Easy Trip Planners Ltd Management Discussions

GLOBAL ECONOMY OVERVIEW India

Over the past year, the global economy navigated a complex environment shaped by persistent challenges and evolving policy dynamics. According to the International Monetary Fund (IMF), global GDP was 3.3% in 2024 and is projected to moderate to 2.8% in 2025, with a marginally improved forecast of 3.0% in 2026. The IMF has highlighted increasing risks to global growth arising from recent trade and protectionist measures. While the additional tariffs imposed by the United States have been temporarily suspended, the ongoing volatility has contributed to heightened uncertainty in inflation and growth trajectories.

Advanced economies are anticipated to grow at a slower pace, with a noted growth rate of 1.8% in 2024 and an estimated growth of 1.4% in 2025. The implementation of broad-based tariff measures by the US has emerged as a significant drag on global trade. Reflecting this, the IMF revised its 2025 US growth forecast downward to 1.8% from the earlier estimate of 2.7%. The IMF also noted that the rapid escalation of trade tensions and high levels of policy uncertainty could have a material impact on economic activity. While the Federal Reserves policy actions appear to be guiding the US economy towards a measured slowdown, balancing inflation moderation with stable employment, broader outlook remains uncertain.

In the Eurozone, growth remained subdued at 0.9% in 2024 and is estimated to be 0.8% in 2025. Germany, the regions largest economy, is projected to register flat growth in

2025 following two consecutive years of contraction, driven by structural challenges in its manufacturing sector. Spain, however, continues to demonstrate relative strength, with growth revised upward to 3.2% in 2024 and 2.5% in

2025. Japans growth outlook remains moderate, with a GDP of 0.1% in 2024 and an anticipated slight improvement to

0.6% in 2025, reflecting structural headwinds and lingering supply chain disruptions.

Emerging markets presented a mixed picture. The IMF projected a slight slowdown in growth for these economies, from 4.3% in 2024 to 3.7% and 3.9% in 2025 and 2026, respectively. Chinas economic momentum showed signs of deceleration. The IMF revised Chinas growth forecast downward to 4.0% for 2025 and 2026, from 5.0% in 2024.

This trend reflects challenges such as a sluggish property sector and subdued consumer confidence. to be a beacon of robust growth among major economies. The IMF maintained its growth projections for India at 6.5% in 2024 and has slightly lowered them to 6.2% and 6.3% in 2025 and 2026, respectively. This sustained expansion underscores Indias resilience and its pivotal role in driving global economic growth.

Looking ahead, the global economic outlook for 2025 and 2026 indicates a period of moderate expansion, easing inflation,and structural challenges. The IMF estimates global growth at 3.3% for both years, below the pre-pandemic average of 3.7% (2000?€“2019). The World Bank projects global growth to stabilise at 2.7% during this period, consistent with the 2024 estimate.

Global headline inflation is projected to decline to 4.3% in 2025 and further to 3.6% in 2026. Inflation in advanced economies is expected to return to target levels sooner than in emerging and developing markets. The disinflation trend is supported by softening commodity prices and the delayed impact of previous monetary tightening measures.

[Source: IMF, World Bank]

INDIAN ECONOMY OVERVIEW

Indias economy has maintained its growth momentum, demonstrating resilience amid global uncertainties and domestic inflationary pressures. As per the revised estimates released by the Government of India on February 28, 2025, GDP growth for FY 2023-24 has been upwardly revised to 9.2%, compared to the earlier estimate of 8.2%. This revision reflects stronger-than-anticipated performance, particularly in the manufacturing and services sectors. For FY 2024-25, the government has reported a GDP growth of 6.5%, slightly lower than earlier expectations but still robust by global standards.

Supportive government policies, a potential interest rate cut from the Reserve Bank of India (RBI) and a moderation in inflation could provide tailwinds. Still, risks remain, global demand remains tepid, geopolitical tensions persist, and financial markets remain volatile. The RBI projects growth to remain stable at 6.5% for FY 2025-26.

The RBI continued its calibrated approach to managing inflation while supporting growth. Headline inflation eased to 3.6%, aided by stable food prices and timely policy interventions. This favourable inflation trajectory, coupled with accommodative monetary conditions, provides a conducive environment for economic activity.

However, challenges remain, including the effective transmission of policy rates amidst liquidity constraints and external macroeconomic pressures. The RBIs ability to maintain macroeconomic stability will be central to sustaining growth in the medium term.

Looking ahead, Indias growth trajectory remains the envy of most major economies. Yet, sustaining this momentum will require navigating a delicate balance ?€“ reviving private investment, addressing persistent structural challenges and ensuring that the benefits of growth percolate beyond urban centres. For now, the economy remains in a sweet spot: slowing, perhaps, but still outpacing its peers.

[Source: PIB, RBI]

INDIAN TRAVEL INDUSTRY

Indias travel and tourism sector continues to emerge as a vital contributor to the countrys economic progress, supported by its cultural diversity, growing middle-income population, and expanding infrastructure. According to the Ministry of Tourism, the industry contributed approximately

US$ 199.6 billion to Indias GDP in 2022 and is projected to reach US$ 512 billion by 2028. The sectors GDP contribution is expected to grow at an annual rate of 7.1% over the next decade. In FY 2022-23, the industry generated around

76 million jobs and is anticipated to support 53 million jobs by 2029.

Foreign Tourist Arrivals (FTAs) reflect steady recovery and renewed international interest. FTAs reached 9.52 million in 2023, representing a 47.9% increase over the previous year. Provisional data for 2024 indicates a further increase to 9.66 million tourists. As per the Ministrys estimates, FTAs are forecast to grow to 30.5 million by 2028. Foreign Exchange Earnings (FEE) from tourism during January?€“December 2023 stood at US$ 28.1 billion, while earnings for January?€“July 2024 were US$ 18.17 billion. This growth is driven by both increased inbound travel and the governments focus on travel facilitation measures, including the expansion of the e-visa scheme and upgraded airport infrastructure.

The Union Budget 2025-26 allocated 2,541.06 crore

(US$ 291.07 million) to the tourism sector. Key focus areas include infrastructure development, skill enhancement, and travel facilitation across 50 identified tourist destinations. The government has also proposed MUDRA loans for homestay operators, introduced measures to enhance last-mile connectivity, and launched digital initiatives such as a unified tourism app to improve the tourist experience.

Further, the Swadesh Darshan 2.0 scheme aims to promote sustainable and inclusive tourism, while the PRASHAD scheme continues to support the development of pilgrimage destinations with 46 approved projects to date.

Indias unique value proposition in medical tourism and spiritual travel is gaining prominence. The medical tourism sector is projected to grow at a CAGR of 21.1% between

2020 and 2027. In parallel, pilgrimage tourism continues to witness high domestic traction and increasing interest from the global Indian diaspora, with investments being made in states such as Uttar Pradesh, Uttarakhand, and West Bengal to upgrade facilities and build themed circuits.

The domestic travel segment is also expanding rapidly. The overall travel market in India is expected to grow from US$ 75 billion in FY20 to US$ 125 billion by FY27. Within this, the hotel industry is projected to increase from US$ 32 billion to US$ 52 billion by FY27, driven by sustained demand and the growing presence of international hotel chains, which are expected to hold a 50% share in Indias hospitality market. The airline travel segment, estimated at US$ 20 billion, is also expected to double in size by FY27, supported by rising air connectivity and improved access to travel documentation.

Indias digital infrastructure is a key enabler of travel growth.

The country is recognised as one of the most digitally advanced traveller markets, with growing online adoption across the booking and travel experience lifecycle. In 2025, the Travel & Tourism market is expected to generate

US$ 25.01 billion in revenue, led by the Package Holidays segment, which is projected to reach US$ 11.23 billion.

By 2029, the market is expected to grow at a CAGR of 8.06%, reaching US$ 34.11 billion, with digital channels accounting for 60% of the total revenue.

Indias tourism industry is also leveraging policy-level incentives, such as 100% capital expenditure deduction for new hotel establishments under Section 35AD of the Income Tax Act, to drive long-term investments.

With the governments continued thrust on infrastructure development, heritage preservation, cruise tourism, and skill-building, the sector remains strategically positioned for sustained growth.

Outlook

The Indian travel and tourism sector is expected to maintain its upward momentum, driven by rising disposable incomes, expanding air connectivity, and strong digital adoption. Foreign Tourist Arrivals are projected to reach 30.5 million by 2028, with corresponding revenue expected to exceed

5,12,356 crore (US$ 59 billion). Domestically, travel demand remains buoyant, supported by urbanisation trends, a growing middle class, and government-led initiatives aimed at improving accessibility and affordability.

The continued focus on spiritual, medical, and experiential tourism is expected to broaden Indias appeal to a wider audience, while digital innovations will further streamline the customer journey. Increasing international hotel chain penetration and capacity additions in the airline segment are expected to enhance service delivery and customer experience. With policy support, infrastructure development, and consumer-driven demand in place, the Indian travel industry is well-placed to achieve sustainable and inclusive growth over the medium to long term.

INDIAN HOSPITALITY INDUSTRY

The Indian hospitality industry spans a wide array of segments, including lodging, food and beverages, transportation, theme parks, and amusement parks.

As an integral component of the countrys service sector, it continues to demonstrate strong potential for growth.

This momentum is largely attributed to Indias diverse cultural and historical heritage, ecological richness, and varied geographical landscapes, which attract a steady influx of tourists. The sector has shown resilience, recovering from recent global disruptions, and is playing an increasingly prominent role in the national economy by leveraging both domestic and international tourism demand.

Indias robust domestic tourism market offers stability, cushioning the industry from global economic volatility and geopolitical uncertainties. The budget and economy hotel segment is particularly thriving, projected to grow at an annual rate of approximately 6% through 2029. This growth is driven by the rising aspirations of the middle class, a surge in affordable travel preferences, and increased movement across tier-2 and tier-3 cities. These cities are witnessing an uptick in demand for standardised, no-frills accommodation with essential amenities offered at competitive prices.

The proliferation of digital booking platforms and contactless services has further streamlined guest experiences and boosted operational efficiency.

Technology is a major enabler of transformation in the

Indian hospitality space. Artificial Intelligence (AI)-powered solutions such as chatbots for customer service and personalised recommendation engines are enhancing guest engagement and satisfaction. These applications leverage consumer behaviour analytics and real-time data to deliver tailored experiences, optimise pricing, and improve overall service delivery. With 260 billion in global AI investments projected in the hospitality sector by 2026, Indian players are increasingly aligning with global innovation trends.

Sustainability has also emerged as a key focus area. Over 250 Indian hotels have received Green Globe certification, reflecting the industrys shift toward eco-conscious operations. Initiatives include solar-powered hotel infrastructure, electric vehicles for tourist transport, and broader carbon footprint reduction programmes across aviation and accommodation segments.

These efforts underscore the industrys commitment to responsible tourism.

Supporting this momentum is the increasing digitisation of operations, not only among luxury and mid-range hotels but also within budget and unbranded establishments. Cloud-based property management systems, automated check-ins, smart energy systems, and AI-based concierge services are improving productivity and service quality.

Digital transformation is no longer differentiatorbut a necessity, as customer expectations evolve toward faster, frictionless, and personalised travel experiences. The digital maturity of Indias hospitality players is expected to be a critical determinant of competitiveness in the coming years.

Indias hospitality industry was valued at US$ 179 billion in

2018 and reached US$ 251 billion by 2023. The market is now estimated at US$ 281.83 billion in 2025 and is expected to grow to US$ 541.70 billion by 2030, registering a CAGR of nearly14%overtheforecastperiod.Thestrongfundamentals of rising disposable incomes, increased business and leisure travel, and technology-led transformation are set to drive sustained growth. The expansion of hospitality infrastructure, coupled with strategic digital adoption and a shift toward green practices, is establishing a solid foundation for long-term competitiveness. Indias position among the top global destinations for ease of doing business further strengthens its attractiveness to both domestic stakeholders and international investors.

Outlook

Indias hospitality industry is poised for an accelerated growth trajectory, supported by favourable macroeconomic indicators, strong consumer demand, and proactive policy interventions. The industrys robust domestic market serves as a critical strength, providing consistent business even during periods of global travel volatility. Unlike economies that are heavily reliant on inbound tourism, India benefits from a vast and growing internal travel segment, which supports stable hotel occupancy and revenue streams.

The Indian hotel market, which stood at US$ 32 billion in FY 2019-20, is projected to reach US$ 52 billion by FY 2026-27. Premium hotel occupancy is anticipated to rise from 68-70% in FY 2022-23 to 72-74% in FY 2024-25, indicating continued recovery and operational efficiency gains. The broader tourism and hospitality industry is forecasted to generate over US$ 59 billion in revenue by 2028, highlighting its strategic importance to the national economy.

The employment generation remains a core pillar of the sector. With an estimated 50 million direct and indirect jobs expected to be created in the next five to seven years, the hospitality and tourism industry is set to play a major role in supporting inclusive economic development.

Foreign Direct Investment continues to be a strong growth catalyst. From April 2000 to December 2023, cumulative FDI equity inflows into the hotel and tourism sector totalled US$ 17.1 billion. This reflects a growing global confidence in Indias long-term potential and enhances the capital base for hospitality infrastructure development.

Policy-driven enablers are further accelerating industry growth. The establishment of the Hospitality Development and Promotion Board has streamlined the hotel project approval process, while dedicated government funds, such as the 2 billion allocation for pilgrimage tourism circuits, reinforce public-private collaboration. These efforts position

India among the top destinations for ease of doing business in hospitality.

With sustained investment, rising consumer demand, and an increasing focus on innovation and sustainability, the Indian hospitality sector is well-positioned to deliver resilient and inclusive growth.

COMPANY OVERVIEW

Easy Trip Planners Limited, herein referred to as "EaseMyTrip" or "the Company," was founded in 2008 and has grown to become a leading online travel platform in India. Company started its operations with a B2B2C distribution channel, enabling travel agents to book domestic airline tickets through its website, serving the offline travel market in India.

In 2011, EaseMyTrip expanded its operations to the B2C distribution channel, targeting the travel needs of Indias growing middle-class population. This strategic shift allowed the Company to directly address the travel requirements of individual customers. In 2013, EaseMyTrip further diversified its business by entering the B2E distribution channel, providing comprehensive travel solutions to corporate clients.

Currently, EaseMyTrip offers a wide range of travel-related products and services to provide end-to-end travel solutions. These include airline tickets, hotel bookings, holiday packages, rail tickets, bus tickets, charter, taxi and cruise services . Additionally, the Company offers ancillary services such as travel insurance, visa processing, and tickets for various activities and attractions. EaseMyTrip also provides a no-convenience fee option, eliminating service fees when alternate discounts or promotional coupons are not applied.

EaseMyTripcontinuestobuildonitstechnologicalfoundation, with a dedicated in-house team focussed on developing secure, scalable, and advanced technological infrastructure. Over time, the Company has expanded its portfolio to include intercity mobility, hospitality management, and electric mobility. Key strategic acquisitions, including

Spree Hospitality, YoloBus, and Easy Green Mobility, have enabled the Company to diversify its service offerings and enter high-growth verticals while remaining asset-light. Key platform features such as AI-powered chat support, WhatsApp-based bookings, zero upfront hotel payments, and flight fare lock options further strengthen the Companys one-stop travel ecosystem. Additional tech-led innovations include ScanMyTrip, a discovery and booking marketplace integrated with the ONDC network , EMTDesk for automated corporate bookings and EMTMate for travel agent enablement.

As of March 31, 2025, EaseMyTrip has served over 30 million customers, offering access to a network of more than 400 international and domestic airlines. The Company also provides a wide selection of hotels in India and international locations, covers nearly all railway stations in India, and offers bus tickets and taxi rentals in major Indian cities.

Additionally, EaseMyTrip has a strong network of over 72,000 registered travel agents across Indias key metropolitan areas. The Company has also expanded its presence through strategic acquisitions and international offices, supporting its focus on enhancing product diversity and geographical reach. Its global footprint now includes offices in the UAE,

UK, USA, Singapore, Saudi Arabia, Brazil, Thailand, the Philippines, and New Zealand. It has also launched Explore

Bharat, a dedicated inbound tourism vertical, aimed at showcasing Indian destinations to international travellers.

In addition, the Company has introduced EasyDarshan, a curated pilgrimage travel service offering end-to-end solutions for spiritual tourism across India. Further, strategic partnerships such as with Planet Education are enabling

EaseMyTrip to expand its offerings in niche travel categories, including student and business travel.

Through its strategic distribution channels, diverse service offerings, and focus on customer-centric innovations, EaseMyTrip has established itself as a scalable, efficient, and sustainable travel platform, well-positioned to meet the evolving needs of a broad and growing customer base.

BUSINESS SEGMENTS

Airline Tickets: EaseMyTrip offers a comprehensive range of airline tickets for both domestic and international travel. Customers can choose from over 400 airlines, including domestic carriers like Indigo and Air India and international airlines like Etihad Airways and Lufthansa. This extensive selection provides customers with numerous options for their travel needs.

This segment primarily earns revenue through commissions, incentives, and select service fees tied to booking activity. To further enhance user convenience, we have introduced features such as WhatsApp-based flight bookings, fare lock options that allow customers to hold a flight price for up to 48 hours, and EaseFly, which provides free cancellation and date change options. These are further supported by AI-enabled chatbot assistance to help customers manage their bookings with greater ease.

Hotels and holiday packages: We offer a diverse range of hotel and holiday packages, catering to various vacation themes such as beach, adventure, family, pilgrimage, romantic, shopping, cruise, and culture. Additionally, we also provide escorted tours, honeymoon specials, group tours, and weekend trips. To further strengthen our offeringsin the domestic and spiritual tourism segments, we have launched

Explore Bharat, a dedicated inbound tourism vertical focussed on promoting Indian destinations to international travellers, and EasyDarshan, a curated pilgrimage travel service offering end-to-end solutions for spiritual journeys across India. Customers benefit from the convenience of customising their travel plans, with the ability to combine multiple travel products like airline tickets, hotel stays, notand car rentals into a single transaction. This flexibility only enhances customer convenience but also enables the company to cross-sell multiple products effectively.

We also cater to corporate clients through the B2E

(Business-to-Employee) route, offering tailored services for planning and booking official travel through EMTDesk, our dedicated platform for corporate travel management. As of March 31, 2025, EaseMyTrip provides access to over 2.9 million hotels worldwide. Our business model, which involves partnerships with aggregators and direct contracting, allows us to maintain a lean cost structure by not directly dealing with hotels or assuming inventory risk. This approach enables us to operate the hotel segment with a small team of just 71 people , receiving commissions periodically from these aggregators. We also operate our own hospitality vertical through Spree Hotels, which manages a portfolio of over

2,000 room keys under an asset-light model.

The hotel and holiday packages segment significantly contributed to the companys net revenue, accounting for 19.8% of the total, reaching 1,162.47 million in FY 2024-25, compared to 553.5 million in FY 2023-24. This growth highlights the effectiveness of EaseMyTrips strategic approach in this business segment.

Other Travel Products and Services: EaseMyTrip offers a comprehensive range of travel products and services beyond airline and hotel bookings. Customers can book rail tickets, bus tickets, air charter services, and taxi rentals. Additionally, we provide ancillary value-added services, including travel insurance, visa processing and tickets for various activities and attractions. We have strengthened our presence in the intercity mobility segment through YoloBus, a tech-enabled, asset-light platform for premium bus travel. We also operate an electric mobility vertical, Easy Green Mobility, focussed on offering sustainable urban travel solutions.

The Company has been expanding into specialised travel categories including education, sports, and luxury segments. We cater to the unique needs of students and educational institutions through partnerships such as Planet Education, and offer customised solutions for luxury weddings and events, MICE (Meetings, Incentives, Conferences, and Exhibitions), and sports tourism. We also introduced the

Explore Bharat initiative to promote inbound tourism, focussing on attracting international travellers to Indian destinations.

EaseMyTrip has also scaled its technology-driven offerings through proprietary platforms such as ScanMyTrip, a discovery and booking marketplace, integrated with the Open Network for Digital Commerce (ONDC), expanding reach through interoperable and inclusive travel solutions. EMTDesk, a corporate travel expense management platform; and EMTMate, a tech solution to support and empower travel agents.

KEY BUSINESS STRENGTH

Leading with a Customer-Centric Approach through a One Stop Travel Ecosystem

We are leveraging the rapid growth of the travel industry to strengthen our position in Indias online ticketing market.

One of the key factors driving this growth is the rising use of discount coupons, which provide transparency and build customer loyalty. EaseMyTrip was among the first OTAs to introduce No Convenience Fee and Zero Hidden Cost models, reinforcing our customer-first positioning.

To enhance the travel experience, we offer support, before, during, and after the journey, through

24/7 in-house call centres. E-tickets and flight alerts are shared proactively via SMS and messaging platforms, keeping customers informed throughout their travel. Our One Stop

Travel Ecosystem spans flights, hotels, visas, charters, cruises, and activities, offering a seamless and integrated solution.

In addition to ticketing, we have built a customer-first ecosystem that addresses diverse travel needs. We operate dedicated call centres to handle holiday package enquiries and bookings, providing personalised assistance. We currently have live operations in the UAE, United Kingdom, Thailand, and the United States, while also maintaining a presence in Singapore, Saudi resilient and efficient organisation within Arabia, Brazil, Philippines, and New

Zealand. These international offices help enhance localised service delivery and support deeper engagement with our global customer base. Integrated platforms such as Spree

Hospitality and YoloBus further extend our ecosystem into stay and intercity mobility.

By implementing these strategies, we aim to establish itself as a reliable and customer-focussed travel service provider, meeting the evolving needs of travellers in a digital world. Our commitment to innovation and customer satisfaction positions us as a leader in the online travel industry, dedicated to making every journey enjoyable and stress-free.

Consistent Performance Driven by Lean and Transparent Business Model

Over the course of 16 years in operations, we have consistently funded our working capital needs and business growth through internal accruals, without relying on external equity infusion. This approach has allowed us to remain bootstrapped, maintaining complete control over our financial strategies and growth trajectory.

Our advanced technology infrastructure and streamlined systems have supported strong financial and operational performance. These tools enable agile workflows, efficient data management, and better decision-making. Our lean cost model has been central to sustaining margins and enabling profitable growth across cycles.

We maintain a sharp focus on resource optimisation.

This includes efficient workforce deployment to reduce errors, improve productivity, and enhance service quality. As of March 31, 2025, our company had a total of 1,706 full-time employees, reflecting our ability to operate serviceefficiently we provide to our customers. Our lean staffing model is a testament to our focus on operational excellence and cost-effectiveness.

Thistrains,cabs, lean approach also extends to verticals such as hospitality and intercity mobility. Strategic expansions, including Spree Hospitality and YoloBus, have contributed to business growth while preserving cost discipline. Our global presence across the UAE, UK, USA, Singapore, Saudi Arabia, and Brazil has been built without external equity infusion, underscoring the strength of our internally funded model and our focus on operational efficiency.

By prioritising these initiatives, we have positioned ourselves the asa financially highly competitive online travel industry. Our dedication to maintaining lean operations, coupled with our investment in advanced technology, has enabled us to deliver superior value to our customers.

Improving User Experience through AI-Powered Personalisation and 24/7 Support

We remain focussed on enhancing the user journey through seamless, tech-enabled solutions. Our platform offers a range of innovative tools such as WhatsApp flight bookings,

AI-powered chatbots for real-time query resolution, zero upfront hotel bookings, fare lock options, and free cancellation/date change through EaseFly. These are further strengthened by voice-based search and dynamic pricing tools that personalise user experiences.

Our organisation has a highly skilled in-house technology team responsible for developing a secure, scalable and efficient technology infrastructure. This enables us to enhance customer-focussed initiatives, roll out new solutions, and improve overall service delivery. During the year, we expanded our tech stack with platforms like ScanMyTrip EMTDesk, our dedicated platform for corporate travel bookings, and EMTMate for agent enablement.

The teams continuous efforts in research and development allow us to stay ahead of evolving customer needs and maintain operational resilience in a dynamic environment. We are also in the process of integrating with the Open Network for Digital Commerce (ONDC) to broaden accessibility through interoperable travel services.

As of March 31, 2025, our technology team comprised 112 professionals with strong technical backgrounds and domain expertise, committed to driving innovation and user satisfaction.

Expanding Market Reach with Comprehensive Tri Channel Distribution Strategies

Our organisation has developed an extensive distribution network based on a hybrid platform, incorporating three channels: B2C (Business-to-Consumer), B2E (Business-to-Employee), and B2B2C (Business-to-Business-to-Consumer). This multi-channel approach enables tap in all the customers through various touchpoints. The platform is supported by a strong agent and franchisee network that drives demand in Tier 2 and Tier 3 cities and fosters trust across customer touchpoints.

Our network integrates websites, mobile applications, and a wide base of travel agents, allowing us to meet varied customer preferences and improve accessibility. We also operate dedicated call centres for holiday package enquiries and bookings, providing personalised assistance.

Our international footprint has expanded through offices the UAE, UK, USA, Singapore, Saudi Arabia, Brazil, Thailand, Philippines and New Zealand.

We are actively developing our inbound tourism vertical under the Explore Bharat initiative, aimed at promoting

Indian destinations to international travellers, and have also introduced EasyDarshan, a curated pilgrimage travel service offering end-to-end solutions for spiritual tourism across

India. During the year, we further strengthened our market presence through partnerships such as Planet Education, enhancing engagement in student and business travel segments.

By implementing streamlined software across distribution channels, we offer multiple touchpoints to market additional travel products and services, leveraging established customer relationships for a seamless experience. Our hybrid our fulldistribution model enables us to effectively suite of offerings, deepening customer relationships and driving growth in a competitive travel industry.

Strengthening Brand Recognition through Strategic Marketing Partnerships

Our long-standing presence in the market and extensive operational experience have made EaseMyTrip a widely recognised brand across India. We have consistently reinforced our customer-first image by pioneering zero convenience fee and zero hidden cost models.

These differentiators have built trust and customer acquisition and retention.

Our strong brand equity has enabled us to forge high-impact strategic partnerships with airlines, hotels, and other ecosystem players. Over time, we have collaborated with various brands and platforms to launch exclusive ticketing offers, promotional campaigns, and cashback programmes, driving higher conversion and user engagement.

To expand visibility and strengthen recall, we have actively invested in event sponsorships, particularly in high-impact areas such as sports marketing. These efforts have significantly boosted our brand presence across physical and digital media.

Backed by a growing user base of 30+ million customers, rising app downloads, and increasing website traffic, EaseMyTrip continues to gain recognition as one of Indias leading online travel platforms. Our recognition through industry accolades like the Travel & Tourism Awards and continuous cross-marketing efforts further demonstrates our deepening market penetration.

By capitalising on our brand strength, ecosystem partnerships, and loyalty-driven initiatives, we aim to deepen customer trust, unlock new cross-sell opportunities, and solidify our leadership in Indias evolving travel landscape.

Experienced Team Driving Execution and Growth

EaseMyTrips leadership team brings deep expertise in the travel and technology sectors, combined with strong operational capabilities and strategic foresight. This experience has been instrumental in expanding our distribution footprint, scaling new verticals, and strengthening our product and service offerings.

Since inception, the promoters have played an active role in executing the Companys growth strategy and overseeing day-to-day operations. Their continued involvement and long-term vision have helped shape EaseMyTrips growth trajectory and build a resilient organisation.

The senior management team adopts a hands-on and agile approach to navigating dynamic market conditions. Their collective insight and guidance continue to drive innovation, enhance execution, and unlock new opportunities, ensuring sustained momentum and long-termour value creation for all stakeholders.

BUSINESS STRATEGIES

Capitalising on the Expansion within the Travel Sector

Indias online ticketing sphere continues to thrive, shaped by surging internet access, smartphone proliferation, budget airline growth, and rising reliance on digital railway reservations. This momentum in online services signals considerable prospects for forward-thinking enterprises. Mindful of these trends, the Company remains intent on harnessing market expansion, fostering continued engagement from existing patrons whilst drawing in new clientele. By vigilantly tracking consumer habits and embracing technological innovation, we uphold our dedication to exceptional service, pioneering solutions, and frictionless booking experiences. Through persistent enhancement of our portfolio, the Company is set to extend its market reach and sustain its standing as a leading presence within the ever-shifting travel industry.

Leveraging Non-Air Segments for Growth/

Enhancing the Offerings beyond Air Travel

EaseMyTrip has placed emphasis on broadening its range of services, notably within the hotel and holiday package domains known for superior margins. The hotel sectors largely segmented nature and modest uptake of digital bookings present notable opportunities for advancement. As increasing numbers of hotel providers migrate online, customer appetite for effortless bookings grows. To meet this demand, EaseMyTrip has secured partnerships via 2.9 million hotel-related APIs, vastly enriching its supplier network and enabling seamless access to a comprehensive array of international accommodations.

Furthermore, the Companys international footprint now spans several destinations, with the Dubai office achieving a robust Gross Booking Revenue of 7,013.7 million for FY 2024-25, compared to 2,049.7 million in FY 2023-24, registering growth of 242.2%. Key development areas ?€“hotels, international travel, bus transport ?€“ are earmarked for growth, given current online adoption below 20%. EaseMyTrip aims to deepen customer engagement through improved online experiences and expansion in underserved markets, including rail ticketing for cities with limited air travel infrastructure. The Companys active diversification, overseas growth and focus on segments with untapped digital potential pave the way for increased market capture and enhanced customer convenience.

Expanding Agent Networks and Franchise Initiatives/Reaching New Consumers in Tier II & III Cities

Traditional travel agents, integral to the B2B2C channel, are increasingly choosing online platforms to streamline processes and reduce costs, amplifying competitiveness forin a digital age. This move is particularly significant

FINANCIAL STATEMENTS

reaching audiences in smaller cities. EaseMyTrip intends to consolidate its travel agent network to support customer needs and facilitate local hotel acquisition. Expanding usage of the customisable B2B2C portal will also address demand from the offline sector. Pursuing its growth agenda,

EaseMyTrip introduced the EMT Franchise model, delivering direct, personalised service and expanding its footprint to 16 stores, including Bhopal, Amritsar and Karnal. This approach addresses digital literacy barriers by providing accessible solutions. Investment in technology for improved connectivity and business efficiency equips agents to thrive in todays digital environment, strengthening the Companys

B2B2C channel and meeting evolving market requirements in Tier II and III cities.

Focus on Innovation and Technology/Advancing Customer Experience through Technological Progress

Embracing rapid advancements, EaseMyTrip prioritises research and technological development to optimise platform reliability and enrich user journeys. The Company is dedicated to presenting an extensive choice of discounted travel options, accessible primarily via its mobile applications.

Enhanced app functionality will deliver location-specific and language-tailored recommendations, allowing travellers to enjoy bespoke support from planning to completion. Through sustained investment in cutting-edge technology, EaseMyTrip continually elevates user satisfaction and engagement, striving to set new benchmarks in travel convenience and customisation.

Strategic Brand Collaborations/Boosting Engagement through Partnerships

EaseMyTrip upholds a strategic agenda of expanding and diversifying its service spectrum to widen its customer base. Forming alliances with prominent brands unlocks opportunities for cross-promoting premium products and accessing targeted audiences, while simultaneously trimming marketing expenditures. Such cross-party collaborations, spanning both digital and physical domains, enable the Company to deliver a broader suite of travel products, benefitingfrom partner expertise and established consumer trust. This approach not only opens new market avenues but also enhances value and choice for customers.

Acquisitions Driving Continued Momentum/ Expansion through Key Acquisitions

Past acquisitions have tangibly accelerated EaseMyTrips trajectory, underpinning performance across various business areas. During the last financial year, further investments in air travel and non-air segments have propelled the Company towards deeper market penetration and greater operational scale. These initiatives continue to serve as growth catalysts, ensuring sustained advancement in a dynamic industry landscape.

FINANCIAL OVERVIEW

Particulars	FY2025	FY2024
Gross Booking Revenue (GBR)	86,916.08	85,126.05
Revenue/Income
A. Revenue from Operations (as per financials)	5,873.24	5,905.76
B. Discounts to customers	2,700.53	2,721.23
C. Less: Service cost	-615.69	-496.26
Adjusted Revenue (A + B + C)	7,958.09	8,130.73
Other Income (Finance + Non-operating)	159.26	185.05
Adjusted Income	8,117.35	8,315.78
Total Expense
Discounts to customers	2,700.53	2,721.23
Cost of material consumed	32.89	22.36
Employee benefits expense	1,028.31	821.46
Advertising and sales promotion expenses	954.16	820.70
Payment Gateway Charges	611.34	562.08
Other Expenses	1,177.92	1,086.02
Finance Cost	57.66	59.66
Depreciation and amortisation expense	124.71	71.64
Total Expense	6,687.53	6,165.15
PBT before exceptional items	1,429.82	2,150.63
Exceptional item/loss	-	724.31
PBT after exceptional items	1,429.82	1,426.32
Current and deferred Tax	343.26	573.96
Taxbenefit on	-	-182.30
Net Profit after tax	1,086.56	1,034.66
Other Comprehensive Income	84.41	-2.96
Total Comprehensive Income	1,170.97	1,031.70
Total Comprehensive Income attributable to:
Equity shareholders of the parent	1,157.89	1,028.09
Non-controlling Interests	13.08	3.61
KEY FINANCIAL RATIOS
Ratios	FY 2024-25	FY 2023-24
Interest Coverage Ratio (x)	25.80	37.05
Current Ratio (x)	2.68	2.29
Debt Equity Ratio (x)	0.05	0.02
Operating Profit Margin (%)	26.73%	37.47%
Net Profit Margin (%)	18.01%	25.89%

Outlook

Online Ticketing Market / Strengthening Core in Online Travel

The online ticketing market has shown strong growth, driven by increasing digital adoption and consumer preference for convenient booking solutions. We have established a strong presence in this competitive sector by utilising advanced technology infrastructure to improve user experience and streamline transactions. We continue to prioritise domestic growth while building out our inbound travel vertical through initiatives such as Explore Bharat, which aims to promote Indian destinations to international travellers. As we look ahead, we remain poised to capitalise on further opportunities in this evolving market, sustaining our growth trajectory and delivering value to our stakeholders.

Expanding into Higher-Margin Segments / Scaling Underpenetrated and High-Growth Verticals

By diversifying our offerings into higher-margin segments such as hotels, holiday packages, and intercity mobility, we aim to capitalise on untapped potential and strengthen our market position. This approach is expected to enhance our revenue streams and increase profitability. Our asset-light hospitality business under Spree Hotels and our premium bus mobility platform, YoloBus, continue to scale profitably, reinforcing the strength of our strategy. We are also focussed on scaling underpenetrated verticals such as education travel, weddings, MICE, and sports tourism, which represent growing categories within our full-service travel portfolio. We expect these initiatives to further strengthen

EaseMyTrips revenue mix and long-term profitability.

Expansion into International Markets

EaseMyTrip is actively scaling its presence across global markets to capture untapped opportunities and reinforce its competitive position. With established operations in the UAE, UK, Thailand, and USA, and additional locations set to launch shortly, our international footprint continues to grow steadily. Notably, our operations in Dubai have delivered exceptional performance, further validating the strength and scalability of our business model.

Redefining Travel with Technological Advancements /

Enhancing User Experience through Tech and Innovation

Our investment in technology and innovative product development is essential for maintaining our competitive edge in the online travel industry. By using advanced technologies, we enhance user experience and introduce unique features. Recent initiatives such as WhatsApp-based bookings, fare lock options, EaseFly, and AI-powered chat support reflect our continued efforts to simplify the travel journey and improve customer engagement. This builds customer loyalty, ensures sustained growth, and meets evolving customer needs. In addition, platforms such as EMTDesk and EMTMate have allowed us to scale our B2B and agent-facing solutions, while ScanMyTrip enhances travel discovery. We are also integrating our offerings with the ONDC network, enabling broader access through interoperable, government-supported digital infrastructure.

Focus on Customer Satisfaction and Brand Equity

/ Deepening Customer Trust through Brand and Service Excellence

Our comprehensive customer support infrastructure enhances our brands recognition and reputation.

By consistently prioritising customer-focussed initiatives and investing in effective marketing strategies, we aim to boost our brand equity and attract a wider customer base. Our dedication to exceptional service helps us meet and exceed customer expectations, building loyalty and trust in our brand. As we expand our global presence in a calibrated and capital-efficient manner, our agent and franchisee network remains a key pillar of demand generation, particularly across Tier 2 and Tier 3 cities. We will continue to deepen this network through automation, enablement tools, and strategic outreach.

Delivering Scalable and Sustainable Growth

/ Driving Scalable Growth with Asset-Light

Efficiency

We remain focussed on capturing growth opportunities in the online ticketing market. By diversifying into higher-margin segments and leveraging technology and innovation, we aim to stay ahead of the competition. We continue to pursue strategic acquisitions that complement our platform and expand our capabilities. Throughout this roadmap, we will operate with a lean, asset-light model, supported by strong internal accruals and disciplined cost control. This approach underpins our ability to drive scale profitably and deliver long-term value to all stakeholders.

RISK MANAGEMENT

Risk	Mitigation
Economy risk	EaseMyTrip addresses this risk by concentrating on both business growth
The Company\u2019s operational and financial	and efficient cost management. The Company diligently oversees its fixed
results could be negatively influenced	expenditures and enhances operational effectiveness through continuous
by a contraction in the global economy,	assessment and adjustment to prevailing market trends and conditions. These
or by disturbances affecting the Indian	strategic approaches are routinely evaluated to ensure alignment with evolving
economy and its travel sector.	economic landscapes.

Demand Risk

The Company experiences exposure to inherent seasonal patterns within the travel and tourism sector.Revenue its service typically reaches its highest points during the summer and winter holiday periods, which correspond to the first and third quarters of the financial year. These natural variations introduce a potential for inconsistency in revenue generation across the entire year.

Competitive Risk

The Company operates within an intensely competitive segment of the travel products and services market. It faces rivalry from a diverse array of players, both domestically and internationally, comprising well-established entities and newer entrants. This competitive set includes online travel agencies, conventional offline travel enterprises, various payment platforms, and search engines that also provide travel-related functionalities.

Concentration Risk

The Companys substantial dependence on its airline ticketing operations represents a concentration risk, given that a considerable proportion of its revenue originates from this singular business vertical. This reliance could potentially influence the stability of revenue and the performance of margins, particularly during periods of market fluctuation downturns specific to the industry.

Technological Risk

The Company encounters potential difficulties should it not keep pace with rapid advancements manages its productin technology. A failure to adapt could negatively impact its operational effectiveness and overall efficiency.

EaseMyTrip manages this risk through ongoing improvements to its digital platforms, including its websites and mobile applications, aiming to enhance user experience, widen market penetration, and broaden its revenue streams.

TheCompanyhasstrategically diversified to encompass not only hotels and travel packages but also rail and bus tickets, taxi hire, and supplementary services such as travel insurance and visa processing. Moreover, a comprehensive distribution network ?€“ spanning online portals, call centres, physical travel stores, and independent travel agents ?€“ provides numerous access points for customers. This network caters to a wide range of travellers, including non-resident Indians and those visiting the country. This multifaceted approach contributes to stabilising revenue, even during periods typically associated with lower demand.

EaseMyTrip mitigates this competitive pressure by prioritising technological advancements and elevating the customer experience across all its platforms. The Company utilises self-service options, chat assistance, call centres, and its network of physical travel stores to ensure a smooth customer journey. To solidify its standing in the market, the Company has shifted its emphasis towards digital marketing, brand development, and increasing public awareness through widespread media campaigns and innovative digital approaches. Forming strategic alliances, such as the collaboration with Lifestyle, provides additional advantages to customers. Furthermore, initiatives to engage with Indias extensive network of travel agents within the business-to-business-to-consumer (B2B2C) segment are designed to stimulate sales growth and achieve greater market penetration.

EaseMyTrip has strategically responded to this risk by broadening its range of product offerings. The Company has expanded into additional travel services, now including bus tickets, taxi hire, and railway reservations. Furthermore, recognising the growth prospects within the Indian hospitality sector, EaseMyTrip is establishing direct collaborations with hotels and various suppliers. Concurrently, the Company is enhancing its presence in the international hotel booking and holiday package markets. By extending its service portfolio in this manner, EaseMyTrip aims to solidify its position as a comprehensive travel solutions provider, fostering customer loyalty and establishing multiple income channels.

EaseMyTrip has established a dedicated internal technology team, focussed on maintaining an advanced and secure technological infrastructure for the Company. Through ongoing system upgrades incorporating the latest innovations,EaseMyTrip effectively service portfolios while simultaneously enhancing operational efficiencies. The Company utilises technologically enhanced distribution channels to access Indias expanding middle-class travel market. Additionally, EaseMyTrip prioritises innovation by embracing technology-led initiatives that improve the process of attracting new customers, streamline service provision, and elevate overall customer satisfaction, thereby ensuring consistency with international developments.

HUMAN RESOURCE

At EaseMyTrip, our employees are a cornerstone of our success, and we are committed to their continuous growth and engagement. We invest in their professional development through comprehensive in-house training, skill enhancement initiatives, and opportunities for advancement across all functions and levels. To recognise and reward their contributions, we have implemented structured reward and recognition programmes. Importantly, our workforce is non-unionised, and we have maintained a stable and workproductive work environment, with no significant stoppages or labour disputes over the past four years. As of March 31, 2025, our team comprised 1,706 full-time employees.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

EaseMyTrip is committed to creating long-term economic value while actively supporting the development of a sustainable society. Our Corporate Social Responsibility (CSR) initiatives are closely aligned with our mission to address social and environmental responsibilities and foster positive economic practices. We have established a comprehensive CSR policy that prioritises initiatives aimed at eradicating hunger, poverty, and malnutrition, as well as promoting healthcare, sanitation, and access to safe drinking water. The policy also emphasises education, vocational skills, gender equality, womens empowerment, and environmental sustainability. Our CSR committee is responsible for overseeing the implementation of these initiatives and recommending the allocation of funds.

In FY 2024-25, we contributed 20.5 million through the EaseMyTrip Foundation to support environmental sustainability and the promotion of sports across the country.

INVESTOR RELATIONS

We are committed to continually enhancing our service standards for investors, benchmarking our activities against industry best practices. Our dedicated Investor

Relations team actively serves the interests of the investment community through regular communication and engagement, facilitating ongoing discussions with global investors and shareholders. We conduct periodic meetings events,to share performance updates, significant and relevant information exchanges. The Chairman & Chief

Executive Officer, Executive Director, Chief Financial Officer, and the Investor Relations team collectively manage and represent our Company in interactions with investors, the media, and various government entities.

To ensure transparency, we make all critical information accessible to our investors through our websites dedicated

Investor Relations section, which includes comprehensive details on our Directors, shareholding patterns, quarterly reports, financial results, annual reports, press releases, unpaid/unclaimed dividends, and various policies. Additionally, any material developments during the quarter that may impact revenue or earnings are promptly communicated to stock exchanges and updated on our website. Our website also hosts quarterly results, regulatory filings, earnings call transcripts, Investor Relations presentations, and schedules for analyst and investor interactions.

INTERNAL CONTROLS

The Company maintains a strong and reliable internal control system. Aligned with our business operations, EaseMyTrip has implemented a comprehensive internal control framework that addresses governance, compliance, audit, control, and reporting. This framework ensures adherence to local statutory requirements, promotes the orderly and efficient conduct of business, safeguards assets, and facilitates the detection and prevention of fraud and errors. It also ensures the adequacy and completeness of accounting records and the timely preparation of reliable financial information.

The effectiveness of our internal checks and control systems is regularly validated by internal auditors and reviewed by management. The Audit Committee provides oversight of the Companys financial reporting process, ensuring accurate and timely disclosures with the highest levels of transparency, integrity, and quality. Additionally, the

Committee evaluates the adequacy and effectiveness of internal control systems and recommends improvements where necessary to maintain high levels of integrity, transparency, and governance.

CAUTIONARY STATEMENT

StatementsinthisManagementDiscussionandAnalysisofthe

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, based on 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 results of operations should be read together with our audited, consolidated Financial Statements and the notes to these statements included in the Annual Report.