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01/10 16:24
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
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.
Revenue Revenue grew 48.5% year-over-year to INR 3,508 million (approximately $39.5 million). This growth was driven by resilient demand and consistent execution across corporate and consumer platforms, as well as momentum in the corporate business, higher-margin Hotels and Packages business, and the MICE segment.
Adjusted EBITDA Adjusted EBITDA surged 218% year-over-year to INR 212 million (USD 2.4 million). This reflects disciplined execution and strong operational performance.
Profit for the Period Profit for the period increased significantly to INR 98.8 million (USD 1.1 million) versus a loss of INR 0.3 million (USD 0.1 million) in the prior year. This improvement was attributed to strong revenue growth and cost management.
Air Ticketing Adjusted Margin Air ticketing adjusted margin increased 14.7% year-over-year to INR 1,016 million (USD 11.4 million). The adjusted margin percentage improved from 6.7% to 6.9%, driven by robust growth in gross air bookings.
Hotels and Packages Adjusted Margin Hotels and Packages adjusted margin rose 28.6% year-over-year to INR 514.5 million (USD 5.8 million). This was supported by a 40.4% year-over-year increase in gross bookings and a 9.4% growth in hotel room nights.
Other Services Adjusted Margin Other Services adjusted margin grew 25.1% year-over-year to INR 95 million (USD 1.1 million), highlighting the strength of the diversified business model.
Gross Air Bookings Gross air bookings grew 11.7% year-over-year to INR 14,811.4 million (USD 166.8 million).
Hotel Room Nights Hotel room nights grew by 9.4% year-over-year to 504,000.
Gross Bookings (Hotels and Packages) Gross bookings in the Hotels and Packages segment increased 40.4% year-over-year to INR 5,141.6 million (USD 57.9 million).
Total Gross Bookings Total gross bookings across all segments increased 16.2% year-over-year to INR 20,504.8 million (USD 231.0 million).
Cash and Cash Equivalents Cash and cash equivalents and term deposits stood at INR 2,207.8 million (USD 24.9 million) as of September 30, 2025.
Diya AI: A generative AI-powered travel assistant that enables seamless flight and hotel search bookings, streamlining the travel journey from planning to payment.
New user interface for hotels: Introduced a transparent per room per night pricing model with upfront display of taxes and fees to improve usability and drive higher conversion rates.
Best price guarantee: Ensures customers access the lowest available hotel rates on Yatra, with a price match or better rate if a lower price is found elsewhere.
Corporate travel market: Expected to reach USD 20 billion by FY '27, with online penetration currently at 20% compared to 45% for the overall travel market in India, indicating significant growth potential.
Corporate client onboarding: Onboarded 34 new corporate clients in Q2, adding an annual billing potential of USD 29.5 million.
Reduction in income tax and GST rates: Expected to boost travel consumption and discretionary spending, supporting stronger growth in the travel market.
Revenue growth: Revenue grew 48.5% year-over-year to USD 39.5 million, driven by demand and execution across corporate and consumer platforms.
Profitability improvement: Adjusted EBITDA surged 218% year-over-year to USD 2.4 million, and profit for the period increased to USD 1.1 million from a loss of USD 0.1 million in the prior year.
Segment performance: Hotels and Packages adjusted margin rose 28.6% year-over-year to USD 5.8 million, while air ticketing adjusted margin increased 14.7% year-over-year to USD 11.4 million.
Restructuring efforts: The company is pursuing a viable restructuring structure to align with the market and unlock value, though the timeline remains uncertain due to complexity.
Brand-building efforts: Strengthened corporate travel presence on LinkedIn and launched a high-impact sales campaign for its 19th anniversary.
Restructuring hurdles: The company is undergoing restructuring processes across jurisdictions, which are described as complex and uncertain in terms of timeline. This poses a risk to operational stability and shareholder value.
Ticketing passenger volume decline: Ticketing passenger volumes declined by 3.5% year-on-year, which could impact revenue and market share in the air ticketing segment.
Low online penetration in corporate travel: Online penetration in the corporate travel market remains low at 20%, which could limit growth potential despite the market's expansion.
Macroeconomic events impact: Previous macroeconomic events have negatively impacted bookings, indicating vulnerability to external economic conditions.
Margin pressure in Hotels and Packages: The adjusted margin percentage in the Hotels and Packages segment decreased from 10.9% to 10%, which could affect profitability in this high-margin business.
Corporate travel market growth: The corporate travel market is expected to reach around USD 20 billion by FY '27, with online penetration currently low at 20% in FY '24, indicating significant growth potential for digital adoption.
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 experiential stays: Branded hotels and curated packages are seeing increased demand from leisure and MICE travelers, supported by better supply, service standards, and a preference for experiential stays.
New corporate clients: In Q2, Yatra onboarded 34 new corporate clients, adding an annual billing potential of INR 2.6 billion or USD 29.5 million.
Tax and GST reductions impact: Recent reductions in income tax and GST rates in India are expected to boost travel consumption and discretionary spending, supporting stronger growth in upcoming quarters.
Technology enhancements: Yatra is enhancing its digital platforms, including the Diya AI-powered travel assistant and a new user interface for hotels, aimed at improving usability and conversion rates.
Restructuring efforts: The company is pursuing a restructuring process to align with the market and unlock value, though the timeline remains uncertain due to complexity.
Growth outlook: Yatra anticipates strong growth opportunities driven by rising digital adoption in leisure and corporate travel, an expanded corporate client base, enhanced technology offerings, and a growing share of high-margin hotels 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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