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01/10 16:24
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Yatra's earnings report shows strong financial performance with a 90% annual revenue increase and a return to profitability. The company also provided optimistic guidance with 20% revenue growth and 30% EBITDA growth for FY '26. While geopolitical risks and competitive pressures are concerns, the overall sentiment is positive due to strong growth in high-margin areas like MICE and corporate travel, AI innovations, and successful integration of Globe. The lack of a buyback or dividend program is a minor negative, but overall, the positive aspects outweigh the negatives.
Annual Revenue INR7.9 billion (approximately USD93.1 million), up 90% year-over-year, driven by growth in corporate travel and MICE businesses.
Quarterly Revenue (Q4 FY25) INR2.2 billion (approximately USD25.7 million), up 114% year-over-year, driven by growth in MICE business and contributions from Globe Travels acquisition.
Revenue Less Service Cost (Q4 FY25) INR1.1 billion (approximately USD12.8 million), up 34% year-over-year, driven by focus on higher-margin areas like Corporate Travel and MICE.
Adjusted EBITDA (Q4 FY25) INR90 million (approximately USD1.1 million), up 23% year-over-year, reflecting disciplined execution.
Annual Adjusted EBITDA INR344 million (approximately USD4 million), up 28% year-over-year, fueled by growth in corporate travel.
Net Profit (FY25) INR24 million (approximately USD0.3 million), a 106.5% improvement year-over-year, indicating a return to profitability.
Cash and Cash Equivalents (as of March 31, 2025) INR1,960 million (approximately USD23 million), providing flexibility for growth initiatives.
Gross Debt (as of March 31, 2025) INR546 million (approximately USD6.4 million), reduced from INR638 million (approximately USD7.5 million) as of March 31, 2024.
Expense Management Platform (RECAP): Our expense management platform, RECAP, continues to gain traction with multiple customers now live and actively using the solution. Early feedback has been very encouraging, validating RECAP's relevance as a contemporary offering to our core travel services.
AI-Enabled Low Fare Finding Tool: We introduced our AI-enabled low fare finding, a smart post-booking fare optimization tool that alerts travelers of lower fares available on the same flight up to six hours before departure.
Integration of New Distribution Capabilities (NDC): Yatra became one of the first travel management companies in India to integrate NDC, providing corporate travelers with more flight options and better pricing.
Corporate Travel Growth: For FY’25, we secured 148 new clients contributing to INR7.5 billion in expected annual volumes, reinforcing our market partnership.
MICE Market Expansion: The Indian MICE market is estimated at $3.3 billion in 2023 and is expected to grow to $10 billion by 2030, representing a CAGR of 18%.
Revenue Growth: Annual revenues of INR7.9 billion (approximately USD93.1 million), up 90% year-over-year.
Adjusted EBITDA: Adjusted EBITDA for the year was up 28%.
Acquisition of Globe Travels: The Globe acquisition expanded our reach into a diverse and largely non-overlapping client base, enhancing our exposure across multiple industries.
Focus on High-Margin Growth: Our emphasis is on high-margin growth, operational excellence, and strategic innovation.
Competitive Pressures: Yatra's B2C Air business faced a decline in gross bookings by 6% due to competitive headwinds, although stabilization was achieved through optimization of discounts and SEO improvements.
Geopolitical Risks: The company experienced a temporary disruption in travel activity due to escalating tensions between India and Pakistan, which led to a short-term dip in both leisure and corporate travel.
Regulatory Challenges: Yatra is navigating the complexities involved in the convertibility of shares into Indian shares, which presents hurdles that could impact timelines.
Supply Chain Challenges: The company worked proactively with airline and hotel partners to support customers through flexible cancellation and rebooking options during the geopolitical disruptions.
Economic Factors: Despite the challenges, India's travel industry is projected to grow significantly, with corporate travel expected to reach $80 billion by 2033, driven by globalization and rising investments in travel infrastructure.
Annual Revenue: For FY’25, Yatra reported annual revenues of INR7.9 billion (approximately USD93.1 million), up 90% year-over-year.
Adjusted EBITDA: Adjusted EBITDA for FY’25 was up 28% year-over-year.
Corporate Travel Growth: In Q4, Yatra added 35 new corporate clients contributing to INR1.4 billion in expected annual volumes.
MICE Business Growth: Yatra's MICE business has shown significant growth, with the market expected to grow from $3.3 billion in 2023 to $10 billion by 2030.
Expense Management Platform: Yatra's RECAP platform is gaining traction, with strong cross-sell potential and expected to drive deeper customer engagement.
NDC Integration: Yatra integrated new distribution capabilities (NDC) to enhance booking experience and cost efficiency for corporate travelers.
AI Innovations: Yatra introduced AI-enabled fare optimization tools and intelligent bots to enhance customer service.
Geopolitical Impact: Yatra experienced a temporary dip in travel activity due to geopolitical tensions but has seen a recovery in booking volumes.
Revenue Growth Guidance: For FY '26, Yatra is guiding for 20% growth in revenue less service cost.
Adjusted EBITDA Growth Guidance: Yatra expects 30% growth in adjusted EBITDA for FY '26.
MICE Business Seasonality: MICE business is expected to have seasonality, with fiscal Q2 being the strongest quarter.
Share Buyback Program: None
Dividend Program: None
The earnings call highlights strong financial performance with significant revenue and profit growth, improved margins, and increased gross bookings across segments. The Q&A section reveals positive sentiment from analysts regarding digital adoption and corporate travel growth. However, management's vague responses on M&A and restructuring efforts introduce some uncertainty. Despite this, the overall sentiment remains positive due to strong earnings, optimistic guidance, and growth in high-margin segments, suggesting a likely stock price increase in the short term.
Yatra's earnings call reflects a positive outlook with strong financial performance, including a 99.7% YoY revenue increase and significant EBITDA growth. The guidance for FY '26 shows optimism with expected revenue and EBITDA growth. Despite challenges in air ticketing and regulatory complexities, the company's focus on corporate travel, MICE growth, and digital innovation is promising. The Q&A highlights management's cautious but proactive approach to growth opportunities. While some uncertainties exist, the overall sentiment is positive, suggesting a likely stock price increase in the short term.
Yatra's earnings report shows strong financial performance with a 90% annual revenue increase and a return to profitability. The company also provided optimistic guidance with 20% revenue growth and 30% EBITDA growth for FY '26. While geopolitical risks and competitive pressures are concerns, the overall sentiment is positive due to strong growth in high-margin areas like MICE and corporate travel, AI innovations, and successful integration of Globe. The lack of a buyback or dividend program is a minor negative, but overall, the positive aspects outweigh the negatives.
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