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EQUITY - MARKET SCREENER

Easy Trip Planners Ltd
Industry :  Travel Agencies
BSE Code
ISIN Demat
Book Value()
543272
INE07O001018
8.5791339
NSE Symbol
P/E(TTM)
Mar.Cap( Cr.)
EASEMYTRIP
87.13
9977.96
EPS(TTM)
Face Value()
Div & Yield %
5.27
2
0.22
 

As on: May 25, 2022 12:41 PM

Dear Members,

EASY TRIP PLANNERS LIMITED

(Formerly Known as EASY TRIP PLANNERS PRIVATE LIMITED)

Your Directors have pleasure in presenting the13th Annual Report together with the Audited Financial Statements (Standalone and Consolidated) of Accounts of your Company for the Year ended March 31, 2021.

1. FINANCIAL RESULTS

I n compliance with the provisions of the Companies Act, 2013 ('Act'), and SEBI (Listing Obligations and Disclosure

Requirements) Regulations, 2015 ('Listing Regulations') the Company has prepared its standalone and consolidated financial statements as per Indian Accounting Standards ('Ind AS') for the FY 2020-21. The standalone and consolidated financial highlights of the Company's operations are as follows:

Standalone Consolidated
Particulars 2021 (Rs.million) 2020 (Rs.million) 2021 (Rs.million) 2020 (Rs.million)
Revenue from Operations 1066.92 1409.85 1067.10 1,413.60
Interest and Other Income 442.25 387.39 440.45 396.51
Total Income 1509.17 1797.24 1507.55 1,810.11
Total Expenses 662.95 1322.09 673.70 1,351.29
Extraordinary Items - -
Profit/(Loss) before tax 846.22 475.15 833.85 458.82
Tax Expense:
1. Current Tax 225.76 132.52 226.27 132.52
2. Deferred tax charge/(credit) (3.52) (3.85) (3.52) (3.53)
3. Tax adjustments related to earlier periods 1.00 - 1.00 -
Profit/(Loss) from continued operations 622.98 346.48 610.10 329.83
Discontinued Operations:
1. Profit/Loss before tax from discontinued operations - 0
2. Tax expense/(reversal) of discontinuing operations - 0
Profit/Loss for the year 622.98 346.48 610.10 329.83

2. STATE OF AFFAIRS

During the year under review, your Company has achieved a Standalone Turnover of Rs.1066.92 million as against Rs 1409.85 million in the previous year. The operating profit before Finance costs, depreciation and tax is Rs.884.55 million as against Rs.513.21 million for the previous year. Standalone Profit after tax is Rs.622.98 million as compared to Rs.346.48 million of the preceding year.

On a consolidated basis, the Company has achieved a turnover of Rs.1067.10 million as against Rs.1413.60 million in the previous year. The consolidated operating profit before Finance costs, depreciation and tax is Rs.875.80 million as against Rs.498.90 million for the previous year. The Consolidated Profit after tax is Rs.610.10 million as compared to Rs.329.83 million of preceding year.

OVERVIEW

EaseMyTrip commenced operations in 2008 by focusing on the B2B2C (business to business to customer) distribution channel and providing travel agents access to their website to book domestic travel airline tickets in order to cater to the offline travel market in India. Subsequently, by leveraging their B2B2C channel, they 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 their presence in the B2B2C and B2C channels, they 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. Their presence in 3 distinct distribution channels provides them with a diversified customer base and wide distribution network.

As of March 31,2021, the Company provided customers with access to more than 400 international and domestic airlines, more than 10,96,400 hotels in India and international jurisdictions, almost all the railway stations in India as well as bus tickets and taxi rentals for major cities in India. Further, EaseMyTrip also had the largest network of travel agents with 59,274 registered travel agents across almost all major cities in India as of March 31, 2021.

3. TRANSFER TO RESERVE

During the financial year, the Company has transferred ' Nil (no share option outstanding) Mn from Share option Outstanding Account to General Reserve.

The total General Reserve stands at Rs.1436.53 million on Standalone Basis whereas Rs.1406.99 million on Consolidated Basis.

4. CHANGE IN THE NATURE OF BUSINESS

There has been no change in the nature of the business of the Company. Your Company continues to be in the business of Travel and Travel related services.

5. SHARE CAPITAL

As on March 31, 2021, the authorised share capital of the Company is Rs.25,00,00,000 comprising of 12,50,00,000 equity shares of face value of Rs.2/- each and the paid-up equity share capital as at March 31,2021 is Rs.21,72,90,000 comprising of 10,86,45,000equity shares of face value of Rs.2/- each.

During FY 2020-21, the Company had neither issued any shares nor instruments convertible into equity shares of the Company or with differential voting rights nor has granted any stock options or sweat equity.

6. INITIAL PUBLIC OFFER (IPO)

During the year under review, your Company successfully completed its Initial Public Offer ('IPO') of 2,72,72,727 equity shares of face value of Rs.2/- each vide an Offer for Sale by the Promoters of the Company. The Shares of the Company were listed on both the Stock Exchanges i.e., BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) w.e.f. March 19, 2021. The Issue was opened on March 08, 2021 and closed on March 10, 2021 (for anchor investors, the Offer opened and closed on March 05, 2021). The Issue was over-subscribed 159.33x times and the Offer Price for the equity shares of face value of Rs.2/- each was fixed at Rs.187/- per equity share (including a share premium of Rs.185 per equity share) pursuant to a resolution passed by the Board on March 1 1, 2021.

7. DIVIDEND

During the current year, the Board of Directors in their meeting held on April 19, 2021 approved payment of an interim dividend of Rs.2/- (100%) per Equity Share of face value of Rs.2/- (Rupees Two only) each of the Company for the Financial Year 2020-21. Total payout of Interim Dividend was Rs.21,72,90,000/- (Rupees Twenty One Crore Seventy Two Lakhs Ninety Thousand Only). The Record Date for the purpose of payment of interim was Wednesday, April 28, 2021.

8. LISTING AT STOCK EXCHANGES

As on the date of this report, the Company has its Equity Shares listed on the following Stock Exchanges:

i. BSE Limited and

ii. The National Stock Exchange of India Limited

The listing fees for the financial year under review has been paid to the Stock Exchanges where the equity shares of the Company are listed.

9. CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated financial statements of your Company for the Financial Year 2020-21, have been prepared in accordance with the Act and applicable Indian Accounting Standards. The Audited Consolidated Financial Statements together with Auditors' Report form part of the Annual Report. A report on the performance and financial position of each of the subsidiaries included in the Consolidated Financial Statements is presented in a separate section in this Annual Report.

Pursuant to the first proviso to Section 129(3) of the Act and Rule 5 and Rule 8(1) of the Companies (Accounts) Rules, 2014, the salient features of financial statements, performance and financial position of each subsidiary is given in Form AOC-1 as Annexure A to this Report. Please refer to Form AOC-1 annexed to the Financial Statements forming part of the Annual Report. Pursuant to the provisions of Section 136 of the Act, the Standalone audited financial statements, consolidated audited financial statements along with relevant documents and separate audited financial statements in respect of each of the subsidiaries are available on the website of the Company(www.easemytrip.com).

During the year under review, no company has become or ceased to be your Company's subsidiary or joint venture or associate

10. SECRETARIAL STANDARDS

Pursuant to the provisions of Section 118 of the Companies Act, 2013, the Company has complied with the applicable provisions of the Secretarial Standards issued by the Institute of Company Secretaries of India and notified by Ministry of Corporate Affairs.

11. DEPOSITS

During the year 2020-21, the Company has not accepted any deposits from public within the meaning of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014.

The Company has no unclaimed/ unpaid matured deposit or interest due thereon.

12. DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)

During the year, following Directors and KMPs are acting on the Board of Company:

Name of the Directors DIN/PAN Designation
1 Mr. Nishant Pitti 02172265 Chief Executive Officer & Whole Time Director
2 Mr. Prashant Pitti 02334082 Whole Time Director
3 Mr. Rikant Pittie 03136369 Whole Time Director
4 Mr. Satya Prakash 08489173 Independent Director
5 Justice Usha Mehra (Retired) 03361078 Independent Director
6 Mr. Vinod Kumar Tripathi 00798632 Independent Director
7 Mr. Ashish Kumar Bansal* ACSPB5909M Chief financial Officer
8 Ms. Preeti Sharma BYBPS1147J Company Secretary and Compliance Officer

Note:*Mr. Ashish Kumar Bansal was appointed w.e.f. February 08, 2021.

Mr. Vinod Kumar Tripathi (DIN:00798632) had completed his present term as Independent Director of the Company on February 24, 2021. On the recommendation of Nomination and Remuneration Committee, the Board re-appointed him as an Independent Director for a further term of five consecutive years i.e. upto February 24, 2026 at their meeting held on February 08, 2021. The Shareholders have subsequently approved the said re-appointment at the Extraordinary General Meeting held on February 22, 2021.

Justice Usha Mehra (Retired) and Mr. Satya Prakash, Independent Directors who had completed their term of one were re-appointed in Annual General Meeting dated December 28, 2020 for a term of five years.

Pursuant to the provisions of Section 152 of the Act, Mr. Nishant Pitti (DIN: 02172265), retires by rotation at the ensuing Annual General Meeting and being eligible, has offered himself for re-appointment.

Profile and other information of Mr. Nishant Pitti as required under Regulation 26, Regulation 36 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 and Secretarial Standard - 2 is given as an Annexure to the Notice convening this Annual General Meeting.

Mr. Abani Kant Jha, resigned as a Chief financial Officer (CFO) with effect from August 31, 2020.

Mr. Ashish Kumar Bansal was appointed as Chief financial Officer w.e.f. February 08, 2021.

13. INDEPENDENT DIRECTORS' DECLARATION

As on March 31, 2021, Mr. Satya Prakash, Justice Usha Mehra (Retired) and Mr. Vinod Kumar Tripathi are the Independent Directors on the Board.

Pursuant to the provisions of Section 149 of the Act and Regulation 25 of the Listing Regulations, the Independent Directors of the Company have submitted declarations that each of them meets the criteria of independence as provided in Section 149(6) of the Act along with Rules framed thereunder and Regulation 16(1 )(b) of Listing Regulations. In terms of Regulation 25(8) of the Listing Regulations, the

Independent Directors have confirmed that they are not aware of any circumstance or situation which exists or may be reasonably anticipated that could impair or impact their ability to discharge their duties with an objective independent judgment and without any external influence.

Further, declaration on compliance with Rule 6(3) of the Companies (Appointment and Qualification of Directors) Rules, 2014, as amended by Ministry of Corporate Affairs ("MCA") Notification dated October 22, 2019, regarding the requirement relating to enrollment in the Data Bank created by MCA for Independent Directors, had been received from all Independent Directors.

In terms of the provisions under the Companies Act, 2013, the Independent Directors met on March 31, 2021 and all the Independent Directors have attended the meeting.

In compliance with the requirements of SEBI LODR Regulations, the Company has put in place a framework for Independent Directors' Familiarization Programme to familiarize them with their roles, rights and responsibilities as Directors, the working of the Company, nature of the industry in which the Company operates, business model etc. The details of the familiarization programme conducted during the financial year under review are explained in the Corporate Governance Report. The same is available on the Company's website www.easemytrip.com

14. BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board at its meeting held on June 15, 2021, had carried out an annual performance evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit, Nomination & Remuneration and other Committees. The details of performance evaluation have been mentioned in the Corporate Governance Report.

15. COMMITTEE OF BOARD

The Company had constituted such committees as required under the Companies Act, 2013& SEBI (LODR) Regulations 2015 along with the related rules made thereunder the details pertaining to such committees are mentioned in the Corporate Governance Report, which forms part of the Annual Report.

Following Committees are functional:

(A) Audit Committee;

(B) Nomination and Remuneration Committee;

(C) Stakeholders Relationship Committee;

(D) IPO Committee

(E) CSR Committee

16. VIGIL MECHANISM AND WHISTLE BLOWER POLICY:

Pursuant to the provisions of Section 177(9) of the Act, the Board of Directors of the Company has framed the Vigil Mechanism / Whistle Blower Policy for Directors and Employees of the Company. The Company has adopted a Whistle Blower Policy, as part of Vigil mechanism to provide appropriate avenues to the Directors and Employees to bring to the attention of the management any issue which is perceived to be in the violation of or in conflict with the business interest of the company. During the year, there have been no complaints received.

The policy also provides access to the Chairperson of the Audit Committee under certain circumstances. The Whistle Blower Policy is uploaded on the website of the Company at www.easemytrip.com

NOMINATION CUM REMUNERATION POLICY

For the purpose of selection of any Directors, Key Managerial Personnel and Senior Management Employees, the Nomination & Remuneration Committee identifies persons of integrity who possess relevant expertise, experience and leadership qualities required for the position. The Committee also ensures that the incumbent fulfils such other criteria with regard to age and other qualifications as laid down under the Companies Act, 2013 or other applicable laws. The Board has, on the recommendation of the Nomination & Remuneration Committee framed a Nomination cum Remuneration policy for selection, appointment and remuneration of Directors, Key Managerial Personnel & Senior Management Employees.

The salient features of the Policy as approved by the Board and amended from time to time are as follows:

i. Appointment of the Directors and Key Managerial Personnel of the Company.

ii. Fixation of the remuneration of the Directors, Key Managerial Personnel and other employees of the Company.

iii. Formulatea criterionfor determining qualifications, positive attributes and independence of a director.

iv. Specify methodology for effective evaluation of performance of Board/committees of the Board and review the terms of appointment of Independent Directors on the basis of the report of performance evaluation of the Independent Directors.

v. To ensure a transparent nomination process for directors with the diversity of thought, experience, knowledge, perspective and gender in the Board.

vi. Undertake any other matters as the Board may decide from time to time.

The Nomination cum Remuneration Policy of the Company is available on the website of the Company at https://www.easemytrip.com/investor-relations.html

17. WEB LINK OF ANNUAL RETURN

The Company's website is www.easemytrip.com and annual return of Company has been published on such website. Link of the same is given below:

Link: https://www.easemvtrip.com/investor-relations.html

18. AUDIT REPORT AND AUDITORS STATUTORY AUDITORS

At Annual General Meeting held on September 28, 2018, the Shareholders have appointed M/s. S.R. Batliboi& Associates LLP, Chartered Accountants (Firm's Registration No. E300004), as the Statutory Auditors for a period of 4 years commencing from the conclusion of the 10th Annual General Meeting until the conclusion of the 14th Annual General Meeting to be held for the FY 2021-2022.

They have confirmed their eligibility under Section 141 of the Companies Act, 2013 and the Rules framed thereunder. As required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Auditors have also confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.

The Statutory Auditors Report does not contain any qualifications, reservations or adverse remarks on the financial statements of the Company. However, the observations of the Statutory Auditors in their report read together with the Notes on Accounts are self-explanatory and therefore, do not call for any further explanation.

SECRETARIAL AUDITOR

In terms of Section 204 of the Act and the Rules made there under, M/s. S. Anantha & Ved LLP (LLPIN: AAH-8229), Practicing Company Secretaries, were appointed as the Secretarial Auditors of the Company for the financial year 2020-21.

The Secretarial Auditors have submitted their report, confirming compliance by the Company of all the provisions of applicable corporate laws. The Report does not contain any qualification, reservation, disclaimer or adverse remark. The Secretarial Audit Report is annexed as Annexure- B to this report.

19. COST RECORDS AND AUDIT

Maintenance of cost records and requirement of cost audit as prescribed under the provisions of Section 148(1) of the Companies Act, 2013 are not applicable for the business activities carried out by the Company.

20. DETAILS OF FRAUD REPORTED BY AUDITOR

During the year under review, the statutory auditors has not reported to the Board under section 143(12) of the Companies Act, 2013, any instances of fraud committed against the Company by its officers or employees, the details of which would need to be mentioned in the Board's report.

21. PARTICULARS OF LOANS AND INVESTMENT

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the Financial Statements as on March 31, 2021.

22. CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES

During the Financial Year 2020- 2021, all the contracts or arrangements or transactions entered into by the Company with the Related Parties were on arm's length basis and were in compliance with the applicable provisions of the Companies Act, 2013.

Form AOC - 2 pursuant to Section 134(3) (h) of the Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rule 2014 is set out in Annexure C to this report.

The policy on related party transaction are placed on the Company's website https://www.easemytrip.com/ investor-relations.html

23. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT;

No significant material changes and commitments have occurred between the end of the financial year of the company to which the financial statements relate and the date of the report.

24. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS & OUTGO

The information pertaining to conservation of energy, technology absorption, Foreign Exchange Earnings and outgo as required under Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished in Annexure D and is attached to this report.

25. RISK MANAGEMENT POLICY

The Company has adopted the measures concerning the development and implementation of a Risk Management System in terms of Section 134(3)(n) of the Companies Act, 2013 after identifying the elements of risks which in the opinion of the Board may threaten the very existence of the Company itself. The Company has an elaborate Risk Management process of identification, assessment and prioritization of risk followed by coordinated efforts to minimize, monitor and mitigate/control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.

The Risk Management procedure is reviewed by the Board from time to time, to ensure that the executive management controls risks through means of a properly defined framework. Major risks identified are systematically addressed through mitigating actions on a continuing basis.

The policy on Risk Management Policy is placed on the Company's website https://www. easemvtrip.com/ investor-relations.html

26. CORPORATE SOCIAL RESPONSIBILITY (CSR)

Your Company believes that Corporate Social Responsibility is an integral part of its business. It seeks to operate its business in a sustainable manner which would benefit the Society at large in alignment with the interest of its stakeholder. In terms of section 135 and Schedule VII of the Companies Act, 2013, the Board of Directors of the Company has constituted a CSR Committee. CSR Committee of the Board has developed a CSR Policy. The CSR Policy has been uploaded on the website of the Company at https://www.easemytrip. com/investor-relations.html

The CSR budget for the financial year 2020-21 was Rs.9.95 million and the Company had spent an amount of Rs 9.5 million on CSR Activities. CSR activities for the financial year ended March 31, 2021 along with the composition of CSR Committee is set out in Annexure E to this Report.

27. MANAGEMENT DISCUSSION AND ANALYSIS REPORT AND CORPORATE GOVERNANCE REPORT

Your Company continues to be committed to good corporate governance aligned with the best corporate practices. It has also complied with various standards set out by Securities and Exchange Board of India and the Stock Exchanges where its Securities are listed. The Management Discussion and Analysis Report for the financial year 2020-21, as stipulated under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 forms part of the Annual Report.

28. BUSINESS RESPONSIBILITY REPORT

As required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Business Responsibility Report describing the initiatives undertaken by the Company from an environment, social and governance perspective, forms part of the Annual Report.

29. PARTICULARS OF EMPLOYEES

The information pursuant to Section 197 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the relevant statement is annexed as Annexure F

Further, disclosures pursuant to Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the statement showing the name along with the particulars of top ten employees along with the employees drawing remuneration in excess of the limits is annexed as Annexure G

30. INTERNAL FINANCIAL CONTROL

The Management of the Company has appointed M/s. ADMS & Co., Chartered Accountancy firm to assist in updating of Risk Control Matrix ("RCM") and perform necessary testing of controls. RCM and Testing results are adopted by the Management and shared with the Statutory Auditors for their review and report thereon. The Statutory Auditor has reviewed the report and given their comments. The Board duly adopted the comments of the auditors.

The Risk Control Matrix will improve the overall effectiveness of the company growth in long run also help in removing hindrances.

During the year, such controls were assessed and no reportable material weaknesses in the design or operation were observed. Accordingly, the Board is of the opinion that the Company's internal financial controls were adequate and effective during FY2020-21.

31. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS, COURTS AND TRIBUNALS

No significant and material orders has been passed by the regulators, courts, tribunals impacting the going concern status and Company's operations in future.

32. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE

The Company has in place Prevention of Sexual Harassment (POSH) Policy in line with the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013.

All employees (permanent, contractual, temporary, trainees) are covered under this Policy. The Company has provided a safe and dignified work environment for employee which is free of discrimination, further the Company conducts awareness program at regular interval of time.

In terms of the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013("Act") and Rules made there under, Company has constituted Internal Complaints Committees (ICC) to redress complaints received regarding Sexual Harassment at all Units. The Company has complied with the provisions relating to the constitution of ICC under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and during the financial year 2020-21 no cases/complaints have been filed under the Act.

33. DIRECTOR'S RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013, the Directors, to the best of their knowledge and belief, confirm that:

a) in the preparation of the annual accounts for the year ended March 31, 2021, the applicable accounting standards had been followed, along with proper explanation relating to material departure(s), if any;

b) the Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company as at the end of the financial year March 31, 2021 and of the profit of the Company for that period;

c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) the Directors have prepared the annual accounts on a 'going concern' basis;

e) the Directors have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and are operating effectively; and

f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

ACKNOWLEDGMENT

Your Directors place on record their sincere thanks to bankers, business associates, consultants, and various Government Authorities for their continued support extended to your Companies activities during the year under review. Your Directors also acknowledges gratefully the shareholders for their support and confidence reposed on your Company.