UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
Report
of Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16
under
the Securities Exchange Act of 1934
May
30, 2024
Commission
File Number: 001-37968
YATRA
ONLINE, INC.
Gulf
Adiba, Plot No. 272,
4th
Floor, Udyog Vihar, Phase-II,
Sector-20,
Gurugram-122008, Haryana
India
(Address
of principal executive office)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form
20-F ☒ Form 40-F ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Other
Events
On
May 30, 2024, Yatra Online, Inc. issued an earnings release announcing its unaudited financial and operating results for the three months
and year ended March 31, 2024. A copy of the earnings release is attached hereto as Exhibit 99.1.
This
Report on Form 6-K is hereby incorporated by reference into Yatra Online, Inc.’s registration statements on Form F-3 (Registration
Statement Nos. 333-215653 and 333-256442) filed with the Securities and Exchange Commission on April 11, 2018 and May 24, 2021 (and subsequently
amended on July 7, 2021), respectively, to be a part thereof from the date on which this report is submitted, to the extent not superseded
by documents or reports subsequently filed or furnished.
Exhibit
Index
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
| |
YATRA ONLINE, INC. |
| |
|
|
| Date: May 30, 2024 |
By: |
/s/ Dhruv
Shringi |
| |
|
Dhruv Shringi |
| |
|
Chief Executive Officer |
Exhibit
99.1
YATRA
ONLINE, INC. ANNOUNCES RESULTS FOR
THE
THREE MONTHS AND YEAR ENDED MARCH 31, 2024
Gurugram,
India and New York May 30, 2024— 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
Financial
and operating highlights for the three months ended March 31, 2024:
| ● |
Revenue
of INR 1,072.8 million (USD 12.9 million), representing a decrease of 10.2% year-over-year basis (“YoY”). |
| ● |
Adjusted
Margin (1) from Air Ticketing of INR 1,247.3 million (USD 15.0 million), representing a decrease of 14.5% YoY. |
| ● |
Adjusted
Margin (1) from Hotels and Packages of INR 288.8 million (USD 3.5 million), representing an increase
of 7.6% YoY. |
| ● |
Total
Gross Bookings (Air Ticketing, Hotels and Packages and Other Services)(3) of INR 19,961.6 million (USD 239.5 million),
representing an increase of 11.9% YoY. |
| ● |
Profit
for the period was INR 10.2
million (USD 0.1 million) versus a profit of INR 7.5 million (USD 0.1 million) for the three months ended March 31, 2023, reflecting
an increase in profit by INR 2.7 million (USD 0.1 million) YoY. |
| ● |
Result
from operations were a profit of INR 3.7 million (USD 0.1 million) versus a profit of INR 115.5 million (USD 1.4 million)
for the three months ended March 31, 2023, reflecting a decrease in profit by INR 111.8 million (USD 1.3 million) YoY.
|
| ● |
Adjusted
EBITDA(2) Profit was INR 109.7 million (USD 1.3 million) reflecting a decrease by 40.9% YOY. |
Financial
and operating highlights for the year ended March 31, 2024:
| ● |
Revenue
of INR 4,238.2 million (USD 50.9 million), representing an increase of 10.7% year-over-year basis (“YoY”). |
| ● |
Adjusted
Margin (1) from Air Ticketing of INR 4,539.0 million (USD 54.5 million), representing an increase of 4.7% YoY. |
| ● |
Adjusted
Margin (1) from Hotels and Packages of INR 1,151.1 million (USD 13.8 million), representing an increase
of 8.0% YoY. |
| ● |
Total
Gross Bookings (Air Ticketing, Hotels and Packages and Other Services)(3) of INR 75,948.0 million (USD 911.3 million),
representing an increase of 12.7% YoY. |
| ● |
Loss
for the period was INR 326.0 million (USD 3.9 million) versus a loss of INR 288.2 million (USD 3.5 million) for
the year ended March 31, 2023, reflecting an increase in loss by INR 37.9 million (USD 0.5 million) YoY. |
| ● |
Result
from operations were a loss of INR 122.3 million (USD 1.5 million) versus a profit of INR 79.7 million (USD 1.0
million) for the year ended March 31, 2023, reflecting a decrease in profit by INR 202.0 million (USD 2.4 million)
YoY. |
| ● |
Adjusted
EBITDA(2) Profit was INR 304.4 million (USD 3.7 million) reflecting a decrease by 28.0% YOY. |
| | |
Three months ended March 31, | | |
| |
| | |
2023 | | |
2024 | | |
2024 | | |
YoY Change | |
| | |
Unaudited | | |
Unaudited | | |
Unaudited | | |
| |
| (In thousands except percentages) | |
INR | | |
INR | | |
USD | | |
% | |
| Financial Summary as per IFRS | |
| | | |
| | | |
| | | |
| | |
| Revenue | |
| 1,194,270 | | |
| 1,072,760 | | |
| 12,872 | | |
| (10.2 | )% |
| Results from operations | |
| 115,546 | | |
| 3,749 | | |
| 44 | | |
| (96.8 | )% |
| Profit for the period | |
| 7,547 | | |
| 10,222 | | |
| 120 | | |
| 35.5 | % |
| Financial Summary as per non-IFRS measures | |
| | | |
| | | |
| | | |
| | |
| Adjusted Margin (1) | |
| | | |
| | | |
| | | |
| | |
| Adjusted Margin - Air Ticketing | |
| 1,459,605 | | |
| 1,247,274 | | |
| 14,966 | | |
| (14.5 | )% |
| Adjusted Margin - Hotels and Packages | |
| 268,386 | | |
| 288,841 | | |
| 3,466 | | |
| 7.6 | % |
| Adjusted Margin - Other Services | |
| 38,125 | | |
| 28,029 | | |
| 336 | | |
| (26.5 | )% |
| Others (Including Other Income) | |
| 128,739 | | |
| 204,766 | | |
| 2,457 | | |
| 59.1 | % |
| Adjusted EBITDA (2) | |
| 185,648 | | |
| 109,659 | | |
| 1,316 | | |
| (40.9 | )% |
| Operating Metrics | |
| | | |
| | | |
| | | |
| | |
| Gross Bookings (3) | |
| 17,832,713 | | |
| 19,961,607 | | |
| 239,521 | | |
| 11.9 | % |
| Air Ticketing | |
| 15,122,132 | | |
| 17,158,179 | | |
| 205,882 | | |
| 13.5 | % |
| Hotels and Packages | |
| 2,107,435 | | |
| 2,205,063 | | |
| 26,459 | | |
| 4.6 | % |
| Other Services (6) | |
| 603,146 | | |
| 598,365 | | |
| 7,180 | | |
| (0.8 | )% |
| Adjusted Margin% (4) | |
| | | |
| | | |
| | | |
| | |
| Air Ticketing | |
| 9.7 | % | |
| 7.3 | % | |
| | | |
| | |
| Hotels and Packages | |
| 12.7 | % | |
| 13.1 | % | |
| | | |
| | |
| Other Services | |
| 6.3 | % | |
| 4.7 | % | |
| | | |
| | |
| Quantitative details (5) | |
| | | |
| | | |
| | | |
| | |
| Air Passengers Booked | |
| 1,725 | | |
| 1,801 | | |
| | | |
| 4.4 | % |
| Stand-alone Hotel Room Nights Booked | |
| 425 | | |
| 399 | | |
| | | |
| (6.2 | )% |
| Packages Passengers Travelled | |
| 5 | | |
| 6 | | |
| | | |
| 11.7 | % |
| | |
Year ended March 31, | | |
| |
| | |
2023 | | |
2024 | | |
2024 | | |
YoY Change | |
| | |
Unaudited | | |
Unaudited | | |
Unaudited | | |
| |
| (In thousands except percentages) | |
INR | | |
INR | | |
USD | | |
% | |
| Financial Summary as per IFRS | |
| | | |
| | | |
| | | |
| | |
| Revenue | |
| 3,827,265 | | |
| 4,238,197 | | |
| 50,855 | | |
| 10.7 | % |
| Results from operations | |
| 79,666 | | |
| (122,343 | ) | |
| (1,468 | ) | |
| (253.6 | )% |
| Loss for the period | |
| (288,167 | ) | |
| (326,041 | ) | |
| (3,912 | ) | |
| 13.1 | % |
| Financial Summary as per non-IFRS measures | |
| | | |
| | | |
| | | |
| | |
| Adjusted Margin (1) | |
| | | |
| | | |
| | | |
| | |
| Adjusted Margin - Air Ticketing | |
| 4,335,292 | | |
| 4,538,977 | | |
| 54,463 | | |
| 4.7 | % |
| Adjusted Margin - Hotels and Packages | |
| 1,065,928 | | |
| 1,138,862 | | |
| 13,665 | | |
| 6.8 | % |
| Adjusted Margin - Other Services | |
| 177,685 | | |
| 180,256 | | |
| 2,163 | | |
| (1.4) | % |
| Others (Including Other Income) | |
| 574,237 | | |
| 708,460 | | |
| 8,501 | | |
| 23.4 | % |
| Adjusted EBITDA (2) | |
| 422,872 | | |
| 304,445 | | |
| 3,653 | | |
| (28.0 | )% |
| Operating Metrics | |
| | | |
| | | |
| | | |
| | |
| Gross Bookings (3) | |
| 67,397,495 | | |
| 75,948,026 | | |
| 911,304 | | |
| 12.7 | % |
| Air Ticketing | |
| 56,408,351 | | |
| 64,950,106 | | |
| 779,339 | | |
| 15.1 | % |
| Hotels and Packages | |
| 8,178,106 | | |
| 8,785,664 | | |
| 105,420 | | |
| 7.4 | % |
| Other Services (6) | |
| 2,811,038 | | |
| 2,212,256 | | |
| 26,545 | | |
| (21.3 | )% |
| Adjusted Margin% (4) | |
| | | |
| | | |
| | | |
| | |
| Air Ticketing | |
| 7.7 | % | |
| 7.0 | % | |
| | | |
| | |
| Hotels and Packages | |
| 13.0 | % | |
| 13.0 | % | |
| | | |
| | |
| Other Services | |
| 6.3 | % | |
| 8.1 | % | |
| | | |
| | |
| Quantitative details (5) | |
| | | |
| | | |
| | | |
| | |
| Air Passengers Booked | |
| 5,601 | | |
| 6,945 | | |
| | | |
| 24.0 | % |
| Stand-alone Hotel Room Nights Booked | |
| 1,753 | | |
| 1,692 | | |
| | | |
| (3.5 | )% |
| Packages Passengers Travelled | |
| 21 | | |
| 24 | | |
| | | |
| 12.3 | % |
Note:
| |
(1) |
As
certain parts of our revenue are recognized on a “net” basis and other parts of our revenue are recognized on a “gross”
basis, we evaluate our financial performance based on Adjusted Margin, which is a non-IFRS measure. |
| |
(2) |
See
the section below titled “Certain Non-IFRS Measures.” |
| |
(3) |
Gross
Bookings represent the total amount paid by our customers for travel services, freight services and products booked through us, including
taxes, fees and other charges, and are net of cancellation and refunds. |
| |
(4) |
Adjusted
Margin % is defined as Adjusted Margin as a percentage of Gross Bookings. |
| |
(5) |
Quantitative details are
considered on a gross basis. |
| |
(6) |
Other Services primarily
consists of freight business, IT services, bus, rail and cab and others services. |
As
of March 31, 2024, 63,113,555 ordinary shares (on an as-converted basis), par value $0.0001 per share, of the Company (the “Ordinary
Shares”) were issued and outstanding.
Convenience
Translation
The unaudited condensed consolidated financial statements are stated in
INR. However, solely for the convenience of readers, the unaudited condensed consolidated statement of profit or loss and other comprehensive
loss for the three months and year ended March 31, 2024, the unaudited condensed consolidated statement of financial position as at March
31, 2024, the unaudited condensed consolidated statement of cash flows for the year ended March 31, 2024 and discussion of the results
of the three months and year ended March 31, 2024 compared with three months and year ended March 31, 2023, were converted into U.S. dollars
at the exchange rate of 83.34 INR per USD, which is based on the noon buying rate as at March 31, 2024, in The City of New York for cable
transfers of Indian rupees as certified for customs purposes by the Federal Reserve Bank of New York. This arithmetic conversion should
not be construed as representation that the amounts expressed in INR may be converted into USD at that or any other exchange rate as well
as that such numbers are in compliance as per the requirements of the International Financial Reporting Standards (“IFRS”).
Results
of Three Months Ended March 31, 2024
Revenue.
We generated Revenue of INR 1,072.8 million (USD 12.9 million) in the three months ended March 31, 2024, a decrease of 10.2%
compared with INR 1,194.3 million (USD 14.3 million) in three months ended March 31, 2023. The decrease in revenue was primarily
due to the lower airline incentive deals in three months ended March 31, 2024 as compared to three months ended March 31, 2023, and
one time accrual of threshold bonus for Global Distribution System (“GDS”) contracts in three months ended March 31, 2023,
largely offset by an increase in gross booking value by 11.9% YoY backed by sustained elevated travel demand in India in the three
months ended March 31, 2024 as compared to the three months ended March 31, 2023.
Service
cost. Our Service cost decreased to INR 219.1 million (USD 2.6 million) in the three months ended March 31, 2024, compared
to Service cost of INR 228.2 million (USD 2.7 million) in the three months ended March 31, 2023.
The
following table reconciles our Revenue (an IFRS measure) to Adjusted Margin (a non-IFRS measure), for further details, see section below
titled “Certain Non-IFRS Measures.”
Reconciliation
of Revenue (an IFRS measure) to Adjusted Margin (a non-IFRS measure)
| | |
Reportable Segments | |
| | |
Air Ticketing | | |
Hotels and Packages | | |
Other Services | |
| | |
Three months ended March 31, | |
| Amount in INR thousands (Unaudited) | |
2023 | | |
2024 | | |
2023 | | |
2024 | | |
2023 | | |
2024 | |
| Revenue as per IFRS - Rendering of services | |
| 625,618 | | |
| 469,064 | | |
| 429,491 | | |
| 436,578 | | |
| 32,759 | | |
| 11,783 | |
| Customer promotional expenses | |
| 833,987 | | |
| 778,209 | | |
| 67,097 | | |
| 83,557 | | |
| 5,366 | | |
| 4,053 | |
| Service cost | |
| - | | |
| - | | |
| (228,201 | ) | |
| (231,294 | ) | |
| - | | |
| 12,194 | |
| Adjusted Margin | |
| 1,459,605 | | |
| 1,247,273 | | |
| 268,386 | | |
| 288,841 | | |
| 38,125 | | |
| 28,030 | |
Air
Ticketing. Revenue from our Air Ticketing business was INR 469.1 million (USD 5.6 million) in the three months ended March
31, 2024 as compared to INR 625.6 million (USD 7.5 million) in the three months ended March 31, 2023, reflecting a decrease of 25.0%.
Adjusted
Margin (1) from our Air Ticketing business decreased to INR 1,247.3 million (USD 15.0 million) in the three months ended March
31, 2024, as compared to INR 1,459.6 million (USD 17.5 million) in the three months ended March 31, 2023. In the three months ended March
31, 2024, Adjusted Margin (1) for Air Ticketing includes the add-back of INR 778.2 million (USD 9.3 million) of consumer
promotion and loyalty program costs, which reduced Revenue as per IFRS 15, against an add-back of INR 834.0 million (USD 10.0 million)
in the three months ended March 31, 2023 The decrease in Adjusted Margin – Air Ticketing was largely due to lower airline
incentive deals in three months ended March 31, 2024 as compared to three months ended March 31, 2023 and one time accrual
of threshold bonus for Global Distribution System (“GDS”) contracts in three months ended March 31, 2023 partially
offset by increase in Air Ticketing gross bookings by 13.5% primarily due to the sustained elevated travel demand in India in
the three months ended March 31, 2024 as compared to the three months ended March 31, 2023 and accordingly our Adjusted Margin % of Air
Ticketing decreased to 7.3% in the three months ended March 31, 2024 as compared to 9.7% in the three months ended March 31, 2023.
Hotels
and Packages. Revenue from our Hotels and Packages business was INR 436.6 million (USD 5.2 million) in the three months
ended March 31, 2024, as compared to INR 429.5 million (USD 5.2 million) in the three months ended March 31, 2023, reflecting an increase
of 1.7%.
Adjusted
Margin (1) for this segment increased by 7.6% to INR 288.8 million (USD 3.5 million) in the three months ended March 31, 2024
from INR 268.4 million (USD 3.2 million) in the three months ended March 31, 2023. In the three months ended March 31, 2024, Adjusted
Margin (1)l for Hotels and Packages includes the add-back of customer promotional expenses, which had been reduced from Revenue
as per IFRS 15 of INR 83.6 million (USD 1.0 million) against an add-back of INR 67.1 million (USD 0.8 million) in the three months
ended March 31, 2023. The increase in Adjusted margin in the three months ended March 31, 2024 is on account of increase in gross bookings
by 4.7% and Adjusted margin % increased to 13.1% in three months ended March 31, 2024 as compared to 12.7% in three months
ended March 31, 2023 on account of higher performance bonus received from our hotel partners.
Other
Services. Our Revenue from Other Services was INR 11.8 million (USD 0.1 million) in the three months ended March
31, 2024, a decrease from INR 32.8 million (USD 0.4 million) in the three months ended March 31, 2023.
Adjusted
Margin for this segment decreased by 26.5% to INR 28.0 million (USD 0.3 million) in the three months ended March 31, 2024,
from INR 38.1 million (USD 0.5 million) in the three months ended March 31, 2023. In the three months ended March 31, 2024,
Adjusted Margin includes the add-back of consumer promotion expenses, which had been reduced from Revenue of INR 4.1 million (USD 0.1
million) against an add-back of INR 5.4 million (USD 0.1 million) in the three months ended March 31, 2023 pursuant to IFRS 15.
| |
(1) |
See the section titled “Certain Non-IFRS Measures.” |
Other
Revenue. Our Other Revenue was INR 155.3 million (USD 1.9 million) in the three months ended March 31, 2024, an increase from
INR 106.4 million (USD 1.3 million) in the three months ended March 31, 2023 due to an increase in advertising revenue.
Other
Income. Our Other Income increased to INR 49.4 million (USD 0.6 million) in the three months ended March 31, 2024 from INR 22.3
million (USD 0.3 million) in the three months ended March 31, 2023 due to increase in write back of liabilities no longer required to
be paid.
Personnel
Expenses. Our personnel expenses increased by 25.8% to INR 351.6 million (USD 4.2 million) in the three months ended March 31,
2024 from INR 279.4 million (USD 3.4 million) in the three months ended March 31, 2023. Excluding employee share-based compensation costs
of INR 51.8 million (USD 0.6 million) in the three months ended March 31, 2024, compared to INR 26.5 million (USD 0.3 million) in the
three months ended March 31, 2023, personnel expenses increased by 18.6% in the three months ended March 31, 2024 on account of new hiring
and an impact of our annual appraisal cycle.
Marketing
and Sales Promotion Expenses. Marketing and sales promotion expenses decreased by 28.9% to INR 101.3 million
(USD 1.2 million) in the three months ended March 31, 2024 from INR 142.4 million (USD 1.7 million) in the three months ended March 31,
2023. Adding back the expenses for consumer promotions and loyalty program costs, which have been deducted from Revenue per IFRS 15,
our marketing spend would have been INR 967.1 million (USD 11.6 million) in the three months ended March 31, 2024 against INR 1,048.9
million (USD 12.6 million) in the three months ended March 31, 2023, decreased by 7.8% on a YoY.
Other
Operating Expenses. Other operating expenses decreased by 3.7% to INR 392.3 million (USD 4.7 million) in the three months ended
March 31, 2024 from INR 407.4 million (USD 4.9 million) in the three months ended March 31, 2023, primarily due to decrease in provision
for doubtful receivables, which is partially offset by increase in legal & professional, commission and payment gateway charges
in line with growth in Gross bookings.
Depreciation
and Amortization. Our depreciation and amortization expenses increased by 24.2% to INR 54.1 million (USD 0.7 million) in the
three months ended March 31, 2024 from INR 43.6 million (USD 0.5 million) in the three months ended March 31, 2023 primarily due to an
increase in amortization.
Results
from Operations. As a result of the foregoing factors, our Results from Operations were a profit of INR 3.7 million (USD
0.1 million) in the three months ended March 31, 2024. Our profit for the three months ended March 31, 2023 was INR 115.5 million (USD
1.4 million). Excluding the employee share-based compensation costs, Adjusted Results from Operations(1) would have been a
profit of INR 55.5 million (USD 0.7 million) for three months ended March 31, 2024 as compared to a loss of INR 142.0 million
(USD 1.7 million) for three months ended March 31, 2023.
| |
(1) |
See the section titled
“Certain Non-IFRS Measures.” |
Finance
Income. Our finance income increased to INR 47.2 million (USD 0.6 million) in the three months ended March 31, 2024 from INR
13.1 million (USD 0.2 million) in the three months ended March 31, 2023. This increase was primarily on account of increase in our term
deposits from 587 million as on March 31, 2023 to 2,757 million as on March 31, 2024.
Finance
Costs. Our finance costs of INR 42.8 million (USD 0.5 million) in the three months ended March 31, 2024 which includes interest
on the lease liability of INR 7.6 million (USD 0.1 million) decreased by INR 59.1 million (USD 0.7 million) from finance
cost of INR 101.9 million (USD 1.2 million) in the three months ended March 31, 2023, which includes interest on the lease liability
of INR 8.8 million (USD 0.1 million). This decrease is majorly driven by a decrease in our borrowings on account of re-payments of our
certain loans, non-convertible debentures (NCDs) and working capital facilities.
Listing
and related expenses. Listing and related expenses relate to the expenses incurred in connection with the initial public offering
of Yatra Online Limited, our Indian subsidiary (“Indian IPO”),. During the three month ended March 31, 2024, the Company
has incurred INR Nil (USD Nil) compared to an expense of INR 3.4 million (USD 0.1 million) during the three months ended March 31, 2023
is charged to the profit and loss.
Income
Tax Expense/(benefit). Our income tax benefit during the three months ended March 31, 2024 was INR 2.1 million (USD 0.1 million)
compared to income tax expense of INR 15.8 million (USD 0.2 million) during the three months ended March 31, 2023.
Profit
for the Period. As a result
of the foregoing factors, our profit in the three months ended March 31, 2024 was INR 10.2 million (USD 0.1 million) as compared
to a profit of INR 7.5 million (USD 0.1 million) in the three months ended March 31, 2023. Excluding the employee share based compensation
costs and listing and related expenses, the Adjusted Profit(1) would have been INR 62.0 million (USD 0.7 million) for the
three months ended March 31, 2024 against an Adjusted loss(1) of INR 37.4 million (USD 0.4 million) for the three months ended
March 31, 2023.
Adjusted
EBITDA(1). Due to the foregoing factors, Adjusted EBITDA Profit(1) decreased to
INR 109.7 million (USD 1.3 million) in the three months ended March 31, 2024 from an Adjusted EBITDA Profit(1) of INR 185.6
million (USD 2.2 million) in the three months ended March 31, 2023.
Basic
Earnings/ per Share. Basic Earnings per Share was INR 0.08 (USD 0.01) in the three months ended March 31, 2024 as compared
to Basic Earnings per share of INR 0.10 (USD 0.01) in the three months ended March 31, 2023. After excluding the employee share-based
compensation costs and listing and related expenses, Adjusted Basic Earnings per Share(1) would have been INR 0.63 (USD 0.01)
in the three months ended March 31, 2024, as compared to Adjusted Basic Earnings per share of INR 0.56 (USD 0.01) in the three months
ended March 31, 2023.
Diluted
Earnings per Share. Diluted Earnings per Share was INR 0.08 (USD 0.01) in the three months ended March 31, 2024 as compared
to Diluted Earnings per share of INR 0.09 (USD 0.01) in the three months ended March 31, 2023. After excluding the employee share-based
compensation costs and listing and related expenses, Adjusted Diluted Earnings per Share(1) would have been INR 0.63 (USD
0.01) in the three months ended March 31, 2024 as compared to Adjusted Diluted Earnings of INR 0.53 (USD 0.01) in the three months ended
March 31, 2023.
Liquidity.
As of March 31, 2024, the balance of cash and cash equivalents and term deposits on our balance sheet was INR 4,499.8 million (USD 54.0
million).
| |
(1) |
See the section titled
“Certain Non-IFRS Measures.” |
Results
of Year ended March 31, 2024 Compared to Year Ended March 31, 2023
Revenue.
We generated revenue of INR 4,238.2 million (USD 50.9 million) in the year ended March 31, 2024, an increase of 10.7%
compared with INR 3,827.3 million (USD 45.9 million) in year ended March 31, 2023. Increase in revenue was primarily contributed
by increase in our gross booking value by 12.7% in year ended March 31, 2024 compared to year ended March 31, 2023 on account of accelerated
growth in our Air business backed by sustained elevated travel demand in India, addition of new corporate customers and expansion of
our distribution channels.
Service
Cost. Our service cost increased to INR 877.8 million (USD 10.5 million) in the year ended March 31, 2024 from
INR 669.1 million (USD 8.0 million) in the year ended March 31, 2023 primarily due to higher package sales in the year ended March 31,
2024 on account of recovery in consumer travel markets.
The
following table reconciles our Revenue (an IFRS measure) to Adjusted Margin (a non-IFRS measure), For further details, see section below
titled “Certain Non-IFRS Measures.”
| | |
Reportable Segments | |
| | |
Air Ticketing | | |
Hotels and Packages | | |
Other Services | |
| | |
Year ended March 31, | |
| Amount in INR thousands | |
2023 | | |
2024 | | |
2023 | | |
2024 | | |
2023 | | |
2024 | |
| Revenue as per IFRS - Rendering of services | |
| 1,779,972 | | |
| 1,765,858 | | |
| 1,471,270 | | |
| 1,704,529 | | |
| 154,305 | | |
| 161,712 | |
| Customer promotional expenses | |
| 2,555,320 | | |
| 2,773,118 | | |
| 263,756 | | |
| 312,206 | | |
| 23,380 | | |
| 18,545 | |
| Service cost | |
| - | | |
| - | | |
| (669,098 | ) | |
| (877,873 | ) | |
| - | | |
| - | |
| Adjusted Margin | |
| 4,335,292 | | |
| 4,538,976 | | |
| 1,065,928 | | |
| 1,138,862 | | |
| 177,685 | | |
| 180,257 | |
Air
Ticketing. Revenue from our Air Ticketing business was INR 1,765.9 million (USD 21.2 million) in the year ended March 31, 2024
against INR 1,780.0 million (USD 21.4 million) in the year ended March 31, 2023.
Adjusted
Margin (1) from our Air Ticketing business increased to INR 4,539.0 million (USD 54.4 million) in the year ended March 31,
2024 against INR 4,335.3 million (USD 52.0 million) in the year ended March 31, 2023. In the year ended March 31, 2024 , Adjusted Margin
(1) for Air Ticketing includes the addition of INR 2,773.1 million (USD 33.3 million) in the year ended March 31, 2024 against
INR 2,555.3 million (USD 30.7 million) in the year ended March 31, 2023 of consumer promotion and loyalty program costs, which reduced
revenue as per IFRS 15. This increase in Adjusted Margin is mainly due to increase in air gross booking value by 15.1% partially offset
by lower airline incentive deals in the year ended March 31, 2024 as compared to year ended March 31, 2023.
Hotels
and Packages. Revenue from our Hotels and Packages business was INR 1,704.5million (USD 20.5 million) in the year ended March
31, 2024 against INR 1,471.3 million (USD 17.7 million) in the year ended March 31, 2023.
Adjusted
Margin (1) for this segment increased by 6.8% to INR 1,138.9 million (USD 13.7 million) in the year ended March 31, 2024 from
INR 1,065.9 million (USD 12.8 million) in the year ended March 31, 2023. In the year ended March 31, 2024, Adjusted Margin (1) for
Hotels & Packages includes the add-back of INR 312.2 million (USD 3.7 million) against INR 263.8 million (USD 3.2 million) in the
year ended March 31, 2023, of customer promotional expenses, which had been reduced from revenue as per IFRS 15. The increase in revenue
and Adjusted Margin in the year ended March 31, 2024 is on account of increase in hotel and packages gross booking value by 7.4% backed
by sustained consumer travel demand and increase in our packages passengers travelled.
Other
Services. Our income from Other Services was INR 161.7 million (USD 1.9 million) in the year ended March 31, 2023, an increase
from INR 154.3 million (USD 1.9 million) in the year ended March 31, 2023.
Adjusted
Margin for this segment increased by 1.4% to INR 180.3 million (USD 2.2 million) in the year ended March 31, 2024 from INR 177.7 million
(USD 2.1 million) in the year ended March 31, 2023. In the year ended March 31, 2024, Adjusted Margin includes add-back of INR 18.5 million
(USD 0.2 million) in the year ended March 31, 2024 against INR 23.4 million (USD 0.3 million) in the year ended March 31, 2023 of consumer
promotion expenses, which had been reduced from revenue as per IFRS 15. This increase in Adjusted Margin is primarily due to better
margins as compared to quarter ended March 31, 2023.
Other
Revenue. Our Other Revenue was INR 606.1 million (USD 7.3 million) in the year months ended March 31, 2024, an increase from
INR 421.7 million (USD 5.1 million) in the year months ended March 31, 2023 due to an increase in advertising revenue.
Other
Income. Our other income decreased to INR 102.4 million (USD 1.2 million) in the year ended March 31, 2024 from INR 152.5 million
(USD 1.8 million) in the year ended March 31, 2023 due to the impact of write back of liabilities offset.
Personnel
Expenses. Our personnel expenses increased by 17.4% to INR 1,348.2 million (USD 16.2 million) in the year ended March 31, 2024
from INR 1,148.4 million (USD 13.8 million) in the year ended March 31, 2023. Excluding employee share-based compensation costs of INR
229.3 million (USD 2.8 million) in the year ended March 31, 2024 from INR 152.1 million (USD 1.8 million) in the year ended March 31,
2023, personnel expenses increased by 12.3% in the year ended March 31, 2024 on account of new hiring and an impact of our annual appraisal
cycle.
Marketing
and Sales Promotion Expenses. Marketing and sales promotion expenses increased by 36.7% to INR 459.9 million (USD 5.5 million)
in the year ended March 31, 2024 from INR 336.5 million (USD 4.0 million) in the year ended March 31, 2023. Adding back the expenses
for consumer promotions and loyalty program costs, which have been reduced from revenue per IFRS 15, our marketing spend would have been
INR 3,563.8 million (USD 42.8 million) against INR 3,178.9 million (USD 38.1 million) in the year ended March 31, 2023, 12.1% an increase
year-over-year.
Other
Operating Expenses. Other operating expenses increased by 1.6% to INR 1,579.4 million (USD 19.0 million) in the year ended
March 31, 2024 from INR 1,555.0 million (USD 18.7 million) in the year ended March 31, 2023 primarily due to increase in legal
& professional charges and commission & PG cost in line with growth in gross booking value partially offset by decrease in
provision for doubtful debts.
Adjusted
EBITDA Profit(1). Due to the forgoing factors, Adjusted EBITDA Profit(1) decreased by 28.0% to INR 304.4
million (USD 3.7 million) in the year ended March 31, 2024 from Adjusted EBITDA Profit(1) of INR 422.9 million (USD 5.1 million)
in the year ended March 31, 2023.
Depreciation
and Amortization. Our depreciation and amortization expenses increased by 3.9% to INR 197.5 million (USD 2.4 million) in the
year ended March 31, 2024 from INR 190.2 million (USD 2.3 million) in the year ended March 31, 2023 largely on account of capitalization
of intangible assets during the year partially offset by full depreciated and amortized assets in the year ended March 31, 2024.
Results
from Operations. As a result of the foregoing factors, our result from operating activities was a loss of INR 122.3 million (USD
1.5 million) in the year ended March 31, 2024. Our profit for the year ended March 31, 2023 was INR 79.7 million (USD 1.0 million). Excluding
the employee share-based compensation costs and impairment of loan to joint venture, Adjusted Results from Operations(1) would
have been profit of INR 106.9 million (USD 1.3 million) for year ended March 31, 2024 as compared to profit of INR 232.7 million (USD
2.8 million) for year ended March 31, 2023.
Share
of Loss of Joint Venture. This amount pertains to a reversal of the cumulative loss contribution relating to a joint venture
investment that operates in adventure travel activities and represents a true-up of provision created by the Company as per the joint
venture agreement post impairment of a loan to the joint venture. During the year ended March 31, 2023, we have reversed the liability
on account of obligation arising due to contribution towards losses of the joint venture. Our impairment of loan to Joint venture is
INR Nil (USD Nil) in the year ended March 31, 2024 compared to a loss of INR 1.0 million (USD 0.1 million)) in the year ended March 31,
2023.
Finance
Income. Our finance income increased to INR 149.9 million (USD 1.8 million) in the year ended March 31, 2024 from INR 28.9 million
(USD 0.3 million) in the year ended March 31, 2023. This increase was primarily on account of increase in our term deposits from
587 million (USD 7.0 million) as on March 31, 2023 to 2,757 million (USD 33.1 million) as on March 31, 2024.
Finance
Costs. Our finance costs decreased to INR 266.2 million (USD 3.2 million) includes interest on the lease liability of INR 32.3
million (USD 0.4 million) in the year ended March 31, 2024 as compared to INR 326.4 million (USD 3.9 million) includes interest on the
lease liability of INR 36.0 million (USD 0.4 million) in the year ended March 31, 2023. This decrease in interest on borrowing is majorly
driven by a decrease in our borrowings on account of re-payments of our certain loans, non-convertible debentures (NCDs) and working
capital facilities.
Listing
and related expenses. Listing and related expenses relate to the expenses incurred in connection with the Indian IPO. During
the year ended March 31, 2024, the Company has incurred INR 54.2 (USD 0.7 million) as compared to INR 23.6 million (USD 0.3 million)
in the year ended March 31, 2023.
Income
Tax Expense. Our income tax expense during the year ended March 31, 2024 was INR 33.2 million (USD 0.4 million) compared to an
expense of INR 46.8 million (USD 0.6 million) during the year ended March 31, 2023.
Loss
for the Period. As a result of the foregoing factors, our loss in the year ended March 31, 2024 was INR 326.0 million (USD 3.9
million) as compared to a loss of INR 288.2 million (USD 3.5 million) in the year ended March 31, 2023. Excluding the employee share-based
compensation costs, impairment of loan to joint venture and listing and related expenses, the Adjusted Loss(1) would have
been INR 42.5 million (USD 0.5 million) for year ended March 31, 2024 and Adjusted Loss(1) INR 111.5 million (USD 1.3 million)
for year ended March 31, 2023.
Basic
Loss per Share. Basic Loss per Share was INR 4.98 (USD 0.06) in the year ended March 31, 2024 as compared to basic loss per share
of INR 4.59 (USD 0.06) in the year ended March 31, 2023. After excluding the employee share-based compensation costs, impairment of loan
to joint venture and listing and related expenses, Adjusted Basic Loss per Share(1) would have been INR 1.94 (USD 0.02) in
the year ended March 31, 2024, as compared to Adjusted Basic Loss of INR 1.81 (USD 0.02) in the year ended March 31, 2023.
Diluted
Loss per Share. Diluted Loss per Share was INR 4.98 (USD 0.06) in the year ended March 31, 2024 as compared to Diluted Loss per
share of INR 4.59 (USD 0.06) in the year ended March 31, 2023. After excluding the employee share-based compensation costs, impairment
of loan to joint venture, listing and related expenses and net change in fair value of warrants, Adjusted Diluted Loss per Share(1)
would have been INR 1.94 (USD 0.02) in the year ended March 31, 2024 as compared to Adjusted Diluted Loss INR 1.81 (USD 0.02) in
the year ended March 31, 2023.
Conference
Call
The
Company will host a conference call to discuss its unaudited results for the three months and year ended March 31, 2024 beginning at
9:00 AM Eastern Daylight Time (or 6:30 PM India Standard Time) on May 31, 2024. Dial in details for the conference call is as follows:
US/International dial-in number: +1 404 975 4839. Confirmation Code: 454107 (Callers should dial in 5-10 minutes prior to the start time
and provide the operator with the Confirmation Code). The conference call will also be available via webcast at https://events.q4inc.com/attendee/985115720.
Certain
Non-IFRS Measures
As
certain parts of our Revenue are recognized on a “net” basis and other parts of our Revenue are recognized on a “gross”
basis, we evaluate our financial performance based on Adjusted Margin, which is a non-IFRS measure.
We
believe that Adjusted Margin provides investors with useful supplemental information about the financial performance of our business
and more accurately reflects the value addition of the travel services that we provide to our customers. The presentation of this non-IFRS
information is not meant to be considered in isolation or as a substitute for our unaudited condensed consolidated financial results
prepared in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”). Our Adjusted Margin
may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.
In
addition to referring to Adjusted Margin, we also refer to Adjusted EBITDA Profit, Adjusted Results from Operations, Adjusted Profit/(Loss)
for the Period and Adjusted Basic and Adjusted Diluted Earnings/(Loss) Per Share which are also non-IFRS measures. For our internal management
reporting, budgeting and decision-making purposes, including comparing our operating results to that of our competitors, these non-IFRS
financial measures exclude employee share-based compensation cost, impairment of loan to joint venture and listing and related expenses.
Our non-IFRS financial measures reflect adjustments based on the following:
| |
● |
Employee
share-based compensation cost - The compensation cost to be recorded is dependent on varying available valuation methodologies and
subjective assumptions that companies can use while valuing these expenses especially when adopting IFRS 2 “Share-based
Payment”. Thus, the management believes that providing non-IFRS financial measures that exclude such expenses allows investors
to make additional comparisons between our operating results and those of other companies. |
| |
● |
Impairment
of loan to joint venture - The impairment cost to be recorded is dependent on varying available valuation methodologies and subjective
assumptions that companies can use while valuing the fair value of the assets on the balance sheet date. Thus, the management believes
that providing non-IFRS financial measures that exclude such expenses allows investors to make additional comparisons between our
operating results and those of other companies. |
| |
|
|
| |
● |
Listing
and related expenses - These primarily reflect the non-recurring expenses incurred on the Indian IPO process. |
We
evaluate the performance of our business after excluding the impact of the above measures and believe it is useful to understand the
effects of these items on our results from operations, Profit/(Loss) for the period and Basic and Diluted Loss Per Share. The presentation
of these non-IFRS measures is not meant to be considered in isolation or as a substitute for our unaudited condensed consolidated financial
results prepared in accordance with IFRS as issued by the IASB. These non-IFRS measures may not be comparable to similarly titled measures
reported by other companies due to potential differences in the method of calculation.
A
limitation of using Adjusted EBITDA Profit, Adjusted Results from Operations, Adjusted Profit/(Loss) for the period and Adjusted Basic
and Adjusted Diluted Earnings/(Loss) Per Share as against using measures in accordance with IFRS as issued by the IASB are that these
non-IFRS financial measures exclude share-based compensation cost, listing and related expenses, impairment of loan to joint venture
and depreciation and amortization in case of Adjusted EBITDA profit. Management compensates for this limitation by providing specific
information on the IFRS amounts excluded from Adjusted EBITDA profit, Adjusted Results from Operations, Adjusted Profit/(Loss) for the
Period and Adjusted Basic and Adjusted Diluted Earnings/(Loss) Per Share.
The
following table reconciles our Losses for the periods (an IFRS measure) to Adjusted EBITDA (a non-IFRS measure) for the periods indicated:
| Reconciliation of Adjusted EBITDA (unaudited) | |
Three months ended | | |
Year ended | |
| Amount in INR thousands | |
March 31, 2023 | | |
March 31, 2024 | | |
March 31, 2023 | | |
March 31, 2024 | |
| Profit/(Loss) for the period as per IFRS | |
| 7,547 | | |
| 10,222 | | |
| (288,167 | ) | |
| (326,041 | ) |
| Employee share-based compensation costs | |
| 26,489 | | |
| 51,761 | | |
| 152,054 | | |
| 229,260 | |
| Depreciation and amortization | |
| 43,613 | | |
| 54,149 | | |
| 190,152 | | |
| 197,527 | |
| Impairment of loan to joint venture | |
| - | | |
| - | | |
| 1,000 | | |
| - | |
| Finance income | |
| (13,143 | ) | |
| (47,184 | ) | |
| (28,944 | ) | |
| (149,925 | ) |
| Finance costs | |
| 101,916 | | |
| 42,803 | | |
| 326,399 | | |
| 266,209 | |
| Listing and related expenses | |
| 3,409 | | |
| - | | |
| 23,591 | | |
| 54,238 | |
| Tax expense | |
| 15,817 | | |
| (2,092 | ) | |
| 46,787 | | |
| 33,177 | |
| Adjusted EBITDA | |
| 185,648 | | |
| 109,659 | | |
| 422,872 | | |
| 304,445 | |
| Reconciliation of Adjusted Results from
Operations (unaudited) | |
Three months ended | | |
Year ended | |
| Amount in INR thousands | |
March 31, 2023 | | |
March 31, 2024 | | |
March 31, 2023 | | |
March 31, 2024 | |
| Results from operations (as per IFRS) | |
| 115,546 | | |
| 3,749 | | |
| 79,666 | | |
| (122,343 | ) |
| Employee share-based compensation costs | |
| 26,489 | | |
| 51,761 | | |
| 152,054 | | |
| 229,260 | |
| Impairment of loan to joint venture | |
| - | | |
| - | | |
| 1,000 | | |
| - | |
| Adjusted Results from Operations | |
| 142,035 | | |
| 55,510 | | |
| 232,720 | | |
| 106,918 | |
| Reconciliation of Adjusted Loss (unaudited) | |
Three months ended | | |
Year ended | |
| Amount in INR thousands | |
March 31, 2023 | | |
March 31, 2024 | | |
March 31, 2023 | | |
March 31, 2024 | |
| Profit/(Loss) for the period (as per IFRS) | |
| 7,547 | | |
| 10,222 | | |
| (288,167 | ) | |
| (326,041 | ) |
| Employee share-based compensation costs | |
| 26,489 | | |
| 51,761 | | |
| 152,054 | | |
| 229,260 | |
| Impairment of loan to joint venture | |
| - | | |
| - | | |
| 1,000 | | |
| - | |
| Listing and related expenses | |
| 3,409 | | |
| - | | |
| 23,591 | | |
| 54,238 | |
| Adjusted Profit/(Loss) for the period | |
| 37,445 | | |
| 61,984 | | |
| (111,522 | ) | |
| (42,543 | ) |
| | |
Three months ended | | |
Year ended | |
| Reconciliation of Adjusted Basic Earnings/(Loss) (Per Share) (unaudited) | |
March 31, 2023 | | |
March 31, 2024 | | |
March 31, 2023 | | |
March 31, 2024 | |
| Basic Earnings/(Loss) per share (as per IFRS) | |
| 0.10 | | |
| 0.08 | | |
| (4.59 | ) | |
| (4.98 | ) |
| Employee share-based compensation costs | |
| 0.41 | | |
| 0.55 | | |
| 2.39 | | |
| 2.48 | |
| Impairment of loan to joint venture | |
| - | | |
| - | | |
| 0.02 | | |
| - | |
| Listing and related expenses | |
| 0.05 | | |
| - | | |
| 0.37 | | |
| 0.56 | |
| Adjusted Basic Earnings/(Loss) Per Share | |
| 0.56 | | |
| 0.63 | | |
| (1.81 | ) | |
| (1.94 | ) |
| | |
Three months ended | | |
Year ended | |
| Reconciliation of Adjusted Diluted Earnings/(Loss) (Per Share) (unaudited) | |
March 31, 2023 | | |
March 31, 2024 | | |
March 31, 2023 | | |
March 31, 2024 | |
| Diluted Earnings/(Loss) per share (as per IFRS) | |
| 0.09 | | |
| 0.08 | | |
| (4.59 | ) | |
| (4.98 | ) |
| Employee share-based compensation costs | |
| 0.39 | | |
| 0.54 | | |
| 2.39 | | |
| 2.48 | |
| Impairment of loan to Joint venture | |
| - | | |
| - | | |
| 0.02 | | |
| - | |
| Listing and related expenses | |
| 0.05 | | |
| - | | |
| 0.37 | | |
| 0.56 | |
| Adjusted Diluted Earnings/(Loss) Per Share | |
| 0.53 | | |
| 0.63 | | |
| (1.81 | ) | |
| (1.94 | ) |
The
following table reconciles our Revenue (an IFRS measure), to Adjusted Margin (a non-IFRS measure):
Reconciliation
of Revenue (an IFRS measure) to Adjusted Margin (a non-IFRS measure)
| | |
Reportable Segments | |
| | |
Air Ticketing | | |
Hotels and Packages | | |
Other Services | |
| | |
Three months ended March 31, | |
| Amount in INR thousands (Unaudited) | |
2023 | | |
2024 | | |
2023 | | |
2024 | | |
2023 | | |
2024 | |
| Revenue as per IFRS - Rendering of services | |
| 625,618 | | |
| 469,064 | | |
| 429,491 | | |
| 436,578 | | |
| 32,759 | | |
| 11,783 | |
| Customer promotional expenses | |
| 833,987 | | |
| 778,209 | | |
| 67,097 | | |
| 83,557 | | |
| 5,366 | | |
| 4,053 | |
| Service cost | |
| - | | |
| - | | |
| (228,201 | ) | |
| (231,294 | ) | |
| - | | |
| 12,194 | |
| Adjusted Margin | |
| 1,459,605 | | |
| 1,247,274 | | |
| 268,386 | | |
| 288,841 | | |
| 38,125 | | |
| 28,029 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
Reportable Segments | |
| | |
Air Ticketing | | |
Hotels and Packages | | |
Other Services | |
| | |
Year ended March 31, | |
| Amount in INR thousands | |
2023 | | |
2024 | | |
2023 | | |
2024 | | |
2023 | | |
2024 | |
| Revenue as per IFRS - Rendering of services | |
| 1,779,972 | | |
| 1,765,858 | | |
| 1,471,270 | | |
| 1,704,529 | | |
| 154,305 | | |
| 161,712 | |
| Customer promotional expenses | |
| 2,555,320 | | |
| 2,773,118 | | |
| 263,756 | | |
| 312,206 | | |
| 23,380 | | |
| 18,545 | |
| Service cost | |
| - | | |
| - | | |
| (669,098 | ) | |
| (877,873 | ) | |
| - | | |
| - | |
| Adjusted Margin | |
| 4,335,292 | | |
| 4,538,976 | | |
| 1,065,928 | | |
| 1,138,862 | | |
| 177,685 | | |
| 180,257 | |
Safe
Harbor Statement
This
earnings release contains certain statements concerning the Company’s future growth prospects and forward-looking statements, as
defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended. These forward-looking
statements are based on the Company’s current expectations, assumptions, estimates and projections about the Company and its industry.
These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified
by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,”
“intend,” “will,” “project,” “seek,” “should” similar expressions and the
negative forms of such expressions. Such statements include, among other things, statements regarding the long-term growth trajectory
for the Indian travel market, statements concerning management’s beliefs as well as our strategic and operational plans; the anticipated
benefits of the Indian IPO; the degree to which and how we will utilize debt facilities or the proceeds from the Indian IPO and the results
we anticipate from how such funds are utilized; expected buyback activity with respect to our share repurchase program; and our future
financial performance. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause
actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include,
but are not limited to, the impact of increasing competition in the Indian travel industry and our expectations regarding the development
of our industry and the competitive environment in which we operate; the slowdown in Indian economic growth and other declines or disruptions
in the Indian economy in general and travel industry in particular, including disruptions caused by safety concerns, terrorist attacks,
regional conflicts (including the ongoing conflict between Ukraine and Russia and the evolving events in Israel, Gaza and the Middle
East), pandemics and natural calamities, our ability to successfully negotiate our contracts with airline suppliers and global distribution
system service providers and mitigate any negative impacts on our Revenue that result from reduced commissions, incentive payments and
fees we receive; the risk that airline suppliers (including our GDS service providers) may reduce or eliminate the commission and other
fees they pay to us for the sale of air tickets; our ability to pursue strategic partnerships and the risks associated with our business
partners; the potential impact of recent developments in the Indian travel industry on our profitability and financial condition; political
and economic stability in and around India and other key travel destinations; our ability to maintain and increase our brand awareness;
our ability to realize the anticipated benefits of any past or future acquisitions; our ability to successfully implement our growth
strategy; our ability to attract, train and retain executives and other qualified employees, and our ability to successfully implement
any new business initiatives. These and other factors are discussed in our reports filed with the U.S. Securities and Exchange Commission.
All information provided in this earnings release is provided as of the date of issuance of this earnings release, and we do not undertake
any obligation to update any forward-looking statement, except as required under applicable law.
About
Yatra Online, Inc.
Yatra
Online, Inc. is the ultimate parent company of Yatra Online Limited, a public listed company on the NSE and BSE (Formerly known as Yatra
Online Private Limited, hereinafter referred to as “Yatra India”), whose corporate office is based in Gurugram, India. Yatra
India is India’s largest corporate travel services provider in terms of number of corporate clients with approximately 800 large
corporate customers and approximately 50,000 registered SME customers and the third largest online travel company (OTC) in India among
key OTA players in terms of gross booking revenue and operating revenue for Fiscal 2023 (Source: CRISIL Report). Leisure and business
travelers use Yatra India’s mobile applications, its website, www.yatra.com, and its other offerings and services to explore, research,
compare prices and book a wide range of travel-related services. These services include domestic and international air ticketing on nearly
all Indian and international airlines, as well as bus ticketing, rail ticketing, cab bookings and ancillary services within India. With
approximately 108,000 hotels in approximately 1,500 cities and towns in India as well as more than 2 million hotels around the world,
Yatra India has the largest hotel inventory amongst key Indian online travel agency (OTA) players (Source: CRISIL Report).
For
more information, please contact:
Manish
Hemrajani
Yatra
Online, Inc./
VP,
Head of Corporate Development and Investor Relations
ir@yatra.com
Yatra
Online, Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE LOSS FOR THREE MONTHS AND YEAR ENDED MARCH 31, 2024
(Amount
in thousands, except per share data and number of shares)
| | |
Three months ended March 31, | | |
Year ended March 31, | |
| | |
2023 | | |
2024 | | |
2023 | | |
2024 | |
| | |
INR | | |
INR | | |
USD | | |
INR | | |
INR | | |
USD | |
| | |
Audited | | |
Unaudited | | |
Unaudited | | |
Audited | | |
Unaudited | | |
Unaudited | |
| Revenue | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Rendering of services | |
| 1,087,868 | | |
| 917,425 | | |
| 11,008 | | |
| 3,405,548 | | |
| 3,632,098 | | |
| 43,582 | |
| Other revenue | |
| 106,402 | | |
| 155,334 | | |
| 1,864 | | |
| 421,717 | | |
| 606,099 | | |
| 7,273 | |
| Total revenue | |
| 1,194,270 | | |
| 1,072,759 | | |
| 12,872 | | |
| 3,827,265 | | |
| 4,238,197 | | |
| 50,855 | |
| Other income | |
| 22,337 | | |
| 49,431 | | |
| 593 | | |
| 152,520 | | |
| 102,362 | | |
| 1,228 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Service cost | |
| 228,201 | | |
| 219,100 | | |
| 2,629 | | |
| 669,098 | | |
| 877,873 | | |
| 10,534 | |
| Personnel expenses | |
| 279,401 | | |
| 351,598 | | |
| 4,219 | | |
| 1,148,434 | | |
| 1,348,215 | | |
| 16,177 | |
| Marketing and sales promotion expenses | |
| 142,437 | | |
| 101,331 | | |
| 1,216 | | |
| 336,472 | | |
| 459,935 | | |
| 5,519 | |
| Other operating expenses | |
| 407,409 | | |
| 392,266 | | |
| 4,707 | | |
| 1,554,963 | | |
| 1,579,352 | | |
| 18,951 | |
| Depreciation and amortization | |
| 43,613 | | |
| 54,149 | | |
| 650 | | |
| 190,152 | | |
| 197,527 | | |
| 2,370 | |
| Impairment of loan to Joint venture | |
| - | | |
| - | | |
| - | | |
| 1,000 | | |
| - | | |
| - | |
| Results from operations | |
| 115,546 | | |
| 3,746 | | |
| 44 | | |
| 79,666 | | |
| (122,343 | ) | |
| (1,468 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Finance income | |
| 13,143 | | |
| 47,184 | | |
| 566 | | |
| 28,944 | | |
| 149,925 | | |
| 1,799 | |
| Finance costs | |
| (101,916 | ) | |
| (42,803 | ) | |
| (514 | ) | |
| (326,399 | ) | |
| (266,209 | ) | |
| (3,194 | ) |
| Listing and related expenses | |
| (3,409 | ) | |
| - | | |
| - | | |
| (23,591 | ) | |
| (54,238 | ) | |
| (651 | ) |
| Profit/(Loss) before taxes | |
| 23,364 | | |
| 8,127 | | |
| 96 | | |
| (241,380 | ) | |
| (292,865 | ) | |
| (3,514 | ) |
| Tax (expense)/benefit | |
| (15,817 | ) | |
| 2,092 | | |
| 25 | | |
| (46,787 | ) | |
| (33,177 | ) | |
| (398 | ) |
| Profit/(Loss) for the period | |
| 7,547 | | |
| 10,219 | | |
| 121 | | |
| (288,167 | ) | |
| (326,042 | ) | |
| (3,912 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Other comprehensive income/ (loss) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Items not to be reclassified to profit or loss in subsequent periods (net of taxes) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Remeasurement gain on defined benefit plan | |
| 85 | | |
| (3,445 | ) | |
| (41 | ) | |
| (10,714 | ) | |
| (6,449 | ) | |
| (76 | ) |
| Items that are or may be reclassified subsequently to profit or loss (net of taxes) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Foreign currency translation differences loss | |
| 6,785 | | |
| (299 | ) | |
| (4 | ) | |
| 1,245 | | |
| (14,926 | ) | |
| (178 | ) |
| Other comprehensive profit/(loss) for the period, net of tax | |
| 6,870 | | |
| (3,744 | ) | |
| (45 | ) | |
| (9,469 | ) | |
| (21,375 | ) | |
| (254 | ) |
| Total comprehensive profit/(loss) for the period, net of tax | |
| 14,417 | | |
| 6,475 | | |
| 76 | | |
| (297,636 | ) | |
| (347,417 | ) | |
| (4,166 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Profit/(loss) attributable to : | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Owners of the Parent Company | |
| 6,280 | | |
| 5,199 | | |
| 61 | | |
| (289,242 | ) | |
| (317,488 | ) | |
| (3,809 | ) |
| Non-Controlling interest | |
| 1,267 | | |
| 5,020 | | |
| 60 | | |
| 1,075 | | |
| (8,554 | ) | |
| (103 | ) |
| Profit/(Loss) for the period | |
| 7,547 | | |
| 10,221 | | |
| 121 | | |
| (288,167 | ) | |
| (326,041 | ) | |
| (3,912 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total comprehensive profit/(loss) attributable to : | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Owners of the Parent Company | |
| 13,149 | | |
| 2,677 | | |
| 29 | | |
| (298,563 | ) | |
| (336,590 | ) | |
| (4,036 | ) |
| Non-Controlling interest | |
| 1,268 | | |
| 3,798 | | |
| 46 | | |
| 927 | | |
| (10,827 | ) | |
| (130 | ) |
| Total comprehensive profit/(loss) for the period | |
| 14,417 | | |
| 6,475 | | |
| 75 | | |
| (297,636 | ) | |
| (347,417 | ) | |
| (4,166 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Earnings/(Loss) per share | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 0.10 | | |
| 0.08 | | |
| 0.00 | | |
| (4.59 | ) | |
| (4.98 | ) | |
| (0.06 | ) |
| Diluted | |
| 0.09 | | |
| 0.08 | | |
| 0.00 | | |
| (4.59 | ) | |
| (4.98 | ) | |
| (0.06 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Weighted average no. of shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 63,589,692 | | |
| 64,009,472 | | |
| 64,009,472 | | |
| 62,991,006 | | |
| 63,713,217 | | |
| 63,713,217 | |
| Diluted | |
| 66,733,713 | | |
| 64,009,472 | | |
| 64,009,472 | | |
| 62,991,006 | | |
| 63,713,217 | | |
| 63,713,217 | |
Yatra
Online, Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2024
(Amounts
in thousands, except per share data and number of shares)
| | |
March 31, 2023 | | |
March 31, 2024 | | |
March 31, 2024 | |
| | |
INR | | |
INR | | |
USD | |
| | |
Audited | | |
Unaudited | |
| Assets | |
| | | |
| | | |
| | |
| Non-current assets | |
| | | |
| | | |
| | |
| Property, plant and equipment | |
| 45,843 | | |
| 73,835 | | |
| 886 | |
| Right-of-use assets | |
| 200,760 | | |
| 161,247 | | |
| 1,935 | |
| Intangible assets and goodwill | |
| 778,963 | | |
| 913,434 | | |
| 10,960 | |
| Prepayments and other assets | |
| 1,177 | | |
| 755 | | |
| 9 | |
| Other financial assets | |
| 49,864 | | |
| 23,102 | | |
| 277 | |
| Term deposits | |
| 6,158 | | |
| 137,169 | | |
| 1,646 | |
| Other non financial assets | |
| 195,491 | | |
| 207,282 | | |
| 2,487 | |
| Deferred tax asset | |
| 11,086 | | |
| 10,617 | | |
| 127 | |
| Total non-current assets | |
| 1,289,342 | | |
| 1,527,441 | | |
| 18,327 | |
| | |
| | | |
| | | |
| | |
| Current assets | |
| | | |
| | | |
| | |
| Inventories | |
| 76 | | |
| 53 | | |
| 1 | |
| Trade and other receivables | |
| 3,061,210 | | |
| 4,641,410 | | |
| 55,692 | |
| Prepayments and other assets | |
| 951,924 | | |
| 1,439,641 | | |
| 17,274 | |
| Income tax recoverable | |
| 308,716 | | |
| 342,867 | | |
| 4,114 | |
| Other financial assets | |
| 68,997 | | |
| 134,930 | | |
| 1,619 | |
| Term deposits | |
| 581,217 | | |
| 2,620,655 | | |
| 31,445 | |
| Cash and cash equivalents | |
| 503,601 | | |
| 1,741,950 | | |
| 20,902 | |
| Total current assets | |
| 5,475,741 | | |
| 10,921,506 | | |
| 131,047 | |
| | |
| | | |
| | | |
| | |
| Total assets | |
| 6,765,083 | | |
| 12,448,947 | | |
| 149,374 | |
| | |
| | | |
| | | |
| | |
| Equity and liabilities | |
| | | |
| | | |
| | |
| Equity | |
| | | |
| | | |
| | |
| Share capital | |
| 850 | | |
| 857 | | |
| 10 | |
| Share premium | |
| 20,388,799 | | |
| 20,511,478 | | |
| 246,118 | |
| Treasury shares | |
| (11,219 | ) | |
| (222,152 | ) | |
| (2,666 | ) |
| Other capital reserve | |
| 281,394 | | |
| 378,693 | | |
| 4,544 | |
| Accumulated deficit | |
| (19,921,095 | ) | |
| (15,065,191 | ) | |
| (180,768 | ) |
| Foreign currency translation reserve | |
| (31,034 | ) | |
| (45,960 | ) | |
| (551 | ) |
| Total equity attributable to equity holders of the Company | |
| 707,695 | | |
| 5,557,725 | | |
| 66,687 | |
| Total Non-controlling interest | |
| 11,624 | | |
| 2,242,666 | | |
| 26,910 | |
| Total equity | |
| 719,319 | | |
| 7,800,391 | | |
| 93,597 | |
| | |
| | | |
| | | |
| | |
| Non-current liabilities | |
| | | |
| | | |
| | |
| Borrowings | |
| 19,274 | | |
| 114,677 | | |
| 1,376 | |
| Deferred tax liability | |
| 7,150 | | |
| 4,669 | | |
| 56 | |
| Employee benefits | |
| 40,747 | | |
| 55,850 | | |
| 670 | |
| Lease liability | |
| 203,393 | | |
| 164,418 | | |
| 1,973 | |
| Total non-current liabilities | |
| 270,564 | | |
| 339,614 | | |
| 4,075 | |
| | |
| | | |
| | | |
| | |
| Current liabilities | |
| | | |
| | | |
| | |
| Borrowings | |
| 2,333,378 | | |
| 523,515 | | |
| 6,282 | |
| Trade and other payables | |
| 2,176,353 | | |
| 2,578,507 | | |
| 30,940 | |
| Employee benefits | |
| 56,020 | | |
| 41,307 | | |
| 496 | |
| Deferred revenue | |
| 45,721 | | |
| 3,360 | | |
| 40 | |
| Income taxes payable | |
| 31,850 | | |
| 251 | | |
| 3 | |
| Lease liability | |
| 47,835 | | |
| 51,324 | | |
| 616 | |
| Other financial liabilities | |
| 417,014 | | |
| 418,969 | | |
| 5,027 | |
| Other current liabilities | |
| 667,029 | | |
| 691,709 | | |
| 8,301 | |
| Total current liabilities | |
| 5,775,200 | | |
| 4,308,942 | | |
| 51,702 | |
| Total liabilities | |
| 6,045,764 | | |
| 4,648,556 | | |
| 55,777 | |
| Total equity and liabilities | |
| 6,765,083 | | |
| 12,448,947 | | |
| 149,374 | |
Yatra
Online, Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR YEAR ENDED MARCH 31, 2024
(Amount
in INR thousands, except per share data and number of shares)
| | |
Attributable to shareholders of the Parent Company | | |
| | |
| |
| | |
Equity share capital | | |
Equity share premium | | |
Treasury shares | | |
Accumulated deficit | | |
Other capital reserve | | |
Foreign currency translation reserve | | |
Total | | |
Non controlling interest | | |
Total Equity | |
| Balance as at April 1, 2023 | |
| 850 | | |
| 20,388,799 | | |
| (11,219 | ) | |
| (19,921,095 | ) | |
| 281,394 | | |
| (31,034 | ) | |
| 707,695 | | |
| 11,624 | | |
| 719,319 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loss for the period | |
| | | |
| | | |
| | | |
| (317,487 | ) | |
| | | |
| | | |
| (317,487 | ) | |
| (8,554 | ) | |
| (326,042 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Other comprehensive loss | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Foreign currency translation differences | |
| | | |
| | | |
| | | |
| - | | |
| | | |
| (14,926 | ) | |
| (14,926 | ) | |
| - | | |
| (14,926 | ) |
| Re-measurement gain on defined benefit plan | |
| | | |
| | | |
| | | |
| (4,174 | ) | |
| | | |
| - | | |
| (4,174 | ) | |
| (2,275 | ) | |
| (6,449 | ) |
| Total other comprehensive loss | |
| - | | |
| - | | |
| - | | |
| (4,174 | ) | |
| - | | |
| (14,926 | ) | |
| (19,100 | ) | |
| (2,275 | ) | |
| (21,375 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total comprehensive loss | |
| - | | |
| - | | |
| - | | |
| (321,662 | ) | |
| - | | |
| (14,926 | ) | |
| (336,587 | ) | |
| (10,829 | ) | |
| (347,417 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Share based payments | |
| - | | |
| - | | |
| - | | |
| 9,301 | | |
| 219,985 | | |
| - | | |
| 229,286 | | |
| - | | |
| 229,286 | |
| Exercise of options | |
| 7 | | |
| 122,679 | | |
| - | | |
| - | | |
| (122,686 | ) | |
| - | | |
| - | | |
| - | | |
| - | |
| Own shares repurchase | |
| - | | |
| - | | |
| (210,933 | ) | |
| | | |
| | | |
| - | | |
| (210,933 | ) | |
| - | | |
| (210,933 | ) |
| Change in non-controlling interest | |
| - | | |
| - | | |
| - | | |
| 5,168,265 | | |
| - | | |
| - | | |
| 5,168,265 | | |
| 2,241,874 | | |
| 7,410,139 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total contribution by owners | |
| 7 | | |
| 122,679 | | |
| (210,933 | ) | |
| 5,177,566 | | |
| 97,299 | | |
| - | | |
| 5,186,618 | | |
| 2,241,874 | | |
| 7,428,492 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Balance as at March 31, 2024 | |
| 857 | | |
| 20,511,478 | | |
| (222,152 | ) | |
| (15,065,191 | ) | |
| 378,693 | | |
| (45,960 | ) | |
| 5,557,725 | | |
| 2,242,669 | | |
| 7,800,394 | |
*
Pursuant to fresh issue of shares by Indian subsidiary and sale of shares of Indian subsidiary by THCL as part of the Indian IPO, non-controlling
interest share has increased from 1.41% to 35.54%. The Company has opted to allocate the transaction cost incurred to non-controlling
interest, in accordance with IFRS 10.
Yatra
Online, Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR YEAR ENDED MARCH 31, 2024
(Amount
in thousands, except per share data and number of shares)
| | |
Year ended March 31, | |
| | |
2023 | | |
2024 | | |
2024 | |
| | |
INR | | |
INR | | |
USD | |
| | |
| | |
| | |
| |
| Loss before tax | |
| (241,380 | ) | |
| (292,864 | ) | |
| (3,514 | ) |
| Adjustments for non-cash and non-operating items | |
| 439,033 | | |
| 298,992 | | |
| 3,588 | |
| Change in working capital | |
| (2,054,229 | ) | |
| (1,335,015 | ) | |
| (16,019 | ) |
| Direct taxes paid (net of refunds) | |
| (105,770 | ) | |
| (100,933 | ) | |
| (1,211 | ) |
| Net cash flows (used in) operating activities | |
| (1,962,346 | ) | |
| (1,429,819 | ) | |
| (17,156 | ) |
| Net cash flows (used in) investing activities | |
| (145,952 | ) | |
| (2,295,504 | ) | |
| (27,544 | ) |
| Net cash flows from financing activities | |
| 1,751,813 | | |
| 4,991,504 | | |
| 59,893 | |
| Net decrease in cash and cash equivalents | |
| (356,485 | ) | |
| 1,266,181 | | |
| 15,193 | |
| Cash and cash equivalents at the beginning of the period | |
| 800,282 | | |
| (27,831 | ) | |
| (334 | ) |
| Effect of exchange differences on cash and cash equivalents | |
| 59,804 | | |
| 503,601 | | |
| 6,043 | |
| Cash and cash equivalents at the end of the period | |
| 503,601 | | |
| 1,741,950 | | |
| 20,902 | |
Yatra
Online, Inc.
OPERATING
DATA
The
following table sets forth certain selected unaudited condensed consolidated financial and other data for the periods indicated:
| | |
For the three months ended March 31, | | |
For the year ended March 31, | |
| (In thousands except percentages) | |
2023 | | |
2024 | | |
2023 | | |
2024 | |
| Quantitative details * | |
| | | |
| | | |
| | | |
| | |
| Air Passengers Booked | |
| 1,725 | | |
| 1,801 | | |
| 5,601 | | |
| 6,945 | |
| Stand-alone Hotel Room Nights Booked | |
| 425 | | |
| 399 | | |
| 1,753 | | |
| 1,692 | |
| Packages Passengers Travelled | |
| 5 | | |
| 6 | | |
| 21 | | |
| 24 | |
| Gross Bookings | |
| | | |
| | | |
| | | |
| | |
| Air Ticketing | |
| 15,122,132 | | |
| 17,158,179 | | |
| 56,408,351 | | |
| 64,950,106 | |
| Hotels and Packages | |
| 2,107,435 | | |
| 2,205,063 | | |
| 8,178,106 | | |
| 8,785,664 | |
| Other Services | |
| 603,146 | | |
| 598,365 | | |
| 2,811,038 | | |
| 2,212,256 | |
| Total | |
| 17,832,713 | | |
| 19,961,607 | | |
| 67,397,495 | | |
| 75,948,026 | |
| Adjusted Margin | |
| | | |
| | | |
| | | |
| | |
| Adjusted Margin - Air Ticketing | |
| 1,459,605 | | |
| 1,247,274 | | |
| 4,335,292 | | |
| 4,538,977 | |
| Adjusted Margin - Hotels and Packages | |
| 268,386 | | |
| 288,841 | | |
| 1,065,928 | | |
| 1,138,862 | |
| Adjusted Margin - Other Services | |
| 38,125 | | |
| 28,029 | | |
| 177,685 | | |
| 180,256 | |
| Others (Including Other Income) | |
| 128,739 | | |
| 204,766 | | |
| 574,237 | | |
| 708,460 | |
| Total | |
| 1,894,855 | | |
| 1,768,910 | | |
| 6,153,142 | | |
| 6,566,555 | |
| Adjusted Margin%** | |
| | | |
| | | |
| | | |
| | |
| Air Ticketing | |
| 9.7 | % | |
| 7.3 | % | |
| 7.7 | % | |
| 7.0 | % |
| Hotels and Packages | |
| 12.7 | % | |
| 13.1 | % | |
| 13.0 | % | |
| 13.0 | % |
| Other Services | |
| 6.3 | % | |
| 4.7 | % | |
| 6.3 | % | |
| 8.1 | % |
*
Quantitative details are considered on Gross basis.
**
Adjusted Margin % is defined as Adjusted Margin as a percentage of Gross Bookings.
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