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]