Yatra(US:YTRA)2024-07-31 21:31Financial Performance - The company's revenue for the fiscal year ended March 31, 2024, was INR 1,729,305 thousand for air ticketing, a decrease of 2.7% from INR 1,779,972 thousand in 2023[281] - Adjusted Margin for the fiscal year 2024 was INR 4,502,423 thousand, reflecting an increase of 3.8% from INR 4,335,292 thousand in 2023[281] - The company reported a loss for the period as per IFRS of INR 366,504 thousand for the fiscal year 2024, compared to a loss of INR 288,167 thousand in 2023[283] - Adjusted EBITDA Profit for the fiscal year 2024 was INR 267,979 thousand, down from INR 422,872 thousand in 2023[283] - Adjusted Results from Operations for the fiscal year 2024 were INR 70,451 thousand, compared to INR 232,720 thousand in 2023[284] - The company’s adjusted loss for the period for fiscal year 2024 was INR 83,006 thousand, an improvement from INR 111,522 thousand in 2023[284] Liquidity and Financial Management - The company’s liquidity management strategy includes maintaining sufficient cash and marketable securities to meet operational needs for at least the next 12 months[277] - The company’s management continuously monitors cash flows and maintains adequate reserves to manage liquidity risk effectively[277] - The company has no significant foreign currency exposures due to its operations being primarily in local currencies of subsidiaries in India, Singapore, and the United States[277] - The company plans to adopt new accounting standards effective January 1, 2024, which may require renegotiation of existing loan agreements[278] Executive Compensation - Non-executive directors received a total compensation of $175,000 for FY 2024, with $91,196 paid in the form of Ordinary Shares[291] - Dhruv Shringi, the executive director, had a gross annual remuneration of INR 33.45 million, with a potential performance bonus of up to 50%[291] - Total compensation for Dhruv Shringi increased from INR 130.15 million in FY 2023 to INR 185.71 million in FY 2024, reflecting a growth of approximately 42.6%[292] - Manish Amin, Chief Information and Technology Officer, saw his total compensation rise from INR 36.23 million in FY 2023 to INR 47.93 million in FY 2024, an increase of about 32.4%[292] - Rohan Mittal, Group CFO, experienced a significant increase in total compensation from INR 12.76 million in FY 2023 to INR 30.03 million in FY 2024, marking an increase of approximately 135.5%[292] - The company’s executive compensation strategy includes performance-linked bonuses and contributions to provident funds, enhancing overall employee retention and motivation[291] Shareholder and Board Information - As of March 31, 2024, the company had 63,094,663 Ordinary Shares issued and outstanding[314] - Entities affiliated with MAK Capital One L.L.C. hold 12,170,301 shares, representing 19.29% of outstanding shares[315] - The company estimates that approximately 90.70% of its outstanding Ordinary Shares were held in the United States by 13 holders of record as of June 30, 2024[317] - The board of directors consists of 6 members, with 1 female and 5 male directors[313] - The beneficial ownership of executive officers and directors as a group is 16,188,940 shares, accounting for 25.64% of outstanding shares[315] - The largest individual shareholder, Michael Kaufman, holds 12,193,109 shares, which is 19.33% of outstanding shares[315] - The company has not disclosed any underrepresented individuals in its board demographic background[313] Corporate Governance - The company has established corporate governance guidelines that are periodically reviewed by the Board[311] - The Company is classified as a "foreign private issuer," subject to different disclosure requirements than U.S. registrants[309] - The Company intends to maintain compliance with the Sarbanes-Oxley Act and Nasdaq's listing standards as a foreign private issuer[309] - The audit committee includes members with financial literacy and is chaired by Mr. Murlidhara Kadaba, who is recognized as a financial expert[306] - The compensation committee is responsible for setting the compensation of the CEO and reviewing the performance of executive officers[307] - The Company operates under a written charter for each committee, ensuring compliance with applicable standards[306][307][308] - The restructuring committee was constituted in June 2024 to develop strategic recommendations aimed at reducing administrative overhead and facilitating growth[308] Future Outlook and Strategic Initiatives - The company is actively pursuing mergers and acquisitions to drive growth and market expansion[288] - Future outlook indicates a continued focus on technology and product development to enhance service offerings[287] - The company aims to improve operational efficiency and reduce costs through strategic initiatives[287] - The management team emphasizes a commitment to shareholder value and long-term growth strategies[288]