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
February
11, 2025
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
February 11, 2025, Yatra Online, Inc. issued an earnings release announcing its unaudited financial and operating results for
the three months ended December 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 statement on Form F-3 (Registration
Statement No. 333-256442) filed with the Securities and Exchange Commission on May 24, 2021 (and subsequently amended on July 7, 2021),
to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently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:
February 11, 2025 |
By: |
/s/ Dhruv
Shringi |
| |
|
Dhruv Shringi |
| |
|
Chief Executive Officer |
Exhibit
99.1
YATRA
ONLINE, INC. ANNOUNCES RESULTS FOR
THE
THREE MONTHS ENDED DECEMBER 31, 2024
Gurugram,
India and New York February 11, 2025— 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 ended December 31, 2024.
“We are pleased to report a strong quarter,
delivering revenue growth and continued momentum across key segments. Our revenue for the quarter reached INR 2,350.7 million (USD 27.5
million), marking year-over-year increase of 111.4%.
Adjusted Air Ticketing Margins saw a 23.0% decline,
primarily attributable to reduced volumes in the B2C segment as we strategically adjusted discounts to address supplier-induced intensified
price competition. Our corporate travel business continued to be a key growth driver. Notably, Adjusted Hotels & Packages margin
saw a strong 65.8% year-over-year increase, primarily fueled by the expansion of our MICE (Meetings, Incentives, Conferences, and Exhibitions)
business. Our profit was INR 39.8 million (USD 0.5 million) for the three months ended December 31, 2024
versus a loss of INR 39.5 million (USD 0.5 million) for the three months ended December 31, 2023. Additionally, Adjusted EBITDA surged
173.0% year-over-year to INR 121.5 million (USD 1.4 million), reflecting our disciplined focus on profitable growth and cost optimization.
Our ongoing emphasis on operational efficiency
has yielded tangible results, including improved cost rationalization, supply-side synergies, and enhanced margin sustainability. The
strategic pivot toward higher-margin segments like Hotels & Packages and MICE has effectively mitigated the impact of B2C air margin
pressures, reinforcing our balanced revenue mix. Furthermore, our success in onboarding 50 new corporate clients—a quarterly record—has
added an annual billing potential of INR 2,804 million (USD 32.2 million), strengthening our leadership in the corporate travel domain.
Following our successful acquisition of Globe
All India Services Limited (GAISL) on September 11, 2024, for INR 1,280.0 million (USD 15.3 million) in cash, integration
efforts are progressing ahead of schedule. We are already seeing early synergies, particularly in supplier consolidation, operational
streamlining, and technology adoption. By leveraging Yatra’s tech platform within GAISL’s customer base, we expect to unlock
further efficiencies, drive incremental revenue, and enhance our long-term competitive positioning.
The Company continues to work with its counsels
in the relevant jurisdictions to simplify its legal and corporate structure which is expected to streamline administrative overheads
and facilitate growth for the Company. These initiatives, combined with disciplined execution and a scalable cost structure, are expected
to support sustained margin expansion and operational excellence.
Looking ahead, we remain excited about the opportunities
before us. With record corporate client acquisitions, continued expansion in MICE, and disciplined execution of our strategic priorities,
we are confident in our ability to reinforce our market leadership and drive sustainable value for all stakeholders.” - Dhruv Shringi,
Co-founder and CEO.
Financial
and operating highlights for the three months ended December 31, 2024:
| ● |
Revenue
of INR 2,350.7 million (USD 27.5 million), representing an increase of 111.4% year-over-year basis (“YoY”). |
| ● |
Adjusted
Margin (1) from Air Ticketing of INR 857.6 million (USD 10.0 million), representing a decrease of 23.0% YoY. |
| ● |
Adjusted Margin (1)
from Hotels and Packages of INR 438.0 million (USD 5.1 million), representing an increase of 65.8% YoY. |
| ● |
Total
Gross Bookings (Air Ticketing, Hotels and Packages and Other Services)(3) of INR 17,997.1 million (USD 210.4
million), representing a decrease of 3.4% YoY. |
| ● |
Profit
for the period was INR 39.8 million (USD 0.5 million) versus a loss of INR 39.5 million (USD 0.5 million) for the three
months ended December 31, 2023, reflecting positive swing of INR 79.3 million (USD 0.9 million) YoY. |
| ● |
Result
from operations were a profit of INR 14.8 million (USD 0.2 million) versus a loss of INR 58.2 million (USD 0.7 million)
for the three months ended December 31, 2023, reflecting positive swing of INR 73.0 million (USD 0.9 million) YoY.
|
| ● |
Adjusted
EBITDA(2) was INR 121.5 million (USD 1.4 million) reflecting an increase by 173.0% YOY. |
| | |
Three months ended December 31, | |
|
| | |
2023 | |
2024 | |
2024 | |
YoY Change |
| | |
Unaudited | |
Unaudited | |
Unaudited | |
|
| (In thousands except percentages) | |
INR | |
INR | |
USD | |
% |
| Financial Summary as per IFRS | |
| |
| |
| |
|
| Revenue | |
| 1,112,047 | | |
| 2,350,740 | | |
| 27,478 | | |
| 111.4 | % |
| Results from operations | |
| (58,213 | ) | |
| 14,799 | | |
| 172 | | |
| 125.4 | % |
| Profit/(Loss) for the period | |
| (39,457 | ) | |
| 39,769 | | |
| 463 | | |
| 200.8 | % |
| Financial Summary as per non-IFRS measures | |
| | | |
| | | |
| | | |
| | |
| Adjusted Margin (1) | |
| | | |
| | | |
| | | |
| | |
| Adjusted Margin - Air Ticketing | |
| 1,114,395 | | |
| 857,599 | | |
| 10,025 | | |
| (23.0 | )% |
| Adjusted Margin - Hotels and Packages | |
| 264,129 | | |
| 438,035 | | |
| 5,120 | | |
| 65.8 | % |
| Adjusted Margin - Other Services | |
| 69,938 | | |
| 72,843 | | |
| 851 | | |
| 4.2 | % |
| Others (Including Other Income) | |
| 180,593 | | |
| 185,956 | | |
| 2,174 | | |
| 3.0 | % |
| Adjusted EBITDA (2) | |
| 44,493 | | |
| 121,458 | | |
| 1,420 | | |
| 173.0 | % |
| Operating Metrics | |
| | | |
| | | |
| | | |
| | |
| Gross Bookings (3) | |
| 18,631,771 | | |
| 17,997,061 | | |
| 210,369 | | |
| (3.4 | )% |
| Air Ticketing | |
| 16,096,263 | | |
| 13,828,120 | | |
| 161,638 | | |
| (14.1 | )% |
| Hotels and Packages | |
| 1,992,602 | | |
| 3,603,122 | | |
| 42,117 | | |
| 80.8 | % |
| Other Services (6) | |
| 542,906 | | |
| 565,819 | | |
| 6,614 | | |
| 4.2 | % |
| Adjusted Margin% (4) | |
| | | |
| | | |
| | | |
| | |
| Air Ticketing | |
| 6.9 | % | |
| 6.2 | % | |
| | | |
| | |
| Hotels and Packages | |
| 13.3 | % | |
| 12.2 | % | |
| | | |
| | |
| Other Services | |
| 12.9 | % | |
| 12.9 | % | |
| | | |
| | |
| Quantitative details (5) | |
| | | |
| | | |
| | | |
| | |
| Air Passengers Booked | |
| 1,659 | | |
| 1,314 | | |
| | | |
| (20.8 | )% |
| Stand-alone Hotel Room Nights Booked | |
| 362 | | |
| 418 | | |
| | | |
| 15.5 | % |
| Packages Passengers Travelled | |
| 7 | | |
| 18 | | |
| | | |
| 162.9 | % |
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 December 31, 2024, 61,922,426 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
interim unaudited condensed consolidated financial statements are stated in INR. However, solely for the convenience of readers, the
interim unaudited condensed consolidated statement of profit or loss and other comprehensive loss for the three months and nine months
ended December 31, 2024, the interim unaudited condensed consolidated statement of financial position as at December 31, 2024, the interim
unaudited condensed consolidated statement of cash flows for the nine months ended December 31, 2024 and discussion of the results of
the three months ended December 31, 2024 compared with three months ended December 31, 2023, were converted into U.S. dollars at the
exchange rate of 85.55 INR per USD, which is based on the noon buying rate as at December 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”).
Recent developments
As
previously disclosed in the Form 6K dated August 12, 2024, the Board of Directors of Yatra Online Limited, the Company’s
Indian subsidiary (“Yatra India”), approved a Composite Scheme of Amalgamation (“Scheme”) involving Yatra
India (the “Amalgamated Company”) and its six wholly-owned subsidiaries (collectively referred to as the
“Amalgamating Companies”). The Amalgamating Companies and Amalgamated Company previously filed the Scheme with the
Hon'ble National Company Law Tribunal, Mumbai ("NCLT"), for the requisite approvals. The NCLT delivered an order dated
February 07, 2025 allowing the first motion application. The Scheme is subject to additional requisite approvals/consents, as may be
required in this regard.
During the three
months ended December 31, 2024, and subsequently, we received three anonymous whistleblower complaints alleging certain unsubstantiated
allegations of irregularities. The Board of Directors of Yatra India has appointed a committee comprising of independent directors to
oversee this matter. The independent committee has engaged an external firm to undertake a preliminary investigation to ascertain the
veracity of these allegations. Based on our evaluation to date, we do not expect the complaints to have a material adverse impact on
our financial results.
The
Company’s financial and operating results for the three months and nine months ended December 31, 2024, include the financial
and operating results of Globe All India Services Limited (GAISL) from October 1, 2024, to December 31, 2024. Accordingly,
the reported results for three months and nine months ended December 31, 2024, which are inclusive of the impact of consolidation
of GAISL may not be comparable with the reported results for the three months ended December 31, 2023, which exclude the impact of consolidation
of GAISL.
Results
of Three Months Ended December 31, 2024
Revenue.
We generated Revenue of INR 2,350.7 million (USD 27.5 million) in the three months ended December 31, 2024, an increase of 111.4%
compared with INR 1,112.0 million (USD 13.0 million) in three months ended December 31, 2023. Increase in revenue is mainly a
combination of increase in our Hotels and Packages business on account of our Meetings, Incentives, Conferences, and Exhibitions (“MICE”)
business and full quarter impact of our recent acquisition of GAISL.
Service
cost. Our Service cost increased to INR 1,311.3 million (USD 15.3 million) in the three months ended December 31, 2024, compared
to Service cost of INR 273.6 million (USD 3.2 million) in the three months ended December 31, 2023. The increase in Service cost is driven
by an increase in Hotels and Packages gross bookings on account of our MICE business and full quarter impact of our recent acquisition
of GAISL.
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 December 31, | |
| Amount in INR thousands (Unaudited) | |
2023 | | |
2024 | | |
2023 | | |
2024 | | |
2023 | | |
2024 | |
| Revenue as per IFRS - Rendering of services | |
| 415,464 | | |
| 463,913 | | |
| 449,576 | | |
| 1,660,848 | | |
| 77,752 | | |
| 69,309 | |
| Customer promotional expenses | |
| 698,931 | | |
| 393,686 | | |
| 75,987 | | |
| 88,483 | | |
| 4,380 | | |
| 3,534 | |
| Service cost | |
| - | | |
| - | | |
| (261,434 | ) | |
| (1,311,296 | ) | |
| (12,194 | ) | |
| - | |
| Adjusted Margin | |
| 1,114,395 | | |
| 857,599 | | |
| 264,129 | | |
| 438,035 | | |
| 69,938 | | |
| 72,843 | |
Air
Ticketing. Revenue from our Air Ticketing business was INR 463.9 million (USD 5.4 million) in the three months ended December
31, 2024 as compared to INR 415.5 million (USD 4.9 million) in the three months ended December 31, 2023, reflecting an increase of 11.7%.
Adjusted
Margin (1) from our Air Ticketing business decreased to INR 857.6 million (USD 10.0 million) in the three months ended
December 31, 2024, as compared to INR 1,114.4 million (USD 13.0 million) in the three months ended December 31, 2023. In the three months
ended December 31, 2024, Adjusted Margin (1) for Air Ticketing includes the add-back of INR 393.7 million (USD 4.6 million)
of consumer promotion and loyalty program costs, which had been reduced from Revenue as per IFRS 15, against an add-back of INR 698.9
million (USD 8.2 million) in the three months ended December 31, 2023. The decrease in Adjusted Margin – Air Ticketing was largely
due to lower gross booking on account of optimization of discount amid intensifying price competition in the market.
Hotels
and Packages. Revenue from our Hotels and Packages business was INR 1,660.8 million (USD 19.4 million) in the three months
ended December 31, 2024, as compared to INR 449.6 million (USD 5.3 million) in the three months ended December 31, 2023, reflecting an
increase of 269.4%.
Adjusted
Margin (1) for this segment increased by 65.8% to INR 438.0 million (USD 5.1 million) in the three months ended December 31,
2024 from INR 264.1 million (USD 3.1 million) in the three months ended December 31, 2023. In the three months ended December 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 88.5 million (USD 1.0 million) against an add-back of INR 76.0 million (USD 0.9 million) in the three
months ended December 31, 2023. The increase in adjusted margin is driven by increase in gross bookings of our Hotels and Packages business
on account of MICE business and full quarter impact of our recent
acquisition of GAISL.
Other
Services. Our Revenue from Other Services was INR 69.3 million (USD 0.8 million) in the three months ended December 31, 2024,
a decrease from INR 77.8 million (USD 0.9 million) in the three months ended December 31, 2023.
Adjusted
Margin for this segment increased by 4.2% to INR 72.8 million (USD 0.9 million) in the three months ended December 31, 2024, from
INR 69.9 million (USD 0.8 million) in the three months ended December 31, 2023. In the three months ended December 31, 2024, Adjusted
Margin includes the add-back of consumer promotion expenses, which had been reduced from Revenue of INR 3.5 million (USD 0.1 million)
against an add-back of INR 4.4 million (USD 0.1 million) in the three months ended December 31, 2023 pursuant to IFRS 15.
| |
(1) |
See
the section titled “Certain Non-IFRS Measures.” |
Other
Revenue. Our Other Revenue was INR 156.7 million (USD 1.8 million) in the three months ended December 31, 2024, a decrease from
INR 169.3 million (USD 2.0 million) in the three months ended December 31, 2023 due to a decrease in advertising revenue.
Other
Income. Our Other Income increased to INR 29.3 million (USD 0.3 million) in the three months ended December 31,
2024 from INR 11.3 million (USD 0.1 million) in the three months ended December 31, 2023 due to an increase in write back of liabilities
no longer required to be paid.
Personnel
Expenses. Our personnel expenses increased by 21.2% to INR 405.4 million (USD 4.7 million) in the three months ended December
31, 2024 from INR 334.4 million (USD 3.9 million) in the three months ended December 31, 2023. Excluding employee share-based compensation
costs of INR 32.9 million (USD 0.4 million) in the three months ended December 31, 2024, compared to INR 55.8 million (USD 0.7
million) in the three months ended December 31, 2023, personnel expenses increased by 33.7% in the three months ended December
31, 2024 on account of full quarter impact of recently acquired GAISL and an impact of our annual appraisal cycle.
Marketing
and Sales Promotion Expenses. Marketing and sales promotion expenses increased by 9.4% to INR 114.1 million (USD 1.3 million)
in the three months ended December 31, 2024 from INR 104.3 million (USD 1.2 million) in the three months ended December 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 599.8 million (USD 7.0 million) in the three months ended December 31, 2024 against INR 883.6 million (USD
10.3 million) in the three months ended December 31, 2023, decreased by 32.1% on a YoY.
Other
Operating Expenses. Other operating expenses increased to 9.1% to INR 460.7 million (USD 5.4 million) in the three months ended
December 31, 2024 from INR 422.3 million (USD 4.9 million) in the three months ended December 31, 2023.
Depreciation
and Amortization. Our depreciation and amortization expenses increased by 57.4% to INR 73.8 million (USD 0.9 million) in the
three months ended December 31, 2024 from INR 46.9 million (USD 0.5 million) in the three months ended December 31, 2023.
Results
from Operations. As a result of the foregoing factors, our Results from Operations were a profit of INR 14.8 million (USD
0.2 million) in the three months ended December 31, 2024. Our results from operations for the three months ended December 31, 2023 was
a loss of INR 58.2 million (USD 0.7 million). Excluding the employee share-based compensation costs, Adjusted Results from Operations(1)
would have been a profit of INR 47.7 million (USD 0.6 million) for three months ended December 31, 2024 as compared
to a loss of INR 2.4 million (USD 0.1 million) for three months ended December 31, 2023.
| |
(1) |
See
the section titled “Certain Non-IFRS Measures.” |
Finance
Income. Our finance income decreased to INR 47.6 million (USD 0.6 million) in the three months ended December 31, 2024 from INR
86.8 million (USD 1.0 million) in the three months ended December 31, 2023. This increase was primarily on account of a decrease in our
term deposits on account of the acquisition of GAISL.
Finance
Costs. Our finance costs of INR 21.7 million (USD 0.3 million) in the three months ended December 31, 2024 which includes interest
on the lease liability of INR 8.0 million (USD 0.1 million) decreased by INR 34.4 million (USD 0.4 million) from finance
cost of INR 56.1 million (USD 0.7 million) in the three months ended December 31, 2023, which includes interest on the lease liability
of INR 7.8 million (USD 0.1 million). This decrease is majorly driven by a decrease in our borrowings from 851.7 million (USD 10.0
million) in the three months ended December 31, 2023 to 32.5 million (USD 0.4 million) in the three months ended December
31, 2024.
Income
Tax Expense. Our income tax expense during the three months ended December 31, 2024 was INR 0.9 million (USD 0.1 million) compared
to income tax expense of INR 12.0 million (USD 0.1 million) during the three months ended December 31, 2023.
Profit/(Loss)
for the Period. As a result
of the foregoing factors, our profit in the three months ended December 31, 2024 was INR 39.8 million (USD 0.5 million) as compared
to a loss of INR 39.5 million (USD 0.5 million) in the three months ended December 31, 2023. Excluding the employee share based compensation
costs, the Adjusted Profit(1) would have been INR 72.6 million (USD 0.8 million) for the three months ended
December 31, 2024 against an Adjusted Profit(1) of INR 16.4 million (USD 0.2 million) for the three months ended December
31, 2023.
Adjusted
EBITDA(1). Due to the foregoing factors, Adjusted EBITDA (1)
increased to INR 121.5 million (USD 1.4 million) in the three months ended December 31, 2024 from an Adjusted EBITDA
(1) of INR 44.5 million (USD 0.5 million) in the three months ended December 31, 2023.
Basic
Earnings/(Loss) per Share. Basic Earnings per Share was INR 0.08 (USD 0.01) in the three months ended December
31, 2024 as compared to Basic Loss per share of INR 0.45 (USD 0.01) in the three months ended December 31, 2023. After excluding the
employee share-based compensation costs, Adjusted Basic Earnings per Share(1) would have been INR 0.45 (USD 0.01) in
the three months ended December 31, 2024, as compared to Adjusted Basic Earnings per share of INR 0.13 (USD 0.01) in the three months
ended December 31, 2023.
Diluted
Earnings/(Loss) per Share. Diluted Earnings per Share was INR 0.08 (USD 0.01) in the three months ended December 31, 2024
as compared to Diluted Loss per share of INR 0.45 (USD 0.01) in the three months ended December 31, 2023. After excluding the employee
share-based compensation costs, Adjusted Diluted Earnings per Share(1) would have been INR 0.45 (USD 0.01) in the three
months ended December 31, 2024 as compared to Adjusted Diluted Earnings of INR 0.13 (USD 0.01) in the three months ended December 31,
2023.
Liquidity.
As of December 31, 2024, the balance of cash and cash equivalents and term deposits on our balance sheet was INR 1,895.3 million (USD
22.2 million). During the three months ended December 31, 2024, the Company repaid the working capital loan amounting to INR 245.0
million (USD 3.0 million). With this repayment, our working capital debt is down to INR Nil as on December 31, 2024.
| |
(1) |
See
the section titled “Certain Non-IFRS Measures.” |
Conference
Call
The
Company will host a conference call to discuss its unaudited results for the three months ended December 31, 2024 beginning at 8:30 AM
Eastern Daylight Time (or 7:00 PM India Standard Time) on February 11, 2025. Dial in details for the conference call is as follows: US/International
dial-in number: +1 404 975 4839. Confirmation Code: 492901 (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/813192329.
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, 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 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. |
| |
|
|
| |
● |
Listing
and related expenses - These primarily reflect the non-recurring expenses incurred on the Indian IPO process. |
| |
|
|
| |
● |
Finance
income - These primarily reflect income on the bank deposit. |
| |
|
|
| |
● |
Finance
cost - These primarily reflect income on the borrowings and interest in lease liability. |
| |
|
|
| |
● |
Depreciation
and amortization - These primarily reflect depreciation and amortization on tangible and intangible assets. |
| |
|
|
| |
● |
Tax
expense - These primarily reflect income tax and deferred tax. |
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 Earnings/(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, 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, depreciation and amortization, finance income, finance costs, listing and related expenses,
and tax expenses in case of Adjusted EBITDA. Management compensates for this limitation by providing specific information on the IFRS
amounts excluded from Adjusted EBITDA, 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 Profits/(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 | | |
Nine months ended | |
| Amount in INR thousands | |
December 31, 2023 | | |
December 31, 2024 | | |
December 31, 2023 | | |
December 31, 2024 | |
| Profit/(Loss) for the period as per IFRS | |
| (39,457 | ) | |
| 39,769 | | |
| (336,262 | ) | |
| 38,711 | |
| Employee share-based compensation costs | |
| 55,829 | | |
| 32,853 | | |
| 177,499 | | |
| 102,159 | |
| Depreciation and amortization | |
| 46,877 | | |
| 73,806 | | |
| 143,377 | | |
| 208,610 | |
| Finance income | |
| (86,779 | ) | |
| (47,605 | ) | |
| (102,741 | ) | |
| (176,329 | ) |
| Finance costs | |
| 56,050 | | |
| 21,697 | | |
| 223,406 | | |
| 75,686 | |
| Listing and related expenses | |
| - | | |
| - | | |
| 54,238 | | |
| - | |
| Tax expense | |
| 11,973 | | |
| 938 | | |
| 35,269 | | |
| 4,929 | |
| Adjusted EBITDA | |
| 44,493 | | |
| 121,458 | | |
| 194,786 | | |
| 253,766 | |
| Reconciliation of Adjusted Results from Operations (unaudited) | |
Three months ended | | |
Nine months ended | |
| Amount in INR thousands | |
December 31, 2023 | | |
December 31, 2024 | | |
December 31, 2023 | | |
December 31, 2024 | |
| Results from operations (as per IFRS) | |
| (58,213 | ) | |
| 14,799 | | |
| (126,090 | ) | |
| (57,004 | ) |
| Employee share-based compensation costs | |
| 55,829 | | |
| 32,853 | | |
| 177,499 | | |
| 102,159 | |
| Adjusted Results from Operations | |
| (2,384 | ) | |
| 47,652 | | |
| 51,409 | | |
| 45,155 | |
| Reconciliation of Adjusted Profit/(Loss) (unaudited) | |
Three months ended | | |
Nine months ended | |
| Amount in INR thousands | |
December 31, 2023 | | |
December 31, 2024 | | |
December 31, 2023 | | |
December 31, 2024 | |
| Profit/(Loss) for the period (as per IFRS) | |
| (39,457 | ) | |
| 39,769 | | |
| (336,262 | ) | |
| 38,711 | |
| Employee share-based compensation costs | |
| 55,829 | | |
| 32,853 | | |
| 177,499 | | |
| 102,159 | |
| Listing and related expenses | |
| - | | |
| - | | |
| 54,238 | | |
| - | |
| Adjusted Profit/(Loss) for the period | |
| 16,372 | | |
| 72,622 | | |
| (104,525 | ) | |
| 140,870 | |
| | |
Three months ended | | |
Nine months ended | |
| Reconciliation of Adjusted Basic Earnings/(Loss) (Per Share) (unaudited) | |
December 31, 2023 | | |
December 31, 2024 | | |
December 31, 2023 | | |
December 31, 2024 | |
| Basic Earnings/Loss per share (as per IFRS) | |
| (0.45 | ) | |
| 0.08 | | |
| (5.06 | ) | |
| (0.59 | ) |
| Employee share-based compensation costs | |
| 0.58 | | |
| 0.37 | | |
| 1.89 | | |
| 1.14 | |
| Listing and related expenses | |
| - | | |
| - | | |
| 0.55 | | |
| - | |
| Adjusted Basic Earnings/(Loss) Per Share | |
| 0.13 | | |
| 0.45 | | |
| (2.62 | ) | |
| 0.55 | |
| | |
Three months ended | | |
Nine months ended | |
| Reconciliation of Adjusted Diluted Loss (Per Share) (unaudited) | |
December 31, 2023 | | |
December 31, 2024 | | |
December 31, 2023 | | |
December 31, 2024 | |
| Diluted Earnings/(Loss) per share (as per IFRS) | |
| (0.45 | ) | |
| 0.08 | | |
| (5.06 | ) | |
| (0.59 | ) |
| Employee share-based compensation costs | |
| 0.58 | | |
| 0.37 | | |
| 1.89 | | |
| 1.14 | |
| Listing and related expenses | |
| - | | |
| - | | |
| 0.55 | | |
| - | |
| Adjusted Diluted Earnings/(Loss) Per Share | |
| 0.13 | | |
| 0.45 | | |
| (2.62 | ) | |
| 0.55 | |
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 December 31, | |
| Amount in INR thousands (Unaudited) | |
2023 | | |
2024 | | |
2023 | | |
2024 | | |
2023 | | |
2024 | |
| Revenue as per IFRS - Rendering of services | |
| 415,464 | | |
| 463,913 | | |
| 449,576 | | |
| 1,660,848 | | |
| 77,752 | | |
| 69,309 | |
| Customer promotional expenses | |
| 698,931 | | |
| 393,686 | | |
| 75,987 | | |
| 88,483 | | |
| 4,380 | | |
| 3,534 | |
| Service cost | |
| - | | |
| - | | |
| (261,434 | ) | |
| (1,311,296 | ) | |
| (12,194 | ) | |
| - | |
| Adjusted Margin | |
| 1,114,395 | | |
| 857,599 | | |
| 264,129 | | |
| 438,035 | | |
| 69,938 | | |
| 72,843 | |
| | |
Reportable Segments | |
| | |
Air Ticketing | | |
Hotels and Packages | | |
Other Services | |
| | |
Nine months ended December 31, 2024 | |
| Amount in INR thousands | |
2023 | | |
2024 | | |
2023 | | |
2024 | | |
2023 | | |
2024 | |
| Revenue as per IFRS - Rendering of services | |
| 1,296,794 | | |
| 1,350,488 | | |
| 1,267,951 | | |
| 3,747,767 | | |
| 149,929 | | |
| 231,036 | |
| Customer promotional expenses | |
| 1,994,909 | | |
| 1,311,918 | | |
| 228,649 | | |
| 287,550 | | |
| 14,492 | | |
| 12,826 | |
| Service cost | |
| - | | |
| - | | |
| (646,579 | ) | |
| (2,919,994 | ) | |
| (12,194 | ) | |
| (22,966 | ) |
| Adjusted Margin | |
| 3,291,703 | | |
| 2,662,406 | | |
| 850,021 | | |
| 1,115,323 | | |
| 152,227 | | |
| 220,896 | |
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; growth of the MICE business; statements concerning management’s beliefs as well as our strategic
and operational plans; our pursuit of strategic M&A opportunities and the pipeline of prospects; our ability to simplify our corporate
structure and operations and enhance shareholder value; our expectations regarding sustained margin expansion as a result of simplifying
our legal and corporate structure; our future financial performance; our anticipated outcomes from the investigation into
the whistleblower complaints; and our expectations regarding efficiencies, growth opportunities and long-term competitive
positionings related to the integration of GAISL. 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, including
the merger between Air India and Vistara, 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; our ability
to effectively integrate artificial intelligence, machine learning and automated decision-making tools; non-compliance with Nasdaq’s
continued listing requirements and consequent delisting of our ordinary shares from Nasdaq; and our ability to simplify our multi-jurisdictional
corporate structure or reduce resources and management time devoted to compliance requirement. 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 1,200
large corporate customers and approximately 50,000 registered SME customers and the third largest online travel company in India
among key online travel agency (“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 hotels inventory amongst key Indian 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 AND NINE MONTHS ENDED DECEMBER 31, 2024
(Amount
in thousands, except per share data and number of shares)
| | |
Three months ended December 31, | |
Nine months ended December 31, |
| | |
2023 | |
2024 | |
2023 | |
2024 |
| | |
INR | |
INR | |
USD | |
INR | |
INR | |
USD |
| | |
Unaudited | |
Unaudited | |
Unaudited | |
Unaudited | |
Unaudited | |
Unaudited |
| Revenue | |
| |
| |
| |
| |
| |
|
| Rendering of services | |
| 942,792 | | |
| 2,194,070 | | |
| 25,647 | | |
| 2,714,673 | | |
| 5,329,291 | | |
| 62,294 | |
| Other revenue | |
| 169,255 | | |
| 156,670 | | |
| 1,831 | | |
| 450,764 | | |
| 435,492 | | |
| 5,090 | |
| Total revenue | |
| 1,112,047 | | |
| 2,350,740 | | |
| 27,478 | | |
| 3,165,437 | | |
| 5,764,783 | | |
| 67,384 | |
| Other income | |
| 11,338 | | |
| 29,285 | | |
| 342 | | |
| 52,931 | | |
| 50,843 | | |
| 594 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Service cost | |
| 273,628 | | |
| 1,311,296 | | |
| 15,328 | | |
| 658,773 | | |
| 2,942,960 | | |
| 34,400 | |
| Personnel expenses | |
| 334,536 | | |
| 405,372 | | |
| 4,738 | | |
| 996,617 | | |
| 1,131,129 | | |
| 13,222 | |
| Marketing and sales promotion expenses | |
| 104,276 | | |
| 114,092 | | |
| 1,334 | | |
| 358,604 | | |
| 322,923 | | |
| 3,775 | |
| Other operating expenses | |
| 422,281 | | |
| 460,660 | | |
| 5,385 | | |
| 1,187,087 | | |
| 1,267,007 | | |
| 14,810 | |
| Depreciation and amortization | |
| 46,877 | | |
| 73,806 | | |
| 863 | | |
| 143,377 | | |
| 208,610 | | |
| 2,438 | |
| Results from operations | |
| (58,213 | ) | |
| 14,799 | | |
| 172 | | |
| (126,090 | ) | |
| (57,003 | ) | |
| (667 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Finance income | |
| 86,779 | | |
| 47,605 | | |
| 556 | | |
| 102,741 | | |
| 176,329 | | |
| 2,061 | |
| Finance costs | |
| (56,050 | ) | |
| (21,697 | ) | |
| (254 | ) | |
| (223,406 | ) | |
| (75,686 | ) | |
| (885 | ) |
| Listing and related expenses | |
| — | | |
| — | | |
| — | | |
| (54,238 | ) | |
| — | | |
| — | |
| Profit/(Loss) before taxes | |
| (27,484 | ) | |
| 40,707 | | |
| 474 | | |
| (300,993 | ) | |
| 43,640 | | |
| 509 | |
| Tax (expense)/benefit | |
| (11,973 | ) | |
| (938 | ) | |
| (11 | ) | |
| (35,269 | ) | |
| (4,929 | ) | |
| (58 | ) |
| Profit/(Loss) for the period | |
| (39,457 | ) | |
| 39,769 | | |
| 463 | | |
| (336,262 | ) | |
| 38,711 | | |
| 451 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| 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 | |
| (2,033 | ) | |
| 298 | | |
| 3 | | |
| (3,004 | ) | |
| (528 | ) | |
| (5 | ) |
| Items that are or may be reclassified subsequently to profit or loss (net of taxes) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Foreign currency translation differences loss | |
| (460 | ) | |
| 69,641 | | |
| 814 | | |
| (14,627 | ) | |
| 75,144 | | |
| 879 | |
| Other comprehensive profit/(loss) for the period, net of tax | |
| (2,493 | ) | |
| 69,939 | | |
| 817 | | |
| (17,631 | ) | |
| 74,616 | | |
| 874 | |
| Total comprehensive profit/(loss) for the period, net of tax | |
| (41,950 | ) | |
| 109,708 | | |
| 1,280 | | |
| (353,893 | ) | |
| 113,327 | | |
| 1,325 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Profit/(loss) attributable to : | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Owners of the Parent Company | |
| (28,500 | ) | |
| 4,828 | | |
| 55 | | |
| (322,688 | ) | |
| (36,384 | ) | |
| (427 | ) |
| Non-Controlling interest | |
| (10,957 | ) | |
| 34,941 | | |
| 408 | | |
| (13,574 | ) | |
| 75,095 | | |
| 878 | |
| Profit/(Loss) for the period | |
| (39,457 | ) | |
| 39,769 | | |
| 463 | | |
| (336,262 | ) | |
| 38,711 | | |
| 451 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total comprehensive profit/(loss) attributable to : | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Owners of the Parent Company | |
| (30,270 | ) | |
| 74,662 | | |
| 870 | | |
| (339,268 | ) | |
| 38,420 | | |
| 449 | |
| Non-Controlling interest | |
| (11,680 | ) | |
| 35,046 | | |
| 410 | | |
| (14,625 | ) | |
| 74,907 | | |
| 876 | |
| Total comprehensive profit/(loss) for the period | |
| (41,950 | ) | |
| 109,708 | | |
| 1,280 | | |
| (353,893 | ) | |
| 113,327 | | |
| 1,325 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Earnings/(Loss) per share | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| (0.45 | ) | |
| 0.08 | | |
| 0.01 | | |
| (5.06 | ) | |
| (0.59 | ) | |
| (0.01 | ) |
| Diluted | |
| (0.45 | ) | |
| 0.08 | | |
| 0.01 | | |
| (5.06 | ) | |
| (0.59 | ) | |
| (0.01 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Weighted average no. of shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 64,009,472 | | |
| 61,820,050 | | |
| 61,820,050 | | |
| 63,713,217 | | |
| 61,788,153 | | |
| 61,788,153 | |
| Diluted | |
| 64,009,472 | | |
| 62,198,880 | | |
| 62,198,880 | | |
| 63,713,217 | | |
| 61,788,153 | | |
| 61,788,153 | |
*rounded
off
Yatra
Online, Inc.
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2024
(Amounts
in thousands, except per share data and number of shares)
| | |
March 31, 2024 | | |
December 31, 2024 | | |
December 31, 2024 | |
| | |
INR | | |
INR | | |
USD | |
| | |
Audited | | |
Unaudited | |
| Assets | |
| | |
| | |
| |
| Non-current assets | |
| | | |
| | | |
| | |
| Property, plant and equipment | |
| 73,835 | | |
| 111,462 | | |
| 1,303 | |
| Right-of-use assets | |
| 160,037 | | |
| 177,922 | | |
| 2,080 | |
| Intangible assets and goodwill | |
| 913,434 | | |
| 2,197,916 | | |
| 25,692 | |
| Prepayments and other assets | |
| 755 | | |
| 638 | | |
| 7 | |
| Other financial assets | |
| 24,039 | | |
| 73,722 | | |
| 862 | |
| Term deposits | |
| 137,169 | | |
| 12,019 | | |
| 140 | |
| Other non-financial assets | |
| 207,555 | | |
| 160,986 | | |
| 1,882 | |
| Deferred tax asset | |
| 10,932 | | |
| 38,096 | | |
| 445 | |
| Total non-current assets | |
| 1,527,756 | | |
| 2,772,761 | | |
| 32,411 | |
| | |
| | | |
| | | |
| | |
| Current assets | |
| | | |
| | | |
| | |
| Inventories | |
| 53 | | |
| 53 | | |
| 1 | |
| Trade and other receivables | |
| 4,637,243 | | |
| 4,845,953 | | |
| 56,645 | |
| Prepayments and other assets | |
| 1,487,861 | | |
| 2,299,901 | | |
| 26,884 | |
| Income tax recoverable | |
| 339,317 | | |
| 452,115 | | |
| 5,285 | |
| Other financial assets | |
| 134,930 | | |
| 119,923 | | |
| 1,402 | |
| Term deposits | |
| 2,620,655 | | |
| 1,261,735 | | |
| 14,749 | |
| Cash and cash equivalents | |
| 1,741,950 | | |
| 621,576 | | |
| 7,266 | |
| Total current assets | |
| 10,962,009 | | |
| 9,601,256 | | |
| 112,232 | |
| | |
| | | |
| | | |
| | |
| Total assets | |
| 12,489,765 | | |
| 12,374,017 | | |
| 144,643 | |
| | |
| | | |
| | | |
| | |
| Equity and liabilities | |
| | | |
| | | |
| | |
| Equity | |
| | | |
| | | |
| | |
| Share capital | |
| 857 | | |
| 861 | | |
| 10 | |
| Share premium | |
| 20,511,478 | | |
| 20,576,050 | | |
| 240,515 | |
| Treasury shares | |
| (222,152 | ) | |
| (418,555 | ) | |
| (4,893 | ) |
| Other capital reserve | |
| 378,695 | | |
| 411,578 | | |
| 4,811 | |
| Accumulated deficit | |
| (20,266,628 | ) | |
| (20,302,376 | ) | |
| (237,316 | ) |
| Non-controlling interest reserve | |
| 5,032,282 | | |
| 5,032,282 | | |
| 58,823 | |
| Foreign currency translation reserve | |
| (46,059 | ) | |
| 29,085 | | |
| 340 | |
| Total equity attributable to equity holders of the Company | |
| 5,388,473 | | |
| 5,328,925 | | |
| 62,290 | |
| Total Non-controlling interest | |
| 2,371,799 | | |
| 2,446,706 | | |
| 28,600 | |
| Total equity | |
| 7,760,272 | | |
| 7,775,631 | | |
| 90,890 | |
| | |
| | | |
| | | |
| | |
| Non-current liabilities | |
| | | |
| | | |
| | |
| Borrowings | |
| 114,677 | | |
| 22,121 | | |
| 259 | |
| Deferred tax liability | |
| 4,669 | | |
| - | | |
| - | |
| Employee benefits | |
| 55,850 | | |
| 66,042 | | |
| 772 | |
| Lease liability | |
| 164,418 | | |
| 184,623 | | |
| 2,158 | |
| Total non-current liabilities | |
| 339,614 | | |
| 272,786 | | |
| 3,189 | |
| | |
| | | |
| | | |
| | |
| Current liabilities | |
| | | |
| | | |
| | |
| Borrowings | |
| 523,515 | | |
| 10,410 | | |
| 122 | |
| Trade and other payables | |
| 2,608,087 | | |
| 2,530,270 | | |
| 29,578 | |
| Employee benefits | |
| 41,307 | | |
| 55,005 | | |
| 643 | |
| Deferred revenue | |
| 3,360 | | |
| 3,281 | | |
| 38 | |
| Income taxes payable | |
| 251 | | |
| 1,159 | | |
| 14 | |
| Lease liability | |
| 51,324 | | |
| 47,311 | | |
| 553 | |
| Other financial liabilities | |
| 418,969 | | |
| 82,719 | | |
| 967 | |
| Other current liabilities | |
| 743,066 | | |
| 1,595,445 | | |
| 18,649 | |
| Total current liabilities | |
| 4,389,879 | | |
| 4,325,600 | | |
| 50,564 | |
| Total liabilities | |
| 4,729,493 | | |
| 4,598,386 | | |
| 53,753 | |
| Total equity and liabilities | |
| 12,489,765 | | |
| 12,374,017 | | |
| 144,643 | |
*
Pursuant to Share Purchase Agreement executed on September 2, 2024, the Company has acquired 100% of the equity share capital of GAISL
for a cash consideration of INR 1,280 million resulting in a goodwill amounting to INR 1,215.5 million (provisional).
Yatra
Online, Inc.
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR NINE MONTHS ENDED DECEMBER 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 | | |
Noncontrolling
interest
reserve | | |
Other capital reserve | | |
Foreign currency translation reserve | | |
Total | | |
Non-controlling interest | | |
Total Equity | |
| Balance as at April 1, 2024 | |
| 857 | | |
| 20,511,478 | | |
| (222,152 | ) | |
| (20,266,628 | ) | |
| 5,032,282 | | |
| 378,695 | | |
| (46,059 | ) | |
| 5,388,473 | | |
| 2,371,799 | | |
| 7,760,272 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Profit/(loss) for the period | |
| | | |
| | | |
| | | |
| (36,384 | ) | |
| | | |
| | | |
| | | |
| (36,384 | ) | |
| 75,095 | | |
| 38,711 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Other comprehensive profit/(loss) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Foreign currency translation differences | |
| | | |
| | | |
| | | |
| - | | |
| | | |
| | | |
| 75,144 | | |
| 75,144 | | |
| - | | |
| 75,144 | |
| Re-measurement gain on defined benefit plan | |
| | | |
| | | |
| | | |
| (340 | ) | |
| | | |
| | | |
| - | | |
| (340 | ) | |
| (188 | ) | |
| (528 | ) |
| Total other comprehensive profit/(loss) | |
| - | | |
| - | | |
| - | | |
| (340 | ) | |
| - | | |
| - | | |
| 75,144 | | |
| 74,804 | | |
| (188 | ) | |
| 74,616 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total comprehensive profit/(loss) | |
| - | | |
| - | | |
| - | | |
| (36,724 | ) | |
| - | | |
| - | | |
| 75,144 | | |
| 38,420 | | |
| 74,907 | | |
| 113,327 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Share based payments | |
| - | | |
| - | | |
| - | | |
| 976 | | |
| | | |
| 101,183 | | |
| - | | |
| 102,159 | | |
| - | | |
| 102,159 | |
| Transaction with equity shareholders | |
| - | | |
| (3,724 | ) | |
| - | | |
| - | | |
| | | |
| - | | |
| - | | |
| (3,724 | ) | |
| - | | |
| (3,724 | ) |
| Exercise of options | |
| 4 | | |
| 68,296 | | |
| - | | |
| - | | |
| | | |
| (68,300 | ) | |
| - | | |
| - | | |
| - | | |
| - | |
| Own shares repurchase | |
| - | | |
| - | | |
| (196,403 | ) | |
| | | |
| | | |
| | | |
| - | | |
| (196,403 | ) | |
| - | | |
| (196,403 | ) |
| Change in non-controlling interest | |
| - | | |
| - | | |
| - | | |
| - | | |
| | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total contribution by owners | |
| 4 | | |
| 64,572 | | |
| (196,403 | ) | |
| 976 | | |
| - | | |
| 32,883 | | |
| - | | |
| (97,968 | ) | |
| - | | |
| (97,968 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Balance as at December 31,2024 | |
| 861 | | |
| 20,576,050 | | |
| (418,555 | ) | |
| (20,302,376 | ) | |
| 5,032,282 | | |
| 411,578 | | |
| 29,085 | | |
| 5,328,925 | | |
| 2,446,706 | | |
| 7,775,631 | |
Yatra
Online, Inc.
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR NINE MONTHS ENDED DECEMBER 31, 2024
(Amount
in thousands, except per share data and number of shares)
| | |
Nine months ended December 31, 2024 | |
| | |
2023 | | |
2024 | | |
2024 | |
| | |
INR | | |
INR | | |
USD | |
| | |
| | |
| | |
| |
| Profit/(Loss) before tax | |
| (300,993 | ) | |
| 43,640 | | |
| 509 | |
| Adjustments for non-cash and non-operating items | |
| 294,063 | | |
| 179,513 | | |
| 2,098 | |
| Change in working capital | |
| (1,235,817 | ) | |
| (61,716 | ) | |
| (721 | ) |
| Direct taxes paid (net of refunds) | |
| (116,743 | ) | |
| (102,438 | ) | |
| (1,197 | ) |
| Net cash flows from operating activities | |
| (1,359,490 | ) | |
| 58,999 | | |
| 689 | |
| Net cash flows generated from/(used in) investing activities | |
| (2,924,028 | ) | |
| 142,625 | | |
| 1,667 | |
| Net cash flows generated from/(used in) financing activities | |
| 5,413,590 | | |
| (1,431,568 | ) | |
| (16,734 | ) |
| Net increase/(decrease) in cash and cash equivalents | |
| 1,130,072 | | |
| (1,229,944 | ) | |
| (14,378 | ) |
| Cash and Cash Equivalents acquired on Business acquisition | |
| - | | |
| 3,026 | | |
| 35 | |
| Effect of exchange differences on cash and cash equivalents | |
| (7,303 | ) | |
| 106,544 | | |
| 1,247 | |
| Cash and cash equivalents at the beginning of the period | |
| 503,601 | | |
| 1,741,950 | | |
| 20,362 | |
| Cash and cash equivalents at the end of the period | |
| 1,626,370 | | |
| 621,576 | | |
| 7,266 | |
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 December 31, | |
For the nine months ended December 31, |
| (In thousands except percentages) | |
2023 | |
2024 | |
2023 | |
2024 |
| Quantitative details * | |
| | | |
| | | |
| | | |
| | |
| Air Passengers Booked | |
| 1,659 | | |
| 1,314 | | |
| 5,144 | | |
| 4,020 | |
| Stand-alone Hotel Room Nights Booked | |
| 362 | | |
| 418 | | |
| 1,293 | | |
| 1,296 | |
| Packages Passengers Travelled | |
| 7 | | |
| 18 | | |
| 18 | | |
| 41 | |
| Gross Bookings | |
| | | |
| | | |
| | | |
| | |
| Air Ticketing | |
| 16,096,263 | | |
| 13,828,120 | | |
| 47,791,927 | | |
| 40,608,486 | |
| Hotels and Packages | |
| 1,992,602 | | |
| 3,603,122 | | |
| 6,580,601 | | |
| 9,663,459 | |
| Other Services | |
| 542,906 | | |
| 565,819 | | |
| 1,613,891 | | |
| 1,924,331 | |
| Total | |
| 18,631,771 | | |
| 17,997,061 | | |
| 55,986,419 | | |
| 52,196,276 | |
| Adjusted Margin | |
| | | |
| | | |
| | | |
| | |
| Adjusted Margin - Air Ticketing | |
| 1,114,395 | | |
| 857,599 | | |
| 3,291,703 | | |
| 2,662,406 | |
| Adjusted Margin - Hotels and Packages | |
| 264,129 | | |
| 438,035 | | |
| 850,021 | | |
| 1,115,323 | |
| Adjusted Margin - Other Services | |
| 69,938 | | |
| 72,843 | | |
| 152,227 | | |
| 220,896 | |
| Others (Including Other Income) | |
| 180,593 | | |
| 185,956 | | |
| 503,695 | | |
| 486,335 | |
| Total | |
| 1,629,055 | | |
| 1,554,433 | | |
| 4,797,646 | | |
| 4,484,960 | |
| Adjusted Margin%** | |
| | | |
| | | |
| | | |
| | |
| Air Ticketing | |
| 6.9 | % | |
| 6.2 | % | |
| 6.9 | % | |
| 6.6 | % |
| Hotels and Packages | |
| 13.3 | % | |
| 12.2 | % | |
| 12.9 | % | |
| 11.5 | % |
| Other Services | |
| 12.9 | % | |
| 12.9 | % | |
| 9.4 | % | |
| 11.5 | % |
*
Quantitative details are considered on Gross basis.
**
Adjusted Margin % is defined as Adjusted Margin as a percentage of Gross Bookings.
Yatra Online (NASDAQ:YTRA)
Historical Stock Chart
From Jan 2025 to Feb 2025
Yatra Online (NASDAQ:YTRA)
Historical Stock Chart
From Feb 2024 to Feb 2025
