Yatra Online, Inc. Announces Results for the Three Months Ended December 31, 2024

Rhea-AI Summary

Yatra Online (NASDAQ: YTRA) reported strong financial results for Q4 2024, with revenue reaching INR 2,350.7 million (USD 27.5 million), marking a 111.4% year-over-year increase. The company posted a profit of INR 39.8 million versus a loss of INR 39.5 million in the same period last year.

While Adjusted Air Ticketing Margins declined 23.0% due to B2C segment challenges, Hotels & Packages margin grew 65.8% year-over-year, driven by MICE business expansion. Adjusted EBITDA surged 173.0% to INR 121.5 million.

The company successfully onboarded 50 new corporate clients with an annual billing potential of INR 2,804 million. The integration of recently acquired Globe All India Services (GAISL) is progressing ahead of schedule, showing early synergies in supplier consolidation and operational streamlining.

Positive

• Revenue increased 111.4% YoY to INR 2,350.7 million
• Turned profitable with INR 39.8 million profit vs INR 39.5 million loss YoY
• Hotels & Packages margin grew 65.8% YoY
• Adjusted EBITDA increased 173.0% YoY to INR 121.5 million
• Added 50 new corporate clients with INR 2,804 million annual billing potential

Negative

• Adjusted Air Ticketing Margins decreased 23.0% YoY
• Total Gross Bookings decreased 3.4% YoY
• Air Passengers Booked declined 20.8%

Insights

Financial Analyst

The Q3 FY2025 results reveal a compelling transformation in Yatra's business model, marked by a substantial 111.4% YoY revenue growth to INR 2,350.7 million. The strategic pivot towards higher-margin segments has proven effective, with Hotels & Packages showing remarkable 65.8% YoY margin growth, primarily driven by MICE business expansion.

The corporate travel segment demonstrates robust momentum, with a record 50 new corporate client acquisitions representing potential annual billings of INR 2,804 million. This achievement not only validates Yatra's leadership in the corporate travel space but also provides a more stable, high-margin revenue stream to offset B2C volatility.

The company's margin optimization strategy is particularly noteworthy:

• Strategic reduction in B2C air ticketing discounts to maintain profitability amid intense competition
• Successful transition from loss to profit, with INR 39.8 million in earnings
• Adjusted EBITDA surge of 173% YoY to INR 121.5 million, reflecting improved operational efficiency

The GAISL acquisition integration is exceeding expectations, with early synergies in supplier consolidation and technology adoption. This strategic move strengthens Yatra's competitive position and creates potential for margin expansion through operational synergies and enhanced technological capabilities.

The company's focus on operational efficiency and strategic segment prioritization has effectively transformed its financial profile, setting a foundation for sustainable growth despite competitive pressures in the B2C segment. The balanced revenue mix and growing corporate client base provide resilience against market volatility while supporting margin expansion.

GURUGRAM, India & NEW YORK--(BUSINESS WIRE)-- 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.

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.

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 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. SEC. 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, India's leading corporate travel services provider with over 1200 large corporate customers and one of India's leading online travel companies. The company provides information, pricing, availability and booking facility for domestic and international air travel, domestic and international hotel bookings, holiday packages, buses, trains, in city activities, inter-city and point-to-point cabs, homestays and cruises. With approximately 108K hotels and homestays contracted in approximately 1,500 cities across India, as well as approximately 2 million hotels around the world, the company is India's largest platform for domestic hotels.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250211678929/en/

For more information, please contact:

Manish Hemrajani

Yatra Online, Inc.

VP, Head of Corporate Development and Investor Relations

ir@yatra.com

Source: Yatra Online, Inc.

FAQ

What was Yatra Online's (YTRA) revenue growth in Q4 2024?

Yatra Online reported revenue of INR 2,350.7 million in Q4 2024, representing a 111.4% year-over-year increase.

How many new corporate clients did YTRA add in Q4 2024?

Yatra Online added 50 new corporate clients with an annual billing potential of INR 2,804 million (USD 32.2 million).

What was YTRA's Adjusted EBITDA performance in Q4 2024?

Adjusted EBITDA increased by 173.0% year-over-year to INR 121.5 million (USD 1.4 million).

How did YTRA's Hotels & Packages segment perform in Q4 2024?

The Adjusted Hotels & Packages margin increased by 65.8% year-over-year to INR 438.0 million.

What caused the decline in YTRA's Air Ticketing margins?

Air Ticketing margins declined 23.0% due to reduced volumes in the B2C segment and strategic adjustment of discounts in response to supplier-induced price competition.