Core Insights - The recent Union Budget in India is seen as a positive development for the travel and tourism sector, indicating a shift towards a more sustainable ecosystem with a uniform 2% tax rate on overseas tour packages, which may enhance outbound travel demand [1] - International travel remains robust, with a structural upcycle benefiting organized travel platforms, especially those focused on corporate and international travel [2] Industry Overview - The third quarter is typically strong for leisure travel in India, with overall healthy demand reported, although there were short-term challenges in domestic travel due to airline operational issues leading to cancellations [3][4] - Despite disruptions, demand trends in India's travel market remained generally healthy during the fiscal third quarter, with a divergence between domestic and international travel patterns [4] Financial Performance - Yatra Online reported a 10% year-over-year increase in consolidated revenue from operations to INR 2,577 million (approximately $29 million), driven by strong air ticketing growth [5][14] - Air gross bookings rose 22% year-over-year, while hotel and package bookings increased by 20%, with improved adjusted margins noted [5][18] - The company added 40 new corporate clients, contributing an annual billing potential of INR 2.2 billion, and reported early traction for its expense-management platform [10][12] Operational Insights - The airline disruption impacted corporate travel during peak periods, leading to deferred MICE/group bookings, but management indicated that the business is recovering [11][6] - Air ticketing gross bookings increased 22% year-over-year, with a 14% growth in air passengers, surpassing the industry growth rate of about 1% [7][18] - Hotel gross bookings rose 20% year-over-year, with a significant portion of growth expected to continue into the next quarter [8] Strategic Initiatives - Yatra is focusing on enhancing its go-to-market strategy by separating sales efforts for large enterprises and small to medium enterprises, supported by a new inside sales team [13] - Investments in technology and product development are beginning to yield results, with management expressing confidence in the potential for further growth in corporate travel [16]

Core Insights - MakeMyTrip (MMYT) reported revenue of $295.69 million for the quarter ended December 2025, reflecting a year-over-year increase of 10.6% [1] - The earnings per share (EPS) was $0.52, up from $0.39 in the same quarter last year, resulting in an EPS surprise of +33.33% against the consensus estimate of $0.39 [1] - However, the revenue fell short of the Zacks Consensus Estimate of $313.62 million by -5.72% [1] Financial Performance Metrics - Gross Bookings for Air Ticketing reached $1.53 billion, slightly below the estimated $1.55 billion [4] - Gross Bookings for Hotels and Packages were $750.44 million, compared to the average estimate of $794.59 million [4] - Gross Bookings for Bus Ticketing amounted to $420.6 million, close to the estimated $421.52 million [4] - Total Gross Bookings were $2.78 billion, falling short of the $2.8 billion estimate [4] Adjusted Margins - Adjusted Margin for Air Ticketing was $107.88 million, exceeding the estimate of $106.75 million [4] - Adjusted Margin for Others was $27.53 million, surpassing the average estimate of $23.8 million [4] - Adjusted Margin for Bus Ticketing was $42.41 million, below the estimated $44.05 million [4] - Adjusted Margin for Hotels and Packages was $133.18 million, lower than the average estimate of $143.03 million [4] Stock Performance - Shares of MakeMyTrip have declined by -12.8% over the past month, while the Zacks S&P 500 composite decreased by -0.4% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Insights - Yatra Online, Inc. reported strong financial performance for the three months ended September 30, 2025, with revenue reaching INR 3,508.7 million (USD 39.5 million), a 48.5% increase year-over-year, driven by growth in corporate travel and hotel packages [3][14][31] - The company achieved an adjusted EBITDA of INR 212.0 million (USD 2.4 million), reflecting a significant increase of 217.7% year-over-year, indicating effective cost management and scaling [7][32] - The corporate travel segment remains a key growth driver, onboarding 34 new clients and expanding annual billing potential by INR 2,615.0 million (USD 29.5 million) [4][14] Financial Performance - Revenue for the quarter was INR 3,508.7 million (USD 39.5 million), up from INR 2,363.3 million (USD 26.6 million) in the same period last year, marking a 48.5% increase [3][14] - Adjusted margin from air ticketing increased by 14.7% to INR 1,016.0 million (USD 11.4 million), while adjusted margin from hotels and packages rose by 28.6% to INR 514.5 million (USD 5.8 million) [6][19] - Total gross bookings reached INR 20,504.8 million (USD 231.0 million), a 16.2% increase year-over-year [6][14] Operational Highlights - The company reported a profit for the period of INR 98.8 million (USD 1.1 million), compared to a loss of INR 0.3 million (USD 0.1 million) in the previous year [6][31] - Results from operations showed a profit of INR 104.7 million (USD 1.2 million), a significant turnaround from a loss of INR 37.7 million (USD 0.4 million) in the same quarter last year [6][28] - The integration of Globe Travels has provided supplier synergies and enhanced client offerings, contributing to the overall growth [5][14] Segment Performance - Revenue from the air ticketing segment was INR 584.7 million (USD 6.6 million), reflecting a 36.1% increase year-over-year [17] - The hotels and packages segment saw revenue increase by 58.9% to INR 2,706.9 million (USD 30.5 million) [18][19] - Revenue from other services decreased slightly to INR 91.3 million (USD 1.0 million) from INR 93.9 million (USD 1.1 million) in the previous year [20] Cost and Expenses - Service costs increased to INR 2,251.4 million (USD 25.4 million) from INR 1,427.7 million (USD 16.1 million) due to higher gross bookings in the hotels and packages segment [15][16] - Personnel expenses rose by 14.5% to INR 419.5 million (USD 4.4 million), driven by the full quarter impact of the acquired Globe Travels [24] - Marketing and sales promotion expenses decreased by 17.7% to INR 66.5 million (USD 0.7 million) [25] Earnings Per Share - Basic earnings per share were INR 0.77 (USD 0.01), compared to a loss per share of INR 0.25 (USD 0.01) in the previous year [33][34] - Adjusted basic earnings per share would have been INR 0.87 (USD 0.01) for the current quarter, compared to INR 0.10 (USD 0.01) in the same quarter last year [33][34] Liquidity - As of September 30, 2025, the company reported cash and cash equivalents of INR 2,207.8 million (USD 24.9 million) [35]