Online travel services provider Easy Trip Planners Ltd has announced that its proposal for a 5-star hotel near the newly inaugurated Ayodhya Ram temple has received in-principal nod from its board.
The hotel will be located less than 1km from the temple.
EaseMyTrip, which is one of the joint venture partners, said it will invest up to Rs 100 crore in Jeewani Hospitality Pvt Ltd, which is head the project. This will amount to 50 per cent of the total paid-up share capital of the JV Company on a fully diluted basis via equity swap, said EaseMyTrip.
"Looking ahead, we're intensifying efforts to grow our air ticketing business and enhance our presence in non-air segments such as hotels, holidays, and transportation on a global scale," Easy Trip Planners Co-founder and CEO Nishant Pitti said.
The latest development comes after the travel tech platform reported a 9.56 per cent rise in consolidated net profit at Rs 45.68 crore in the December quarter, the Easy Trip Planners, which operates under the brand, revealed in a regulatory filing. This is up from the consolidated net profit of Rs 41.69 crore in the same quarter last fiscal.
Consolidated revenue from operations during the third quarter was pegged at Rs 160.79 crore compated to Rs 136.15 crore in December 2022 quarter, it added. Total expenses stood at Rs 105.05 crore as against Rs 82.6 crore in the same period a year ago.
"We are expanding our retail footprints domestically and exploring both organic and inorganic growth opportunities. These initiatives are aligned with our ongoing commitment to driving continued growth, providing comprehensive travel solutions, and ensuring a seamless experience for our customers," Pitti added.