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IPO Analysis: Simple Travel Planner

IPO Rating – Investing About The Problem If you don’t invest in the IPO market, a new option will soon be available to you! The online travel agency Easy Trip Planners will go public on March 8th. It can be listed on the stock exchange on March 19, 2021. The company enters the capital market with its initial public offering of shares with a nominal value of Rs 2 each. This is the tenth public offering of the year. The price range of the issue was set at 186 to 187 rupees per share. The opening date of the IPO is March 8, 2021, the closing date March 10, 2021. Up to 75 percent of the share of the net issue is reserved for qualified institutional buyers (QIB) and a maximum of 15 percent cents of the offer for non-institutional investors (NII) . The remaining 10 percent would be reserved for private investors. A private investor can apply for up to 13 lots. The aim of the offering is to gain advantage in the listing of stocks and to sell stocks that add up to Rs 510 billion. Easy Trip Planners Ltd Issue open March 8, 2021 – March 10, 2021 Issue type Book Built Issue IPO Issue size Shares of Rs 2 (total up to Rs 510 crore) Nominal value Rs 2 per share Shares Issue price Rs 186-Rs 187 per share without market 80 shares Minimum order quantity 80 shares Listed on BSE, NSE About the company Easy Trip Planners Ltd is the second largest online travel agency in India in terms of gross sales. The company offers a range of travel products and services, as well as end-to-end travel solutions, including airline tickets, train tickets, bus tickets, taxis, vacation packages, hotels and other value-added services such as: B. Travel Insurance, Visa Processing, etc. Easy Trip offers services through its website and Ease My Trip Android and iOS Mobile App. The company follows the sales channels B2B2C, B2C and B2E to offer its services. Easy Trip Planners is the parent company of EaseMyTrip. As of December 2020, 59,274 travel agencies were registered with the company in almost all major cities in India. According to the CRISIL report, the company has the largest network of travel agents among the major online travel agencies. Easy Trip Planners is known to avoid hidden costs in its travel arrangements that can raise fares for customers to make them affordable and accessible. It also offers the option of a no-convenience fee so customers don’t have to pay a service fee if there isn’t a discount or coupon. Strengths One of the leading online travel agencies in India with a customer-centric approach including the option of a no-convenience fee with a lean and cost-effective operation. Strong brand name and sales network. Consistent financial track record and operational performance. Internal advanced technology and analytics capabilities. Financials Easy Trip reported sales of Rs 81.46 billion for the nine month year ended December 2020, including other income of Rs 32.19 billion. Adjusted net income for the period was Rs 30.52 billion. For the fiscal year ended March 2020, the company’s sales were Rs.181 billion, including other income of Rs.39.6 billion. Adjusted net profit was 32.98 rupees. The company has been consistently profitable for the past three years. Profit increased from Rs 3 lakh in 2018 to Rs 32.9 crore in 2020. Data (crore) 20-Mar 19-Mar 18-Mar 17-Mar Revenue 140 101 100 102 Employee benefit expenses 30 22 16 11 Other expenses 94 84 85 65 Operating profit 16 -5 -1 26 OPM (percent) 11.40 -4.95 -1.00 25.49 Other income 38 50 13 2 Interest 1 3 1 1 Depreciation 0.4 0 0 0 Profit Before Tax 41 41 10 27 Net Income 31 23 0.03 20 Number of Shares 10.86 10.86 10.86 10.86 EPS in Rs 2.85 2.21 0 1.85 Recommendation The company has been consistently profitable since its inception and it was the only profitable online travel agent among major online travel agencies in India in FY 18-FY 20 in terms of net profit margin. Easy Trip Planners has various agreements with third parties including airlines, GDS and API service providers, channel managers, IRCTC, corporations and the International Air Transport Association (IATA) to conduct commercial activities. Although it was the only profitable online travel agency among the leading online travel agencies in India for fiscal years 2018 to 2020; In terms of net profit margin, the industry has been hardest hit in the face of the pandemic and has yet to largely recover. In addition, the near-term outlook looks bleak as well. Due to the outbreak of the COVID-19 pandemic, the business, results of operations, financial position and cash flows have been significantly and adversely affected. National and international travel restrictions imposed in India also disrupted revenue lines. The company plans to expand in the B2B and B2C area to directly tap into companies and travel agencies. The operating expenses for expanding this segment are expected to be low. With the positives above in mind, we believe the company will continue to grow its business at a healthy pace and therefore you can invest in a listing profit.