Yatra Online, Inc. Announces Results for the Three Months Ended December 31, 2024

GURUGRAM, India & NEW YORK--(BUSINESS WIRE)--February 11, 2025-- 

Yatra Online, Inc. (NASDAQ: YTRA) (the "Company"), India's leading corporate travel services provider and one of India's leading online travel companies, today announced its unaudited financial and operating results for the three months ended December 31, 2024.

"We are pleased to report a strong quarter, delivering revenue growth and continued momentum across key segments. Our revenue for the quarter reached INR 2,350.7 million (USD 27.5 million), marking year-over-year increase of 111.4%.

"Adjusted Air Ticketing Margins saw a 23.0% decline, primarily attributable to reduced volumes in the B2C segment as we strategically adjusted discounts to address supplier-induced intensified price competition. Our corporate travel business continued to be a key growth driver. Notably, Adjusted Hotels & Packages margin saw a strong 65.8% year-over-year increase, primarily fueled by the expansion of our MICE (Meetings, Incentives, Conferences, and Exhibitions) business.

"Our profit was INR 39.8 million (USD 0.5 million) for the three months ended December 31, 2024 versus a loss of INR 39.5 million (USD 0.5 million) for the three months ended December 31, 2023. Additionally, Adjusted EBITDA surged 173.0% year-over-year to INR 121.5 million (USD 1.4 million), reflecting our disciplined focus on profitable growth and cost optimization.

"Our ongoing emphasis on operational efficiency has yielded tangible results, including improved cost rationalization, supply-side synergies, and enhanced margin sustainability. The strategic pivot toward higher-margin segments like Hotels & Packages and MICE has effectively mitigated the impact of B2C air margin pressures, reinforcing our balanced revenue mix. Furthermore, our success in onboarding 50 new corporate clients--a quarterly record--has added an annual billing potential of INR 2,804 million (USD 32.2 million), strengthening our leadership in the corporate travel domain.

"Following our successful acquisition of Globe All India Services Limited (GAISL) on September 11, 2024, for INR 1,280.0 million (USD 15.3 million) in cash, integration efforts are progressing ahead of schedule. We are already seeing early synergies, particularly in supplier consolidation, operational streamlining, and technology adoption. By leveraging Yatra's tech platform within GAISL's customer base, we expect to unlock further efficiencies, drive incremental revenue, and enhance our long-term competitive positioning.

"The Company continues to work with its counsels in the relevant jurisdictions to simplify its legal and corporate structure which is expected to streamline administrative overheads and facilitate growth for the Company. These initiatives, combined with disciplined execution and a scalable cost structure, are expected to support sustained margin expansion and operational excellence.

"Looking ahead, we remain excited about the opportunities before us. With record corporate client acquisitions, continued expansion in MICE, and disciplined execution of our strategic priorities, we are confident in our ability to reinforce our market leadership and drive sustainable value for all stakeholders." - Dhruv Shringi, Co-founder and CEO.

Financial and operating highlights for the three months ended December 31, 2024:

   -- 
 Revenue of INR 2,350.7 million (USD 27.5 million), representing an 
      increase of 111.4% year-over-year basis ("YoY"). 
 
 
   -- 
 Adjusted Margin (1) from Air Ticketing of INR 857.6 million (USD 10.0 
      million), representing a decrease of 23.0% YoY. 
 
 
   -- 
 Adjusted Margin (1) from Hotels and Packages of INR 438.0 million (USD 
      5.1 million), representing an increase of 65.8% YoY. 
 
 
   -- 
 Total Gross Bookings (Air Ticketing, Hotels and Packages and Other 
      Services)(3) of INR 17,997.1 million (USD 210.4 million), representing a 
      decrease of 3.4% YoY. 
 
 
   -- 
 Profit for the period was INR 39.8 million (USD 0.5 million) versus a 
      loss of INR 39.5 million (USD 0.5 million) for the three months ended 
      December 31, 2023, reflecting positive swing of INR 79.3 million (USD 0.9 
      million) YoY. 
 
 
   -- 
 Result from operations were a profit of INR 14.8 million (USD 0.2 
      million) versus a loss of INR 58.2 million (USD 0.7 million) for the 
      three months ended December 31, 2023, reflecting positive swing of INR 
      73.0 million (USD 0.9 million) YoY. 
 
 
   -- 
 Adjusted EBITDA(2) was INR 121.5 million (USD 1.4 million) reflecting 
      an increase by 173.0% YOY. 
 
 
                            Three months ended December 31, 
                       ----------------------------------------- 
                                                                     YoY 
                            2023            2024         2024      Change 
                       --------------  --------------  ---------  --------- 
                         Unaudited       Unaudited     Unaudited 
                       --------------  --------------  --------- 
(In thousands except 
percentages)                INR             INR           USD         % 
--------------------   --------------  --------------  ---------  --------- 
Financial Summary as 
per IFRS 
   Revenue              1,112,047       2,350,740         27,478  111.4% 
   Results from 
    operations            (58,213)         14,799            172  125.4% 
   Profit/(Loss) for 
    the period            (39,457)         39,769            463  200.8% 
   Financial Summary 
   as per non-IFRS 
   measures 
   Adjusted Margin 
   (1) 
   Adjusted Margin - 
    Air Ticketing       1,114,395         857,599         10,025  (23.0)% 
   Adjusted Margin - 
    Hotels and 
    Packages              264,129         438,035          5,120   65.8% 
   Adjusted Margin - 
    Other Services         69,938          72,843            851    4.2% 
   Others (Including 
    Other Income)         180,593         185,956          2,174    3.0% 
   Adjusted EBITDA 
    (2)                    44,493         121,458          1,420  173.0% 
   Operating Metrics 
   Gross Bookings (3)  18,631,771      17,997,061        210,369   (3.4)% 
   Air Ticketing       16,096,263      13,828,120        161,638  (14.1)% 
   Hotels and 
    Packages            1,992,602       3,603,122         42,117   80.8% 
   Other Services (6)     542,906         565,819          6,614    4.2% 
   Adjusted Margin% 
   (4) 
   Air Ticketing              6.9%            6.2% 
   Hotels and 
    Packages                 13.3%           12.2% 
   Other Services            12.9%           12.9% 
   Quantitative 
   details (5) 
   Air Passengers 
    Booked                  1,659           1,314                 (20.8)% 
   Stand-alone Hotel 
    Room Nights 
    Booked                    362             418                  15.5% 
   Packages 
    Passengers 
    Travelled                   7              18                 162.9% 
 

Note:

 
(1)    As certain parts of our revenue are recognized on a "net" basis and 
       other parts of our revenue are recognized on a "gross" basis, we 
       evaluate our financial performance based on Adjusted Margin, which is a 
       non-IFRS measure. 
(2)    See the section below titled "Certain Non-IFRS Measures." 
(3)    Gross Bookings represent the total amount paid by our customers for 
       travel services, freight services and products booked through us, 
       including taxes, fees and other charges, and are net of cancellation 
       and refunds. 
(4)    Adjusted Margin % is defined as Adjusted Margin as a percentage of 
       Gross Bookings. 
(5)    Quantitative details are considered on a gross basis. 
(6)    Other Services primarily consists of freight business, IT services, 
       bus, rail and cab and others services. 
 

As of December 31, 2024, 61,922,426 ordinary shares (on an as-converted basis), par value $0.0001 per share, of the Company (the "Ordinary Shares") were issued and outstanding.

Conference Call

The Company will host a conference call to discuss its unaudited results for the three months ended December 31, 2024 beginning at 8:30 AM Eastern Daylight Time (or 7:00 PM India Standard Time) on February 11, 2025. Dial in details for the conference call is as follows: US/International dial-in number: +1 404 975 4839. Confirmation Code: 492901 (Callers should dial in 5-10 minutes prior to the start time and provide the operator with the Confirmation Code). The conference call will also be available via webcast at https://events.q4inc.com/attendee/813192329.

Safe Harbor Statement

This earnings release contains certain statements concerning the Company's future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are based on the Company's current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate, " "believe," "estimate," "expect," "intend," "will," "project," "seek," "should" similar expressions and the negative forms of such expressions. Such statements include, among other things, statements regarding the long-term growth trajectory for the Indian travel market, statements concerning management's beliefs as well as our strategic and operational plans; the anticipated benefits of the Indian IPO; the degree to which and how we will utilize debt facilities or the proceeds from the Indian IPO and the results we anticipate from how such funds are utilized; expected buyback activity with respect to our share repurchase program; and our future financial performance. Forward-looking statements involve inherent risks and uncertainties. A number of

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