Financial Data and Key Metrics Changes - For FY 2025, the company reported annual revenues of INR 7,900 million (approximately USD 93.1 million), representing a 90% year-over-year increase [4] - Adjusted EBITDA for the year increased by 28% to INR 344 million (approximately USD 4 million), while net profit reached INR 24 million (approximately USD 300,000), a 106.5% improvement from the previous year [28] - In Q4, revenues were INR 2,200 million (approximately USD 25.7 million), up 114% year-over-year, driven by growth in the MICE business and contributions from the Globe Travel acquisition [5][27] Business Line Data and Key Metrics Changes - The corporate travel business remains a key growth engine, adding 35 new corporate clients in Q4, contributing to INR 1,400 million in expected annual volumes [8] - The MICE business showed significant growth and margin expansion, with the combined platform handling over 600 trips and serving more than 80,000 travelers in the last nine months of FY 2025 [11] - The expense management platform, Recap, is gaining traction, with strong cross-sell potential within the existing client base [12] Market Data and Key Metrics Changes - The Indian corporate travel market is projected to grow from USD 42 billion to USD 80 billion by 2033, driven by globalization and rising investments in travel infrastructure [6][7] - The Indian MICE market is estimated at USD 3.3 billion in 2023 and is expected to grow to USD 10 billion by 2030, representing a CAGR of 18% [11] Company Strategy and Development Direction - The company aims to expand its corporate travel and MICE segments while integrating new distribution capabilities (NDC) to enhance the booking experience for corporate travelers [13][15] - The focus is on high-margin growth, operational excellence, and strategic innovation, with preliminary guidance for FY 2026 suggesting 20% growth in revenue and 30% growth in adjusted EBITDA [22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a temporary disruption in travel demand due to geopolitical tensions but reported a quick recovery in booking volumes following stabilization [23][24] - The company is optimistic about future growth, expecting to achieve 30-40% growth without significant changes to the cost structure [39] Other Important Information - The company has made substantial progress towards share convertibility, with a defined structure in place, although a specific timeline for completion is not yet available [21] - Recent accolades from international airlines highlight the strength of the brand and its operational efficiency [19] Q&A Session Summary Question: How much of the business is tied to the Northern part of India? - Management indicated that approximately 30-35% of overall business volumes are tied to the Northern part of India, which could be impacted by regional tensions [31] Question: What can be said about the proposed corporate structure and share fungibility? - Management confirmed that a structure is in place that works across multiple jurisdictions, and they are focused on implementing the necessary procedures in the coming months [32][34] Question: Are there acquisition opportunities in the MICE segment? - Management is evaluating acquisition opportunities and is in the process of fully integrating a recent acquisition, which will allow them to explore further opportunities [38] Question: How much capacity is there for future revenue growth without significant OpEx investments? - Management believes they can achieve 30-40% growth without needing to change the cost structure significantly, with current operating cost increases primarily due to legal and professional fees [39]

Financial Data and Key Metrics Changes - For Q3 FY 2025, the company reported revenue from operations of INR 2.35 billion, representing a year-over-year increase of 113% [5] - Revenue less service costs (gross margin) grew 25% year-over-year to INR 1.04 billion [6] - Adjusted EBITDA surged 75% year-over-year, reaching INR 121.5 million, marking a substantial 173% year-over-year increase [10][23] Business Line Data and Key Metrics Changes - The Corporate Travel segment showed significant growth, onboarding 50 new corporate clients with an annual billing potential of INR 2.8 billion (approximately $32.2 million) [7] - The Hotels and Packages segment saw a robust year-over-year adjusted margin increase of 65.8%, with hotel gross bookings up 83% [8] - Adjusted margins for the Hotels and Packages segment surged to INR 438 million (approximately $5.1 million), an increase of 66% year-over-year [25] Market Data and Key Metrics Changes - The overall MICE business in India is expected to be between $8 billion to $10 billion annually, with the organized sector accounting for only about 15% [33] - The corporate travel market in India is projected to double by 2030 to $20.8 billion, driven by economic growth and technology advancements [17] Company Strategy and Development Direction - The company is focused on expanding its Hotel and Packages and MICE business to diversify revenue streams and enhance corporate travel solutions [20] - The integration of the acquired company Globe is progressing ahead of schedule, generating positive synergies and strengthening supplier relationships [8] - The company is actively engaging with advisers and regulators to streamline operations and enhance shareholder value [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth in high-margin businesses while improving profitability [20] - Despite competitive pressures in the B2C segment, the company has stabilized volumes in its air business and is encouraged by the momentum in corporate travel [11][19] - The company anticipates incremental gains moving forward due to improved attach rates for personal travel bookings to corporate clients [13] Other Important Information - The company maintains a strong liquidity position with cash and term deposits totaling INR 1.89 billion (approximately $22 million) as of December 31, 2024 [29] - Marketing and sales promotion costs declined by 32% year-over-year due to optimized spending in the B2C segment [26] Q&A Session Summary Question: Can you give an indication of the MICE market size and its growth potential? - Management indicated that the MICE market in India is highly fragmented, with the organized sector accounting for only about 15% of the overall business, which is expected to be between $8 billion to $10 billion annually [33] Question: How long does it take to ramp up a corporate client relationship once onboarded? - For larger accounts (over $5 million), it typically takes 6 to 9 months to ramp up, while smaller accounts (under $5 million) can go live within 3 to 6 months [35][36] Question: What was Globe India's revenue contribution during the quarter? - While not specified separately, Globe's revenue last year was approximately $5.4 million [38] Question: Any updates on the timeline for the Board's work on potential legal structure? - Management reported meaningful progress over the last 3 months and is hopeful for a concrete resolution in the near future [40]

Core Viewpoint - Yatra Online, Inc. reported quarterly earnings of $0.01 per share, missing the Zacks Consensus Estimate of $0.02 per share, representing a 50% earnings surprise [1] - The company posted revenues of $27.48 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 7.85%, compared to $13.37 million in the same quarter last year [2] Financial Performance - Over the last four quarters, Yatra Online has surpassed consensus EPS estimates only once [2] - The company has also topped consensus revenue estimates just once in the last four quarters [2] - Yatra Online shares have declined approximately 9.5% since the beginning of the year, while the S&P 500 has gained 3.1% [3] Future Outlook - The company's earnings outlook will be crucial for investors, including current consensus earnings expectations for upcoming quarters [4] - The current consensus EPS estimate for the next quarter is $0.03 on revenues of $26.95 million, and $0.05 on revenues of $97.61 million for the current fiscal year [7] - The estimate revisions trend for Yatra Online is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Internet - Services industry, to which Yatra Online belongs, is currently in the top 32% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8]

Revenue and Profitability - Revenue for the three months ended December 31, 2024, reached INR 2,350.7 million (USD 27.5 million), representing a year-over-year increase of 111.4%[3] - Profit for the period was INR 39.8 million (USD 0.5 million), compared to a loss of INR 39.5 million (USD 0.5 million) for the same period in 2023, indicating a positive swing of INR 79.3 million (USD 0.9 million) year-over-year[9] - The company reported a total revenue of INR 2,350,740 thousand for the three months ended December 31, 2024, compared to INR 1,112,047 thousand for the same period in 2023, representing a growth of 111.1%[56] - Adjusted profit for the three months ended December 31, 2024, was INR 72,622 thousand, a significant increase from an adjusted loss of INR 16,372 thousand in the same period of 2023[51] - The total comprehensive profit for the period ended December 31, 2024, was INR 109,708 thousand, compared to a loss of INR 41,950 thousand in the same period of 2023[56] Adjusted EBITDA and Margins - Adjusted EBITDA surged 173.0% year-over-year to INR 121.5 million (USD 1.4 million), reflecting a disciplined focus on profitable growth and cost optimization[4] - Adjusted Margin from Air Ticketing decreased by 23.0% year-over-year to INR 857.6 million (USD 10.0 million) due to reduced volumes in the B2C segment[4] - Adjusted Margin from Hotels and Packages increased by 65.8% year-over-year to INR 438.0 million (USD 5.1 million), driven by the expansion of the MICE business[4] - Adjusted Margin increased by 4.2% to INR 72.8 million (USD 0.9 million) in Q4 2024, compared to INR 69.9 million (USD 0.8 million) in Q4 2023[24] - The company achieved an adjusted margin of INR 857,599 thousand in the Air Ticketing segment for the three months ended December 31, 2024, down from INR 1,114,395 thousand in the same period of 2023, indicating a decrease of 23.1%[52] Costs and Expenses - Service costs increased to INR 1,311.3 million (USD 15.3 million) in the quarter, driven by higher gross bookings in the Hotels and Packages segment[17] - Personnel expenses rose by 21.2% to INR 405.4 million (USD 4.7 million) in Q4 2024, up from INR 334.4 million (USD 3.9 million) in Q4 2023[28] - Marketing and sales promotion expenses increased by 9.4% to INR 114.1 million (USD 1.3 million) in Q4 2024, compared to INR 104.3 million (USD 1.2 million) in Q4 2023[29] - The service cost for the three months ended December 31, 2024, was INR 1,311,296 thousand, a significant increase from INR 273,628 thousand in the same period of 2023, reflecting a rise of 379.5%[56] Client Acquisition and Corporate Strategy - The company onboarded 50 new corporate clients in the quarter, adding an annual billing potential of INR 2,804 million (USD 32.2 million)[5] - The company is focused on simplifying its legal and corporate structure to streamline administrative overheads and facilitate growth[7] - The company anticipates sustained margin expansion and growth opportunities in the Indian travel market, driven by strategic M&A opportunities and operational simplifications[53] - The company is focused on integrating artificial intelligence and machine learning to enhance operational efficiencies and improve competitive positioning in the market[53] Acquisitions and Investments - The acquisition of Globe All India Services Limited (GAISL) for INR 1,280.0 million (USD 15.3 million) is progressing ahead of schedule, with early synergies being realized[6] - The company acquired 100% of GAISL for a cash consideration of INR 1,280 million, resulting in goodwill of INR 1,215.5 million[57] Cash Flow and Financial Position - As of December 31, 2024, cash and cash equivalents and term deposits totaled INR 1,895.3 million (USD 22.2 million), with working capital debt reduced to INR Nil[40] - Cash and cash equivalents at the end of the period decreased from INR 1,741,950 thousand to INR 621,576 thousand, a decline of 64.3%[61] - The company generated net cash flows from operating activities of INR 58,999 thousand for the nine months ended December 31, 2024, compared to a net cash outflow of INR 1,359,490 thousand in the same period of 2023[61] Operational Performance - Total Gross Bookings for the quarter were INR 17,997.1 million (USD 210.4 million), reflecting a decrease of 3.4% year-over-year[9] - Air passengers booked decreased by 20.8% from 1,659 in Q3 2023 to 1,314 in Q3 2024[63] - Gross bookings for air ticketing fell from INR 16,096,263 thousand to INR 13,828,120 thousand, a decline of 14.1% year-over-year[63] - Adjusted margin for air ticketing decreased from 6.9% to 6.2% for the three months ended December 31, 2024[63] Equity and Liabilities - Total assets decreased from INR 12,489,765 thousand to INR 12,374,017 thousand, a decline of approximately 0.9%[57] - Total equity attributable to equity holders of the company decreased from INR 5,388,473 thousand to INR 5,328,925 thousand, a decline of 1.1%[57] - Total liabilities decreased from INR 4,729,493 thousand to INR 4,598,386 thousand, a decline of approximately 2.8%[57]

Core Viewpoint - Yatra Online, Inc. is set to report its third quarter financial results for FY25 on February 11, 2025, highlighting its position as a leading corporate travel services provider in India [1][2]. Company Overview - Yatra Online, Inc. is the parent company of Yatra Online Limited, which serves over 1200 large corporate customers and is recognized as one of India's leading online travel agencies [4]. - The company offers a wide range of travel services, including domestic and international air travel, hotel bookings, holiday packages, and various transportation options, with a network of approximately 108,000 hotels and homestays in about 1,500 cities across India [4]. Financial Reporting Details - The financial results for the period ending December 31, 2024, will be released on February 11, 2025, and will be available in the Investor Relations section of the company's website [1]. - A conference call to discuss the results will take place on the same day at 8:30 AM EST [2]. - Yatra Online Limited will also release its results in India on February 10, 2025, followed by a separate conference call at 4:00 PM IST on February 11, 2025 [3][4].

Core Viewpoint - Yatra Online, Inc. (YTRA) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive trend in earnings estimates which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system is based on changes in earnings estimates, which are closely correlated with stock price movements [4][6]. - For the fiscal year ending March 2025, Yatra Online is projected to earn $0.05 per share, reflecting a 350% increase from the previous year [8]. - Over the past three months, the Zacks Consensus Estimate for Yatra Online has risen by 150% [8]. Investment Implications - The upgrade to Zacks Rank 2 suggests that Yatra Online is positioned in the top 20% of Zacks-covered stocks, indicating strong potential for price appreciation in the near term [10]. - Rising earnings estimates and the subsequent rating upgrade imply an improvement in Yatra Online's underlying business, which could lead to increased investor interest and stock price growth [5][10].

Financial Data and Key Metrics Changes - For Q2 2025, total revenue reached INR 2.36 billion, a year-over-year increase of 151%, driven by strong performance in Hotels and Packages and MICE segments [5][12] - Adjusted EBITDA for the quarter was INR 66.7 million, reflecting a 91% increase year-over-year [26] - Gross bookings remained stable at INR 17.7 billion, with air gross bookings declining by 10% to INR 13.3 billion, while Hotels and Packages gross bookings increased by 68% to INR 3.37 billion [23][24] Business Line Data and Key Metrics Changes - The Hotels and Packages segment saw gross bookings increase by 68% year-over-year, attributed to strong corporate hotel performance and MICE business [24] - The Corporate Travel segment demonstrated significant growth, onboarding 29 new corporate clients with an annual billing potential of INR 1.2 billion [6][7] - The MICE segment showed robust growth, with expectations of continuing double-digit growth over the next few years [28] Market Data and Key Metrics Changes - The corporate travel sector in India is experiencing significant growth, supported by a favorable economic outlook from the Reserve Bank of India, which forecasts a growth rate of 7.2% for fiscal year '25 [20][21] - The MICE segment is increasingly being invested in by companies, leading to a surge in demand for related services [19] Company Strategy and Development Direction - The acquisition of Globe Travels is expected to enhance Yatra's customer base and market position in corporate travel, with anticipated synergies of INR 60 million per year [7][11] - Yatra aims to leverage technology to optimize operations and enhance customer experience, particularly through the integration of new distribution capabilities [15] - The company is focused on expanding its presence in the corporate travel market while exploring growth opportunities in the direct-to-consumer segment [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the corporate travel business momentum and the value creation expected from the Globe acquisition [22] - The company acknowledges challenges in the B2C segment but remains focused on improving operating performance and customer acquisition [16][29] Other Important Information - The expense management solution, RECAP, is progressing well, with potential for significant scaling both domestically and internationally [13] - The company has launched a revamped user experience on its website and mobile apps, which has received encouraging initial responses [17] Q&A Session Summary Question: Integration process with Globe Travels and cross-selling opportunities - Management indicated that supply integration steps have been taken, with technology implementation expected to start yielding cross-selling benefits from early January [27] Question: Opportunities in MICE and growth expectations - Management sees significant cross-selling opportunities within the existing customer base and expects MICE growth at 20-25% over the next 2-3 years [28] Question: Price competition in the B2C business - Management noted that price competition was initiated by a major airline and is likely to persist, emphasizing the need to add value through cross-selling [29] Question: Status of fungibility between US and Indian stocks - Management is actively working with regulators to simplify the process, which is a priority area [30] Question: Q3 performance expectations - Management clarified that while Q3 is strong for B2C, it is typically weaker for corporate travel due to holidays [31]

Core Viewpoint - Yatra Online, Inc. reported break-even quarterly earnings per share, surprising analysts who expected a loss, and significantly increased revenues compared to the previous year [1][2]. Financial Performance - The company achieved revenues of $28.22 million for the quarter ended September 2024, exceeding the Zacks Consensus Estimate by 136.71% and up from $11.41 million a year ago [2]. - Over the last four quarters, Yatra Online has surpassed consensus EPS estimates only once [2]. - The current consensus EPS estimate for the upcoming quarter is $0.01 on revenues of $15.02 million, and for the current fiscal year, it is $0.02 on revenues of $55.89 million [7]. Stock Performance - Yatra Online shares have declined approximately 16.6% since the beginning of the year, contrasting with the S&P 500's gain of 25.8% [3]. - The stock currently holds a Zacks Rank 3 (Hold), indicating it is expected to perform in line with the market in the near future [6]. Industry Outlook - The Internet - Services industry, to which Yatra Online belongs, is currently ranked in the top 33% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8].

Core Points - Yatra Online, Inc. will report its second quarter financial results for FY25 on November 12, 2024 [2][3] - A conference call to discuss the results will be held on November 13, 2024, at 8:30 AM EST [4] - Yatra Online, Inc. is a leading corporate travel services provider in India with over 1200 large corporate customers [5] Company Overview - Yatra Online, Inc. is the parent company of Yatra Online Limited, which is a major player in corporate travel services and online travel in India [5] - The company offers a wide range of travel services including air travel, hotel bookings, holiday packages, and more, with approximately 108,000 hotels contracted in about 1,500 cities across India [5] - Yatra Online, Inc. is recognized as India's largest platform for domestic hotels, with access to around 2 million hotels globally [5]

Financial Data and Key Metrics Changes - For Q1 2025, total revenue was INR1,051 million (approximately $12.6 million), a decline of 5% year-over-year [3][7] - Adjusted revenue was INR1,422 million (approximately $17.1 million), down 14% year-over-year [7] - Adjusted EBITDA decreased to INR65.6 million (approximately $800,000) from INR115.4 million in the same period last year [5][14] - Gross bookings declined by 17% year-over-year, primarily due to a 20% decline in air gross bookings [13] Business Line Data and Key Metrics Changes - Air ticketing margins were impacted by a 21% decrease due to lower volumes, particularly in the B2C segment [3] - Corporate travel segment showed robust growth, securing 34 new corporate customer accounts with an annual billing potential of INR2,028 million (approximately $24.3 million) [3][4] - MICE business made substantial progress, with early signs of significant business secured for the September quarter [4][10] Market Data and Key Metrics Changes - Travel volumes in the IT sector were approximately 30% below pre-COVID levels, while industry reports indicated a nearly 50% decline in overall IT services spends [8] - The MICE market is valued at approximately $3.3 billion in 2023 and is expected to grow to $10.5 billion by 2030, reflecting a CAGR of 18% [10] - India's business travel market is projected to reach $38 billion this year, growing by 18% next year [11] Company Strategy and Development Direction - The company aims to position itself as the corporate provider of choice while regaining B2C market share through tech-enabled strategies [7] - A cost optimization program is being initiated, including streamlining over 100 positions [6] - The company is exploring both organic and inorganic opportunities to expand its corporate business [6] Management's Comments on Operating Environment and Future Outlook - Management highlighted challenges in the B2C segment due to supply constraints and competitive pricing from airlines [19][20] - The corporate travel segment is expected to benefit from a strong economic outlook, with real GDP growth projected at 7.2% in FY '25 [11] - Management remains optimistic about the growth potential in the corporate travel and MICE segments despite current challenges [12] Other Important Information - The company is carrying cash and cash equivalents of INR4.5 billion (approximately $54 million) and gross debt at an all-time low of INR210 million (approximately $2.5 million) [14] - A restructuring committee is actively working on proposals to streamline operations and enhance shareholder value [6] Q&A Session Summary Question: Options regarding the independent committee and timeline for decisions - Management is evaluating multiple options for simplifying corporate structure, with a timeline of six to twelve months for full simplification [15][16] Question: Impact of B2C weakness on revenue - The decline is attributed to supply constraints and competitive pricing from airlines, particularly Indigo [18][19] Question: MICE business contract structures - Current contracts are mostly annual or event-based, with potential for multi-year contracts as the business stabilizes [21] Question: Percentage of airline business that is B2C - B2C accounted for approximately 50-60% of gross bookings last year, making it a significant part of the business [24] Question: Potential acquisitions and revenue size - The company has set aside approximately $20 million for acquisitions, which could be for one or multiple deals [32][33] Question: Buyback of U.S. shares - There is no cap on the buyback amount; future evaluations will determine if the buyback needs to be expanded [49]