Easy Trip Planners Ltd. IPO

Some of the information in the following discussion, including information with respect to the plans and strategies, contain forward-looking statements that involve risks and uncertainties. You should read the section “Forward-Looking Statements” on page 22 for a discussion of the ... risks and uncertainties related to those statements. The actual results may differ materially from those expressed in or implied by these forward-looking statements. Certain non-GAAP financial and operational measures and certain other industry measures relating to the operations and financial performance have been included in this section and elsewhere in this Red Herring Prospectus. However, note that such measures may not have been computed on the basis of any standard methodology that is applicable across the industry and therefore may not be comparable to financial and operational measures, and industry related statistical information of similar nomenclature that may be computed and presented by other online travel companies. It should be noted that such non GAAP measures are not measures of operating performance or liquidity defined by generally accepted accounting principles and may not be comparable to similarly titled measure presented by other companies. For further information, see “Risk Factors - We have in this Red Herring Prospectus included certain non-GAAP financial and operational measures and certain other industry measures related to the operations and financial performance that may vary from any standard methodology that is applicable across the online travel industry. The consolidated financial information for the nine months ended December 31, 2020 and Fiscal 2020 are not directly comparable with the unconsolidated financial information for Fiscals 2018 and 2019 given that we did not have any subsidiaries in such prior periods. Unless otherwise indicated or the context otherwise requires, the financial information for Fiscals 2018 and 2019 included herein is derived from on the Restated Unconsolidated Financial Information, and the financial information for the nine months ended December 31, 2020 and Fiscal 2020 included herein is derived from the Restated Consolidated Financial Information, included in this Red Herring Prospectus. Further, unless otherwise indicated or the context otherwise requires, all operational information included herein for Fiscals 2018 and 2019 is on an unconsolidated basis, while all such information for the nine months ended December 31, 2020 and Fiscal 2020 is on a consolidated basis. Read more

Unless noted otherwise, the information in this section is obtained or extracted from “Assessment of the OTA industry in India” dated February 2021 (the “CRISIL Report”) prepared and issued by CRISIL Research, a division of CRISIL Limited, on the request. Neither we nor ... any other person connected with the Offer have independently verified the industry and third party information. The data may have been re-classified by us for the purposes of presentation. Industry sources and publications generally state that the information contained therein has been obtained from sources generally believed to be reliable, but that their accuracy, completeness and underlying assumptions are not guaranteed and their reliability cannot be assured. Industry sources and publications are also prepared based on information as of specific dates and may no longer be current or reflect current trends. Industry sources and publications may also base their information on estimates, projections, forecasts and assumptions that may prove to be incorrect. Accordingly, investors must rely on their independent examination of, and should not place undue reliance on, or base their investment decision solely on this information. The recipient should not construe any of the contents in this report as advice relating to business, financial, legal, taxation or investment matters and are advised to consult their own business, financial, legal, taxation, and other advisors concerning the transaction. MACRO-ECONOMIC OVERVIEW OF INDIA Review and outlook of India’s Gross Domestic Growth (“GDP”) growth GDP registered a CAGR of 6.6% over Fiscals 2012 and 2020. India’s GDP has increased at an eight-year CAGR of 6.6% from Rs. 87 trillion in Fiscal 2012 to Rs. 146 trillion in Fiscal 2019. GDP expected to contract by 7.7% in Fiscal 2021. With the level of activity recovering at a faster rate than expected in the second quarter of Fiscal 2021 and a consistent decline in COVID-19 cases, the Indian economy is expected to contract by 7.7% in Fiscal 2021. Review of share of trade, hotels, and transport in Gross Value Added (“GVA”) Share of hotels and restaurants in GVA constant at approximately 1%. The contribution of hotels and restaurants at constant prices increased at a CAGR of 7.6% CAGR from Fiscal 2013 to Fiscal 2019. Further, the share of hotels and restaurants in GVA has remained constant at approximately 1%, as it has grown in line with total GVA during the period. The per capita GVA of hotels and restaurants increased at a CAGR of 5.8% over the period, driven by rising disposable incomes, growing middle class, and evolving lifestyle of Indian population with an inclination towards higher discretionary spending on services, such as, hotels and restaurants. According to CRISIL estimates, the Indian hospitality industry is expected to decline by 50% to 55% in Fiscal 2021. Share of transport in GVA fell marginally to 4.8%. The contribution of transport (comprising air, railways, road, water and services incidental to transport) at constant prices increased at a CAGR of 6.3% from Fiscal 2013 to Fiscal 2019, with air transport growing fastest with a CAGR of 14.5% during this period. The per capita GVA of transport increased at a CAGR of 5.0%, driven by the Government’s focus on transportation infrastructure, resulting in improved connectivity, healthy income growth and consequent affordability across means of transport. Review of Private Final Consumption Growth (“PFCE”) PFCE continues to maintain significant share in GDP. PFCE at constant prices has registered a CAGR of 6.8% from Fiscal 2012 to Fiscal 2020, maintaining a significant share of approximately 57% in the GDP. In its annual provisional estimates, the Central Statistical Office estimated PFCE at Rs. 83.3 trillion, accounting for approximately 57% of the GDP, for Fiscal 2020. Factors contributing to this growth include favourable monsoons, wage revisions due to implementation of the Pay Commissions’ recommendation, liberal interest rates and low inflation. Read more