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Easy Trip Planners Ltd
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Ladies and gentlemen, good day, and welcome to Easy Trip Planners Limited Q1 FY '24 Earnings Conference Call. Today in this call, we have with us Mr. Prashant Pitti, Co-Founder and Executive Director; Mr. Nishant Pitti, Co-Founder and CEO; Mr. Ashish Bansal, Chief Financial Officer; Ms. Nutan Gupta, Chief Operating Officer; and Mr. Rajat Gupta from Investor Relations.
The results for Q1 FY '24 for the company, the investor presentation and the press release have been uploaded on stock exchange and on the company's website.
Before we start the call, a disclaimer. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. [Operator Instructions]. Please note that this conference is being recorded.
I now hand the conference over to Mr. Prashant Pitti from Easy Trip Planners Limited. Thank you, and over to you, sir.
Thank you. Good evening, ladies and gentlemen, and thank you for joining us in this earnings conference call to discuss the financials and operational performance of the company for the quarter and the fiscal year ended June 30, 2023. As we mark the completion of 15 years, I would like to begin by expressing heartfelt appreciation to our valued customers and all other stakeholders who have supported us.
I would like to reassure you all that our dedication is strong and we are committed to providing excellent travel services in the future as well.
Moving ahead, I would like to spend a few minutes discussing the industry's recent development and its future trajectory. See, India is one of the fastest-growing economies and travel and tourism industry contributes meaningfully to the country's GDP. During the quarter, the Indian travel industry witnessed a surge in demand. [indiscernible] as one of the strongest to debate. The increased demand can be attributed to the noticeable changes in people's preference to spend more on travel from their growing disposable income.
In 2023, domestic air travel numbers have surpassed pre-COVID levels each month. According to DGCA data, the Indian domestic airlines carried 38.6 million passengers during quarter 1 of FY '24 as against 32.5 million during the corresponding period of the previous year, indicating a strong growth of 19% year-on-year. According to the industry results, the rise in air passenger numbers is also significantly contributed by the first time flyers.
The government acknowledges the potential of travel industry to drive Indian economy growth in the coming years, and it is prioritizing infrastructure development to meet the growing demand. The government has allocated approximately INR 3,200 crores for the Ministry of Civil Aviations for FY '23, '24.
Additionally, it has set a target to operationalize 1,000 UDAN routes and to revise, develop 100 unserved or underserved airports, heliports or [indiscernible] by 2024. These initiatives are part of a larger vision to shape the travel industry.
As per IBEF report, the Indian travel market is projected to reach $125 billion in FY '27 from the estimate of $75 billion in FY '20. As a leading OTA, EaseMyTrip finds itself strategically positioned to extend its operation and capitalize it's emerging opportunities within the industry. With proven track record, we possess a necessary capability to adeptly navigate the dynamic landscape effectively leveraging our expertise to capitalize on the favorable market conditions.
Moving on to our overview of financial performance during this quarter. We have witnessed a strong demand during the quarter, and our customer-centric initiatives have played significant roles in helping us achieve new milestones.
In quarter 1 of FY '24, our company has achieved highest ever gross booking revenue of INR 2,371 crores representing an impressive 43% increase from INR 1,663 crores of quarter 1 of last year. While the industry grew by 19%, we grew by 43%. Our adjusted revenue grew by 47%, reaching to INR 193 crores in quarter 1 of FY '24 compared to INR 132 crores of quarter 1 of FY '23. The adjusted revenue as a percentage of GBR for quarter 1 of FY '24 was 8.2% as against to 7.9% for quarter 1 of FY '23, highlighting our leadership capabilities.
We are delighted to inform you that our Dubai business continues to exceed our expectations, reinforcing our positive outlook on the existing opportunity. The Dubai operation continues to gain strength sequentially. It grew 22% quarter-on-quarter to INR 53 crores in quarter 1 of FY '24. The cumulative GBR of Dubai is now at INR 171 crores, and we expect the momentum to continue. Our company's remarkable performance is also a result of our strategic cost management as our operational cost continues to be much lower than the industry's counterpart.
During the quarter 1 of FY '24, our marketing spend as a percentage of GBR was at 1.1%, in line with our previous quarter, which underscores our continuous commitment to strategic brand initiatives. We have consistently conveyed our commitment to profitable business growth, and we are delighted to report that we remain loyal to over upholding in these principles for the last 15 years.
During this quarter, we have achieved an EBITDA of INR 38 crores, translating to the EBITDA margin of 30%. Furthermore, our company reported PAT of INR 26 crores in quarter 1 of FY '24 with a PAT margin of 21%. The dip in the bottom line profitability was for 2 reasons. One, we experienced lower incentives from the airlines due to the shortage of the inventory primarily because of Go First issue. We believe this is just a one-time situation as the airlines build up inventory and the Go First resumes operation.
Second, we would -- you would have also noticed in our statements that our hotel business has recorded a small loss during the quarter, which has also impacted in the overall profitability.
The Air segment has shown significant growth with a remarkable 43% year-on-year increase in quarter 1 of FY '24. We successfully sold 32 lakhs air tickets net of cancellation compared to 22 lakhs tickets in quarter 1 of FY '23. In Hotel segment, our nontraditional aggregator model has proved to be a stable source of growth for this segment. We have been vocal about our target of expanding our non-air segments, and we are steadily moving towards in that direction.
In quarter -- in this quarter, we have sold 1.6 lakhs Hotel Nights, a remarkable 123% year-on-year increase from quarter 1 of FY '23. Our Trains, Bus and other segments too witnessed a robust growth. The transaction in this segment grew from -- grew to INR 2.2 lakhs in quarter 1 of FY '24 from INR 1.6 lakhs in quarter 1 of FY '23.
Coming to a few operational highlights for the quarter. During this quarter, which was marked by heavy travel demand, we intensified our efforts to provide most competitive pricing to our customers for all their travels. The month of June was filled with discounts and exclusive branding from our milestone 15th anniversary mega sales to first of its kind Brand Bazaar offer, which has seen an exceptional response from our valued customers.
EaseMyTrip has always been customer-centric organization, and we continuously explore fresh and innovative ways to give our customers best possible services. As we have been communicating, we are actively looking for inorganic opportunities that will fuel this market expansion and take company to the next level.
During our board meeting on 31 July 2023, the Board approved 3 acquisitions subject to necessary approvals. EaseMyTrip will acquire 51% stake in each Guideline Travels Holidays India Private Limited, TripShope Travel Technologies Private Limited and Dook Travels Private Limited.
Speaking about each one of them. Guideline Travels is a highly reputed travel company based out of Mumbai, that has expertise in B2B and B2C circuits. This company is a pioneer in cruising promotions in India and both an extensive product portfolio, which includes international group tools, bespoke FIT Ventures, fixed departure, MIT movement. Guideline Travels through its associate companies has recorded a revenue of INR 13.6 crores in FY '23.
TripShope Online is a travel solution based out of Kashmir, offers a wide range of travel products and has vast customer base. TripShope recorded a revenue of INR 42.7 crores in FY '23.
The third company, Dook Travels is based off Delhi and operates across CIS countries, Turkey, UAE and India. The company recorded a revenue of INR 52.6 crores in FY '23 and has established itself as a one of the biggest BMC's for CIS countries, serving our vast customer base of over 1 lakh tourists in the past 8 years. Once these acquisitions are completed, we will broaden our reach and embrace to diverse spectrum of services catering to larger markets, fostering future business growth.
During the quarter, the company has also strengthened its top management team. Foremost, we have elevated Ms. Nutan Gupta as Chief Operating Officer, who is also present on the call. She has been with the company since 2018 and has played an integral role in enhancing company's brand identity and building long-lasting supplier relationships.
We have also appointed Mr. Varun Mehta as the Global Head of Revenue and Growth, and he will be responsible for global growth strategies. For our Middle East subsidiary, we have appointed Mr. Sameer Bagul, as our Managing Director, and we will be leaning on his experience and expertise in taking Middle East business to the next level. We are sure that these new appointments will argument company the vision of becoming a truly global OTA.
We remain focused on our strategy expanding and brand domestically through our franchisee stores. and we have opened 4 new franchisees stores located in Surat, Jaipur, Patiala and Ludhiana. These locations were carefully picked by our team and have shown encouraging initial response.
Our objective is to cater to customers who still prefer online board for booking their holiday plan and delivering tailored needs for them, thereby expanding our customer reach.
Talking more about our brand building efforts. We have also collaborated with World Padel League 2023 held in Dubai in June 2023. The tournament was broadcasted on various platforms and received massive viewership enhancing our brand recall. We also signed general sales agreement with SpiceJet, with which both the companies are looking to help each other to expand their services in Indian market.
I would like to conclude by saying that EaseMyTrip is dedicated in providing superior customer services across plethora of travel services. Our unwavering commitment extended to expand the platform to reach larger audience and establishing a robust international presence.
With this, I request the moderator to kindly open up the question -- floor for the questions and answers.
[Operator Instructions] First question is from the line of Bala Murali from Oman Investment Advisers.
So regarding the Hotel segment -- even though the hotel bookings are a little bit higher compared to Y-o-Y, but the revenues are not [indiscernible]. Could you please throw some light on that?
So Bala, we did extend a bit more discount to our customers than this is during this particular quarter to push the boundaries of growing our hotel business significantly. And because of which there is a loss of about INR 5 crores in our hotel business for this particular quarter, because of which we have seen some finished profit before tax, which you usually see on this market. But this was a calculated effort from the company side to push the team and to push the hotel to grow even faster than before. We believe that this kind of discounting, which we gave in this particular quarter may not be necessary in the future.
Great. So I would like to see the segment to move forward -- and at the end of the year, what would be the revenue mix of Hotels and Air segment?
Well, basically, as we have already said and committed that we are looking forward to doubling our business in FY '24 compared to FY '23. We still stand on the same perspective. It will be difficult only to share an individual number of Hotel and Airlines, but we're looking forward to double our GBR in this particular year compared to FY '23.
Okay. And lastly, doubling the GBR means top line and bottom line also more proportional to the GBR or any hit on the margins will be there.
At our end, as we intensifying our efforts to increase our GBR to double the numbers, which is 100% growth, we may slightly reduced number on the bottom line. But again, it should not vary as much as what you are seeing on the list.
Okay. And lastly, on this Go Fast. So any further communications from the airlines to you people separately regarding the resumption of services, because we have seen that they are delaying the resumption services every 10 days, 15 days, 1 month like that. So the industry [indiscernible], we don't have any hope on that, but maybe you can have some idea on that.
So the information which we have is also coming from the public domain, which is that we are also hoping that they will resume their operations very shortly as what they have been informed recently.
The next question is from the line of Sakshi Chhabra from Swan Investments.
Yes. So sir, my question was on your other services segment where you reported a top line of INR 11 crores versus INR 1 crore in the previous quarter and about -- that was INR 86 lakhs in the same quarter last year. So can you just explain the breakup of this? Or what is -- I mean how have we managed to achieve this?
I would like Ashish Ji to do respond to this question.
Yes. Basically, it is because of the Bus business, which has been increased in this quarter, which the YoloBus is doing. So in this number, around INR 9 crores pertain to the bus business, which we are booking at a principal basis.
Sorry, INR 9 crores pertains to?
To YoloBus and we are booking that revenue as principle basis. So there's cost -- if you see the financial, there's cost also coming as service cost, which is related to that service.
Okay. Sir this is a one-time reporting that has been done?
No. Our YoloBus business has increased significantly in [Audio Gap], so that's why it's coming.
So for the full year, what sort of number can we expect on other service?
Pardon?
Sir, for the full year, what sort of number can we expect on this side on the other services?
Let's start with -- it's hard to say, but I think we can extrapolate and normal growth in the business. So we can see 5 to 6x growth in this year.
Okay. All right. And sir, when you spoke about the discounts that have been offered on the hotel packages, so the total discount amount that we are reporting in the presentation that includes this discount, which has been offered on the hotel side, right?
That is correct. About the YoloBus, I may want to add a little bit more as Ashish Ji has rightly said. YoloBus, which we have acquired about a year ago has started to perform very well for the company. And on the basis of that, you are seeing these numbers grow. And I would also be hopeful in the same line that number should grow by 5 to 6x in this year.
[Operator Instructions] The next question is from the line of Deepak Poddar from Sapphire Capital.
First up, I wanted to understand you mentioned that you're looking to double your GBR, right, in this year. So does that include your inorganic acquisition as well? Or it's just on organic basis you're talking about these numbers?
We are talking about the overall, organic and inorganic.
That includes maybe around INR 110 crores -- INR 100 crores to INR 110 crores kind of additional revenue, right, that?
When I said the GBR, it is basically last year with the total GBR of INR 8,000 crores. So we're looking forward to do INR 15,000 crores, INR 16,000 corers of GBR in this year.
And accordingly, your revenue also will follow, right? That's what you mentioned.
As I said, our focus is basically to push the boundaries and grow market share of the company. In terms of bottom line, it might not be exactly proportional, but it should not be part off as well.
Fair enough. I got it. And then how do we see the scale-up in FY '25? I mean any decisions on fronts, if you can provide.
We are taking 1 year at a time. This year, the target is to grow by 100%, which I believe should be enthralling for all the stakeholders and well wishers of the company.
[Operator Instructions] The next question is from the line of Shanti Patel from Shanti Patel Investments.
My first question is, what is -- can you throw some light on the profitability of these 3 subsidiaries which are acquired? And secondly, what will be our return on capital and return on equity share capital at the year-end?
Ashish Ji, can you respond to the first question?
[indiscernible].
I may share some information about this. So as we basically -- understanding of company, we are only acquiring profitable companies, who are growing at dramatic pace, who are at supply. So all the 3 companies, which we're acquiring are profitable. And they are actually adding very different value to the company. As we mentioned, during the note -- welcome note, most of these companies are actually dealing with holiday packages and that too in the group travel. So one of the beautiful things about group travel is, it can just be viewed -- the entire itinerary can be viewed online, and you can just directly purchase, just like you buy a flight ticket, bus ticket, train ticket or hotel nights.
So we are actually consolidating and focusing a lot on group travel and cruises -- cruise packages. Because in that, you don't have to put your team behind to create individual itineraries and then hope that those people eventually buy from you. In the group travel, the entire itinerary can be viewed and people can just buy online. So which is why there are these 3 companies Dook, Guideline and TripShope, which we have acquired, all these 3 companies are profitable. I don't think so we have shared the numbers, Ashish Ji, for the profitability for the last year. Have we?
We have not shared the numbers.
That is correct. So I believe that as that consolidation happens, all that information will be published.
My second question, what will be the return on capital and return on equity as on the last day of this accounting year?
See, this is very difficult to tell. The company and the management are doing their level best to grow the company and grow the company profitably. Among the other Internet companies which got listed in the last 2 years, EaseMyTrip is one of the only ones, who has been consistently delivering growth and that too profitably. So moving forward to continuing our profitability and continuing our growth -- to answer your question specifically that at the end of the year, it will be extremely hard for the management.
[Operator Instructions] The next question is from the line of Harshwardhan Patel as an individual investor.
I'm interested about knowing the activity that you're undertaking to expand your United Kingdom business. How are you going about it? And what are the challenges that you think are there? And how you're mitigating it?
Thank you, Harsh for asking this question. There are multiple challenges which company faces when they are starting a new territory. And this territory is also not an exception for the United Kingdom. But there is a playbook, which our company has created, that playbook is something which is confidential to the company. I may not be able to answer in detail, but the results of the playbook are out there. You can see how our UAE business is performing. Our business has been growing tremendously. It's very clearly described and about presentation of how beautifully the UAE business is growing.
And one of the reasons why we are getting very high level of acceptance in the international market is, we have not found any other incumbent or existing players in these markets who is able to offer our kind of products and services at our prices, being one of the most cost-efficient organizations in India and that is why having the entire operation and technology running out of India, the incumbent and current existing players in Dubai or UK market, are finding extremely hard to match our level of services and our level of prices, which is why we are looking forward to see a decent amount of growth come from our UK market as well. But sharing the playbook growth or talking about the challenges which are facing would be a confidential information for the company.
Just 1 followup. Are you doing it via partnerships in the U.K. market? Or are you doing some level of marketing there?
It's a mix of both B2C and B2B.
The next question is from the line of Madhuchanda Dey from MC Pro.
I have just 1 question, which is a kind of a little hypothetical, but if you could answer it would be great. Assuming a worst-case scenario, when Go First doesn't take off, what kind of write-off would you be -- would you have to be doing on account of the receivable from Go First?
Sure. It is actually part of our presentation, and it is also there in our financial. The current outstanding on the Go First is about at INR 71 crores. However, we are hoping that the operations will resume.
Okay. So as per your accounting policy, after how many days would you have to do a kind of prudent right-off from an accounting perspective?
Ashish Ji, do you have any answer on that?
See, these are the exceptional circumstances as we review the outstanding and we are [indiscernible]. Then after considering all the facts, then the management of the company will decide. And we should see the market also how the other players are doing.
So clearly there is some level of exposure on the OTA share, because of Go First and as a market, we will also react accordingly because to the way the market is reacting. However, we are strongly hopeful that the Go First will resume the operations as what we have been informed by them and also as what we are hearing on the public platforms.
I mean I fully understand the point. I understand that you are not the only OTA exposed to Go First, but as a matter of policy, what is your bad debt written-off policy? And then after how many days do you typically write-off receivables, that is what I wanted to understand. What is the internal policy of the company on this -- not on Go First, on any receivables for that matter?
Company policy is 180 days, [indiscernible] reason to believe that it is not accountable. But they assess the recoverability also on continued cases.
So, I mean, as per that policy, by the end of Q2, this would have already crossed 180 days, right?
It happened in May.
Okay. So somewhere in Q3.
It will happen in Q3.
Next question is from the line of Nitin Gandhi from Inoquest Advisors Private Limited.
Can you -- if I missed -- I'm sorry, but what was the cost of acquisition of these 3 ventures which you have planned? And what are the normal benchmark at which as an investor we should revisit this as a performance criteria, if you can share, whatever it is ROCE, ROE or...
Ashish Ji, you may proceed to answer this question?
Yes, acquisition, we have already disclosed [indiscernible] and combined consideration for all 3 companies is around INR 65 crores and which is able to produce it. And as said earlier, all 3 companies are profitable and with the synergy of [indiscernible] and the customer base, basically we are accepting higher volume in future from these companies.
My question is like on -- what is the criteria on which we have to keep evaluating [indiscernible].
We acquired these companies on the criteria of PE analysis -- on the basis of PE numbers -- PE multipliers, we have acquired these companies. And in future as well, we are looking forward to acquire something on the basis of PE. And as Ashish Ji has rightly mentioned, with these markets -- on these markets, everyday almost about 10 lakh people visit either our website or our mobile application. We should be able to send them a significant amount of business, especially because they are dealing on group departures and cruise packages, and we look forward to grow their businesses along with us.
So whenever now acquisitions happens going forward, maybe this year it is INR 65 crores, next year you may go INR 100 crores acquisitions, will you be reporting the performance of acquisitions or -- because still at least the [indiscernible] acquire them 100%? Or will you not be separately reporting?
That will be something which will decide in the due course of time.
A humble suggestion. If you can perform -- whatever, maybe, I'm not saying all the acquisitions, but wherever the acquisitions are meaningful about INR 25 crores or something like that, if you can keep some benchmark and start discussing, it will give us a good faith.
Point noted. Thank you.
[Operator Instructions]. The next question is from the line of Thomas [indiscernible] as an individual investor.
I have 3 questions. First one, we have around 14 million customers with us, right? What is your plan for any sort of a cross-sell or increasing the wallet share of these customers?
So we already are doing it. And that is how you are seeing our hotel business, our bus business, train business. Most of these customers who are our original flight customers. But now we are cross-selling and because of which you are seeing the result of us growing our other business products. Please ask your next question.
Sir, I just would like to get an overview of the travel industry which is obviously moving ahead, especially, the hotel bookings. So in the last 1, 1.5 years we are seeing it is steaming up. How is it moving? Is it moving with the same pace or if it fizzling out? What is that you are seeing on the industry length?
In the welcome note, I just talked about how the industry is performing. This year, we have grown our hotel business by 123%, which is significant growth at which we have grown and we look forward to growing. Maybe you can ask your next question.
Sir, you have given a guidance of doubling your business. So just want to understand, will it be capturing the market share of the competition or we will also gain from the -- gaining the share of the incremental market growth?
The market is not growing at the pace of 100%. So hence, clearly, we will be gaining market share from our competitors. For example, in the last 1 year, market grew by 19%, hence, we are confident of doubling our business and hence, a lot of it will come from competitors' side.
Okay. Understood, sir. Sir, this is what is related to the previous question. So is the market growing in the same pace as of last year is what I wanted to understand.
That is something which we will have to refer from IBEF industry report, specifically for the Hotel segment, I believe that the market is growing faster.
The next question is from the line of Harshwardhan Patel an initial investor.
Yes, Prashant this question is to you. What do you expect the international business revenue to contribute as a percentage of total revenue in, say, 2 or 3 years from now?
At least 25% after the discounts..
25%?
That is correct.
And will we get into newer geographies apart from U.K. UAE, by that time?
There are certain other geographies as well, which we have in our mind as we will progress, you will get to know.
The next question is from the line of Nilesh Doshi from Prospero Finvest.
Sir, the promoter has just reduced the stake of the company -- stake in the company. Is there further any plan to reduce the further equity stake? Or will they maintain the 65% around?
There is no further plan to reduce any stake at the moment. And given the new age Internet companies, the promoter stake in this organization is fairly larger compared to any other Internet company because we were able to [indiscernible].
So promoters are having many business or this is the only business they are doing -- is metric. Is it the only -- main business activity?
Promotors have few other business activities, but this is where most of our focus relates to.
Okay, sir. And can you provide the information because the last deal has happened on the 30th June. So the shareholding pattern does not provide the who are the actual buyer. Can you share that information, because we know that there was a bulge in over the seller, but we don't know about the buyers. So can you -- because the 30th June shareholding pattern does not provide that information.
So I will share that -- we will share that information whenever we upload it on the SEBI site as well.
[Operator Instructions] We'll take the next question from the line of Gautam Kotagiri as Retail Investor.
So I see GBR growth from Q4 to Q1 is around 10%, right? So I just want to understand how did the market grow in the meantime -- the overall market? And did we grow in line with the market? Or how did we say? Can you just throw some light on that?
We grew better than the market. And that is why we gave slightly more discounts to achieve this slightly better growth than the market.
Okay. Any numbers on the overall market growth? Do you have anything on the say?
I don't have the number on top of my head. But this is a public information. We can look at the DGCA website of what was the market growth during this period.
[Operator Instructions] Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to Mr. Prashant Pitti for closing comments. Thank you, and over to you, sir.
Thank you. Well, to conclude, we are still -- we are still first in demand within the travel industry, which has contributed to our remarkable performance during the quarter. Our unwavering dedication to placing customers at the heart of our initiative has undoubtedly fueled the success, costing loyalty and satisfaction among our valued customers.
We are positively enthralled by our financial accomplishments and are firmly determined to sustain this trajectory of being profitable. The future holds boundless potentials, and we are eager to seize every opportunity that comes our way, confident in our ability to thrive and make the lasting impact in travel industry.
Thank you all for joining us on this earnings call, and we hope all of your queries have been answered. Looking forward to speaking with you in the next quarter. Thanks once again.
Thank you, ladies and gentlemen. On behalf of Easy Trip Planners Limited, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines. Thank you.