Easy Trip Planners in-principally approves acquisition of certain entities

Online travel service provider Easy Trip Planners Limited, on Monday, said its board of directors in-principally approved the acquisition of certain entities and companies.

The board also approved the appointment of legal advisers, merchant bankers, tax consultants, and other professionals as may be required to assist the company for potential acquisition transactions, said the company in a regulatory filing.

In a filing with the stock exchanges, Easy Trip Planners said, “The board has in-principally approved the identification and acquisition of certain entities/ companies in overseas as well as domestic jurisdiction(s) with the objective of fuelling the growth of the company through inorganic means.”

The company will endeavour to identify potential target entities engaged inter alia in the business of cruise and tour package services, hotel reservation services, medical and educational tourism, and located in the geographical regions of North America, UAE, South Pacific and India.

With these potential acquisitions, the company wishes to foray into the business of medical and education tourism as these sectors are witnessing fast-paced growth.

This in-principal decision of the Board is subject to the relevant regulatory and/ or shareholders’ approval(s), as may be applicable.

Earlier, Easy Trip Planners Ltd has reported a 4.16 per cent rise in consolidated net profit to Rs 41.7 crore for the third quarter ended December 2022.

The company had posted a consolidated net profit of Rs 40.03 crore in the corresponding quarter of the last fiscal, Easy Trip Planners, which operates under the brand EaseMyTrip, said in a regulatory filing.

Its consolidated revenue from operations during the period under review stood at Rs 136.15 crore against Rs 86.56 crore in the year-ago period, it added.

The growth was driven by strong volume growth in the flight and hotels segment, the company said.

The company's total expenses in the third quarter were higher at Rs 82.6 crore compared to Rs 35.93 crore in the same period previous fiscal.

Air segment clocked revenue of Rs 111.57 crore during the quarter against Rs 86.13 crore in the year-ago period, while hotel packages revenue stood at Rs 23.7 crore, the company said.

(With inputs from agencies)