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Yatra Online, Inc. (NASDAQ: YTRA) (the “Company”), India’s leading corporate travel services provider and one of India’s leading online travel companies, today announced its unaudited financial and operating results for the three months and year ended March 31, 2024.

“Yatra’s Gross Bookings increased by 12.7% YoY in 4Q24, driven by a 15.1% growth in Air Gross Bookings. This growth was fueled by a robust rebound in international travel during what is typically the seasonally weakest quarter.

For the quarter ended March 31, 2024, we reported revenue of INR 1,072.8 million (USD 12.9 million), down 10.2% YoY. Our Adjusted Margin of INR 1,768.9 million (USD 21.2 million) declined 6.6% YoY. These declines were largely due to the impact of a one-time accrual of threshold bonus of GDS Contracts in the year ago quarter. Excluding that reported revenue was up 6.4% YoY and Adjusted margin was up 3.5% YoY. Additionally, our Adjusted EBITDA rose sequentially by 600 basis points (bps) to INR 109.7 million (USD 1.3 million) from INR 44.5 million (USD 0.5 million) in the previous quarter, due to increase in gross bookings and optimization of marketing cost and other expenses.

During the quarter we secured 25 new corporate customer accounts with an annual billing potential of INR 842 million. Among these new customers, two were international clients, along with several prestigious Indian companies including one of India’s largest Insurance providers. Subsequent to the end of the quarter, we also signed India’s largest bank as a Corporate Travel customer.

Furthermore, I am pleased to announce the launch of our Expense Management solution earlier this week. Yatra's Expense Management Solution stands out with its utilization of cutting-edge technologies including GenAI Large Language Models (LLMs) for receipt analysis. Unlike traditional OCR technology, this ensures more accurate and comprehensive expense tracking, significantly reducing errors and saving time. Additionally, it features an integrated chatbot based on Gen AI and RAG models. This solution not only meets current market demands but also anticipates future needs. Our Expense Management Solution is designed to grow with our clients, offering scalability and flexibility as their businesses evolve. We now have the opportunity to cross-sell this solution to our already well-established Corporate (and SME) customer base.

In alignment with our commitment to shareholder returns, we are also pleased to report a total repurchase of 3,185,025 shares as of May 17, 2024 for a total consideration of ~ $5M under the share repurchase program authorized by our Board. This move underlines our confidence in Yatra’s promising future and our unwavering dedication to maximizing shareholder value.” - Dhruv Shringi, Co-founder and CEO

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