Yatra Online, Inc. (NASDAQ:YTRA) Q1 2024 Earnings Call Transcript October 16, 2023 11:00 AM ET Company Participants Manish Hemrajani - Head of IR Dhruv Shringi - CEO and Co-Founder Rohan Mittal - CFO Conference Call Participants Scott Buck - H.C. Wainwright Cobb Sadler - Catamount Operator Hello all and welcome to Yatra Online, Inc. 1Q Full Year ‘24 Earnings Conference Call. My name is Lydia and I'll be your operator today. [Operator Instructions] It's my pleasure to now hand you over to your host, Manish H ...

| | | Three months ended June 30, | | YoY Change | | --- | --- | --- | --- | --- | | | 2022 | 2023 | 2023 | | | | Unaudited | Unaudited | Unaudited | | | (In thousands except percentages) | INR | INR | USD | % | | Financial Summary as per IFRS | | | | | | Revenue | 899,046 | 1,105,817 | 13,476 | 23.0% | | Results from operations | 32,911 | 52,721 | 642 | 60.2% | | Loss for the period | (6,965) | (23,944) | (292) | (249.5)% | | Financial Summary as per non-IFRS measures | | | | | | Adjusted Margin | | | | | ...

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, 2023 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 ...

Financial Data and Key Metrics Changes - The company reported a year-over-year revenue growth of 97.4% and adjusted revenue growth of 93.3% for Q4 FY '23, reaching INR1.19 billion (approximately $14.5 million) and INR1.89 billion (approximately $23.1 million) respectively, exceeding previous guidance [5][8] - Adjusted EBITDA for the quarter increased by 251% year-over-year to INR185.6 million (approximately $2.3 million) [9][31] - For the full fiscal year 2023, adjusted revenue was INR6.2 billion, reflecting an 86% growth year-over-year [33] Business Line Data and Key Metrics Changes - The air ticketing segment saw a 119% increase in adjusted revenue to INR1.5 billion, driven by a 53% rebound in air passenger traffic [27] - The hotels and packages segment reported a 49% increase in adjusted revenue to INR268 million, with booked room nights growing by 34% [28] - Gross bookings for hotels and packages doubled year-over-year, indicating strong corporate uptake [28] Market Data and Key Metrics Changes - Domestic passenger traffic in India grew by 4.6% sequentially, while the company's domestic passenger traffic grew by 33% sequentially [6] - International travel reached approximately 90% of pre-COVID levels, with expectations for brisk recovery as restrictions are lifted [10][16] - The Indian government's commitment to airport infrastructure includes an investment of approximately $3.3 billion through FY '26, with over 70 projects projected for completion by mid-2024 [18][19] Company Strategy and Development Direction - The company aims to leverage its strong brand and market share gains in both consumer and corporate travel segments to drive future growth [5][6] - The ongoing IPO process for Yatra India is expected to enhance the company's financial position and facilitate strategic partnerships [11][14] - The company is focusing on innovation in AI and data sciences to accelerate corporate sales growth [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing recovery in corporate and leisure travel, expecting strong performance in FY '24 with adjusted revenue guidance of $88 million to $92 million [21][23] - The company anticipates adjusted EBITDA growth of 46% to 50% in FY '24, benefiting from operational leverage and cost control measures [23] - Management noted that the competitive landscape remains stable, allowing for continued market share growth [46] Other Important Information - The company has created a one-time provision of INR39 million against amounts due from Go Air, which filed for bankruptcy [26] - As of March 31, 2023, the company had cash and cash equivalents of INR1.09 billion (approximately $13.3 million) [20][35] Q&A Session Summary Question: Dynamics of hotel and package revenue growth - Management noted that while hotel and package revenue grew 49% year-over-year, it lagged behind air ticketing growth due to longer implementation cycles for corporate customers [36][37] Question: Historical percentage of international revenue - Historically, international revenue was around 25% to 30% pre-COVID, but currently it is less than 20% [39][40] Question: Confidence in maintaining operating expense controls - Management expressed confidence in maintaining cost controls due to automation efforts and changes in consumer behavior towards self-booking [42][43] Question: Margin differences between business and leisure revenue streams - Corporate business margins are expected to be in the high teens to 20% range, while B2C margins are in the high single digits [45] Question: IPO timing and investor engagement - The company is actively engaging with investors and plans to resume discussions following the release of financial results, with a deadline for the IPO set for November 16, 2023 [47][66] Question: Market share gains in air travel - Market share gains are attributed to brand strength and new online distribution channels, with expectations for continued growth [50][51] Question: Strategic partnerships post-IPO - Management indicated potential for strategic partnerships with Indian corporates post-IPO, although no specific opportunities were detailed [61][62]

[Introduction & CEO Commentary](index=1&type=section&id=YATRA%20ONLINE%2C%20INC.%20ANNOUNCES%20RESULTS%20FOR%20THE%20THREE%20MONTHS%20AND%20YEAR%20ENDED%20MARCH%2031%2C%202023) The CEO highlighted strong FY2023 performance, with Q4 showing exceptional growth from travel recovery and new corporate customers, expressing confidence in the Yatra India IPO [CEO's Statement](index=1&type=section&id=CEO%27s%20Statement) The CEO highlighted strong FY2023 performance, with Q4 showing exceptional growth from travel recovery and new corporate customers, expressing confidence in the Yatra India IPO - Q4 FY2023 was the strongest quarter since the onset of COVID, with **97.4%** YoY revenue growth and a shift from a loss of **INR 53.4 million** in the prior-year quarter to a profit of **INR 7.5 million**[3](index=3&type=chunk) - The company signed a record number of **97** medium to large corporate customers in the year ended March 31, 2023, underscoring its leadership in the corporate travel segment[3](index=3&type=chunk) - The Indian subsidiary, Yatra India, received SEBI's final observation letter for its IPO and has received positive feedback from investors, bolstering confidence for a successful offering to strengthen its financial position and pursue new corporate business[5](index=5&type=chunk)[6](index=6&type=chunk) [Financial and Operating Highlights](index=1&type=section&id=Financial%20and%20operating%20highlights) The company demonstrated strong financial recovery and growth in fiscal year 2023, marked by significant revenue increases and a positive shift in profitability metrics [For the Three Months Ended March 31, 2023](index=1&type=section&id=Financial%20and%20operating%20highlights%20for%20the%20three%20months%20ended%20March%2031%2C%202023) Q4 FY2023 saw significant year-over-year growth, with revenue up 97.4% to INR 1,194.3 million and a turnaround to profit of INR 7.5 million Q4 FY2023 Financial Highlights (YoY) | Metric | Q4 2022 (INR millions) | Q4 2023 (INR millions) | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | 604.9 | 1,194.3 | 97.4% | | **Adjusted Revenue** | 980.0 | 1,894.9 | 93.3% | | **Profit/(Loss) for the period** | (117.2) | 7.5 | 106.4% | | **Adjusted EBITDA** | 52.9 | 185.6 | 251.0% | | **Total Gross Bookings** | 11,426.4 | 17,832.7 | 56.1% | [For the Year Ended March 31, 2023](index=2&type=section&id=Financial%20and%20operating%20highlights%20for%20the%20year%20ended%20March%2031%2C%202023) Full fiscal year 2023 showed strong recovery, with revenue up 92.4% to INR 3,827.3 million, a narrowed net loss, and positive Adjusted EBITDA Full Year FY2023 Financial Highlights (YoY) | Metric | FY 2022 (INR millions) | FY 2023 (INR millions) | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | 1,989.4 | 3,827.3 | 92.4% | | **Adjusted Revenue** | 3,302.4 | 6,153.1 | 86.3% | | **Loss for the period** | (482.5) | (288.2) | 40.3% | | **Adjusted EBITDA** | (159.0) | 422.9 | 166.0% | | **Total Gross Bookings** | 34,298.4 | 67,397.5 | 96.5% | [Key Business Updates & External Factors](index=4&type=section&id=Key%20Business%20Updates%20%26%20External%20Factors) Key business updates include the Yatra India IPO progress, ongoing COVID-19 recovery, and the potential impact of Go First airline's insolvency [Yatra India IPO Status](index=4&type=section&id=Initial%20Public%20Of%20ering%20of%20Yatra%20Online%20Limited) Yatra's Indian subsidiary is proceeding with its IPO on Indian stock exchanges, having received SEBI's final observation letter in November 2022 - Yatra India received the final observation letter from SEBI on November 17, 2022, for its proposed IPO, which can open for subscription within 12 months of that date[15](index=15&type=chunk) [COVID-19 Pandemic Impact](index=4&type=section&id=COVID-19%20Pandemic) The Indian travel industry is strongly recovering from COVID-19, though the pandemic's long-term effects on business remain unpredictable - The Indian travel industry is experiencing a strong recovery in both Corporate and Consumer sectors, but the future effects of the COVID-19 pandemic on the business remain unpredictable[16](index=16&type=chunk) [GoAir Insolvency Impact](index=4&type=section&id=GoAir) Go First airline's insolvency filing poses a risk to Yatra's gross bookings and revenue, leading to a reversal of INR 15.1 million in expected income - Go First airline's insolvency filing on May 2, 2023, may reduce air ticket supply, potentially impacting Yatra's gross bookings and revenue[17](index=17&type=chunk)[19](index=19&type=chunk) - The company has accounted for a reversal of **INR 15.1 million** in expected income and an advance of **INR 24.1 million** related to Go First for the year ended March 31, 2023[19](index=19&type=chunk) [Detailed Financial Performance Analysis](index=5&type=section&id=Detailed%20Financial%20Performance%20Analysis) This section provides an in-depth analysis of the company's financial performance for both the quarter and full fiscal year ended March 31, 2023 [Results of Three Months Ended March 31, 2023](index=5&type=section&id=Results%20of%20Three%20Months%20Ended%20March%2031%2C%202023) Q4 FY2023 saw significant operational improvement, turning a profit from operations of INR 115.5 million driven by strong revenue growth and travel market recovery - The company turned a profit from operations of **INR 115.5 million** in Q4 2023, a **316.5%** improvement from a loss of **INR 53.4 million** in Q4 2022[10](index=10&type=chunk)[40](index=40&type=chunk) - Adjusted EBITDA for Q4 2023 increased by **251.0%** YoY to **INR 185.6 million**[10](index=10&type=chunk)[37](index=37&type=chunk) [Revenue Analysis](index=5&type=section&id=Q4%202023%20Revenue%20Analysis) Q4 FY2023 total revenue grew 97.4% to INR 1,194.3 million, primarily driven by Air Ticketing and Hotels & Packages segments Q4 2023 Adjusted Revenue by Segment (YoY) | Segment | Q4 2022 (INR millions) | Q4 2023 (INR millions) | YoY Change | | :--- | :--- | :--- | :--- | | Air Ticketing | 667.5 | 1,459.6 | 118.7% | | Hotels and Packages | 179.8 | 268.4 | 49.3% | | Other Services | 55.2 | 38.1 | (30.9)% | | **Total Adjusted Revenue** | **980.0** | **1,894.9** | **93.3%** | [Expense Analysis](index=7&type=section&id=Q4%202023%20Expense%20Analysis) Operating expenses increased in Q4 FY2023, driven by higher personnel costs, a surge in marketing and sales promotion, and increased other operating expenses - Personnel expenses increased **9.9%** YoY to **INR 279.4 million** due to salary reinstatements and increased headcount[34](index=34&type=chunk) - Marketing and Sales Promotion expenses increased **320.7%** YoY to **INR 142.4 million**[35](index=35&type=chunk) - Other operating expenses increased **48.5%** YoY to **INR 407.4 million**, primarily due to higher commissions, legal charges, and provisions for doubtful receivables[36](index=36&type=chunk) [Profitability and Other Items](index=7&type=section&id=Q4%202023%20Profitability%20and%20Other%20Items) Q4 FY2023 saw a significant turnaround to a net profit of INR 7.5 million, improving from a prior-year loss, with Basic EPS at INR 0.10 - Net profit for Q4 2023 was **INR 7.5 million**, compared to a loss of **INR 117.2 million** in Q4 2022[45](index=45&type=chunk) - Basic EPS for Q4 2023 was **INR 0.10**, compared to a loss per share of **INR 1.86** in Q4 2022[46](index=46&type=chunk) [Liquidity and Debt Covenants](index=8&type=section&id=Liquidity) As of March 31, 2023, the company held INR 1,091.0 million in cash, and successfully obtained waivers for debt covenant non-compliance post-period end - Cash and cash equivalents and term deposits stood at **INR 1,091.0 million** (USD 13.3 million) as of March 31, 2023[48](index=48&type=chunk) - The company was non-compliant with a debt covenant at year-end but obtained waivers from all lenders in May 2023, avoiding defaults. The covenant was subsequently renegotiated with Axis Bank Limited[49](index=49&type=chunk)[51](index=51&type=chunk) [Results of Year Ended March 31, 2023](index=9&type=section&id=Results%20of%20Year%20ended%20March%2031%2C%202023%20Compared%20to%20Year%20Ended%20March%2031%2C%202022) Full fiscal year 2023 showed significant recovery, with revenue growing 92.4% to INR 3,827.3 million, a profit from operations, and a positive Adjusted EBITDA - Full-year profit from operations was **INR 79.7 million**, a **118.5%** improvement from a loss of **INR 431.5 million** in FY2022[11](index=11&type=chunk)[69](index=69&type=chunk) - Full-year net loss narrowed by **40.3%** to **INR 288.2 million** from **INR 482.5 million** in FY2022[11](index=11&type=chunk)[76](index=76&type=chunk) [Revenue Analysis](index=9&type=section&id=FY2023%20Revenue%20Analysis) Full fiscal year 2023 total revenue grew 92.4% to INR 3,827.3 million, with broad-based growth across Air Ticketing and Hotels & Packages Full Year 2023 Adjusted Revenue by Segment (YoY) | Segment | FY 2022 (INR millions) | FY 2023 (INR millions) | YoY Change | | :--- | :--- | :--- | :--- | | Air Ticketing | 2,211.1 | 4,335.3 | 96.1% | | Hotels and Packages | 599.2 | 1,065.9 | 77.9% | | Other Services | 161.5 | 177.7 | 10.0% | | **Total Adjusted Revenue** | **3,302.4** | **6,153.1** | **86.3%** | [Expense Analysis](index=10&type=section&id=FY2023%20Expense%20Analysis) Full fiscal year 2023 operating expenses increased due to higher personnel costs, a significant rise in marketing and sales, and increased other operating expenses - Personnel expenses increased **12.4%** YoY to **INR 1,148.4 million**[64](index=64&type=chunk) - Marketing and Sales Promotion expenses increased **171.0%** YoY to **INR 336.5 million**[65](index=65&type=chunk) - Other operating expenses increased **74.1%** YoY to **INR 1,555.0 million**[66](index=66&type=chunk) [Profitability and Other Items](index=11&type=section&id=FY2023%20Profitability%20and%20Other%20Items) Full fiscal year 2023 saw a narrowed net loss of INR 288.2 million and a significant positive shift in Adjusted EBITDA to INR 422.9 million - Adjusted EBITDA for FY2023 was a profit of **INR 422.9 million**, a **166.0%** increase from a loss of **INR 159.0 million** in FY2022[67](index=67&type=chunk) - Basic loss per share for FY2023 improved to **INR 4.59** from **INR 7.66** in FY2022[77](index=77&type=chunk) [Non-IFRS Measures](index=12&type=section&id=Certain%20Non-IFRS%20Measures) This section explains and reconciles the company's non-IFRS financial measures, providing alternative perspectives on performance [Explanation of Non-IFRS Measures](index=12&type=section&id=Explanation%20of%20Non-IFRS%20Measures) The company utilizes non-IFRS measures like Adjusted Revenue and Adjusted EBITDA to provide a clearer view of financial performance by excluding non-cash or non-recurring items - Adjusted Revenue is a key non-IFRS measure that adds back consumer promotion and loyalty program costs to Revenue, which management believes better reflects the value of services provided to customers[13](index=13&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk) - Other non-IFRS measures like Adjusted EBITDA exclude non-cash or non-recurring items such as share-based compensation, impairment charges, listing expenses, and change in fair value of warrants to facilitate comparison of operating results[82](index=82&type=chunk)[88](index=88&type=chunk) [Reconciliation Tables](index=13&type=section&id=Reconciliation%20Tables) Detailed reconciliation tables are provided, showing the conversion of IFRS measures to non-IFRS counterparts, such as Adjusted EBITDA and Adjusted Results from Operations Reconciliation of Profit/(Loss) for the period to Adjusted EBITDA (INR thousands) | Description | Year ended March 31, 2022 (INR thousands) | Year ended March 31, 2023 (INR thousands) | | :--- | :--- | :--- | | **Profit/(Loss) for the period as per IFRS** | **(482,461)** | **(288,167)** | | Add: Employee share-based compensation costs | 209,558 | 152,054 | | Add: Depreciation and amortization | 308,153 | 190,152 | | Add: Finance costs | 100,453 | 326,399 | | Add: Tax expense | 16,906 | 46,787 | | Add: Other adjustments (net) | 6,349 | 25,591 | | Less: Finance income | (47,816) | (28,944) | | **Adjusted EBITDA** | **158,958** | **422,872** | Reconciliation of Results from Operations to Adjusted Results from Operations (INR thousands) | Description | Year ended March 31, 2022 (INR thousands) | Year ended March 31, 2023 (INR thousands) | | :--- | :--- | :--- | | **Results from operations (as per IFRS)** | **(431,473)** | **79,666** | | Add: Employee share-based compensation costs | 209,558 | 152,054 | | Add: Impairment of loan to joint venture | 72,719 | 1,000 | | **Adjusted Results from Operations** | **(149,196)** | **232,720** | Reconciliation of Revenue to Adjusted Revenue (Full Year, INR thousands) | Description | Year ended March 31, 2022 (INR thousands) | Year ended March 31, 2023 (INR thousands) | | :--- | :--- | :--- | | **Revenue (as per IFRS)** | **1,989,376** | **3,827,265** | | Add: Customer promotional expenses | 1,313,621 | 2,842,455 | | Add: Other income | 158,648 | 152,520 | | Less: Service cost | (159,284) | (669,098) | | **Adjusted Revenue** | **3,302,361** | **6,153,142** | [Consolidated Financial Statements](index=17&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's unaudited interim condensed consolidated financial statements, including the statement of profit or loss, financial position, changes in equity, and cash flows [Statement of Profit or Loss](index=17&type=section&id=UNAUDITED%20INTERIM%20CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20PROFIT%20OR%20LOSS%20AND%20OTHER%20COMPREHENSIVE%20LOSS) For FY2023, the company reported increased revenue of INR 3,827.3 million, achieved a profit from operations, and significantly reduced its net loss attributable to owners Consolidated Statement of Profit or Loss (Year Ended March 31, INR thousands) | Description | 2022 (INR thousands) | 2023 (INR thousands) | | :--- | :--- | :--- | | Total revenue | 1,989,376 | 3,827,265 | | Results from operations | (431,473) | 79,666 | | Profit/(Loss) for the period | (482,461) | (288,167) | | Profit/(loss) attributable to Owners | (477,849) | (289,242) | | Basic Loss per share (INR) | (7.66) | (4.59) | [Statement of Financial Position](index=19&type=section&id=UNAUDITED%20INTERIM%20CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20FINANCIAL%20POSITION%20AS%20AT%20MARCH%2031%2C%202023) As of March 31, 2023, total assets increased to INR 6,736.6 million, while total liabilities also rose, leading to a decrease in total equity Consolidated Statement of Financial Position (As of March 31, INR thousands) | Description | 2022 (INR thousands) | 2023 (INR thousands) | | :--- | :--- | :--- | | **Total assets** | **5,464,574** | **6,736,643** | | Total current assets | 4,185,138 | 5,452,595 | | **Total liabilities** | **4,572,333** | **6,017,324** | | Total current liabilities | 4,184,270 | 5,746,760 | | **Total equity** | **892,241** | **719,319** | [Statement of Changes in Equity](index=21&type=section&id=UNAUDITED%20INTERIM%20CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CHANGES%20IN%20EQUITY%20FOR%20YEAR%20ENDED%20MARCH%2031%2C%202023) Total equity decreased to INR 719.3 million for FY2023, primarily due to a comprehensive loss, partially offset by owner contributions - Total equity decreased from **INR 892.2 million** at the start of the fiscal year to **INR 719.3 million** at year-end[100](index=100&type=chunk) - The decrease in equity was driven by a total comprehensive loss of **INR 297.6 million**, which was partially offset by transactions with owners (e.g., share-based payments)[100](index=100&type=chunk) [Statement of Cash Flows](index=22&type=section&id=UNAUDITED%20INTERIM%20CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CASH%20FLOWS%20FOR%20YEAR%20ENDED%20MARCH%2031%2C%202023) Net cash used in operating activities increased to INR 1,962.3 million in FY2023, offset by financing activities, resulting in a net decrease in cash and equivalents Consolidated Statement of Cash Flows (Year Ended March 31, INR thousands) | Description | 2022 (INR thousands) | 2023 (INR thousands) | | :--- | :--- | :--- | | Net cash flows (used in) operating activities | (972,203) | (1,962,346) | | Net cash flows (used in) investing activities | (86,536) | (145,952) | | Net cash flows from financing activities | 135,264 | 1,751,813 | | **Net decrease in cash and cash equivalents** | **(923,475)** | **(356,485)** | | Cash and cash equivalents at end of period | 800,282 | 503,601 | [Operating Data](index=23&type=section&id=OPERATING%20DATA) This section provides key operating metrics for the fiscal year ended March 31, 2023, highlighting strong growth in air passengers, hotel room nights, and total gross bookings [Key Operating Metrics Summary](index=23&type=section&id=Key%20Operating%20Metrics%20Summary) Key operating metrics for FY2023 showed strong growth, with air passengers up 51.1% and total gross bookings surging 96.5%, reflecting travel industry recovery Key Operating Metrics (Full Year YoY) | Metric (in thousands) | FY 2022 | FY 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Air Passengers Booked | 3,706 | 5,601 | 51.1% | | Stand-alone Hotel Room Nights Booked | 1,018 | 1,753 | 72.2% | | Packages Passengers Travelled | 10 | 21 | 109.2% | | **Total Gross Bookings (INR millions)** | **34,298** | **67,397** | **96.5%** |

Financial Data and Key Metrics Changes - The company reported a strong year-over-year growth of 43% in adjusted revenue, reaching INR 1,489 million (approximately $18 million) for the quarter [12][13] - Adjusted EBITDA for the quarter was INR 36 million (approximately $400,000), reflecting a decline due to higher legal and professional service costs [15] - Cash and cash equivalents increased to INR 1,083 million (approximately $13.1 million), up INR 380 million (approximately $4.6 million) from the previous quarter [19][28] Business Line Data and Key Metrics Changes - Adjusted air revenue increased by 39.2% year-over-year, with air gross bookings up 37% year-over-year [18] - Hotel adjusted revenue grew by 21% year-over-year, with standalone room nights up 16% [18][24] - Packages revenue increased by 41%, although from a small base, influenced by seasonality [19] Market Data and Key Metrics Changes - Domestic aviation saw a 17% year-over-year increase in air passenger traffic, with a 19% quarter-on-quarter growth [7] - International travel improved to approximately 88% of pre-COVID levels, following the easing of restrictions [17] - The Indian government's commitment to infrastructure spending in aviation is expected to support long-term growth [6][9] Company Strategy and Development Direction - The company is focused on expanding its corporate travel services, having signed a record number of 72 medium to large corporate customers in the first nine months of the fiscal year [11][12] - The establishment of a wholly-owned subsidiary in Dubai aims to expand the software platform for corporate travel in the Middle East and Africa [23] - The company anticipates continued growth driven by the recovery in both corporate and leisure travel sectors [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing recovery in the travel sector, with strong demand in both corporate and consumer markets [11][31] - The macroeconomic environment in India remains robust, with GDP growth projected at around 6.8% for fiscal 2023 [10] - The company expects adjusted revenue for the March 2023 quarter to range between INR 1,650 million to INR 1,700 million (approximately $19.5 million to $20.5 million), indicating a sequential growth rate of 10% to 14% [22] Other Important Information - The company raised INR 300 million in debt for working capital requirements and secured additional facilities totaling INR 902 million from domestic banks [20][21] - The company noted that marketing and sales promotion expenses increased by 53% year-over-year, reflecting the seasonal nature of the business [26] Q&A Session Summary Question: Insights on market share gains in corporate travel - Management highlighted the signing of 72 new customers and noted increased awareness among organizations to adopt technology for business travel needs [29][30] Question: Impact of macro environment on corporate travel - Management reported no signs of slowdown in corporate travel, with strong demand and economic activity in India remaining robust [31] Question: Discussion on personnel expenses and hiring - Management indicated that personnel expenses increased due to reinstated salaries and annual increases, with minimal impact expected on overall cost structure [32][33] Question: Timeline for new customers to contribute to revenue - Management stated that new customers typically take 90 to 120 days for implementation, with significant contributions expected in subsequent quarters [36][37] Question: Expectations for the logistics business in 2023 - Management noted a slowdown in logistics due to global shipping rate declines and challenging export conditions [51] Question: Commentary on debt issuance and cash balance - Management confirmed the issuance of INR 300 million in debt and highlighted the increase in cash balance, which supports working capital needs [52][53]

Exhibit 99.1 YATRA ONLINE, INC. ANNOUNCES RESULTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2022 Gurugram, India and New York March 28, 2023— 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, 2022. "We delivered strong YoY growth of 43.9% in Revenue and 42.5% in Adjusted Revenue driven by recovery in both o ...

Financial Data and Key Metrics Changes - The company reported adjusted revenue of INR 1.52 billion (approximately US$18.6 million), an increase of 92% year-over-year [9][20] - Adjusted EBITDA for the quarter was INR 77.7 million (approximately US$1 million), up 234% year-over-year [10][26] - Cash and cash equivalents as of September 30, 2022, were INR 703 million (approximately US$9 million), reflecting a decrease due to increased working capital needs [27] Business Line Data and Key Metrics Changes - Air Ticketing adjusted revenue increased by 110% year-over-year to INR 1 billion [20] - Hotels and Packages adjusted revenue rose 47% year-over-year to INR 240 million [21] - Gross bookings for Hotels and Packages improved 97% year-over-year, while gross air passengers booked were 1.27 million, up 41% year-over-year [22] Market Data and Key Metrics Changes - Domestic air travel volumes contracted by 10%, but the company's air tax volume declined only 2%, resulting in market share gains [11] - International travel improved gradually, exiting the quarter at approximately 70% of pre-COVID levels [13] - Domestic air passenger traffic reached 11.4 million in October, representing a 10% month-over-month increase [15] Company Strategy and Development Direction - The company plans to pursue new corporate business aggressively post-IPO, with a focus on both organic growth and potential M&A opportunities [30][31] - The upcoming Indian IPO is expected to strengthen the balance sheet and facilitate growth in corporate business [6][16] - The company aims to achieve growth above market rates due to share gains in the corporate travel market and the shift from offline to online in the consumer market [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about sustained growth in international travel and strong demand for leisure travel, indicating that elevated demand levels may become the new norm [51][54] - The company anticipates continued recovery in corporate travel and expects to see good operating leverage in expenses moving forward [35][36] - The macroeconomic environment is favorable, with India's GDP expected to grow at about 6.8% in fiscal 2023, supporting the travel industry's growth [15] Other Important Information - The company incurred higher legal costs of INR 24 million related to board expansion and IPO-related expenses, impacting adjusted EBITDA [10][26] - The company has raised an additional capital of $10 million from MAK Capital to support growth momentum [27] Q&A Session Summary Question: Plans for pursuing new corporate business post-IPO - Management indicated a strong pipeline for organic growth and plans for M&A, emphasizing the need for due diligence [30][31] Question: Headcount and OpEx outlook - Current headcount is about half of pre-COVID levels, with gradual increases linked to new corporate customers; operating expenses are expected to show good leverage [33][35] Question: Indian IPO market demand - The Indian market remains buoyant, with strong demand for quality offerings, and the company is optimistic about its IPO performance [36][37] Question: New enterprise clients and sales team scaling - The increase in new enterprise clients is driven by inbound demand rather than a significant expansion of the sales team [40] Question: Freight business expectations - The freight business is expected to recover rapidly, with projected revenue of US$5 million to US$6 million for fiscal 2024 [45] Question: Consumer demand trends - Demand for leisure travel remains high, with strong forward bookings for upcoming holiday seasons, indicating that elevated demand levels are likely to persist [51][54]

[Company Overview and Key Highlights](index=1&type=section&id=Company%20Overview%20and%20Key%20Highlights) This section summarizes Yatra Online, Inc.'s Q3 FY2023 financial and operating performance, strategic updates, and key highlights [Executive Summary](index=1&type=section&id=Executive%20Summary) Yatra Online, Inc. achieved a post-COVID high in Adjusted Revenue with 21% sequential growth, driven by strong corporate and consumer travel recovery, and advanced its India IPO - Adjusted Revenue for the quarter was **INR 1,515.9 million (USD 18.6 million)**, up **21% sequentially** and **92.2% year-over-year (YoY)**, marking a post-COVID high[3](index=3&type=chunk) - India's domestic passenger traffic reached **90% of pre-COVID levels**, and Yatra's business travel gross bookings reached **100% of pre-COVID levels** in the quarter[3](index=3&type=chunk) - Yatra India received the final observation letter from SEBI on November 17, 2022, allowing its proposed initial public offering to open for subscription within 12 months[4](index=4&type=chunk) [Financial and Operating Highlights (Q3 FY2023)](index=1&type=section&id=Financial%20and%20Operating%20Highlights%20(Q3%20FY2023)) The company achieved significant YoY growth in revenue, adjusted revenue, and gross bookings, while reducing net loss and increasing Adjusted EBITDA Financial Summary (IFRS & Non-IFRS) and Operating Metrics | Metric | 3 Months Ended Sep 30, 2021 (INR thousands) | 3 Months Ended Sep 30, 2022 (INR thousands) | 3 Months Ended Sep 30, 2022 (USD thousands) | YoY Change (%) | | :-------------------------------- | :-------------------------------------- | :-------------------------------------- | :-------------------------------------- | :------------- | | **Financial Summary (IFRS)** | | | | | | Revenue | 450,459 | 831,378 | 10,217 | 84.6% | | Results from operations | (140,022) | (5,761) | (71) | 95.9% | | Loss for the period | (140,197) | (71,221) | (875) | 49.2% | | **Financial Summary (Non-IFRS)** | | | | | | Adjusted Revenue | 788,710 | 1,515,882 | 18,630 | 92.2% | | Adjusted EBITDA | 23,286 | 77,717 | 955 | 233.8% | | **Operating Metrics** | | | | | | Gross Bookings | 8,436,702 | 15,893,648 | 195,326 | 88.4% | | Air Passengers Booked | 896 | 1,266 | | 41.2% | | Stand-alone Hotel Room Nights Booked | 289 | 412 | | 42.6% | - Adjusted Revenue from Air Ticketing increased by **110.3% YoY** to **INR 1,069.7 million (USD 13.1 million)**[5](index=5&type=chunk) - Adjusted Revenue from Hotels and Packages increased by **47.2% YoY** to **INR 240.7 million (USD 3.0 million)**[5](index=5&type=chunk) [Strategic Updates](index=3&type=section&id=Strategic%20Updates) This section outlines key strategic developments, including the Yatra India IPO and the company's response to the COVID-19 pandemic [Yatra India IPO](index=3&type=section&id=Yatra%20India%20IPO) Yatra India received SEBI's final observation for its IPO, enabling subscription within 12 months to strengthen its balance sheet and corporate business pursuit - Yatra India received a final observation letter from SEBI on November 17, 2022, for its proposed IPO, which can now open for subscription within 12 months[10](index=10&type=chunk) - The IPO is expected to strengthen the balance sheet and allow Yatra to pursue new corporate business more aggressively[4](index=4&type=chunk) [COVID-19 Pandemic Impact and Response](index=3&type=section&id=COVID-19%20Pandemic%20Impact%20and%20Response) The Indian travel industry has largely recovered to over 90% of pre-COVID levels, with Yatra adapting policies and cost reduction initiatives - The Indian travel industry, both corporate and consumer sectors, has seen strong recovery, now at or above **90% of pre-COVID levels**[11](index=11&type=chunk) - The company continues to implement flexible measures for customers (e.g., automated re-scheduling/cancellation) and adapt cost reduction initiatives (e.g., salary adjustments, renegotiating fixed costs) as the situation evolves[12](index=12&type=chunk) [Detailed Financial Review (Three Months Ended September 30, 2022)](index=3&type=section&id=Detailed%20Financial%20Review%20(Three%20Months%20Ended%20September%2030%2C%202022)) This section provides a detailed analysis of Yatra Online, Inc.'s financial performance for the three months ended September 30, 2022 [Revenue Analysis](index=3&type=section&id=Revenue%20Analysis) This section analyzes the company's revenue performance across various segments, including total revenue, service cost, and adjusted revenue [Total Revenue](index=3&type=section&id=Total%20Revenue) Total Revenue increased significantly by **84.6% YoY**, driven by strong recovery in domestic travel demand Total Revenue | Metric | 3 Months Ended Sep 30, 2021 (INR millions) | 3 Months Ended Sep 30, 2022 (INR millions) | YoY Change (%) | | :----- | :----------------------------------- | :----------------------------------- | :------------- | | Revenue | 450.5 | 831.4 | 84.6% | - The increase in revenue was primarily due to the strong recovery in domestic travel demand as a result of the diminishing impact of the COVID-19 pandemic in India[13](index=13&type=chunk) [Service Cost](index=3&type=section&id=Service%20Cost) Service cost increased substantially, reflecting strong recovery in domestic travel demand and increased business activity Service Cost | Metric | 3 Months Ended Sep 30, 2021 (INR millions) | 3 Months Ended Sep 30, 2022 (INR millions) | YoY Change (%) | | :---------- | :----------------------------------- | :----------------------------------- | :------------- | | Service cost | 23.4 | 94.1 | 302.1% | - The increase in service cost was primarily due to the strong recovery in domestic travel demand[14](index=14&type=chunk) [Adjusted Revenue](index=3&type=section&id=Adjusted%20Revenue) Adjusted Revenue grew by **92.2% YoY** to **INR 1,515.9 million**, driven by strong growth in Air Ticketing and Hotels, and higher promotion costs Adjusted Revenue | Metric | 3 Months Ended Sep 30, 2021 (INR millions) | 3 Months Ended Sep 30, 2022 (INR millions) | YoY Change (%) | | :-------------- | :----------------------------------- | :----------------------------------- | :------------- | | Adjusted Revenue | 788.7 | 1,515.9 | 92.2% | - Adjusted Revenue includes an add-back of **INR 715.2 million (USD 8.8 million)** in consumer promotion and loyalty program costs, up from INR 315.1 million (USD 3.9 million) in the prior year[15](index=15&type=chunk) - The increase in Adjusted Revenue was mainly due to a **110.3% increase in Air Ticketing**, **47.2% in Hotels and Packages**, **5.4% in Other Services**, and **111.7% in Others (Including Other Income)**[15](index=15&type=chunk) [Air Ticketing Segment](index=4&type=section&id=Air%20Ticketing%20Segment) Air Ticketing segment saw robust growth in both IFRS and Adjusted Revenue, with Adjusted Revenue more than doubling YoY due to domestic travel recovery Air Ticketing Revenue | Metric | 3 Months Ended Sep 30, 2021 (INR millions) | 3 Months Ended Sep 30, 2022 (INR millions) | YoY Change (%) | | :---------------- | :----------------------------------- | :----------------------------------- | :------------- | | Revenue | 284.9 | 428.6 | 50.4% | | Adjusted Revenue | 508.6 | 1,069.7 | 110.3% | - Adjusted Revenue for Air Ticketing included an add-back of **INR 641.1 million (USD 7.9 million)** in consumer promotion and loyalty program costs[19](index=19&type=chunk) [Hotels and Packages Segment](index=4&type=section&id=Hotels%20and%20Packages%20Segment) Hotels and Packages segment achieved substantial IFRS Revenue growth (**170.0% YoY**) and solid Adjusted Revenue growth (**47.2% YoY**), driven by increased bookings Hotels and Packages Revenue | Metric | 3 Months Ended Sep 30, 2021 (INR millions) | 3 Months Ended Sep 30, 2022 (INR millions) | YoY Change (%) | | :---------------- | :----------------------------------- | :----------------------------------- | :------------- | | Revenue | 99.0 | 267.3 | 170.0% | | Adjusted Revenue | 163.5 | 240.7 | 47.2% | - The increase was due to increases in the number of hotel-room nights booked and sales of holiday packages, reflecting the diminishing impact of the COVID-19 pandemic[21](index=21&type=chunk) [Other Services Segment](index=5&type=section&id=Other%20Services%20Segment) Other Services segment saw a slight revenue decrease but **5.4% YoY** Adjusted Revenue growth, primarily from the freight business Other Services Revenue | Metric | 3 Months Ended Sep 30, 2021 (INR millions) | 3 Months Ended Sep 30, 2022 (INR millions) | YoY Change (%) | | :---------------- | :----------------------------------- | :----------------------------------- | :------------- | | Revenue | 35.4 | 34.6 | (2.3)% | | Adjusted Revenue | 39.0 | 41.1 | 5.4% | - The increase in Adjusted Revenue is primarily due to an increase in revenue from the freight business[24](index=24&type=chunk) [Other Revenue & Income](index=5&type=section&id=Other%20Revenue%20%26%20Income) Other Revenue significantly increased due to advertising, and Other Income rose from the write-back of liabilities Other Revenue & Income | Metric | 3 Months Ended Sep 30, 2021 (INR millions) | 3 Months Ended Sep 30, 2022 (INR millions) | YoY Change (%) | | :----------- | :----------------------------------- | :----------------------------------- | :------------- | | Other Revenue | 31.1 | 100.9 | 224.4% | | Other Income | 46.5 | 63.5 | 36.6% | - Other Revenue increased due to an increase in advertising revenue[25](index=25&type=chunk) - Other Income increased due to an increase in the write-back of liabilities no longer required to be paid[26](index=26&type=chunk) [Expense Analysis](index=5&type=section&id=Expense%20Analysis) This section provides a detailed analysis of the company's operating expenses, including personnel, marketing, and other operating costs [Personnel Expenses](index=5&type=section&id=Personnel%20Expenses) Personnel expenses decreased overall due to lower share-based compensation, but increased by **16.0%** excluding these costs, driven by salary reinstatements Personnel Expenses | Metric | 3 Months Ended Sep 30, 2021 (INR millions) | 3 Months Ended Sep 30, 2022 (INR millions) | YoY Change (%) | | :----------------- | :----------------------------------- | :----------------------------------- | :------------- | | Personnel expenses | 295.7 | 287.6 | (2.8)% | | Share-based comp | 79.2 | 36.5 | (53.9)% | - Excluding employee share-based compensation costs, personnel expenses increased by **16.0%** due to the reinstatement of salaries to pre-pandemic levels and annual salary increases[27](index=27&type=chunk) [Marketing and Sales Promotion Expenses](index=5&type=section&id=Marketing%20and%20Sales%20Promotion%20Expenses) Marketing and Sales Promotion Expenses increased significantly by **179.9% YoY**, reflecting increased investment in consumer promotions amid travel recovery Marketing and Sales Promotion Expenses | Metric | 3 Months Ended Sep 30, 2021 (INR millions) | 3 Months Ended Sep 30, 2022 (INR millions) | YoY Change (%) | | :-------------------------------- | :----------------------------------- | :----------------------------------- | :------------- | | Marketing and Sales Promotion Expenses | 29.0 | 81.3 | 179.9% | | Total Marketing Spend (Adjusted) | 344.2 | 796.5 | 131.4% | - Total marketing spend, including consumer promotions and loyalty program costs deducted from Revenue per IFRS 15, increased by **131.4% YoY** to **INR 796.5 million (USD 9.8 million)**[28](index=28&type=chunk) [Other Operating Expenses](index=5&type=section&id=Other%20Operating%20Expenses) Other operating expenses increased by **90.8% YoY**, driven by higher commissions, communication, legal, payment gateway charges, and bad debts Other Operating Expenses | Metric | 3 Months Ended Sep 30, 2021 (INR millions) | 3 Months Ended Sep 30, 2022 (INR millions) | YoY Change (%) | | :---------------------- | :----------------------------------- | :----------------------------------- | :------------- | | Other operating expenses | 204.7 | 390.7 | 90.8% | - The increase was primarily due to increases in commission, communication, legal and professional charges, payment gateway charges, bad debts written off, and provision for doubtful debts[29](index=29&type=chunk) [Depreciation and Amortization](index=5&type=section&id=Depreciation%20and%20Amortization) Depreciation and amortization expenses decreased by **44.2% YoY**, primarily due to a reduction in assets Depreciation and Amortization | Metric | 3 Months Ended Sep 30, 2021 (INR millions) | 3 Months Ended Sep 30, 2022 (INR millions) | YoY Change (%) | | :-------------------------- | :----------------------------------- | :----------------------------------- | :------------- | | Depreciation and amortization | 84.1 | 46.9 | (44.2)% | - The decrease was primarily a result of a reduction in assets[31](index=31&type=chunk) [Profitability and Other Financial Items](index=5&type=section&id=Profitability%20and%20Other%20Financial%20Items) This section details the company's profitability metrics and other financial items, including Adjusted EBITDA, results from operations, and loss per share [Adjusted EBITDA](index=5&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA profit increased significantly by **233.8% YoY** to **INR 77.7 million**, reflecting improved operational efficiency and revenue growth Adjusted EBITDA | Metric | 3 Months Ended Sep 30, 2021 (INR millions) | 3 Months Ended Sep 30, 2022 (INR millions) | YoY Change (%) | | :------------- | :----------------------------------- | :----------------------------------- | :------------- | | Adjusted EBITDA | 23.3 | 77.7 | 233.8% | [Results from Operations](index=5&type=section&id=Results%20from%20Operations) Loss from operations significantly decreased, with Adjusted Results from Operations turning profitable after excluding share-based compensation costs Results from Operations | Metric | 3 Months Ended Sep 30, 2021 (INR millions) | 3 Months Ended Sep 30, 2022 (INR millions) | YoY Change (%) | | :---------------------- | :----------------------------------- | :----------------------------------- | :------------- | | Results from Operations | (140.0) | (5.8) | 95.9% | | Adjusted Results from Operations | (60.8) | 30.8 | N/A (loss to profit) | - Excluding employee share-based compensation costs, Adjusted Results from Operations would have been a profit of **INR 30.8 million (USD 0.4 million)** for the current quarter[32](index=32&type=chunk) [Share of Loss of Joint Venture](index=6&type=section&id=Share%20of%20Loss%20of%20Joint%20Venture) The company reported no share of loss from joint venture in the current quarter, a notable improvement from the prior year Share of Loss of Joint Venture | Metric | 3 Months Ended Sep 30, 2021 (INR millions) | 3 Months Ended Sep 30, 2022 (INR millions) | | :-------------------------- | :----------------------------------- | :----------------------------------- | | Share of Loss of Joint Venture | 1.2 | 0.0 | [Finance Income and Costs](index=6&type=section&id=Finance%20Income%20and%20Costs) Finance income decreased due to lower bank interest, while finance costs significantly increased due to higher borrowings Finance Income and Costs | Metric | 3 Months Ended Sep 30, 2021 (INR millions) | 3 Months Ended Sep 30, 2022 (INR millions) | YoY Change (%) | | :------------- | :----------------------------------- | :----------------------------------- | :------------- | | Finance Income | 13.2 | 9.5 | (28.0)% | | Finance Costs | 22.5 | 60.0 | 166.7% | - Finance income decreased primarily due to a decrease in interest income earned from bank deposits[34](index=34&type=chunk) - Finance costs increased due to an increase in borrowings[35](index=35&type=chunk) [Listing and Related Expenses](index=6&type=section&id=Listing%20and%20Related%20Expenses) The company incurred **INR 72.8 million** in listing and related expenses, primarily for the Indian IPO, with **INR 6.3 million** charged to profit and loss Listing and Related Expenses | Metric | 3 Months Ended Sep 30, 2021 (INR millions) | 3 Months Ended Sep 30, 2022 (INR millions) | | :-------------------------- | :----------------------------------- | :----------------------------------- | | Listing and related expenses | 0.0 | 6.3 | - Total listing and related expenses incurred were **INR 72.8 million (USD 0.1 million)**, with **INR 6.3 million** charged to profit and loss[36](index=36&type=chunk) [Change in Fair Value of Warrants](index=6&type=section&id=Change%20in%20Fair%20Value%20of%20Warrants) No gain from change in fair value of warrants was reported this quarter, as outstanding warrants expired in December 2021 Change in Fair Value of Warrants | Metric | 3 Months Ended Sep 30, 2021 (INR millions) | 3 Months Ended Sep 30, 2022 (INR millions) | | :-------------------------- | :----------------------------------- | :----------------------------------- | | Change in fair value of warrants | 12.9 | 0.0 | - Outstanding warrants expired on December 16, 2021, resulting in no gain from fair value changes in the current period[37](index=37&type=chunk) [Income Tax Expense](index=6&type=section&id=Income%20Tax%20Expense) Income tax expense increased to **INR 8.7 million** for the three months ended September 30, 2022 Income Tax Expense | Metric | 3 Months Ended Sep 30, 2021 (INR millions) | 3 Months Ended Sep 30, 2022 (INR millions) | YoY Change (%) | | :---------------- | :----------------------------------- | :----------------------------------- | :------------- | | Income Tax Expense | 2.6 | 8.7 | 234.6% | [Loss for the Period](index=6&type=section&id=Loss%20for%20the%20Period) The company significantly reduced its IFRS Loss by **49.2% YoY**, with Adjusted Loss also decreasing substantially, reflecting improved financial performance Loss for the Period | Metric | 3 Months Ended Sep 30, 2021 (INR millions) | 3 Months Ended Sep 30, 2022 (INR millions) | YoY Change (%) | | :---------------- | :----------------------------------- | :----------------------------------- | :------------- | | Loss for the period | (140.2) | (71.2) | 49.2% (reduction) | | Adjusted Loss | (73.8) | (28.4) | 61.5% (reduction) | - Excluding employee share-based compensation costs, listing and related expenses, and net change in fair value of warrants, the Adjusted Loss was **INR 28.4 million (USD 0.3 million)**[39](index=39&type=chunk) [Loss per Share (Basic and Diluted)](index=6&type=section&id=Loss%20per%20Share%20(Basic%20and%20Diluted)) Both Basic and Diluted Loss per Share decreased significantly YoY, with a substantial reduction also seen on an adjusted basis Loss per Share (Basic and Diluted) | Metric | 3 Months Ended Sep 30, 2021 (INR) | 3 Months Ended Sep 30, 2022 (INR) | YoY Change (%) | | :---------------------- | :-------------------------------- | :-------------------------------- | :------------- | | Basic Loss per Share | (2.23) | (1.14) | 48.9% (reduction) | | Diluted Loss per Share | (2.23) | (1.14) | 48.9% (reduction) | | Adjusted Basic Loss per Share | (1.18) | (0.46) | 61.0% (reduction) | | Adjusted Diluted Loss per Share | (1.18) | (0.46) | 61.0% (reduction) | [Liquidity and Capital Resources](index=6&type=section&id=Liquidity%20and%20Capital%20Resources) Cash and cash equivalents decreased due to working capital deployment, but new facilities and debentures were secured to enhance liquidity Cash and cash equivalents and term deposits | Metric | As of Sep 30, 2022 (INR millions) | As of Sep 30, 2022 (USD millions) | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Cash and cash equivalents and term deposits | 703.1 | 8.6 | - The decrease in cash balance is primarily due to increased working capital deployment driven by the recovery of the corporate travel business[42](index=42&type=chunk) - The company drew a working capital revolver facility of **INR 550 million (USD 7.0 million)** from Axis Bank and **INR 150 million (USD 1.8 million)** against Non-Convertible Debentures[42](index=42&type=chunk) [Non-IFRS Measures Explanation and Reconciliations](index=7&type=section&id=Non-IFRS%20Measures%20Explanation%20and%20Reconciliations) This section defines and reconciles non-IFRS financial measures used by the company to provide a clearer view of its operational performance [Definition and Rationale](index=7&type=section&id=Definition%20and%20Rationale) Non-IFRS measures like Adjusted Revenue and EBITDA are used to provide supplemental information, reflecting financial performance by excluding non-recurring items - Adjusted Revenue is used to evaluate financial performance as certain parts of revenue are recognized on a 'net' basis and others on a 'gross' basis, providing a more accurate reflection of value addition[44](index=44&type=chunk)[45](index=45&type=chunk) - Non-IFRS financial measures exclude employee share-based compensation cost, impairment of loan to joint venture, listing and related expenses, and change in fair value of warrants for internal management, budgeting, and comparison purposes[46](index=46&type=chunk)[48](index=48&type=chunk)[53](index=53&type=chunk) - These non-IFRS measures are not meant to be considered in isolation or as a substitute for IFRS results and may not be comparable to similarly titled measures reported by other companies[45](index=45&type=chunk)[49](index=49&type=chunk) [Adjusted EBITDA Reconciliation](index=8&type=section&id=Adjusted%20EBITDA%20Reconciliation) This section reconciles IFRS Loss to Adjusted EBITDA, detailing adjustments for non-IFRS items like share-based compensation, depreciation, and finance costs Reconciliation of Adjusted EBITDA (unaudited) | Metric | Three months ended Sep 30, 2021 (INR thousands) | Three months ended Sep 30, 2022 (INR thousands) | | :------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | | Loss for the period as per IFRS | (140,197) | (71,221) | | Employee share-based compensation costs | 79,227 | 36,531 | | Depreciation and amortization | 84,081 | 46,947 | | Finance income | (13,229) | (9,540) | | Finance costs | 22,476 | 59,979 | | Listing and related expenses | - | 6,293 | | Tax expense | 2,624 | 8,728 | | **Adjusted EBITDA** | **23,286** | **77,717** | [Adjusted Results from Operations Reconciliation](index=8&type=section&id=Adjusted%20Results%20from%20Operations%20Reconciliation) This section reconciles IFRS Results from Operations to Adjusted Results, primarily by adding back employee share-based compensation costs Reconciliation of Adjusted Results from Operations (unaudited) | Metric | Three months ended Sep 30, 2021 (INR thousands) | Three months ended Sep 30, 2022 (INR thousands) | | :--------------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Results from operations (as per IFRS) | (140,022) | (5,761) | | Employee share-based compensation costs | 79,227 | 36,531 | | Impairment of loan to joint venture | - | - | | **Adjusted Results from Operations** | **(60,795)** | **30,770** | [Adjusted Profit/(Loss) Reconciliation](index=8&type=section&id=Adjusted%20Profit%2F(Loss)%20Reconciliation) This section reconciles IFRS Loss to Adjusted Profit/(Loss), adjusting for share-based compensation, warrant fair value changes, and listing expenses Reconciliation of Adjusted Loss (unaudited) | Metric | Three months ended Sep 30, 2021 (INR thousands) | Three months ended Sep 30, 2022 (INR thousands) | | :---------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Loss for the period (as per IFRS) | (140,197) | (71,221) | | Employee share-based compensation costs | 79,227 | 36,531 | | Change in fair value of warrants | (12,873) | - | | Impairment of loan to joint venture | - | - | | Listing and related expenses | - | 6,293 | | **Adjusted Profit/(Loss) for the period** | **(73,843)** | **(28,397)** | [Adjusted Loss per Share Reconciliation](index=10&type=section&id=Adjusted%20Loss%20per%20Share%20Reconciliation) This section reconciles IFRS Basic and Diluted Loss per Share to Adjusted Loss per Share, adjusting for share-based compensation and other non-recurring items Reconciliation of Adjusted Basic Loss (Per Share) (unaudited) | Metric | Three months ended Sep 30, 2021 (INR) | Three months ended Sep 30, 2022 (INR) | | :---------------------------------------------------- | :------------------------------ | :------------------------------ | | Basic Loss per share (as per IFRS) | (2.23) | (1.14) | | Employee share-based compensation costs | 1.26 | 0.57 | | Change in fair value of warrants | (0.21) | - | | Listing and related expenses | - | 0.10 | | **Adjusted Basic Loss Per Share** | **(1.18)** | **(0.47)** | Reconciliation of Adjusted Diluted Loss (Per Share) (unaudited) | Metric | Three months ended Sep 30, 2021 (INR) | Three months ended Sep 30, 2022 (INR) | | :------------------------------------------------------ | :------------------------------ | :------------------------------ | | Diluted Loss per share (as per IFRS) | (2.23) | (1.14) | | Employee share-based compensation costs | 1.26 | 0.57 | | Change in fair value of warrants | (0.21) | - | | Listing and related expenses | - | 0.10 | | **Adjusted Diluted Loss Per Share** | **(1.18)** | **(0.47)** | [Adjusted Revenue Reconciliation](index=10&type=section&id=Adjusted%20Revenue%20Reconciliation) This section provides a detailed reconciliation of IFRS Revenue to Adjusted Revenue by segment, highlighting customer promotional expenses and service costs Reconciliation of Revenue (an IFRS measure) to Adjusted Revenue (a non-IFRS measure) | Metric | Air Ticketing (2021) (INR thousands) | Air Ticketing (2022) (INR thousands) | Hotels and Packages (2021) (INR thousands) | Hotels and Packages (2022) (INR thousands) | Other Services (2021) (INR thousands) | Other Services (2022) (INR thousands) | Others (2021) (INR thousands) | Others (2022) (INR thousands) | Total (2021) (INR thousands) | Total (2022) (INR thousands) | | :----------------------------------------------------------------- | :------------------- | :------------------- | :------------------------- | :------------------------- | :-------------------- | :-------------------- | :------------ | :------------ | :----------- | :----------- | | Revenue | 284,949 | 428,595 | 98,985 | 267,281 | 35,399 | 34,599 | 31,126 | 100,903 | 450,459 | 831,378 | | Add: Customer promotional expenses | 223,667 | 641,149 | 87,912 | 67,575 | 3,563 | 6,454 | - | - | 315,142 | 715,178 | | Service cost | - | - | (23,405) | (94,148) | - | - | - | - | (23,405) | (94,148) | | Other income | - | - | - | - | - | - | 46,514 | 63,474 | 46,514 | 63,474 | | **Adjusted Revenue** | **508,616** | **1,069,744** | **163,492** | **240,708** | **38,962** | **41,053** | **77,640** | **164,377** | **788,710** | **1,515,882** | [Financial Statements](index=12&type=section&id=Financial%20Statements) This section presents the company's unaudited interim condensed consolidated financial statements, including profit or loss, financial position, equity, and cash flows [Unaudited Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Loss](index=12&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Loss) This statement presents the unaudited consolidated financial performance for the three and six months ended September 30, 2022 and 2021 Unaudited Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Loss | Metric | 3 Months Ended Sep 30, 2021 (INR thousands) | 3 Months Ended Sep 30, 2022 (INR thousands) | 6 Months Ended Sep 30, 2021 (INR thousands) | 6 Months Ended Sep 30, 2022 (INR thousands) | | :------------------------------------ | :---------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | | Total revenue | 450,459 | 831,378 | 757,387 | 1,730,423 | | Results from operations | (140,022) | (5,761) | (226,839) | 27,150 | | Loss for the period | (140,197) | (71,221) | (220,600) | (78,185) | | Basic Loss per share | (2.23) | (1.14) | (3.51) | (1.26) | | Diluted Loss per share | (2.23) | (1.14) | (3.51) | (1.26) | [Unaudited Interim Condensed Consolidated Statement of Financial Position](index=14&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement provides the unaudited consolidated financial position as of September 30, 2022, and March 31, 2022 Unaudited Interim Condensed Consolidated Statement of Financial Position | Metric | March 31, 2022 (Audited) (INR thousands) | September 30, 2022 (Unaudited) (INR thousands) | | :------------------------------------ | :----------------------- | :----------------------------- | | Total assets | 5,464,574 | 5,470,843 | | Total equity | 892,241 | 852,105 | | Total liabilities | 4,572,333 | 4,618,738 | [Unaudited Interim Condensed Consolidated Statement of Changes in Equity](index=16&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement outlines changes in the company's equity for the six months ended September 30, 2022, including profit/loss and share-based payments Unaudited Interim Condensed Consolidated Statement of Changes in Equity | Metric | Balance as at April 1, 2022 (INR thousands) | Balance as at September 30, 2022 (INR thousands) | | :------------------------------------ | :-------------------------- | :------------------------------- | | Total equity attributable to equity holders of the Company | 890,258 | 849,355 | | Total Non-controlling interest | 1,983 | 2,750 | | **Total Equity** | **892,241** | **852,105** | | Profit/(Loss) for the period | | (78,185) | | Total comprehensive loss | | (111,158) | | Share based payments | | 71,022 | | Exercise of options | | 0 | [Unaudited Interim Condensed Consolidated Statement of Cash Flows](index=17&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement presents the unaudited consolidated cash flows for the six months ended September 30, 2022 and 2021 Unaudited Interim Condensed Consolidated Statement of Cash Flows | Metric | 6 Months Ended Sep 30, 2021 (INR thousands) | 6 Months Ended Sep 30, 2022 (INR thousands) | | :------------------------------------ | :---------------------------- | :---------------------------- | | Net cash flows used in operating activities | (230,529) | (847,177) | | Net cash flows from/(used in) investing activities | (12,804) | 100,167 | | Net cash flows (used in) financing activities | (130,961) | 265,853 | | Net decrease in cash and cash equivalents | (374,294) | (481,157) | | Cash and cash equivalents at the end of the period | 423,176 | 289,376 | [Operating Data](index=18&type=section&id=Operating%20Data) This section provides selected unaudited condensed consolidated operating data, including key metrics for passenger bookings and revenue margins [Selected Unaudited Condensed Consolidated Operating Data](index=18&type=section&id=Selected%20Unaudited%20Condensed%20Consolidated%20Operating%20Data) This section provides selected unaudited consolidated operating data, including passenger bookings, room nights, gross bookings, and revenue margins Selected Unaudited Condensed Consolidated Operating Data | Metric | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2022 | 6 Months Ended Sep 30, 2021 | 6 Months Ended Sep 30, 2022 | | :-------------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | :---------------------------- | | Air Passengers Booked (thousands) | 896 | 1,266 | 1,311 | 2,556 | | Stand-alone Hotel Room Nights Booked (thousands) | 289 | 412 | 359 | 997 | | Total Gross Bookings (INR thousands) | 8,436,702 | 15,893,648 | 11,023,245 | 33,760,864 | | Total Adjusted Revenue (INR thousands) | 788,710 | 1,515,882 | 1,277,371 | 2,769,615 | | Net Revenue Margin% - Air Ticketing | 7.7% | 8.1% | 9.6% | 6.7% | | Net Revenue Margin% - Hotels and Packages | 16.5% | 12.4% | 17.2% | 13.1% | | Net Revenue Margin% - Other Services | 4.7% | 5.5% | 4.6% | 5.9% | [Additional Information](index=7&type=section&id=Additional%20Information) This section provides supplementary information, including conference call details, a safe harbor statement, and an overview of Yatra Online, Inc [Conference Call Details](index=7&type=section&id=Conference%20Call%20Details) Yatra Online, Inc. hosted a conference call on November 29, 2022, to discuss unaudited Q3 FY2023 results, with dial-in and webcast access - The conference call to discuss results for the three months ended September 30, 2022, was held on November 29, 2022, at **8:30 AM Eastern Daylight Time**[43](index=43&type=chunk) - Dial-in details: US/International dial-in number: **+1-646-664-1960**, Confirmation Code: **898296**[43](index=43&type=chunk) - The conference call was also available via webcast at **https://events.q4inc.com/earnings/YTRA/2022**[43](index=43&type=chunk) [Safe Harbor Statement](index=11&type=section&id=Safe%20Harbor%20Statement) This safe harbor statement cautions that forward-looking statements are subject to risks, including COVID-19 impact, competition, and IPO success - The release contains forward-looking statements identifiable by terms like 'anticipate,' 'believe,' 'estimate,' 'expect,' 'intend,' 'will,' 'project,' 'seek,' 'should'[56](index=56&type=chunk) - Potential risks and uncertainties include Yatra India's ability to consummate its IPO, the impact of the COVID-19 pandemic, increasing competition, slowdowns in Indian economic growth, and changes in airline commissions[56](index=56&type=chunk) - The company does not undertake any obligation to update forward-looking statements, except as required by applicable law[56](index=56&type=chunk) [About Yatra Online, Inc.](index=11&type=section&id=About%20Yatra%20Online%2C%20Inc.) Yatra Online, Inc. is the parent of Yatra India, a leading corporate and second-largest consumer online travel company, offering diverse travel and freight services - Yatra Online, Inc. is the ultimate parent company of Yatra Online Limited (Yatra India), India's leading corporate travel services provider with approximately **700 large corporate customers** and over **46,000 registered SME customers**[57](index=57&type=chunk) - Yatra India is the **second-largest consumer online travel company (OTC)** in India by gross booking revenue for Fiscal 2020[57](index=57&type=chunk) - The company offers domestic and international air ticketing, bus/rail/cab bookings, and has the largest hotel inventory among key Indian online travel agency (OTA) players, recently launching Yatra Freight[57](index=57&type=chunk)

Yatra Online, Inc. (NASDAQ:YTRA) Q1 2023 Earnings Conference Call August 30, 2022 8:30 AM ET Company Participants Manish Hemrajani – Head-Investor Relations Dhruv Shringi – Chief Executive Officer and Co-Founder Conference Call Participants Scott Buck – H.C. Wainwright Lisa Thompson – Zacks Investment Research Anja Soderstrom – Sidoti & Company Operator Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Yatra Fiscal First Quarter 2023 Earnings Conference Call. My name is Irene, an ...