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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 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.
Revenue INR 2.098 billion (approximately USD 24.5 million), up 99.7% year-over-year. The increase was driven by sustained demand in the business channel, strong execution across platforms, and robust growth in the hotels and packages business, including contributions from MICE.
Gross Margin INR 1.15 billion (approximately USD 13.5 million), up 36.6% year-over-year. Growth reflects momentum in the corporate business and higher-margin hotels and packages business, supported by MICE and hotel cross-selling.
Profit for the Quarter INR 110 million (approximately USD 1.3 million) compared to a loss of INR 0.8 million (approximately USD 0.1 million) in the same quarter last year. This improvement underscores disciplined execution.
Adjusted EBITDA INR 206 million (approximately USD 2.4 million), up 214% year-over-year. This significant growth was attributed to strong operational performance and disciplined cost management.
Air Ticketing Passenger Volumes Declined 9% year-over-year to INR 1.206 million. However, gross share bookings grew 4% year-over-year to INR 14,103 million (approximately USD 4.4 million). Gross margin rose 54% year-over-year to INR 647 million, with margin improving from 3.10% to 4.60%.
Hotels and Packages Segment Hotel room nights grew marginally by 1% year-over-year to about INR 423,000. Gross bookings increased 43% year-over-year to INR 3,433 million, while gross margin expanded 74% year-over-year to INR 311 million (approximately USD 40 million), with margins improving from 7.46% to 9.05%.
Cash and Cash Equivalents INR 2,235 million (approximately USD 26 million) as of June 30, 2025, compared to INR 1.9 billion (approximately USD 22 million) as of March 31, 2025. This reflects improved liquidity.
Gross Debt Reduced significantly from INR 546 million (approximately USD 6 million) as of March 31, 2025, to INR 29 million (approximately USD 0.3 million) as of June 30, 2025.
AI Assistant DIYA: Launched to assist customers with customer service inquiries, refine searches, and book personalized travel products.
Expense Management Solution: Introduced GenAI-Powered Receipt Parsing, ERP integration, and advanced analytics for travel and expense management.
Refined User Interface: Enhanced to upsell branded fares across airlines with bundled benefits like baggage allowance and flexible changes.
Corporate Travel Market: India's corporate travel market is expected to reach $20 billion by FY '27, with online penetration at 20% in FY '24, indicating significant growth potential.
Corporate Client Onboarding: Added 34 new corporate clients in Q1 FY '26, with an annual billing potential of approximately INR 2 billion.
Revenue Growth: Revenue increased by 99.7% year-over-year to approximately USD 24.5 million in Q1 FY '26.
Profitability: Profit for the quarter was approximately USD 1.3 million, compared to a loss of USD 0.1 million in the same quarter last year.
Adjusted EBITDA: Increased by 214% year-over-year to approximately USD 2.4 million.
Cash and Debt Management: Cash and cash equivalents rose to approximately USD 26 million, while gross debt was significantly reduced to USD 0.3 million.
Digital Adoption: Focused on increasing digital adoption in the underpenetrated corporate travel segment.
Marketing Initiatives: Strengthened brand reach through content marketing, seasonal campaigns, and collaborations with consumer brands.
Cross-border tension and air crash impact: The travel industry in India faced disruptions due to cross-border tensions and an air crash in June 2025, which negatively impacted B2C bookings and overall travel volumes.
Macroeconomic headwinds: Macroeconomic challenges affected both air ticketing and hotel bookings, leading to a decline in air ticketing passenger volumes by 9% year-over-year and marginal growth in hotel room nights.
Regulatory complexities in share conversion: The process of converting U.S. shares into Indian shares faces regulatory hurdles across multiple jurisdictions, creating uncertainty in the timeline for completion.
Low online penetration in corporate travel: Despite the growth potential, online penetration in the corporate travel market remains low at 20%, which could slow down the pace of digital adoption and growth in this segment.
Dependence on macroeconomic stability: The company's performance is sensitive to macroeconomic conditions, as evidenced by the impact of recent events on B2C bookings and travel volumes.
Corporate Travel Market Growth: The corporate travel market in India is expected to reach around $20 billion by FY '27. Online penetration in this segment remains low at about 20% in FY '24 compared to 45% for the overall travel market, indicating significant growth potential.
Digital Adoption in Corporate Travel: Online penetration in corporate travel is accelerating due to the adoption of digital booking platforms, self-booking tools, and integrated expense management solutions.
Lodging and MICE Demand: Branded hotels and curated packages are witnessing increasing demand from leisure and MICE travelers, supported by improving supply, better service standards, and a preference for experiential stays.
Corporate Client Expansion: In Q1 FY '26, Yatra onboarded 34 new corporate clients, collectively adding an annual billing potential of approximately INR 2 billion.
AI and Technology Enhancements: Yatra introduced a refined user interface for upselling branded fares and launched an AI assistant, DIYA, to assist customers with personalized travel products and customer service inquiries. AI-enabled servicing is expected to provide operating leverage in future quarters.
Expense Management Solution: Yatra's GenAI-powered expense management solution offers advanced analytics and visualization, receiving positive feedback from initial customers.
Future Growth Opportunities: Yatra anticipates strong growth driven by rising digital adoption in leisure and corporate travel, expanding corporate client base, enhanced technology offerings, and a growing share of high-margin hotels, packages, and MICE business.
The selected topic was not discussed during the call.
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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