overall journey of its customers.

Cross-party Collaborations resulting in high Engagement

EaseMyTrip maintains a steadfast focus on expanding and diversifying its portfolio of products and services, aiming to attract a broader customer base to its platforms. In pursuit of this objective, the Company actively seeks partnerships with brands that provide opportunities for cross-selling higher-margin offerings to their respective customer bases.

Through strategic collaborations with prominent online and offline brands, EaseMyTrip harnesses the power of cross-promotions. This approach not only enhances its marketing efforts but also reduces the associated costs by circumventing payments to online intermediaries for marketing services.

By leveraging these brand partnerships, EaseMyTrip effectively expands its reach and taps into new customer segments. This approach allows the Company to offer a comprehensive range of travel-related products and services while capitalising on the strengths and established customer bases of its brand partners.

In summary, EaseMyTrips commitment to expanding its

offerings and forming strategic alliances enables it to access new markets, reduce marketing costs, and ultimately deliver an enhanced value proposition to its customers.

Acquisitions acting as a Catalyst to continue our exceptional growth

Building on the acquisitions made in the past, which have contributed positively to the business, EaseMyTrip made two acquisitions during the financial year. First, Nutana Aviation IFSC Private Limited, involved in the business of Air Charter services, will enable EaseMyTrip to scale up its business for renting and booking of charter aircrafts.

FINANCIAL OVERVIEW Performance Highlights ( in Million)

Particulars	FY 2022-23	FY 2021-22	Growth (YoY)
Gross Booking Revenue (GBR)	80,505.6	37,155.9	116.7%
Revenue/Income
A. Revenue from Operations (as per financials)	4,488.3	2,353.7
B. Discounts to Customers	2,362.1	1,649.8
C. Less: Service Cost	101.2	-
Adjusted Revenue (A+B)	6,749.1	4,003.5	68.6%
Other Income (Finance + non-Operating)	153.7	143.9
Adjusted Income	6,902.9	4,147.4
Discounts to Customers	2,362.1	1,649.8
Cost of Material Consumed	15.3	1.4
Marketing & Sales Promotion	829.6	329.9
Employee Expense	524.4	258.4
Payment Gateway Charges	543.3	247.2
Other Expenses	715.8	192.3
Finance Costs	34.1	19.5
Depreciation	29.0	13.4
Total Expense	5,053.5	2,711.7
PBT	1,849.4	1,435.7	28.8%
Tax	508.4	376.4
Other Comprehensive Income	-0.7	-1.9
Total Comprehensive Income	1,340.3	1,057.3	26.8%
Total Comprehensive Income attributable to:
Equity shareholders of the parent	1,341.3	1,057.3
Non-controlling Interests	-0.9	-

Gross Booking Revenue (GBR): The Company recorded its highest ever Gross Booking Revenue during this financial year. The GBR for FY 2022-23 stood at 80,805.6 million, as compared to 37,155.9 million in FY 2021-22, up by a remarkable 116.7% YoY

Volumes: Air segment bookings net of cancellations were up 62% for FY 2022-23 and hotel nights bookings were up 121% for FY 2022-23

Adjusted Revenue: Adjusted Revenue for FY 2022-23 was at 6,749.1 million, up 68.6% YoY from 4,003.5 million in

FY 2021-22

PAT: Profit after Tax (including Other Comprehensive

Income) stood at 1,340.3 million for FY 2022-23, as against 1,057.3 million, growing by 26.8% YoY

Details of Key Consolidated Financial Ratios

Ratios	FY 2022-23	FY 2021-22
Interest Coverage Ratio (x)	55.3	74.7
Current Ratio (x)	2.0	1.3
Debt Equity Ratio (x)	0.2	0.2
Operating Profit Margin (%)	41.2%	58.8%
Net Profit Margin (%)	28.9%	42.4%

OUTLOOK

As a prominent player in the online travel industry, with a wide range of travel products and services for customers in India and abroad, ETPL is well poised to benefit from the recovery in the travel and hospitality industry. There are various factors that could provide tailwinds to its growth:

Growing Online Ticketing Market: The online ticketing market in India has been expanding steadily, driven by increasing internet penetration, smartphone adoption, and a shift towards digital transactions. We are well-positioned to leverage this market growth by capturing a larger market share, attracting new customers, and providing them with a seamless booking experience. Going forward, online air ticketing is expected to grow further as more travellers (retail as well as corporate) migrate from offline to online platforms.

Diversification into Higher-Margin Segments: Our strategic focus on expanding our product portfolio into higher-margin segments, such as hotels, holiday packages, and intercity mobility, presents significant growth opportunities. By diversifying our offerings and capitalising on the untapped potential in these segments, we can enhance our revenue streams and improve profitability.

Leveraging Technology and Innovation: Our continued investment in technology and innovative product development is crucial for staying competitive in the rapidly evolving online travel landscape. By leveraging advanced technology, enhancing user experience, and introducing new features, we are differentiating our self from our competitors to secure a loyal customer base.

Expansion and Inorganic Growth: Our recent acquisitions, such as Yolobus and Spree Hospitality, reflect our commitment to inorganic expansion and market consolidation. These strategic acquisitions allow us to tap into new customer segments, expand our service offerings, and enhance our market presence. Our focus on both organic and inorganic growth strategies positions us for accelerated expansion and improved market positioning.

Focus on Customer Satisfaction and Brand Equity:

We remain committed to customer satisfaction. This commitment, backed by our robust customer support infrastructure, has played a crucial role in building strong brand recognition. As we continue to prioritise customer-centric initiatives and invest in marketing efforts, we can further enhance our brand equity and attract a larger customer base.

Overall, ETPLs outlook appears promising as it navigates the post-pandemic recovery phase, capitalises on the growing online ticketing market, diversifies into higher-margin segments, leverages technology and innovation, pursues strategic acquisitions, and focusses on customer satisfaction and brand equity. With a well-rounded growth strategy and a strong market position, ETPL is poised to thrive in the evolving travel industry and deliver long-term value to its stakeholders.

RISKS AND MITIGATION:
	Risk	Mitigation
sy ill	Economy risk Any slowdown in the global economy or disruptions in the Indian economy and travel industry may negatively impact the Companys performance.	EaseMyTrip mitigates this risk through a dual approach of driving strong business growth and implementing cost-saving measures. The Company has taken proactive steps to reduce fixed costs and enhance operational efficiency. These measures are continuously evaluated and adjusted based on market conditions and analysis.
ii^	Demand risk The Company is susceptible to seasonal fluctuations in the travel and tourism industry, with higher revenue typically observed during the first and third quarters coinciding with the summer and winter holiday travel seasons.	EaseMyTrip addresses this risk by continuously enhancing its websites and mobile applications, introducing new features to improve user experience, expand market reach, and diversify revenue streams. Additionally, the Company offers a range of travel services beyond hotels and packages, including rail tickets, bus tickets, taxi rentals, and value-added services like travel insurance and visa processing. The extensive distribution network, consisting of websites, call centres, travel stores, and travel agents, provides multiple channels to reach customers, including non-resident Indians and inbound travelers, even during lean seasons.
JAt *****	Competition risk The Company operates in a highly competitive travel products and services sector, facing established and emerging competitors both in India and abroad, including online travel agencies, offline travel companies, payment wallets, and search engines.	EaseMyTrip addresses this risk by prioritising technology advancements and enhancing customer services through various channels such as self-service options, chat support, call centres, and travel stores. The Company has shifted its focus to digital marketing campaigns, invested in building brand reputation, and expanded its reach through mass media and innovative digital marketing strategies. Collaborations with partners like Lifestyle provide additional incentives to customers, while efforts to tap into Indias extensive network of travel agents in the B2B2C segment aim to drive sales and market penetration.
V S \	Concentration risk The Companys reliance on its airline ticketing business poses a concentration risk, as a significant portion of its revenues is generated from this segment. Dependency on a single revenue source can impact revenues and margins.	EaseMyTrip has taken measures to mitigate this risk by diversifying its product portfolio. It has expanded into other travel segments such as bus tickets, cab rentals, and railway tickets. The Company aims to capitalise on the growth potential in the Indian hospitality industry by establishing direct tie-ups with hotels and suppliers, as well as expanding its presence in international hotel and holiday packages. By offering comprehensive travel-related services, EaseMyTrip becomes a one-stop solution provider, fostering repeat business and multiple points of contact with customers.
	Technology risk Failing to keep pace with evolving technology poses a risk to the Companys performance and efficiency.	EaseMyTrip has established a dedicated in-house technology team that focusses on developing and maintaining a secure and advanced technology infrastructure. By staying upgraded with the latest technology, the Company is able to effectively manage its product and service offerings and improve operational efficiencies. EaseMyTrip utilises various technology-enhanced distribution channels to target the growing middle-class travel market in India. The Company also prioritises innovation and adopts technology-driven initiatives to enhance customer acquisition, service delivery, and customer satisfaction, aligning itself with global trends.

HR (INPUTS FROM MANAGEMENT)

At EaseMyTrip, we recognise the significance of our employees as an integral part of our organisation. We prioritise the training and skill enhancement of our workforce, fostering ongoing employee engagement. Through in-house training programmes, skill-building initiatives, and professional development opportunities across all functions and levels, we empower our employees to excel. To incentivise and appreciate their contributions, we have established reward and recognition programmes. It is worth noting that our employees are not unionised, and we have not experienced any major work stoppages or labour disputes in the past three years. As of March 31, 2023, we had a dedicated team of 753 full-time employees.

CSR (INPUTS FROM MANAGEMENT)

EaseMyTrip is dedicated to creating economic value while actively contributing to the development of a sustainable society. Our CSR activities align with our mission to fulfil social and environmental responsibilities, as well as promote positive economic practices. We have a comprehensive CSR policy in place that focusses on eradicating hunger, poverty, and malnutrition, promoting healthcare, sanitation, and safe drinking water. Additionally, our policy emphasises education, vocational skills, gender equality, women empowerment, and environmental sustainability.

Our CSR committee oversees the implementation of our policy and recommends the allocation of funds for CSR initiatives. In FY 2022-23, we contributed 18.3 million towards supporting a green society and sports in our country through EaseMyTrip Foundation.

INVESTOR RELATIONS

We constantly strive to improve our service standards for our investors and benchmark our activities against the best practices. We have a dedicated investor relations team, which serves the interest of the investing community, through regular contact and timely communication - engaging global investors and shareholders in ongoing management meetings. We conducted periodic meetings to communicate details of our performance, important material events, and exchange information. The Chairman & Chief Executive Officer, Executive Director, Chief Financial Officer, as well as the Investor Relations team manage and represent our Company in interactions with investors, the media, and various government bodies. We ensure that all critical information about us is available to all investors by uploading such information on our website containing a dedicated Investor Relations section where relevant information is available, including information on the

Directors, shareholding pattern, quarterly reports, financial results, annual reports, press releases, details of unpaid/ unclaimed dividends and various policies. The quarterly earnings release is accompanied by an earnings call, with the transcript and audio of the same made available on the website. Material developments during the quarter that might impact revenue or earnings are intimated to the stock exchanges and through the website. Quarterly results, regulatory filings, transcripts of earnings call, investor relations presentations and schedules of analyst and investor interactions are also available on the website.

INTERNAL CONTROLS

The Company has an effective and reliable internal control system. In line with the business operations, EaseMyTrip has well-planned internal control framework, which covers various aspects of governance, compliance, audit, control and reporting. It ensured adherence to local statutory requirements for orderly and efficient conduct of business, safeguarding of assets, the detection and prevention of frauds and errors, adequacy and completeness of accounting records and timely preparation of reliable financial information. The efficacy of the internal checks and control systems is validated by internal auditors and re-examined by the management.

Audit Committee monitors and provides an effective supervision of the financial reporting process of the Company with a view to ensure accurate and timely disclosures with the highest level of transparency, integrity and quality. It also confirms adequacy and effectiveness of internal control systems and suggests for the improvements required, if any.

CAUTIONARY STATEMENT

Statements in this Management Discussion and Analysis of the Company describing the Companys objectives, expectations or predictions may be forward-looking within the meaning of applicable laws and regulations. Forward-looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realised. The Company assumes no responsibility to publicly amend, modify or revise forward-looking statements, on the basis of any subsequent developments, information, or events. Thus, the Companys actual performance/ results could differ from the projected estimates in the forward-looking statements. The discussions on our financial condition and result of operations should be read together with our audited, consolidated Financial Statements and the notes to these statements included in the Annual Report.