INDIA l Institutional Research l Travel l 5 April 2022 Easy Trip Planners Ltd lBUYlTP:450 'No-frills' - Going for the Kill We initiate coverage on Easy Trip Planners (EasyTrip; EaseMyTrip.com; EMT) with a BUY and TP of Rs.450. Given our analysis of the competition and extensive discussions with travel experts, we believe that EasyTrip's focused, capital-light, low-cost, no-frills approach sets it apart from the rest in the online travel agency (OTA) business in terms of profitability and cash flow, remarkably similar to the...