Company Announcements

GURUGRAM, India & NEW YORK--(BUSINESS WIRE)--Nov. 12, 2024-- 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 September 30, 2024.

“For the three months ended September 30, 2024, we reported revenue of INR 2,363.3 million (USD 28.2 million), reflecting a substantial year-over-year increase of 149.4%. Adjusted Air Ticketing Margins saw a 13.0% decline, primarily attributable to reduced volumes in the B2C segment as we strategically adjusted discounts to address intensified price competition. In contrast, our Adjusted Hotels and Packages margins improved significantly by 43.8% year-over-year, driven by strong performance in our MICE (Meetings, Incentives, Conferences, and Exhibitions) business. Adjusted EBITDA came in at INR 66.7 million (USD 0.8 million), a 91.2% increase from the prior year.

“Despite headwinds in the B2C air segment, we continue to drive strong growth in our Hotels and Packages and MICE lines of businesses, which helped us more than offset the negative impact of the B2C air business. In the second quarter of FY25, we successfully secured 29 new corporate clients, adding an annual billing potential of INR 1,213.0 million (USD 14.5 million).

“On September 11, 2024, we completed the acquisition of Globe All India Services (Globe Travels) for INR 1,280.0 million (USD 15.3 million) in cash. The results for the quarter include contribution from Globe Travels for 20 days of the quarter from September 11, 2024 - September 30, 2024. This strategic acquisition brought approximately 360 new corporate clients, further strengthening our leadership in India’s corporate travel sector. Globe Travels’ expertise in MICE complements our recent organic expansion in this segment, positioning Yatra as one of India’s largest players in this segment. With minimal overlap in client portfolios, this acquisition diversifies our client base and enhances cross-selling opportunities for hotels and expense management services. Additionally, integrating our digital booking platform with Globe Travel’s largely offline business is expected to drive synergies, operational efficiencies, and cost savings for our corporate clients.

“Progress on corporate restructuring is also advancing as the Company continues to engage with its counsels and other stakeholders including certain regulators towards the formulation of a comprehensive multi-jurisdictional corporate restructuring that can reduce administrative overhead, rationalize costs, and facilitate the growth for the Company. We are encouraged by the strong momentum in our Corporate Travel business, underscored by our growth in new accounts and MICE capabilities. As we continue to navigate a dynamic market, our focus remains on executing our strategic priorities to reinforce our market leadership and drive long-term value for stakeholders.” - Dhruv Shringi, Co-founder and CEO.

Financial and operating highlights for the three months ended September 30, 2024:

• Revenue of INR 2,363.3 million (USD 28.2 million), representing an increase of 149.4% year-over-year basis (“YoY”).
• Adjusted Margin ⁽¹⁾ from Air Ticketing of INR 885.9 million (USD 10.6 million), representing a decrease of 13.0% YoY.
• Adjusted Margin ⁽¹⁾ from Hotels and Packages of INR 400.1 million (USD 4.8 million), representing an increase of 43.8% YoY.
• Total Gross Bookings (Air Ticketing, Hotels and Packages and Other Services)⁽³⁾ of INR 17,651.6 million (USD 210.7 million), representing an increase of 0.7% YoY.
• Loss for the period was INR 0.3 million (USD 0.1 million) versus a loss of INR 272.9 million (USD 3.3 million) for the three months ended September 30, 2023, reflecting a decline in loss by INR 272.6 million (USD 3.3 million) YoY.
• Result from operations were a loss of INR 37.7 million (USD 0.4 million) versus a loss of INR 120.6 million (USD 1.4 million) for the three months ended September 30, 2023, reflecting a decrease in loss by INR 82.9 million (USD 1.0 million) YoY.
• Adjusted EBITDA⁽²⁾ was INR 66.7 million (USD 0.8 million) reflecting an increase by 91.2% YoY.

Note:

As of September 30, 2024, 61,723,260 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 September 30, 2024 beginning at 8:30 AM Eastern Daylight Time (or 7:00 PM India Standard Time) on November 13, 2024. Dial in details for the conference call is as follows: US/International dial-in number: +1 404 975 4839. Confirmation Code: 173847 (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/840082388.

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 important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the impact of increasing competition in the Indian travel industry and our expectations regarding the development of our industry and the competitive environment in which we operate; the slowdown in Indian economic growth and travel industry in particular, including disruptions caused by safety concerns, terrorist attacks, regional conflicts (including the ongoing conflict between Ukraine and Russia and the evolving events in Israel, Gaza and the Middle East), pandemics and natural calamities, our ability to successfully negotiate our contracts with airline suppliers and global distribution system service providers and mitigate any negative impacts on our Revenue that result from reduced commissions, incentive payments and fees we receive; the risk that airline suppliers (including our GDS service providers) may reduce or eliminate the commission and other fees they pay to us for the sale of air tickets; our ability to pursue strategic partnerships and the risks associated with our business partners; the potential impact of recent developments in the Indian travel industry on our profitability and financial condition; political and economic stability in and around India and other key travel destinations; our ability to maintain and increase our brand awareness; our ability to realize the anticipated benefits of any past or future acquisitions; our ability to successfully implement our growth strategy; our ability to attract, train and retain executives and other qualified employees, and our ability to successfully implement any new business initiatives. These and other factors are discussed in our reports filed with the U.S.SEC. All information provided in this earnings release is provided as of the date of issuance of this earnings release, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Yatra Online, Inc.

Yatra Online, Inc. is the ultimate parent company of Yatra Online Limited, India's leading corporate travel services provider with over 1200 large corporate customers and one of India's leading online travel companies. The company provides information, pricing, availability and booking facility for domestic and international air travel, domestic and international hotel bookings, holiday packages, buses, trains, in city activities, inter-city and point-to-point cabs, homestays and cruises. With approximately 108K hotels and homestays contracted in approximately 1,500 cities across India, as well as approximately 2 million hotels around the world, the company is India's largest platform for domestic hotels.

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For more information, please contact:
Manish Hemrajani
Yatra Online, Inc.
VP, Head of Corporate Development and Investor Relations
ir@yatra.com

Source: Yatra Online, Inc.