Easy Trip Planners Limited

Started in 2008, Easy Trip Planners Ltd is one of the largest online travel agency company. Company offers a comprehensive range of travel-related products and services for end-to-end travel solutions, including airline tickets, hotels and holiday packages, rail tickets, bus tickets and taxis as well as ancillary value added services such as travel insurance, visa processing and tickets for activities and attractions. The company focusing on the B2B2C (business to business to customer) distribution channel and providing travel agents access to company's website to book domestic travel airline tickets in order to cater to the offline travel market in India. Subsequently, by leveraging company's B2B2C channel, company commenced operations in the B2C (business to customer) distribution channel in 2011 by primarily focusing on the growing Indian middle class population's travel requirements. Consequently, due to company's presence in the B2B2C and B2C channels, company were able to commence operations in the B2E (business to enterprise) distribution channel in 2013 with the aim of providing end-to-end travel solutions to corporates. Company's presence in three distinct distribution channels provide company with a diversified customer base and wide distribution network. As of December 31, 2020, company provided company's customers with access to more than 400 international and domestic airlines, more than 10,96,400 hotels in India and in international jurisdictions, almost all the railway stations in India as well as bus tickets to and taxi rentals for major cities in India. In addition, as of December 31, 2020, company had 55,981 travel agents registered with company across almost all major cities in India and     according to the CRISIL Report, company had the largest network of travel agents among Key Online Travel Agencies as of such period. As per financial performance, Easy Trip Planners has posted total income/net profits of Rs. 113.57 cr. / Rs. 0.18 cr. (FY18), Rs. 151.11 cr. / Rs. 23.97 cr. (FY19) and Rs 181.01 cr / Rs 32.98 cr (FY20). For upto Q3 of FY21, company has posted net profit of Rs 30.88 Cr on total revenue of Rs 81.46 Cr. So company has shown good performance. Easy Trip has posted an average EPS of Rs. 2.52 and average RoNW of 33.19% for last three fiscals. Issue is priced at a P/BV of 15.38 as per NAV of 12.16 on 31.12.20. As per FY20 earnings, on fully diluted equity post issue, P/E is around 62. If we attribute latest annualised earnings of FY21 on fully diluted equity post issue, then asking price is at a P/E of around 49. So it looks fully priced. There is no listed peers as per RHP document. On BRLM's front, two BRLMs are associated with this IPO, and have handled around 17 IPO in last three fiscals. From last 10 IPOs, 3 are opened below issue price and remaining are opened above issue price on the day of listing. As of now, 1 is trading below issue price and remaining are trading above issue price. ( As on 25.02.20201) As per financials, results of Easy Trip Planners are good, RoNW is 33.19% for last three fiscals and as per FY20 earnings issue is priced at P/E of around 62 and for annualised FY21 earnings P/E is 49. As internet penetration is increasing in BHARAT, people are using online platforms for their travel needs and this sector is expected to grow at very good rate for next 3 - 5 years, but the competition level is also very high. Performance of BRLM is good, So we give SUBSCRIBE rating to this IPO for listing gains.

• 1 MR. NISHANT PITTI
• 2 MR. RIKANT PITTI
• 3 MR. PRASHANT PITTI