Financial Data and Key Metrics Changes - For Q1 FY 2026, the company reported revenue of INR 2,098 million (approximately USD 24.5 million), representing a 99.7% year-over-year increase [3][12] - Gross margin for the quarter was INR 1,150 million (approximately USD 13.5 million), up 36.6% year-over-year [3][4] - Profit for the quarter stood at INR 110 million (approximately USD 1.3 million), compared to a loss of INR 800,000 (approximately USD 100,000) in the previous year [4][12] - Adjusted EBITDA surged to INR 206 million (approximately USD 2.4 million), up 214% year-over-year, significantly exceeding the annual guidance of 30% growth [4][12] Business Line Data and Key Metrics Changes - The corporate travel segment onboarded 34 new corporate clients, adding an annual billing potential of approximately INR 2,000 million [6] - Air ticketing passenger volumes declined by 9% year-over-year, while gross air bookings grew by 4% year-over-year to INR 14,103 million (approximately USD 4.4 million) [12] - In the Hotels and Packages segment, hotel room nights grew by 1% year-over-year, with gross bookings increasing by 43% year-over-year to INR 3,433 million [12] Market Data and Key Metrics Changes - The corporate travel market in India is projected to reach around USD 20 billion by FY 2027, with online penetration remaining low at about 20% in FY 2024 [5] - The overall travel market in India has seen a double-digit growth, but Yatra's consumer business was impacted by macro events, leading to a marginal decline [29] Company Strategy and Development Direction - The company is focused on capturing growth opportunities driven by rising digital adoption across both leisure and corporate travel segments [11] - Yatra aims to enhance its technology offerings and expand its corporate client base while maintaining disciplined cost management and profitable scaling [11] - The company is evaluating opportunities for further acquisitions in the MICE space to accelerate growth [18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of macroeconomic events on consumer sentiment but noted a strong recovery in business travel [29] - The company remains committed to navigating regulatory complexities related to restructuring and share convertibility, which is a top priority for the board [20] Other Important Information - Cash and cash equivalents stood at INR 2,002 million (approximately USD 26 million) as of June 30, 2025, compared to INR 1,900 million (approximately USD 22 million) in March 2025 [14] - Gross debt has significantly reduced from INR 546 million (approximately USD 6 million) to INR 29 million (approximately USD 300,000) [14] Q&A Session Summary Question: What is the appetite for potentially doing another deal in the MICE space? - Management is evaluating opportunities and is focused on successfully integrating the Globe acquisition before pursuing new deals [17][18] Question: Can you provide more color on the restructuring hurdles? - The restructuring involves working with multiple regulators and law firms across different jurisdictions, making it a time-consuming process [20] Question: What were the quarterly operating expenses tied to the restructuring effort? - Current quarter expenses were not material compared to the previous quarter [21]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ...

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Financial Data and Key Metrics Changes - For FY 2025, the company reported annual revenues of INR 7,900 million (approximately USD 93.1 million), up 90% year over year [4] - Adjusted EBITDA for the year increased by 28% to INR 344 million (approximately USD 4 million) [27] - Net profit turned positive, reaching INR 24 million (approximately USD 300,000), a 106.5% improvement from the previous year [27] - For Q4, revenues were INR 2,200 million (approximately USD 25.7 million), up 114% year over year [5] Business Line Data and Key Metrics Changes - The corporate travel and MICE (Meetings, Incentives, Conferences, and Exhibitions) businesses were pivotal in driving growth [5] - 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 and is expected to drive deeper customer engagement [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] - 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 business and continue scaling its MICE and hotel segments [22] - The integration of new distribution capabilities (NDC) aims to enhance the booking experience and improve cost efficiency for corporate travelers [13][15] - The company is focused on high-margin growth, operational excellence, and strategic innovation [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a preliminary guidance of 20% growth in revenue and 30% growth in adjusted EBITDA for FY 2026 [22] - The company is navigating geopolitical challenges that temporarily impacted travel demand but has seen a prompt recovery [23][24] Other Important Information - The company has made substantial progress on its path to share convertibility, with a defined structure in place [21] - Recent accolades from international airlines highlight the strength of the brand and its operational efficiency [20] 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 [30] Question: What can you tell us about the proposed corporate structure? - Management confirmed that a structure is in place that works across multiple jurisdictions, and they are focused on implementing the necessary procedures [31][32] Question: Are there acquisition opportunities in the MICE segment? - Management is evaluating acquisition opportunities and is in the process of integrating a recent acquisition [36] 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 [37]

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]

Gurugram, India and New York, New York--(Newsfile Corp. - April 21, 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 that on April 15, 2025, the Company received a letter from the Listing Qualifications Department (the "Staff") of the Nasdaq Stock Market ("Nasdaq") notifying the Company that, for the period from March 3, 2025 to April 14, 2025, the Company's ordinary shares had no ...

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].