Yatra(US:YTRA)2024-08-13 13:39Financial Performance (Q1-FY25) - Yatra reported revenue of INR 1,051 million, a 5% year-over-year decrease, primarily due to reduced B2C volumes from optimized discounts amid price competition[10, 12] - Adjusted EBITDA was INR 66 million, down 43% year-over-year[10] - Gross Bookings decreased by 17% year-over-year to INR 16,548 million[10] - Adjusted Revenue decreased by 15% year-over-year to INR 1,268 million[10] - Air Passenger Volumes decreased by 27% year-over-year to 1,330 thousand[10] Corporate Business - Yatra acquired 34 new corporate clients with a billing potential of INR 2,028 million, with average billing potential up 77% sequentially[10, 12] - The Indian Corporate Travel Market is estimated at US$32 billion[38, 39] - Yatra's corporate customer retention rate is approximately 98%[39, 64] MICE Business - Yatra launched its MICE (Meetings, Incentives, Conferences, and Exhibitions) business, with early signs indicating positive business secured[12, 30] - The India MICE market was valued at approximately US$3.3 billion in 2023 and is projected to grow to US$10.5 billion by 2030, reflecting a compound annual growth rate (CAGR) of 18% from 2023 to 2030[30] Financial Position - Yatra's cash and cash equivalents and term deposits stood at INR 4,482 million (USD 53.8 million) as of June 30, 2024, compared to INR 1,059 million as of June 30, 2023[12] - Yatra's gross debts stood at INR 210 million as of June 30, 2024, compared to INR 1,707 million as of June 30, 2023[13] Operational Efficiency - The company's headcount has been significantly rationalized through backend service automation, decreasing from approximately 2,514 in March 2019 to approximately 1,330 in June 2024[44] - Total fixed costs decreased from 42% of Adjusted Revenue to 36% of Adjusted Revenue from March 2022 to June 2024[44]