Yatra(YTRA)2024-05-30 20:15Financial 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].