Driving Excellence with Strategic Focus
Our exceptional 15-year journey exemplifies our steadfast commitment to
innovation and customer satisfaction, transforming the travel ecosystem. It also inspires
us to move ahead with optimism to a brighter future, driving sustainable, profitable
growth and delivering enduring value for all our stakeholders.
Dear Shareholders,
I am thrilled to present the 16th Annual Report of
EaseMyTrip for FY 2023-24. As we celebrate this strategic milestone, I reflect with
immense pride on our journey of profitable growth.
Our exceptional 15-year journey exemplifies our steadfast commitment to
innovation and customer satisfaction, transforming the travel ecosystem. It also inspires
us to move ahead with optimism to a brighter future, driving sustainable, profitable
growth and delivering enduring value for all our stakeholders.
From humble beginnings in 2008, we have expanded from the B2B2C market
into the B2C and B2E sectors, catering to various segments in India. Along the way, we
have achieved significant milestones, emerging as one of the fastest-growing internet
companies, offering comprehensive end-to-end travel solutions.
At this crucial moment in our journey, I would like to thank our
shareholders, esteemed Board of Directors, seasoned leadership, employees, customers,
partners and all stakeholders for their unwavering support and trust bestowed on us.
Serving over ~26 Mn satisfied customers and operating a robust network
of 400+ airlines, countless hotels and 67,000 registered travel agents, our commitment to
innovation and customer satisfaction remains unwavering.
Industry Landscape
The Indian tourism industry, ranked among the fastest-growing sectors,
showed remarkable growth in 2023, contributing over US$ 199.3 Bn to the GDP and projected
to reach US$ 512 Bn by 2028. This growth is fuelled by rising domestic and international
travel, evolving consumer preferences and supportive government initiatives. Notably,
domestic airline passenger traffic rose from 391.46 lakh in March 2024, up from 375.04
lakh in the same period last year, reflecting a 4.38% annual growth, as per data from the
Directorate General of Civil Aviation (India). The 2024 interim budget's allocation
of 2,449.62 Cr to the tourism sector, an impressive 44.7% year-on-year increase and FDI
inflows of US$ 17.9 Bn in FY 2023-24 further paint a promising future for our industry.
Performance Overview
Committed to profitable growth, EaseMyTrip focussed on sustaining our
bottom line in FY 2023-24, achieving our highest-ever EBITDA of 2,282 Mn, reflecting a
19.3% year-on-year increase. Our Gross Booking Revenue (GBR) rose to 85,126 Mn from 80,506
Mn in FY 2022-23, indicating 5.7% growth. Revenue from Operations registered a 31.6%
year-on-year growth at 5,906 Mn while Profit before Tax stood at 2,151 Mn, generating a
16.3% year-on-year growth.
Our robust growth in FY 2023-24 was primarily driven by our resilient
business model, strategic focus and steadfast dedication to innovation and
customer-centric solutions. Our remarkable performance also stemmed from cost management,
with our operational costs continuing to be much lower than our peers. Thanks to our
strategic brand building initiatives, our marketing spend as a percentage of GBR stands at
1.0% in FY 2023-24.
Our operational performance remains strong, with the air segment
continuing its robust run, achieving 1.1 Cr segment bookings. Meanwhile, our non-air
segments have grown by leaps and bounds due to our strategic focus on expansion. Since
going public, our priority to grow our hotel business has resulted in strong segment
growth with 5.18 lakh room nights bookings in FY 2023-24, reflecting a year-on-year
increase of 49.2%. Additionally, our trains, buses and other segments also witnessed
robust growth of 66.6% year-on-year.
On the international front, we are excited about our continued
advantage with unmatched products and competitive prices. Our Dubai business is performing
exceptionally well, generating 2,049.8 Mn in GBR, reinforcing our optimism for future
growth. Additionally, we have launched operations in U.K · to tap into the European
market, UAE · to target the Middle East and Thailand, all aimed at expanding our
international presence and solidifying our position as a one-stop online travel platform
for global travellers.
Strategic Expansion
Supported by seasoned leadership, robust technological infrastructure,
lean cost business model, and a strong balance sheet, we undertook various strategic
initiatives to ensure our continued success in the evolving online travel landscape.
To expand our market reach and drive growth, we have acquired 51% of
the aggregate paid-up share capital each in three renowned travel companies: Guideline
Travels Holidays India Private Limited, TripShope Travel Technologies Private Limited and
Dook Travels Private Limited. By leveraging their diverse expertise across different
travel sectors, we aim to provide niche services to our extensive customer base while
broadening our global reach.
During FY 2023-24, we focussed on expanding our domestic footprint by
catering to customers who prefer offline bookings, opening 12 new franchise stores at
several places across India. These strategically located new franchise stores will offer
services including flight bookings, hotels, transportation and premium vacation packages,
helping us grow our customer base and transform travel experiences nationwide.
With a strategic focus on portfolio diversification, we acquired 4.94%
(post allotment) paid-up equity share capital of ETrav Tech Limited in a cash deal,
strengthening our B2B offerings across diverse travel services including Flight API,
holiday packages and Hotel API. Focussed on delivering environmentally friendly products,
we acquired a non-controlling ~13% stake in Eco Hotels and Resorts Limited, promoting
sustainable practices within the hospitality sector and enhancing customer travel
experiences. To further diversify our service portfolio, we launched a new subsidiary
· EaseMyTrip Insurance Broker Private Limited to tap the booming insurance market
and create specialised insurance products, leveraging our existing user base and asset
light model.
Underscoring our ongoing commitment to sustainability, we partnered
with BluSmart, India's leading all-electric ride-hailing service and EV charging
superhub operator, to promote eco-friendly travel solutions. Additionally, we signed a
historic MoU with the Government of Uttarakhand, valued at 250+ Cr, to enhance the
state's tourism profile through joint marketing in key global markets while launching
a state-endorsed homestay program to create local employment and foster economic growth in
the region. Furthermore, our collaboration with the Ministry of Rural Development aims to
empower women in Self Help Groups across 800 districts through the Lakhpati Didi Yojana,
fostering entrepreneurship nationwide.
As a customer-centric company, we continue to undertake key
collaborations to enhance customer travel experiences. Notable ones include our alliance
with DuDigital Global
Limited, a globally recognised tech firm, which will strengthen our
capabilities in administrative services, visa processing, passport, and identity
management. Additionally, our partnership with Zoomcar, a NASDAQ-listed leader in car
sharing, allows users to effortlessly book from a fleet of 25,000+ self-drive cars
directly through our app, adding convenience and flexibility for planning end-to-end
journeys. We have also joined forces with Punjab National Bank to launch the ‘PNB EMT
Credit Card', a unique travel focussed co-branded credit card to provide a seamless
and rewarding travel experience for
Indian customers.
Leveraging technology, we explored fresh and innovative ways to craft
memorable customer journeys during the fiscal year. We launched our in-house Smart Voice
Recognition Technology, powered by AI and ML, to simplify bookings for flights,
accommodations, and more.
Additionally, Corporate Travel Solutions 2.0 is set to redefine
business travel, while our exclusive subscription program offers invite-only customised
services for HNIs and CEOs. We have introduced a 20-day credit period for listed companies
and the ‘EMT Royale' premium membership for our elite customers. To boost
domestic tourism, we launched EasyDarshan · a dedicated platform for spiritual
tourism in India and the ‘Explore Bharat - Discover the Soul of India' programme
to captivate overseas travel enthusiasts. Further, we collaborated with Czech Tourism,
unveiling an immersive six-month campaign to promote tourism in the country.
Through strategic brand-building campaigns, we aimed to deliver the
best travel deals to our customers. From our milestone 15th anniversary Mega
Sale to the unique Brand Bazaar and Leap
Year Travel Sale, our innovative offers received an exceptional
response. Our inaugural nationwide roadshow connected us with leading travel agents, while
the ‘Chalo Lakshadweep' campaign highlighted our commitment to promoting
domestic destinations. We proudly served as the official travel partner for major events
like the CARS24 Yuva Kabaddi Series 2023 and World Padel League 2023. Actively pursuing
innovative cross-industry partnerships, we teamed up with Swiggy, HT Digital, SpiceJet
Airlines and CSC e-Governance Services Limited, to improve customer experiences, cost
optimisation, and expand brand visibility.
We also strengthened our top management team in FY 2023-24, appointing
seasoned leaders, and furthering our vision to become a truly global OTA.
Outlook
India's travel and tourism segment is set for robust growth, with
revenues expected to reach US$ 23.72 Bn in 2024, and the package holidays market emerging
as the largest segment. Increasing demand for travel, rising disposable incomes,
smartphone adoption, digital connectivity and a thriving economy are the key factors
driving the industry's growth. Additionally, the allocation of 3,200 Cr to the
Ministry of
Civil Aviation for FY 2023-24 and the launch of
52 tourism projects worth over 1,400 Cr under the Swadesh Darshan and
PRASHAD Scheme, underscores the government's commitment to strengthening domestic
tourism infrastructure. These initiatives, combined with the recent announcement of 100%
FDI in tourism-related ventures, are set to further boost industry growth.
As a leading OTA, EaseMyTrip is strategically positioned to capitalise
on emerging industry opportunities, driving sustainable growth and delivering enduring
stakeholder value.
As I conclude, I once again extend my heartfelt gratitude to all
stakeholders for their continued support and confidence in our business.
Embarking on our next journey, we remain focussed on organic and
inorganic growth, confident that our solid foundation and unwavering commitment will keep
driving our success in the coming years.
| Warm Regards, |
Nishant Pitti |
| Chief Executive Officer |