Shares of Easy Trip Planners rose 2% on March 6 after the company signed an agreement with the Andhra Pradesh government to boost tourism in the state.

The company said Andhra Pradesh received the third-highest number of tourists in the country.

Easy Trip Planners will undertake certain marketing initiatives to promote tourism in the state. In contrast, the state government will help obtain the necessary permits, approvals and permits from its various departments.

“The MOU has a term of three years and shall be governed by the laws of India, and any differences about the terms of the MOU shall be resolved exclusively by the courts of New Delhi,” it said in a regulatory filing.

Shares of the online travel platform were up 1.3% at Rs 50.57 on the BSE at 9:41 am.

Easy Trip Planners is India’s largest online travel platform for air ticket booking, as assessed by the Crisil report on the OTA industry in India in February 2021. The average compound growth rate of profit in FY20-22 is 78%, one of the fastest-growing Internet companies in China.

“While our growth outlook is promising, there are some near-term headwinds,” the company said in its latest annual report. It explained that inflationary pressures, higher travel fares due to high fuel prices, and geopolitical conflicts could erode some demand for air travel.

Additionally, Easy Trip Planners said that while business travel is steadily returning as health concerns and travel restrictions ease, it expects it to return to pre-pandemic levels more slowly than leisure travel.