Yatra Online, Inc. Announces Results for the Three Months and Year Ended March 31, 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 1,138.9 million (USD 13.7 million), representing an increase of 6.8% 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.

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 EDT (or 6:30 PM IST) 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. The conference call will also be available via webcast at https://events.q4inc.com/attendee/985115720.

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, a public listed company on the NSE and BSE ("Yatra India"). Yatra India is India's largest corporate travel services provider with ~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).

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