Yatra(US:YTRA)2021-07-28 22:11Financial Performance - Adjusted Revenue for the fiscal year ended March 31, 2021, was INR 8,911,013 thousand, reflecting a significant decrease from INR 9,358,580 thousand in 2019 [608]. - Customer promotional expenses amounted to INR 3,571,451 thousand for the fiscal year ended March 31, 2021, down from INR 4,282,803 thousand in 2019 [608]. - For the fiscal year ended March 31, 2021, the loss for the period as per IFRS was $1,194,878,000, compared to $840,195,000 in 2020 and $1,193,595,000 in 2019 [612]. - Adjusted EBITDA Loss for the fiscal year ended March 31, 2021 was $378,677,000, a significant improvement from $1,228,288,000 in 2019 and $121,560,000 in 2020 [612]. - Adjusted Results from Operations for the fiscal year ended March 31, 2021 was $1,128,157,000, compared to $787,929,000 in 2020 and $1,810,034,000 in 2019 [612]. - The basic loss per share as per IFRS for the fiscal year ended March 31, 2021 was $(20.38), an improvement from $(17.94) in 2020 and $(26.37) in 2019 [613]. - Adjusted Basic Loss Per Share for the fiscal year ended March 31, 2021 was $(21.10), compared to $(21.39) in 2020 and $(47.27) in 2019 [613]. - Employee share-based compensation costs for the fiscal year ended March 31, 2021 amounted to $77,100,000, a decrease from $5,135,000 in 2020 and $282,883,000 in 2019 [612]. - The company reported finance costs of $117,252,000 for the fiscal year ended March 31, 2021, down from $193,287,000 in 2020 and $263,290,000 in 2019 [612]. - Impairment of goodwill for the fiscal year ended March 31, 2021 was $264,909,000, compared to $221,999,000 in 2020 [612]. Risk Management - The company is exposed to credit risk primarily from trade receivables, deposits with banks, and foreign exchange transactions [584]. - The company manages liquidity risk by maintaining adequate reserves and committed credit lines, ensuring cash generated from operations meets working capital needs for at least the next 12 months [587]. - The company has not entered into any hedging agreements to cover foreign exchange rate fluctuations, exposing it to potential risks [589]. - The company believes that maintaining sufficient cash and marketable securities is crucial for prudent liquidity risk management [586]. - The company’s financial risk activities are governed by established policies and procedures to ensure risks are identified, measured, and managed effectively [583]. Corporate Governance - The company has not held an annual general meeting since December 12, 2018, and directors will continue in their positions until the next meeting [670]. - The audit committee consists of independent members who meet the financial literacy requirements set by the SEC and Nasdaq [674]. - The compensation committee is responsible for evaluating and setting the compensation of the chief executive officer and other executive officers [679]. Shareholder Information - As of March 31, 2021, the company had 62,850,133 Ordinary Shares issued and outstanding [689]. - Entities affiliated with MAK Capital One L.L.C. hold 11,434,913 shares, representing 13.86% of outstanding shares [690]. - Entities affiliated with Nathan Leight own 7,627,749 shares, accounting for 9.24% of outstanding shares [690]. - The executive officers and directors collectively own 3,100,232 shares, which is 4.93% of the total [690]. - Dhruv Shringi, the executive director, holds 1,911,003 shares, equivalent to 3.04% of the total [690]. - Macquarie Group Limited owns 6,099,105 shares, representing 7.39% of outstanding shares [690]. - Nantahala Capital Management, LLC holds 5,315,350 shares, which is 6.44% of the total [690]. - Entities affiliated with Nantahala Capital Management, LLC became beneficial owners of 5% or more of the company's Ordinary Shares as of February 16, 2020 [703]. - As of June 30, 2021, the company estimates that the number of U.S. record holders of Ordinary Shares may not accurately represent the number of beneficial owners due to shares held in street name by brokers [704]. - The company holds 5,315,350 Ordinary Shares collectively among various reporting persons as of February 16, 2021 [698]. - Altai Capital Management, L.P. holds 4,876,755 Ordinary Shares for the account of Altai Capital Osprey, LLC and separately managed accounts [695]. - MAK Capital One L.L.C. holds 1,143,913 Ordinary Shares as of February 12, 2021 [696]. - Macquarie Corporate Holdings Pty Limited and MIHI LLC collectively hold 3,407,650 Ordinary Shares and warrants to purchase additional shares [694]. - Apple Orange LLC and its affiliates hold a total of 395,000 Ordinary Shares and warrants to purchase 3,703,290 Ordinary Shares [692]. - The Leight Family 1998 Irrevocable Trust holds 557,500 Ordinary Shares as of the latest filing [692]. Employee Compensation and Benefits - The company issued 119,547 Restricted Stock Units (RSUs) to non-executive directors as compensation during the fiscal year ended March 31, 2021 [630]. - Total compensation paid to non-executive directors during the fiscal year ended March 31, 2021 was $137,479 [630]. - The aggregate compensation for the executive director and senior management for the year ended March 31, 2021, was INR 61 million, excluding equity compensation [631]. - The company issued 2,058,852 RSUs to executive directors and senior management during the year [631]. - The company granted 687,857 RSUs and 1,609,934 PSUs in June 2020, with vesting linked to the performance of the Yatra share price [642]. - The total amount set aside for pension or retirement benefits for employees was INR 44.6 million for the fiscal year 2021 [659]. - The company contributed INR 30.3 million to the Employees' Provident Fund in fiscal year 2021 [661]. - Gratuity payments to employees amounted to INR 14.34 million in fiscal year 2021 [662]. - The company has not granted any cash incentive bonuses as of March 31, 2021 [654]. - The company has employment agreements with senior management that provide for benefits upon termination [631].