Yatra Online, Inc. (NASDAQ:YTRA) Q4 2024 Earnings Call Transcript May 31, 2024 9:00 AM ET Company Participants Manish Hemrajani - IR Dhruv Shringi - CEO and Co-Founder Rohan Mittal - CFO Conference Call Participants Scott Buck - H.C. Wainwright Operator Hello, and welcome to the Yatra Online, Inc. Q4 2024 and Fiscal Year 2024 Financial Results Earnings Call. My name is Carla, and I will be coordinating your call today. [Operator Instructions] I will now hand you over to your host, Manish Hemrajani to begin. ...

Financial Performance - Yatra's Gross Bookings increased by 12.7% YoY to INR 75,948.0 million (USD 911.3 million) for the year ended March 31, 2024[8]. - Revenue for the quarter ended March 31, 2024, was INR 1,072.8 million (USD 12.9 million), down 10.2% YoY, while Adjusted Margin from Air Ticketing decreased by 14.5% YoY to INR 1,247.3 million (USD 15.0 million)[4][8]. - Adjusted EBITDA for the year ended March 31, 2024, was INR 304.4 million (USD 3.7 million), reflecting a decrease of 28.0% YoY[8]. - Profit for the period for the year ended March 31, 2024, was a loss of INR 326.0 million (USD 3.9 million), compared to a loss of INR 288.2 million (USD 3.5 million) in the previous year, reflecting an increase in loss by INR 37.9 million (USD 0.5 million) YoY[8]. - Total revenue for the year ended March 31, 2024, was INR 4,238.2 million (USD 50.9 million), reflecting a 10.7% increase from INR 3,827.3 million (USD 45.9 million) in the previous year[38]. - The company reported a loss of INR 326.0 million (USD 3.9 million) for the year ended March 31, 2024, compared to a loss of INR 288.2 million (USD 3.5 million) in the prior year[57]. - Basic Loss per Share was INR 4.98 (USD 0.06) in the year ended March 31, 2024, compared to INR 4.59 (USD 0.06) in the previous year[58]. - The company reported a loss from operations of INR 122,343 thousand for the year ended March 31, 2024, compared to a profit of INR 79,666 thousand in 2023[68]. - The total comprehensive loss for the period was INR 347,417, compared to a total comprehensive loss of INR 336,587 in the previous year, indicating a slight increase in overall losses[79]. Revenue Breakdown - Revenue from the Air Ticketing business decreased by 25.0% to INR 469.1 million (USD 5.6 million) for the three months ended March 31, 2024, compared to INR 625.6 million (USD 7.5 million) for the same period in 2023[15]. - Revenue from Hotels and Packages increased by 1.7% to INR 436.6 million (USD 5.2 million) in Q1 2024, compared to INR 429.5 million (USD 5.2 million) in Q1 2023[17]. - Revenue from Other Services decreased to INR 11.8 million (USD 0.1 million) in Q1 2024, down from INR 32.8 million (USD 0.4 million) in Q1 2023[19]. - Other Revenue increased to INR 155.3 million (USD 1.9 million) in Q1 2024, up from INR 106.4 million (USD 1.3 million) in Q1 2023, driven by higher advertising revenue[21]. - The revenue from Air Ticketing for the year ended March 31, 2024, was INR 1,765,858 thousand, slightly down from INR 1,779,972 thousand in 2023, indicating a decrease of approximately 0.8%[69]. - Revenue from the Hotels and Packages business rose to INR 1,704.5 million (USD 20.5 million) in the year ended March 31, 2024, compared to INR 1,471.3 million (USD 17.7 million) in the prior year, reflecting a 7.4% increase in gross booking value[41]. Adjusted Margins - Adjusted Margin from Hotels and Packages increased by 7.6% YoY to INR 288.8 million (USD 3.5 million) for the quarter ended March 31, 2024[8]. - Adjusted Margin for Air Ticketing decreased to INR 1,247.3 million (USD 15.0 million) in Q1 2024, down from INR 1,459.6 million (USD 17.5 million) in Q1 2023, with Adjusted Margin % dropping to 7.3% from 9.7%[16]. - Adjusted Margin for Hotels and Packages increased by 6.8% to INR 1,138.9 million (USD 13.7 million) in the year ended March 31, 2024, from INR 1,065.9 million (USD 12.8 million) in the previous year[42]. - The adjusted margin for air ticketing decreased to 7.0% for the year ended March 31, 2024, down from 7.7% in the previous year, indicating a decline in profitability in this segment[83]. Corporate Developments - The company secured 25 new corporate customer accounts with an annual billing potential of INR 842 million, including India's largest bank as a new client[5]. - Yatra repurchased 3,185,025 shares for a total consideration of approximately $5 million, reflecting confidence in the company's future[7]. - The company has approximately 800 large corporate customers and around 50,000 registered SME customers, making it the largest corporate travel services provider in India[71]. - Yatra India has the largest hotel inventory among key Indian online travel agency players, with approximately 108,000 hotels in India and over 2 million hotels worldwide[71]. Cost and Expenses - Personnel expenses increased by 17.4% to INR 1,348.2 million (USD 16.2 million) in the year ended March 31, 2024, compared to INR 1,148.4 million (USD 13.8 million) in the previous year[46]. - Marketing and sales promotion expenses rose by 36.7% to INR 459.9 million (USD 5.5 million) in the year ended March 31, 2024, from INR 336.5 million (USD 4.0 million) in the prior year[47]. - Employee share-based compensation costs increased to INR 51,761 thousand for the three months ended March 31, 2024, compared to INR 26,489 thousand in the same period of 2023, marking a rise of 95%[68]. Cash Flow and Liquidity - As of March 31, 2024, cash and cash equivalents and term deposits totaled INR 4,499.8 million (USD 54.0 million)[37]. - Cash and cash equivalents increased to INR 1,741,950 thousand as of March 31, 2024, from INR 503,601 thousand as of March 31, 2023, representing a growth of 245.5%[75]. - The net cash flows used in operating activities for the year ended March 31, 2024, were INR 1,429,819, a decrease from INR 1,962,346 in the previous year, indicating improved cash flow management[81]. - The company experienced a net cash inflow from financing activities of INR 4,991,504 for the year ended March 31, 2024, compared to INR 1,751,813 in the previous year, indicating strong financing support[81]. Market Outlook - The company anticipates long-term growth in the Indian travel market, despite potential risks from increasing competition and economic uncertainties[70].

We further fortified our market leadership in the Corporate travel sector by signing 26 new corporate customer accounts in the December quarter in our Corporate business with an annual billing potential of INR 2,237 million (~USD 27 million) underlining the capabilities of our Corporate Travel SaaS platform. In alignment with our commitment to shareholder returns, we are also pleased to report the repurchase of approximately 280,000 shares as of December 31, 2023 under the share repurchase program authorize ...

Yatra Online, Inc. (NASDAQ:YTRA) Q2 2024 Earnings Conference Call November 17, 2023 8:30 AM ET Company Participants Manish Hemrajani - Vice President, Corporate Development and Investor Relations Dhruv Shringi - Co-Founder and Chief Executive Officer Rohan Mittal - Group Chief Financial Officer Conference Call Participants Scott Buck - H.C. Wainwright Operator Hello everyone and welcome to today’s call titled the Yatra Fiscal Second Quarter 2024 Earnings Call. My name is Allen and I'll be the call operator ...

Revenue and Bookings - Revenue for the quarter ended September 30, 2023, was reported at INR 947.6 million (USD 11.4 million), up 14.0% YoY from INR 831.4 million (USD 10.0 million) in the same period last year[3][16]. - Total Gross Bookings for the quarter were INR 17,520.3 million (USD 210.9 million), reflecting a 10.2% increase YoY[3][12]. - Revenue from Other Services increased to INR 45.5 million (USD 0.5 million) in Q3 2023, up from INR 34.6 million (USD 0.4 million) in Q3 2022[23][26]. - Gross Bookings for Air Ticketing rose from $13.2 billion in the first half of 2022 to $14.8 billion in the first half of 2023, an increase of 11.9%[66]. - Total Gross Bookings increased from $15.9 billion in Q3 2022 to $17.5 billion in Q3 2023, reflecting a growth of 10.3%[66]. - Total Gross Bookings for the first half of 2023 reached $37.4 billion, up from $33.8 billion in the first half of 2022, marking an increase of 10.3%[66]. Passenger and Service Metrics - Air Passengers booked increased by 31.2% YoY, reaching 1,660 passengers compared to 1,266 passengers in the previous year[3][12]. - Air Passengers Booked increased from 1,266,000 in Q3 2022 to 1,660,000 in Q3 2023, representing a growth of 31%[66]. - Stand-alone Hotel Room Nights Booked increased from 412,000 in Q3 2022 to 440,000 in Q3 2023, a growth of 6.8%[66]. Financial Performance - Loss for the period was INR 272.9 million (USD 3.3 million), compared to a loss of INR 71.2 million (USD 0.9 million) in the same quarter of 2022, marking an increase in loss by INR 201.6 million (USD 2.4 million) YoY[3][12]. - Adjusted EBITDA for the quarter was INR 34.9 million (USD 0.4 million), a decrease of 55.1% YoY from INR 77.7 million (USD 0.9 million) in the previous year[3][12]. - The adjusted loss for the period was INR 97,385 thousand for Q3 2023, compared to an adjusted loss of INR 28,397 thousand in Q3 2022, indicating a significant increase in losses[53]. - The company reported a loss before taxes of INR 263,244 thousand for Q3 2023, compared to a loss of INR 62,493 thousand in Q3 2022, indicating a worsening financial position[58]. - The company reported a total comprehensive loss for the six months ended September 30, 2023, was INR 311,945 thousand, compared to INR 111,158 thousand in the same period of 2022, indicating a significant increase in overall losses[58]. Margins and Expenses - Adjusted Margin from Air Ticketing decreased by 4.8% YoY to INR 1,018.3 million (USD 12.3 million) from INR 1,069.7 million (USD 12.9 million) in the prior year[3][20]. - Adjusted Margin from Hotels and Packages increased by 15.6% YoY to INR 278.3 million (USD 3.3 million) from INR 240.7 million (USD 2.9 million) in the same quarter last year[3][22]. - Adjusted Margin for Air Ticketing decreased slightly from 8.1% in Q3 2022 to 6.9% in Q3 2023[66]. - Adjusted Margin for Hotels and Packages remained stable at 12.7% in Q3 2023 compared to 12.4% in Q3 2022[66]. - Adjusted Margin for Other Services improved from 5.5% in Q3 2022 to 8.8% in Q3 2023[66]. - Personnel expenses increased by 34.3% to INR 386.3 million (USD 4.7 million) for the three months ended September 30, 2023, compared to INR 287.6 million (USD 3.5 million) in the same period of 2022[28]. - Marketing and Sales Promotion Expenses rose by 51.7% to INR 123.3 million (USD 1.5 million) in Q3 2023 from INR 81.3 million (USD 1.0 million) in Q3 2022[29]. - Other operating expenses decreased by 5.5% to INR 369.0 million (USD 4.4 million) in Q3 2023, down from INR 390.7 million (USD 4.7 million) in Q3 2022[30]. Shareholder and Corporate Actions - The company successfully completed an IPO raising INR 7,750 million, which will support strategic growth and technology advancements[4][12]. - The Board authorized a share repurchase of up to $5 million, representing approximately 5% of Yatra Online, Inc's market capitalization[6][15]. Assets and Liabilities - As of September 30, 2023, cash and cash equivalents and term deposits totaled INR 7,174.4 million (USD 86.4 million)[42]. - As of September 30, 2023, total assets increased to INR 13,904,081 (USD 167,357) from INR 6,765,083 (USD 81,000) as of March 31, 2023, reflecting a significant growth in asset base[60]. - Cash and cash equivalents at the end of the period rose to INR 4,797,149 (USD 57,741), up from INR 289,376 (USD 3,500) at the beginning of the period[64]. - Total equity attributable to equity holders of the company increased to INR 5,718,119 (USD 68,826) as of September 30, 2023, from INR 707,695 (USD 8,500) as of April 1, 2023[62]. - The accumulated deficit decreased to INR 15,012,193 (USD 180,696) as of September 30, 2023, from INR 19,921,095 (USD 240,000) as of April 1, 2023[62]. - The total current liabilities decreased to INR 5,775,200 (USD 69,000) as of September 30, 2023, from INR 5,775,200 (USD 69,000) as of March 31, 2023[61]. - The company’s total non-current liabilities increased to INR 500,603 (USD 6,025) as of September 30, 2023, from INR 270,564 (USD 3,300) as of March 31, 2023[60]. Employee Compensation - Employee share-based compensation costs increased to INR 107,256 thousand in Q3 2023 from INR 36,531 thousand in Q3 2022, reflecting a rise of approximately 194%[53].

Financial Data and Key Metrics Changes - Revenue for Q1 2024 was reported at INR 1.106 billion (approximately $13.5 million), up 23% year-over-year [14] - Adjusted EBITDA for the quarter reached INR 115.4 million (approximately $1.4 million), slightly lower than the previous year [14] - Gross bookings increased to INR 19.8 billion (approximately $241 million), registering a year-over-year growth of 11% [23] - Total adjusted margin from all segments combined increased by 30.5% year-over-year to INR 1.5 billion (approximately $18.3 million) [26] Business Line Data and Key Metrics Changes - Revenue from the Air Ticketing business increased by 30% year-on-year to INR 490 million (approximately $6 million) [24] - Revenue from the Hotel and Packages business increased by almost 16% year-on-year to INR 452 million (approximately $5.5 million) [25] - Revenue from Other Services decreased by 43.8% year-on-year to INR 26.7 million [26] Market Data and Key Metrics Changes - Domestic passenger traffic grew 6% year-over-year, outpacing the industry growth of 3% [15] - Year-to-date from January to September 2023, the Indian domestic market registered a growth of 29.1% with 112.8 million passengers [16] - International travel has reached approximately 90% of pre-COVID levels, showing steady improvement [10][16] Company Strategy and Development Direction - The funds from the recent IPO are earmarked for strategic investments, acquisitions, technology advancement, and customer acquisition [6] - The company aims to leverage its strong brand and market position to capture a larger share of the corporate travel market [11][20] - The management is focused on expanding its corporate customer base and enhancing its SaaS offerings [31] Management's Comments on Operating Environment and Future Outlook - The Indian economy is expected to grow by 6.3% in both 2023 and 2024, supporting the travel industry's growth [11] - The aviation industry is projected to double its fleet over the next five years, with air passenger numbers expected to exceed 400 million annually in the next decade [12] - Management remains optimistic about leveraging positive trends in travel demand to drive growth [10][20] Other Important Information - The company successfully concluded its Indian IPO of INR 7.75 billion (approximately $93 million) [5] - The current market cap of the Indian entity is approximately INR 23.15 billion (approximately $280 million) [8] - The company ended the quarter with gross debt of INR 2.4 billion (approximately $29 million) and cash equivalents of INR 1.1 billion (approximately $13.5 million) [29] Q&A Session Summary Question: Can you provide insights on the acquisition environment? - Management is interested in acquiring offline corporate travel businesses and SaaS-based technology solutions to enhance margins and service offerings [31] Question: What is the current market share in corporate travel? - The company has expanded its customer base by about 15% since pre-COVID, indicating a gain in market share [32] Question: How should operating expenses be viewed moving forward? - Operating expenses are expected to see low single-digit to mid-single-digit increases, remaining largely consistent with past quarters [33] Question: When will the new corporate customers reach their billing potential? - The timeline to reach the full run rate for new customers is approximately six months, expected by the January to March quarter of 2024 [35] Question: What are the parameters for stock buybacks? - The Board is considering stock buybacks and will update shareholders in the near term [40]

| | | 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%** |