Yatra(YTRA) - 2023 Q2 - Quarterly Report

Company Overview and Key Highlights This section summarizes Yatra Online, Inc.'s Q3 FY2023 financial and operating performance, strategic updates, and key highlights Executive Summary 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] - 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] - 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] Financial and Operating Highlights (Q3 FY2023) 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] - Adjusted Revenue from Hotels and Packages increased by 47.2% YoY to INR 240.7 million (USD 3.0 million)[5] Strategic Updates This section outlines key strategic developments, including the Yatra India IPO and the company's response to the COVID-19 pandemic Yatra India IPO 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] - The IPO is expected to strengthen the balance sheet and allow Yatra to pursue new corporate business more aggressively[4] COVID-19 Pandemic Impact and Response 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] - 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] Detailed Financial Review (Three Months Ended September 30, 2022) This section provides a detailed analysis of Yatra Online, Inc.'s financial performance for the three months ended September 30, 2022 Revenue Analysis This section analyzes the company's revenue performance across various segments, including total revenue, service cost, and adjusted revenue Total Revenue 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] Service Cost 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] Adjusted Revenue 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] - 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] Air Ticketing Segment 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] Hotels and Packages Segment 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] Other Services Segment 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] Other Revenue & Income 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] - Other Income increased due to an increase in the write-back of liabilities no longer required to be paid[26] Expense Analysis This section provides a detailed analysis of the company's operating expenses, including personnel, marketing, and other operating costs Personnel Expenses 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] Marketing and Sales Promotion Expenses 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] Other Operating Expenses 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] Depreciation and Amortization 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] Profitability and Other Financial Items This section details the company's profitability metrics and other financial items, including Adjusted EBITDA, results from operations, and loss per share Adjusted EBITDA 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 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] Share of Loss of Joint Venture 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 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] - Finance costs increased due to an increase in borrowings[35] Listing and Related Expenses 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] Change in Fair Value of Warrants 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] Income Tax Expense 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 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] Loss per Share (Basic and Diluted) 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 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] - 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] Non-IFRS Measures Explanation and Reconciliations 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 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][45] - 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][48][53] - 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][49] Adjusted EBITDA Reconciliation 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 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 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 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 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 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 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 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 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 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 This section provides selected unaudited condensed consolidated operating data, including key metrics for passenger bookings and revenue margins Selected Unaudited Condensed Consolidated Operating Data 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 This section provides supplementary information, including conference call details, a safe harbor statement, and an overview of Yatra Online, Inc Conference Call Details 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] - Dial-in details: US/International dial-in number: +1-646-664-1960, Confirmation Code: 898296[43] - The conference call was also available via webcast at **https://events.q4inc.com/earnings/YTRA/2022**[43](index=43&type=chunk) Safe Harbor Statement 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] - 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] - The company does not undertake any obligation to update forward-looking statements, except as required by applicable law[56] About Yatra Online, Inc. 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] - Yatra India is the second-largest consumer online travel company (OTC) in India by gross booking revenue for Fiscal 2020[57] - 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]