Saudi Arabia has decided to leverage EaseMyTrip's broad travel network and boost its tourism. EaseMyTrip and Saudi Arabia Tourism will explore chances to work on major initiatives and conduct different actions to promote and create good tourism experiences in Saudi Arabia, as well as increase its footprint in the Indian market, through this MoU. EaseMyTrip will also improve its clients' connection and convenience by offering specially designed tourism packages to Saudi Arabia, as well as multi-destination travel packages that include leisure spots and a few notable events.
The company has been posting good numbers despite the pandemic shock across the tourism and travel industry. The cost efficiency was achieved by the company in the financial year 2021 which reflected in their annual numbers. As the restrictions were lifted from April 1 2022 the company is expected to continue delivering good numbers in the up coming quarters. This deal with Saudi is expected to boost another vertical of curated plans for the users through its portal.
Additionally, the company is aggressively expanding its footprint through various acquistions like Spree Hospitality and Yolobus. Spree Hospitality, a 1200 room-keys hospitality management company, will help to expand presence in the hotel and holiday segment. The idea behind acquiring the brand name and technology of ‘Yolobus’, a premium intercity mobility platform, was to grow presence in the non-air segment.
The stock has rallied 27% in a week on account of tailwinds in this sector and the company is expected to post its quarterly results on 25th May 2022.