UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
Report
of Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16
under
the Securities Exchange Act of 1934
October
16, 2023
Commission
File Number: 001-37968
YATRA
ONLINE, INC.
Gulf
Adiba, Plot No. 272,
4th
Floor, Udyog Vihar, Phase-II,
Sector-20,
Gurugram-122008, Haryana
India
(Address
of principal executive office)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form
20-F ☒ Form 40-F ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Other
Events
On
October 16, 2023, Yatra Online, Inc. issued an earnings release announcing its unaudited financial and operating results for the three
months ended June 30, 2023. A copy of the earnings release is attached hereto as Exhibit 99.1.
The
following risk factors are either new or have changed materially from those set forth in our Annual Report on Form 20-F for the fiscal
year ended March 31, 2023. In evaluating our business, you should carefully review the risks described in our Annual Report on Form 20-F,
including our consolidated financial statements and related notes. All references in this Report on Form 6-K to “we,” “us,”
“our,” “Company” and “Yatra” refer to Yatra Online, Inc. and its subsidiaries, unless stated otherwise
or the context otherwise requires. The following additional risk factors shall be deemed “filed” for purposes of Section
18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”):
The
financial reporting obligations of being a public company and maintaining listings on the Nasdaq Capital Market, National Stock Exchange
of India Limited and BSE Limited requires significant company resources and management attention.
We
are subject to the public company reporting obligations under the Exchange Act and the rules and regulations regarding corporate governance
practices, including those under the Sarbanes-Oxley Act and the listing requirements of Nasdaq Capital Market (“Nasdaq”).
Our subsidiary, Yatra Online Limited (“Yatra India”), is subject to the public company reporting obligations under the rules
and regulations of Securities and Exchange Board of India and the listing requirements of the National Stock Exchange of India Limited
(“NSE”) and BSE Limited (“BSE”). We incur significant legal, accounting, reporting and other expenses in order
to maintain a listing on each of Nasdaq, NSE and BSE.
In
addition, these listings may increase price volatility of our Ordinary Shares due to various factors, including the ability to buy or
sell Yatra India’s Equity Shares in the market (“Equity Shares”), different market conditions in different capital
markets, different trading volumes and differences in exchange rates. Our Ordinary Shares trade in U.S. dollars on Nasdaq and Yatra India’s
Equity Shares trade on the NSE and the BSE in INR. Further, the exchanges are open for trade at different times of the day and the exchanges
also have differing vacation schedules. Other external influences may have different effects on the trading price of our Ordinary Shares.
In addition, low trading volume may increase the price volatility of our Ordinary Shares.
Investors
could seek to sell or buy our Ordinary Shares to take advantage of any relative price differences between the markets through a practice
referred to as arbitrage. Any arbitrage activity could create unexpected volatility in prices of our Ordinary Shares. This could adversely
affect the trading of our Ordinary Shares and increase the price volatility or adversely affect the price and liquidity of our Ordinary
Shares.
If
we fail to continue to satisfy applicable Nasdaq listing standards, including compliance with the minimum market value of listed securities
requirement, our Ordinary Shares may be delisted from the Nasdaq Capital Market, which would seriously harm the liquidity of our Ordinary
Shares and may have an adverse impact on the price of our Ordinary Shares.
We
are a “foreign private issuer” with our Ordinary Shares listed on Nasdaq, and are subject to the Nasdaq continued listing
requirements, including meeting the $1.00 minimum bid price requirement under Nasdaq Marketplace Rule 5550(a)(2), maintaining a minimum
of $2.5 million in stockholders’ equity as set forth in Nasdaq Listing Rule 5550(b)(1), meeting the alternative of market value
of listed securities of $35 million under Nasdaq Listing Rule 5550(b)(2) or net income from continuing operations of $500,000 in the
most recently completed fiscal year or in two of the last three most recently completed fiscal years under Nasdaq Listing Rule 5550(b)(3),
and compliance with Nasdaq Listing Rule 5250(c)(1) to timely file Exchange Act reports, collectively, the “Nasdaq Rules”.
We
cannot assure you that we will continue to be in compliance with Nasdaq’s continued listing requirements. In the event we fail
to meet the listing requirements under the Nasdaq Rules, Ordinary Shares may be delisted from Nasdaq, which could adversely impact the
liquidity of Ordinary Shares, the price for Ordinary Shares and may consequently affect the trading and price of Equity Shares. While
there are no restrictions under Indian laws on Yatra India from deconsolidating from the Yatra Online, Yatra India must remain our consolidated
subsidiary pursuant to applicable continued listing requirements of Nasdaq, and any deviation from such listing requirements could affect
our ability to raise additional financing through the public or private sale of equity securities. Following the initial public offering
of the Equity Shares in India, as of October 1, 2023, we held approximately 64.46% of the issued and outstanding Equity Shares. Our ability
to sell Equity Shares is limited to approximately an additional 14.45% of the issued and outstanding
Equity Shares such that Yatra India continues to remain our consolidated subsidiary. Accordingly, our ability to generate proceeds
from the sale of Equity Shares is limited. In addition, Yatra India’s charter and those of Asia Consolidated DMC Pte. Ltd. and THCL Travel Holding Cyprus Limited, our direct subsidiaries and Yatra India’s promoter entities,
limit Yatra India’s ability to raise additional capital and/or undertake a change of control transaction, directly or indirectly,
without the ultimate approval of our Board and shareholders if the result of such additional capital raise or change of control transaction
would result in the deconsolidation of Yatra India from our Company. In the event Yatra India ceases to be our subsidiary and is deconsolidated,
the Ordinary Shares could be delisted from Nasdaq, we could fail to list our Ordinary Shares on another reputable national securities
exchange, and it may result in a reduction in some or all of the following actions, which could also have an adverse impact on Equity
Shares:
| |
● |
the liquidity and marketability of Ordinary Shares; |
| |
● |
the market price of Ordinary Shares; |
| |
● |
our ability to obtain financing for the continuation
of operations; |
| |
● |
the number of institutional and retail investors that
will consider investing in Ordinary Shares; |
| |
● |
the availability of information concerning the trading
prices and volume of Ordinary Shares; and |
| |
● |
the number of broker-dealers willing to execute trades
in Ordinary Shares. |
Non-compliance
with Nasdaq’s continued listing requirements and consequent delisting of Ordinary Shares from Nasdaq could adversely affect our
ability to raise additional financing through the public or private sale of equity securities, would significantly affect the ability
of investors to trade Ordinary Shares and would negatively affect the value and liquidity of Ordinary Shares. Delisting could also have
other negative results, including the potential loss of confidence by employees, the loss of institutional investor interest and fewer
business development opportunities. Further, if our Ordinary Shares are delisted, we would incur additional costs under requirements
of state “blue sky” laws in connection with any sales of our securities. This could severely limit the market liquidity of
our Ordinary Shares and the ability of our shareholders to sell Ordinary Shares in the secondary market, and it may have an adverse impact
on our business, operations, liquidity and cashflows on consolidated basis.
This
Report on Form 6-K is hereby incorporated by reference into Yatra Online, Inc.’s registration statements on Form F-3 (Registration
Statement Nos. 333-215653 and 333-256442) filed with the Securities and Exchange Commission on April 11, 2018 and May 24, 2021 (and subsequently
amended on July 7, 2021), respectively, to be a part thereof from the date on which this report is submitted, to the extent not superseded
by documents or reports subsequently filed or furnished.
Exhibit
Index
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
| |
YATRA
ONLINE, INC. |
| |
|
|
| Date:
October 16, 2023 |
By: |
/s/
Dhruv Shringi |
| |
|
Dhruv
Shringi |
| |
|
Chief
Executive Officer |
Exhibit
99.1
YATRA
ONLINE, INC. ANNOUNCES RESULTS FOR
THE
THREE MONTHS JUNE 30, 2023
Gurugram,
India and New York October 16, 2023— 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 June 30, 2023.
“We
started Fiscal Year 2024, on a strong footing on the Air front with the highest number of Air Passengers booked since pre-COVID in
December 2019, up 41.5% YoY far outpacing domestic air passenger industry growth of 14.8% YoY. Our revenue for the quarter ended
June 30, 2023, was reported at INR 1,105.8 million (USD 13.5 million) up 23% YoY. Adjusted Margin from Air Ticketing of USD 14.1
million was up 46% YoY. Sequentially as well, we grew at 2x the industry rate in domestic air clearly demonstrating our ability to
gain market share and the strength of the YATRA brand. Adjusted EBITDA for the quarter reached INR 115.4 million (USD
1.4 million), marginally lower vs. the June 2022 quarter at INR 123.5 million (USD 1.5 million).
International
travel has also shown a steady improvement during the quarter ended June 30, 2023, reaching approximately 90% of pre-COVID levels. As
we move forward, we remain optimistic and committed to leveraging these positive trends to drive further growth and success.
We
further fortified our leadership in the Corporate travel sector by signing 19 new corporate customer accounts in the June quarter in
our Corporate business with an annual billing potential of INR 1,510 million (~USD 18.2 million) underlining the capabilities and leadership
of our Corporate Travel SaaS platform.
Yatra
Online Limited, our Indian subsidiary, was successfully listed on the National Stock Exchange of
India Limited and on the Bombay Stock Exchange on September 28, 2023 consummating the
IPO of INR 7,750 million. The proceeds from this milestone will predominantly fuel our strategic growth, technology advancements,
and customer-centric initiatives.
Furthermore,
we also benefited from an additional inflow of approximately USD 21 million through the sale of shares in this IPO of this amount
held by its wholly owned subsidiary THCL, which flowed through to the parent entity Yatra Online, Inc. This capital not only enabled
us to repay the MAK debt but has also provided us with the flexibility to potentially allocate a part of the residual funds for
future YTRA share buybacks. Additionally, we believe the IPO will also be beneficial to the
consolidated company on several fronts as it provides a liquid stock that can be used for M&A in India. In
addition, the transaction expands the shareholder base of the consolidated company by adding retail and institutional
investors in India already familiar with Yatra’s business and brand while increasing
its visibility through a larger pool of equity analysts.
In
conclusion, as we navigate the evolving landscape, our commitment remains unwavering—to leverage growth opportunities and ensure
Yatra’s continued ascent” - Dhruv Shringi, Co-founder and CEO.
Financial
and operating highlights for the three months ended June 30, 2023:
| ● |
Revenue of
INR 1,105.8 million (USD 13.5 million), representing an increase of 23.0% year-over-year basis (“YoY”). |
| ● |
Adjusted Margin (1)
from Air Ticketing of INR 1,159.0 million (USD 14.1 million), representing an increase of 45.8% YoY. |
| ● |
Adjusted Margin (1)
from Hotels and Packages of INR 307.6 million (USD 3.7 million), representing an increase of 1.6% YoY. |
| ● |
Total Gross Bookings
(Air Ticketing, Hotels and Packages and Other Services)(3) of INR 19,834.4 million (USD 241.7 million), representing
an increase of 11.0% YoY. |
| |
|
| ● |
Loss
for the period was INR 23.9 million (USD 0.3 million) versus a loss of INR 7.0 million (USD 0.1 million) for the three
months ended June 30, 2022, reflecting an increase in loss by INR 17.0 million (USD 0.2 million) YoY. |
| ● |
Result from operations
were a profit of INR 52.7 million (USD 0.6 million) versus a profit of INR 32.9 million (USD 0.4 million) for the three months
ended June 30, 2022, reflecting an improvement of 60.2% YoY. |
| ● |
Adjusted EBITDA(2)
Profit was INR 115.4 million (USD 1.4 million) reflecting a decrease of 6.6% YOY. |
| | |
Three months ended June 30, | | |
| |
| | |
2022 | | |
2023 | | |
2023 | | |
YoY Change | |
| | |
Unaudited | | |
Unaudited | | |
Unaudited | | |
| |
| (In thousands except percentages) | |
INR | | |
INR | | |
USD | | |
% | |
| Financial Summary as per IFRS | |
| | |
| | |
| | |
| |
| Revenue | |
| 899,046 | | |
| 1,105,817 | | |
| 13,476 | | |
| 23.0 | % |
| Results from operations | |
| 32,911 | | |
| 52,721 | | |
| 642 | | |
| 60.2 | % |
| Loss for the period | |
| (6,965 | ) | |
| (23,944 | ) | |
| (292 | ) | |
| (249.5 | )% |
| Financial Summary as per non-IFRS measures | |
| | | |
| | | |
| | | |
| | |
| Adjusted
Margin (1)(2) | |
| | | |
| | | |
| | | |
| | |
| Adjusted Margin - Air Ticketing | |
| 794,879 | | |
| 1,159,032 | | |
| 14,124 | | |
| 45.8 | % |
| Adjusted Margin - Hotels and Packages | |
| 302,651 | | |
| 307,621 | | |
| 3,749 | | |
| 1.6 | % |
| Adjusted Margin - Other Services | |
| 51,436 | | |
| 32,728 | | |
| 399 | | |
| (36.4 | )% |
| Others (Including Other Income) | |
| 104,766 | | |
| 153,988 | | |
| 1,877 | | |
| 47.0 | % |
| Adjusted EBITDA (2) | |
| 123,545 | | |
| 115,405 | | |
| 1,406 | | |
| (6.6 | )% |
| Operating Metrics | |
| | | |
| | | |
| | | |
| | |
| Gross Bookings (3) | |
| 17,867,216 | | |
| 19,834,376 | | |
| 241,706 | | |
| 11.0 | % |
| Air Ticketing | |
| 14,837,538 | | |
| 16,923,959 | | |
| 206,239 | | |
| 14.1 | % |
| Hotels and Packages | |
| 2,204,311 | | |
| 2,404,142 | | |
| 29,297 | | |
| 9.1 | % |
| Other Services (6) | |
| 825,367 | | |
| 506,275 | | |
| 6,170 | | |
| (38.7 | )% |
| Adjusted Margin %*(4) | |
| | | |
| | | |
| | | |
| | |
| Air Ticketing | |
| 5.4 | % | |
| 6.8 | % | |
| | | |
| | |
| Hotels and Packages | |
| 13.7 | % | |
| 12.8 | % | |
| | | |
| | |
| Other Services | |
| 6.2 | % | |
| 6.5 | % | |
| | | |
| | |
| Quantitative details (5) | |
| | | |
| | | |
| | | |
| | |
| Air Passengers Booked | |
| 1,290 | | |
| 1,825 | | |
| | | |
| 41.5 | % |
| Stand-alone Hotel Room Nights Booked | |
| 585 | | |
| 491 | | |
| | | |
| (16.1 | )% |
| Packages Passengers Travelled | |
| 5 | | |
| 6 | | |
| | | |
| 20.0 | % |
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, bus, rail and cab and others services. |
As
of June 30, 2023, 63,795,829 ordinary shares (on an as-converted basis), par value $0.0001 per share, of the Company (the “Ordinary
Shares”) were issued and outstanding.
Convenience
Translation
The
interim unaudited condensed consolidated financial statements are stated in INR. However, solely for the convenience of readers, the
unaudited interim condensed consolidated statement of profit or loss and other comprehensive loss for the three months ended June 30,
2023, the unaudited interim condensed consolidated statement of financial position as of June 30, 2023, the unaudited interim condensed
consolidated statement of cash flows for the three months ended June 30, 2023 and discussion of the results of the three months ended
June 30, 2023 compared with three months ended June 30, 2022, were converted into U.S. dollars at the exchange rate of 82.06 INR per
USD, which is based on the noon buying rate as at June 30, 2023, in The City of New York for cable transfers of Indian rupees as certified
for customs purposes by the Federal Reserve Bank of New York. This arithmetic conversion should not be construed as representation that
the amounts expressed in INR may be converted into USD at that or any other exchange rate as well as that such numbers are in compliance
as per the requirements of the International Financial Reporting Standards (“IFRS”).
Recent
developments
| |
1. |
Yatra
Online Limited, our Indian subsidiary, or “Yatra India,”
successfully completed its initial public offer (“IPO”) of 54,577,465 Equity Shares for cash at a price of ₹
142 per Equity Share (including a premium of ₹141 per Equity Share) aggregating to ₹ 7,750.00 million. The offer and
sale comprised of a Fresh Issue by Yatra India of 42,394,366 Equity Shares aggregating to ₹ 6,020.00 million and
an Offer for Sale of 12,183,099 Equity Shares aggregating to ₹1,730.00 million by the Selling Shareholders (i.e. THCL
Travel Holding Cyprus Limited and Pandara Trust – Scheme I represented by its trustee Vistra ITCL (India) Limited). The
IPO consummated with Yatra India’s listing on September 28, 2023 on the National Stock Exchange of India
Limited (“NSE”) and BSE Limited (“BSE”). |
| |
|
|
| |
2. |
On
September 28, 2023, the Company prepaid in
full outstanding principal amount along with the accrued interest totaling approximately US$ 9.45 million under the promissory
note issued pursuant to the Note Purchase Agreement dated October 5, 2022, as amended, by and between the Company and MAK Capital
Fund, LP, (“MAK”), an affiliate of Michael A. Kaufman, a member of our Board of Directors (the “Note Purchase Agreement”).
Accordingly, all amounts due pursuant to the Note Purchase Agreement have been discharged and the promissory note cancelled. |
Results
of Three Months Ended June 30, 2023
Revenue.
We generated Revenue of INR 1,105.8 million (USD 13.5 million) in the three months ended June 30, 2023, an increase of 23.0% compared
with INR 899.0 million (USD 11.0 million) in three months ended June 30, 2022.
The
increase in revenue was primarily due to the sustained elevated travel demand in India in the quarter ended June 30, 2023 as compared
to the quarter ended June 30, 2022 and an accrual of threshold bonus for Global Distribution System (“GDS”) contracts in
the three months ended June 30, 2023.
Service
cost. Our Service cost increased to INR 219.0 million (USD 2.7 million) in the three months ended June 30, 2023, compared to
Service cost of INR 146.7 million (USD 1.8 million) in the three months ended June 30, 2022, primarily due to higher package sales in
the three months ended June 30, 2023 on account of recovery in consumer travel markets.
The
following table reconciles our Revenue (an IFRS measure) to Adjusted Margin (a non-IFRS measure), for further details, see section below
titled “Certain Non-IFRS Measures.”
Reconciliation
of Revenue (an IFRS measure) to Adjusted Margin (a non-IFRS measure)
| | |
Reportable Segments | |
| | |
Air Ticketing | | |
Hotels and Packages | | |
Other Services | |
| | |
Three months ended June 30, | |
| Amount in INR thousands (Unaudited) | |
2022 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | | |
2023 | |
| Revenue as per IFRS - Rendering of services | |
| 375,695 | | |
| 489,369 | | |
| 390,702 | | |
| 452,555 | | |
| 47,527 | | |
| 26,718 | |
| Customer promotional expenses | |
| 419,184 | | |
| 669,663 | | |
| 58,664 | | |
| 74,086 | | |
| 3,909 | | |
| 6,010 | |
| Service cost | |
| - | | |
| - | | |
| (146,715 | ) | |
| (219,020 | ) | |
| | | |
| | |
| Adjusted Margin | |
| 794,879 | | |
| 1,159,032 | | |
| 302,651 | | |
| 307,621 | | |
| 51,436 | | |
| 32,728 | |
Air
Ticketing. Revenue from our Air Ticketing business was INR 489.4 million (USD 6.0 million) in the three months ended June 30,
2023 as compared to INR 375.7 million (USD 4.6 million) in the three months ended June 30, 2022, reflecting an increase of 30.3%.
Adjusted
Margin (1) from our Air Ticketing business increased to INR 1,159.0 million (USD 14.1 million) in the three months ended June
30, 2023, as compared to INR 794.9 million (USD 9.7 million) in the three months ended June 30, 2022. In the three months ended June
30, 2023 , Adjusted Margin (1) for Air Ticketing includes the add-back of INR 669.7 million (USD 8.2 million) of consumer
promotion and loyalty program costs, which reduced Revenue as per IFRS 15, against an add-back of INR 419.2 million (USD 5.1 million)
in the three months ended June 30, 2022. The recovery in Revenue and Adjusted Margin is primarily due to the sustained elevated travel
demand in India in the quarter ended June 30, 2023 as compared to the quarter ended June 30, 2022 and an accrual of threshold bonus for
GDS contracts.
Hotels
and Packages. Revenue from our Hotels and Packages business was INR 452.6 million (USD 5.5 million) in the three months ended
June 30, 2023, as compared to INR 390.7 million (USD 4.8 million) in the three months ended June 30, 2022, reflecting an increase of
15.8%.
Adjusted
Margin (1) for this segment increased by 1.6% to INR 307.6 million (USD 3.7 million) in the three months ended June 30, 2023
from INR 302.7 million (USD 3.7 million) in the three months ended June 30, 2022. In the three months ended June 30, 2023, Adjusted Margin
(1) for Hotels and Packages includes the add-back of customer promotional expenses, which had been reduced from Revenue as
per IFRS 15 of INR 74.1 million (USD 0.9 million) against an add-back of INR 58.7 million (USD 0.7 million) in the three months ended
June 30, 2022. The increase in Revenue and Adjusted Margin in the three months ended June 30, 2023 is on account of recovery in domestic
travel, along with addition of new distribution partners. The reduction in Adjusted Margin is on account of change in mix
in favor of packages.
Other
Services. Our Revenue from Other Services was INR 26.7 million (USD 0.3 million) in the three months ended June 30, 2023,
a decrease from INR 47.5 million (USD 0.6 million) in the three months ended June 30, 2022.
Adjusted
Margin for this segment decreased by 36.4% to INR 32.7 million (USD 0.4 million) in the three months ended June 30, 2023, from INR 51.4
million (USD 0.6 million) in the three months ended June 30, 2022. In the three months ended June 30, 2023, Adjusted Margin includes
the add-back of consumer promotion expenses, which had been reduced from Revenue of INR 6.0 million (USD 0.1 million) against an add-back
of INR 3.9 million (USD 0.1 million) in the three months ended June 30, 2022 pursuant to IFRS 15. This decrease in Adjusted Margin is
primarily due to a decrease in revenue from our freight business.
| |
(1) |
See
the section titled “Certain Non-IFRS Measures.” |
Other
Revenue. Our Other Revenue was INR 137.2 million (USD 1.7 million) in the three months ended June 30, 2023, an increase from
INR 85.1 million (USD 1.0 million) in the three months ended June 30, 2022 due to an increase in advertising revenue.
Other
Income. Our Other Income decreased to INR 16.8 million (USD 0.2 million) in the three months ended June 30, 2023 from INR 19.6
million (USD 0.2 million) in the three months ended June 30, 2022 due to decrease in write back of liabilities no longer required to
be paid and gain on termination of leases.
Personnel
Expenses. Our personnel expenses increased by 2.2% to INR 275.8 million (USD 3.4 million) in the three months ended June 30,
2023 from INR 269.9 million (USD 3.3 million) in the three months ended June 30, 2022. Excluding employee share-based compensation costs
of INR 14.4 million (USD 0.2 million) in the three months ended June 30, 2023, compared to INR 34.5 million (USD 0.4 million) in the
three months ended June 30, 2022, personnel expenses increased by 11.0% in the three months ended June 30, 2023 due to increase in headcount.
Marketing
and Sales Promotion Expenses. Marketing and Sales Promotion Expenses increased by 324.0% to INR 131.0 million (USD 1.6 million)
in the three months ended June 30, 2023 from INR 30.9 million (USD 0.4 million) in the three months ended June 30, 2022. Adding back
the expenses for consumer promotions and loyalty program costs, which have been deducted from Revenue per IFRS 15, our marketing spend
would have been INR 880.8 million (USD 10.7 million) in the three months ended June 30, 2023 against INR 512.7 million (USD 6.2 million)
in the three months ended June 30, 2022, increased by 71.8% on a YoY.
Other
Operating Expenses. Other operating expenses increased by 3.6% to INR 395.8 million (USD 4.8 million) in the three months ended
June 30, 2023 from INR 382.1 million (USD 4.7 million) in the three months ended June 30, 2022 primarily due to increase in commission,
legal and professional charges, payment gateway charges which is partially offset by decrease in provision for doubtful receivables and
insurance cost.
Adjusted
EBITDA(1). Due to the foregoing factors, Adjusted EBITDA Profit(1) decreased to
INR 115.4 million (USD 1.4 million) in the three months ended June 30, 2023 from an Adjusted EBITDA Profit(1) of INR 123.5
million (USD 1.5 million) in the three months ended June 30, 2022.
Depreciation
and Amortization. Our depreciation and amortization expenses decreased by 12.5% to INR 48.3 million (USD 0.6 million) in the
three months ended June 30, 2023 from INR 55.1 million (USD 0.7 million) in the three months ended June 30, 2022 primarily due to
assets fully amortized/depreciated in previous period which is partially offset by increase in depreciation in the three months ended
June 30, 2023.
Impairment
of loan to joint venture. On September 28, 2012, we entered into a joint venture agreement with respect to a company that operates
in adventure travel activities. As at June 30, 2022, the Company has impaired the outstanding loan amount of INR 1.0 million (USD 0.01
million) to the joint venture.
Results
from Operations. As a result of the foregoing factors, our Results from Operations were a profit of INR 52.7 million (USD 0.6
million) in the three months ended June 30, 2023. Our profit for the three months ended June 30, 2022 was INR 32.9 million (USD 0.4 million).
Excluding the employee share-based compensation costs and impairment of loan to joint venture, Adjusted Results from Operations(1)
would have been a profit of INR 67.1 million (USD 0.8 million) for three months ended June 30, 2023 as compared to a loss of INR
68.4 million (USD 0.8 million) for three months ended June 30, 2022.
Finance
Income. Our finance income decreased to INR 8.5 million (USD 0.1 million) in the three months ended June 30, 2023 from INR 10.3
million (USD 0.1 million) in the three months ended June 30, 2022. This was primarily due to a decrease in the foreign exchange gain
which is partially offset by increase in interest income earned from our bank deposits.
| |
(1) |
See
the section titled “Certain Non-IFRS Measures.” |
Finance
Costs. Our finance costs of INR 85.4 million (USD 1.0 million) in the three months ended June 30, 2023 which includes interest
on the lease liability of INR 8.6 million (USD 0.1 million) increased by INR 54.7 million (USD 0.7 million) from finance cost of INR
30.7 million (USD 0.4 million) in the three months ended June 30, 2022, which includes interest on the lease liability of INR 9.4 million
(USD 0.1 million). The increase was due to increase in interest on borrowings and increase in borrowings facilities which includes invoice
discounting/working capital facilities and non-convertible debenture.
Listing
and related expenses. Listing and related expenses relate to the expenses incurred in connection with the Indian
IPO. During the three month ended June 30, 2023, the Company has reversed INR 14.0 million (USD 0.2 million) compared to an expense
of INR 10.6 million (USD 0.1 million) during the three months ended June 30, 2022 is charged to the profit and loss.
Income
Tax Expense. Our income tax expense during the three months ended June 30, 2023 was INR 13.7 million (USD 0.2 million)
compared to INR 8.9 million (USD 0.1 million) during the three months ended June 30, 2022.
Loss
for the Period. As a result of the foregoing factors, our loss in the three months ended June 30, 2023 was INR 24.3 million
(USD 0.3 million) as compared to a loss of INR 7.0 million (USD 0.1 million) in the three months ended June 30, 2022. Excluding the employee
share based compensation costs, listing and related expenses and impairment of loan to joint venture, the Adjusted loss(1) would
have been INR 23.9 million (USD 0.3 million) for the three months ended June 30, 2023 and Adjusted profit(1) INR 39.2 million
(USD 0.5 million) for the three months ended June 30, 2022.
Basic
Earnings/(Loss) per Share. Basic Loss per Share was INR 0.39 (USD 0.01) in the three months ended June 30, 2023 as compared
to Basic Loss per share of INR 0.12 (USD 0.01) in the three months ended June 30, 2022. After excluding the employee share-based compensation
costs, listing and related expenses and impairment of loan to joint venture, Adjusted Basic Loss per Share(1) would have been
INR 0.39 (USD 0.01) in the three months ended June 30, 2023, as compared to Adjusted Basic Earnings INR 0.61 (USD 0.01) in the
three months ended June 30, 2022.
Diluted
Earnings/(Loss) per Share. Diluted Loss per Share was INR 0.39 (USD 0.01) in the three months ended June 30, 2023 as compared
to Diluted Loss per share of INR 0.12 (USD 0.01) in the three months ended June 30, 2022. After excluding the employee share-based compensation
costs, listing and related expenses and impairment of loan to joint venture, Adjusted Diluted Loss per Share(1) would have
been INR 0.39 (USD 0.01) in the three months ended June 30, 2023 as compared to Adjusted Diluted Earnings INR 0.61 (USD 0.01)
in the three months ended June 30, 2022.
Liquidity.
As of June 30, 2023, the balance of cash and cash equivalents and term deposits on our balance sheet was INR 1,111.1 million (USD 13.5
million).
| |
(1) |
See
the section titled “Certain Non-IFRS Measures.” |
Conference
Call
The
Company will host a conference call to discuss its unaudited results for the three months ended June 30, 2023 beginning at 11:00 AM Eastern
Daylight Time (or 8:30 PM India Standard Time) on October 16, 2023. Dial in details for the conference call is as follows: US/International
dial-in number: +1 404 975 4839. Confirmation Code: 248075 (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/963402477.
Certain
Non-IFRS Measures
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.
We
believe that Adjusted Margin provides investors with useful supplemental information about the financial performance of our business
and more accurately reflects the value addition of the travel services that we provide to our customers. The presentation of this non-IFRS
information is not meant to be considered in isolation or as a substitute for our unaudited condensed consolidated financial results
prepared in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”). Our Adjusted Margin
may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.
In
addition to referring to Adjusted Margin, we also refer to Adjusted EBITDA Profit, Adjusted Results from Operations, Adjusted Profit/(Loss)
for the Period and Adjusted Basic and Adjusted Diluted Earnings/(Loss) Per Share which are also non-IFRS measures. For our internal management
reporting, budgeting and decision-making purposes, including comparing our operating results to that of our competitors, these
non-IFRS financial measures exclude employee share-based compensation cost, impairment of loan to joint venture and listing and related
expenses. Our non-IFRS financial measures reflect adjustments based on the following:
| |
● |
Employee
share-based compensation cost - The compensation cost to be recorded is dependent on varying available valuation methodologies and
subjective assumptions that companies can use while valuing these expenses especially when adopting IFRS 2 “Share-based
Payment”. Thus, the management believes that providing non-IFRS financial measures that exclude such expenses allows investors
to make additional comparisons between our operating results and those of other companies. |
| |
● |
Impairment
of loan to joint venture - The impairment cost to be recorded is dependent on varying available valuation methodologies and subjective
assumptions that companies can use while valuing the fair value of the assets on the balance sheet date. Thus, the management believes
that providing non-IFRS financial measures that exclude such expenses allows investors to make additional comparisons between our
operating results and those of other companies. |
| |
|
|
| |
● |
Listing
and related expenses - These primarily reflect the non-recurring expenses incurred on the IPO process of Yatra India. |
| |
(1) |
See
the section titled “Certain Non-IFRS Measures.” |
We
evaluate the performance of our business after excluding the impact of the above measures and believe it is useful to understand the
effects of these items on our results from operations, Loss for the period and Basic and Diluted Loss Per Share. The presentation of
these non-IFRS measures is not meant to be considered in isolation or as a substitute for our unaudited condensed consolidated financial
results prepared in accordance with IFRS as issued by the IASB. These non-IFRS measures may not be comparable to similarly titled measures
reported by other companies due to potential differences in the method of calculation.
A
limitation of using Adjusted EBITDA Profit/(Loss), Adjusted Results from Operations, Adjusted Profit/(Loss) for the period and Adjusted
Basic and Adjusted Diluted Earnings/(Loss) Per Share as against using measures in accordance with IFRS as issued by the IASB are that
these non-IFRS financial measures exclude share-based compensation cost, listing and related expenses, impairment of loan to joint venture
and depreciation and amortization in case of Adjusted EBITDA profit. Management compensates for this limitation by providing specific
information on the IFRS amounts excluded from Adjusted EBITDA profit, Adjusted Results from Operations, Adjusted Loss for the Period
and Adjusted Basic and Adjusted Diluted Earnings/(Loss) Per Share.
The
following table reconciles our Losses for the periods (an IFRS measure) to Adjusted EBITDA (a non-IFRS measure) for the periods indicated:
| Reconciliation of Adjusted EBITDA (unaudited) | |
Three months ended | |
| Amount in INR thousands | |
June 30, 2022 | | |
June 30, 2023 | |
| Profit/(Loss) for the period as per IFRS | |
| (6,965 | ) | |
| (23,944 | ) |
| Employee share-based compensation costs | |
| 34,490 | | |
| 14,414 | |
| Depreciation and amortization | |
| 55,144 | | |
| 48,271 | |
| Impairment of loan to joint venture | |
| 1,000 | | |
| - | |
| Finance income | |
| (10,321 | ) | |
| (8,469 | ) |
| Finance costs | |
| 30,704 | | |
| 85,438 | |
| Listing and related expenses | |
| 10,640 | | |
| (13,983 | ) |
| Tax expense | |
| 8,853 | | |
| 13,678 | |
| Adjusted EBITDA | |
| 1,23,545 | | |
| 1,15,405 | |
| Reconciliation of Adjusted Results from Operations (unaudited) | |
Three months ended | |
| Amount in INR thousands | |
June 30, 2022 | | |
June 30, 2023 | |
| Results from operations (as per IFRS) | |
| 32,911 | | |
| 52,721 | |
| Employee share-based compensation costs | |
| 34,490 | | |
| 14,414 | |
| Impairment of loan to joint venture | |
| 1,000 | | |
| - | |
| Adjusted Results from Operations | |
| 68,401 | | |
| 67,135 | |
| Reconciliation of Adjusted Profit/(Loss) (unaudited) | |
Three months ended | |
| Amount in INR thousands | |
June 30, 2022 | | |
June 30, 2023 | |
| Loss for the period (as per IFRS) | |
| (6,965 | ) | |
| (23,944 | ) |
| Employee share-based compensation costs | |
| 34,490 | | |
| 14,414 | |
| Impairment of loan to joint venture | |
| 1,000 | | |
| - | |
| Listing and related expenses | |
| 10,640 | | |
| (13,983 | ) |
| Adjusted Profit/(Loss) for the period | |
| 39,165 | | |
| (23,513 | ) |
| | |
Three months ended | |
| Reconciliation of Adjusted Basic Earnings/(Loss) (Per Share) (unaudited) | |
June 30, 2022 | | |
June 30, 2023 | |
| Basic Earnings/(Loss) per share (as per IFRS) | |
| (0.12 | ) | |
| (0.39 | ) |
| Employee share-based compensation costs | |
| 0.54 | | |
| 0.22 | |
| Impairment of loan to joint venture | |
| 0.02 | | |
| - | |
| Listing and related expenses | |
| 0.17 | | |
| (0.22 | ) |
| Adjusted Basic Earnings/(Loss) Per Share | |
| 0.61 | | |
| (0.39 | ) |
| | |
Three months ended | |
| Reconciliation of Adjusted Diluted Earnings/(Loss) (Per Share)
(unaudited) | |
June 30, 2022 | | |
June 30, 2023 | |
| Diluted Earnings/(Loss) per share (as per IFRS) | |
| (0.12 | ) | |
| (0.39 | ) |
| Employee share-based compensation costs | |
| 0.54 | | |
| 0.22 | |
| Impairment of loan to Joint venture | |
| 0.02 | | |
| - | |
| Listing and related expenses | |
| 0.17 | | |
| (0.22 | ) |
| Adjusted Diluted Earnings/(Loss) Per Share | |
| 0.61 | | |
| (0.39 | ) |
| | |
Reportable Segments | |
| | |
Air Ticketing | | |
Hotels and Packages | | |
Other Services | |
| | |
Three months ended June 30, | |
| Amount in INR thousands (Unaudited) | |
2022 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | | |
2023 | |
| Revenue as per IFRS - Rendering of services | |
| 375,695 | | |
| 489,369 | | |
| 390,702 | | |
| 452,555 | | |
| 47,527 | | |
| 26,718 | |
| Customer promotional expenses | |
| 419,184 | | |
| 669,663 | | |
| 58,664 | | |
| 74,086 | | |
| 3,909 | | |
| 6,010 | |
| Service cost | |
| - | | |
| - | | |
| (146,715 | ) | |
| (219,020 | ) | |
| | | |
| | |
| Adjusted Margin | |
| 794,879 | | |
| 1,159,032 | | |
| 302,651 | | |
| 307,621 | | |
| 51,436 | | |
| 32,728 | |
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 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; and our future financial performance, including statements about our Revenue,
cost of Revenue, operating expenses and our ability to achieve and maintain profitability, strengthen our balance sheet or take advantage
of the rapidly recovering leisure and business travel market in India. 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 the COVID-19 pandemic; 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 other declines or disruptions in the Indian economy in general and travel industry
in particular, including disruptions caused by safety concerns, terrorist attacks, regional conflicts (including the ongoing conflict
between Ukraine and Russia), 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, including
suitable replacements for any members of our senior management team or other employees who may seek other employment opportunities as
a result of the certain cost reduction initiatives that we have taken in response to the COVID-19 pandemic; and our ability to successfully
implement any new business initiatives. These and other factors are discussed in our reports filed with the U.S. Securities and Exchange
Commission. 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 (Formerly known
as Yatra Online Private Limited, hereinafter referred to as “Yatra India”), whose corporate office is based in Gurugram,
India. Yatra India is India’s largest corporate travel services provider in terms of number of corporate clients
with approximately 813 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 105,600 hotels in approximately 1,490 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).
For
more information, please contact:
Manish
Hemrajani
Yatra
Online, Inc.
VP,
Head of Corporate Development and Investor Relations
ir@yatra.com
Yatra
Online, Inc.
UNAUDITED
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE LOSS FOR THREE MONTHS ENDED JUNE 30, 2023
(Amount
in thousands, except per share data and number of shares)
| | |
Three months ended June 30, | |
| | |
2022 | | |
2023 | |
| | |
INR | | |
INR | | |
USD | |
| | |
Unaudited | | |
Unaudited | | |
Unaudited | |
| Revenue | |
| | | |
| | | |
| | |
| Rendering of services | |
| 813,924 | | |
| 968,642 | | |
| 11,804 | |
| Other revenue | |
| 85,122 | | |
| 137,175 | | |
| 1,672 | |
| Total revenue | |
| 899,046 | | |
| 1,105,817 | | |
| 13,476 | |
| Other income | |
| 19,644 | | |
| 16,813 | | |
| 205 | |
| | |
| | | |
| | | |
| | |
| Service cost | |
| 146,715 | | |
| 219,020 | | |
| 2,669 | |
| Personnel expenses | |
| 269,898 | | |
| 275,799 | | |
| 3,361 | |
| Marketing and sales promotion expenses | |
| 30,899 | | |
| 131,017 | | |
| 1,597 | |
| Other operating expenses | |
| 382,123 | | |
| 395,802 | | |
| 4,823 | |
| Depreciation and amortization | |
| 55,144 | | |
| 48,271 | | |
| 588 | |
| Impairment of loan to Joint venture | |
| 1,000 | | |
| - | | |
| - | |
| Results from operations | |
| 32,911 | | |
| 52,721 | | |
| 643 | |
| | |
| | | |
| | | |
| | |
| Share of loss of joint venture | |
| - | | |
| - | | |
| - | |
| Finance income | |
| 10,321 | | |
| 8,469 | | |
| 103 | |
| Finance costs | |
| (30,704 | ) | |
| (85,438 | ) | |
| (1,041 | ) |
| Listing and related expenses | |
| (10,640 | ) | |
| 13,983 | | |
| 170 | |
| Profit/(Loss) before taxes | |
| 1,888 | | |
| (10,265 | ) | |
| (125 | ) |
| Tax expense | |
| (8,853 | ) | |
| (13,679 | ) | |
| (167 | ) |
| Loss for the period | |
| (6,965 | ) | |
| (23,944 | ) | |
| (292 | ) |
| | |
| | | |
| | | |
| | |
| Other comprehensive income/ (loss) | |
| | | |
| | | |
| | |
| Items not to be reclassified to profit or loss in subsequent periods (net of taxes) | |
| | | |
| | | |
| | |
| Remeasurement gain on defined benefit plan | |
| 862 | | |
| 70 | | |
| 1 | |
| Items that are or may be reclassified subsequently to profit or loss (net of taxes) | |
| | | |
| | | |
| | |
| Foreign currency translation differences loss | |
| (10,203 | ) | |
| 15,212 | | |
| 185 | |
| Other comprehensive profit/(loss) for the period, net of tax | |
| (9,341 | ) | |
| 15,282 | | |
| 186 | |
| Total comprehensive loss for the period, net of tax | |
| (16,306 | ) | |
| (8,662 | ) | |
| (106 | ) |
| | |
| | | |
| | | |
| | |
| Profit/(loss) attributable to : | |
| | | |
| | | |
| | |
| Owners of the Parent Company | |
| (7,725 | ) | |
| (24,796 | ) | |
| (302 | ) |
| Non-Controlling interest | |
| 760 | | |
| 852 | | |
| 10 | |
| Loss for the period | |
| (6,965 | ) | |
| (23,944 | ) | |
| (292 | ) |
| | |
| | | |
| | | |
| | |
| Total comprehensive profit/(loss) attributable to : | |
| | | |
| | | |
| | |
| Owners of the Parent Company | |
| (17,075 | ) | |
| (9,516 | ) | |
| (116 | ) |
| Non-Controlling interest | |
| 769 | | |
| 854 | | |
| 10 | |
| Total comprehensive loss for the period | |
| (16,306 | ) | |
| (8,662 | ) | |
| (106 | ) |
| | |
| | | |
| | | |
| | |
| Loss per share | |
| | | |
| | | |
| | |
| Basic | |
| (0.12 | ) | |
| (0.39 | ) | |
| (0.01 | ) |
| Diluted | |
| (0.12 | ) | |
| (0.39 | ) | |
| (0.01 | ) |
| | |
| | | |
| | | |
| | |
| Weighted average no. of shares | |
| | | |
| | | |
| | |
| Basic | |
| 62,639,673 | | |
| 63,737,220 | | |
| 63,737,220 | |
| Diluted | |
| 62,639,673 | | |
| 63,737,318 | | |
| 63,737,318 | |
Yatra
Online, Inc.
UNAUDITED
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2023
(Amounts
in thousands, except per share data and number of shares)
| | |
March 31, 2023 | | |
June 30, 2023 | | |
June 30, 2023 | |
| | |
INR | | |
INR | | |
USD | |
| | |
Audited | | |
Unaudited | |
| Assets | |
| | | |
| | | |
| | |
| Non-current assets | |
| | | |
| | | |
| | |
| Property, plant and equipment | |
| 45,843 | | |
| 51,575 | | |
| 629 | |
| Right-of-use assets | |
| 200,760 | | |
| 188,493 | | |
| 2,297 | |
| Intangible assets and goodwill | |
| 778,963 | | |
| 794,732 | | |
| 9,685 | |
| Prepayments and other assets | |
| 1,177 | | |
| 1,015 | | |
| 12 | |
| Other financial assets | |
| 49,864 | | |
| 53,095 | | |
| 647 | |
| Term deposits | |
| 6,158 | | |
| 8,900 | | |
| 109 | |
| Other non financial assets | |
| 195,491 | | |
| 197,638 | | |
| 2,408 | |
| Deferred tax asset | |
| 11,086 | | |
| 11,034 | | |
| 135 | |
| Total non-current assets | |
| 1,289,342 | | |
| 1,306,482 | | |
| 15,919 | |
| | |
| | | |
| | | |
| | |
| Current assets | |
| | | |
| | | |
| | |
| Inventories | |
| 76 | | |
| 52 | | |
| 1 | |
| Trade and other receivables | |
| 3,061,210 | | |
| 3,343,845 | | |
| 40,749 | |
| Prepayments and other assets | |
| 951,924 | | |
| 723,418 | | |
| 8,816 | |
| Income tax recoverable | |
| 308,716 | | |
| 346,318 | | |
| 4,220 | |
| Other financial assets | |
| 68,997 | | |
| 74,965 | | |
| 913 | |
| Term deposits | |
| 581,217 | | |
| 649,343 | | |
| 7,913 | |
| Cash and cash equivalents | |
| 503,601 | | |
| 452,889 | | |
| 5,519 | |
| Total current assets | |
| 5,475,741 | | |
| 5,590,830 | | |
| 68,131 | |
| | |
| | | |
| | | |
| | |
| Total assets | |
| 6,765,083 | | |
| 6,897,312 | | |
| 84,052 | |
| | |
| | | |
| | | |
| | |
| Equity and liabilities | |
| | | |
| | | |
| | |
| Equity | |
| | | |
| | | |
| | |
| Share capital | |
| 850 | | |
| 851 | | |
| 10 | |
| Share premium | |
| 20,388,799 | | |
| 20,406,607 | | |
| 248,679 | |
| Treasury shares | |
| (11,219 | ) | |
| (11,219 | ) | |
| (137 | ) |
| Other capital reserve | |
| 281,394 | | |
| 276,732 | | |
| 3,372 | |
| Accumulated deficit | |
| (19,921,095 | ) | |
| (19,944,556 | ) | |
| (243,048 | ) |
| Foreign currency translation reserve | |
| (31,034 | ) | |
| (15,822 | ) | |
| (193 | ) |
| Total equity attributable to equity holders of the Company | |
| 707,695 | | |
| 712,593 | | |
| 8,684 | |
| Total Non-controlling interest | |
| 11,624 | | |
| 12,474 | | |
| 152 | |
| Total equity | |
| 719,319 | | |
| 725,071 | | |
| 8,836 | |
| | |
| | | |
| | | |
| | |
| Non-current liabilities | |
| | | |
| | | |
| | |
| Borrowings | |
| 19,274 | | |
| 176,298 | | |
| 2,149 | |
| Deferred tax liability | |
| 7,150 | | |
| 6,449 | | |
| 79 | |
| Employee benefits | |
| 40,747 | | |
| 39,752 | | |
| 484 | |
| Lease liability | |
| 203,393 | | |
| 190,537 | | |
| 2,322 | |
| Total non-current liabilities | |
| 270,564 | | |
| 413,036 | | |
| 5,033 | |
| | |
| | | |
| | | |
| | |
| Current liabilities | |
| | | |
| | | |
| | |
| Borrowings | |
| 2,333,378 | | |
| 2,219,712 | | |
| 27,050 | |
| Trade and other payables | |
| 2,176,353 | | |
| 2,200,043 | | |
| 26,810 | |
| Employee benefits | |
| 56,020 | | |
| 49,028 | | |
| 598 | |
| Deferred revenue | |
| 45,721 | | |
| 17,899 | | |
| 218 | |
| Income taxes payable | |
| 31,850 | | |
| 45,707 | | |
| 557 | |
| Lease liability | |
| 47,835 | | |
| 48,559 | | |
| 592 | |
| Other financial liabilities | |
| 417,014 | | |
| 424,845 | | |
| 5,177 | |
| Other current liabilities | |
| 667,029 | | |
| 753,412 | | |
| 9,182 | |
| Total current liabilities | |
| 5,775,200 | | |
| 5,759,205 | | |
| 70,183 | |
| Total liabilities | |
| 6,045,764 | | |
| 6,172,241 | | |
| 75,216 | |
| Total equity and liabilities | |
| 6,765,083 | | |
| 6,897,312 | | |
| 84,052 | |
Yatra
Online, Inc.
UNAUDITED
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THREE MONTHS ENDED JUNE 30, 2023
(Amount
in INR thousands, except per share data and number of shares)
| | |
Attributable to shareholders of the Parent Company | | |
| | |
| |
| | |
Equity
share capital | | |
Equity
share premium | | |
Treasury
shares | | |
Accumulated deficit | | |
Other
capital reserve | | |
Foreign currency translation reserve | | |
Total | | |
Non controlling interest | | |
Total Equity | |
| Balance as at April 1, 2023 | |
| 850 | | |
| 20,388,799 | | |
| (11,219 | ) | |
| (19,921,095 | ) | |
| 281,394 | | |
| (31,034 | ) | |
| 707,695 | | |
| 11,624 | | |
| 719,319 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loss for the period | |
| | | |
| | | |
| | | |
| (24,796 | ) | |
| | | |
| | | |
| (24,796 | ) | |
| 852 | | |
| (23,944 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Other comprehensive loss | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Foreign currency translation differences | |
| | | |
| | | |
| | | |
| - | | |
| | | |
| 15,212 | | |
| 15,212 | | |
| - | | |
| 15,212 | |
| Re-measurement gain on defined benefit plan | |
| | | |
| | | |
| | | |
| 68 | | |
| | | |
| - | | |
| 68 | | |
| 2 | | |
| 70 | |
| Total other comprehensive loss | |
| - | | |
| - | | |
| - | | |
| 68 | | |
| - | | |
| 15,212 | | |
| 15,280 | | |
| 2 | | |
| 15,282 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total comprehensive loss | |
| - | | |
| - | | |
| - | | |
| (24,728 | ) | |
| - | | |
| 15,212 | | |
| (9,516 | ) | |
| 854 | | |
| (8,662 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Share based payments | |
| - | | |
| - | | |
| - | | |
| 1,267 | | |
| 13,147 | | |
| - | | |
| 14,414 | | |
| - | | |
| 14,414 | |
| Exercise of options | |
| 1 | | |
| 17,808 | | |
| - | | |
| - | | |
| (17,809 | ) | |
| - | | |
| - | | |
| - | | |
| - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total contribution by owners | |
| 1 | | |
| 17,808 | | |
| - | | |
| 1,267 | | |
| (4,662 | ) | |
| - | | |
| 14,414 | | |
| - | | |
| 14,414 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Balance as at June 30, 2023 | |
| 851 | | |
| 20,406,607 | | |
| (11,219 | ) | |
| (19,944,556 | ) | |
| 276,732 | | |
| (15,822 | ) | |
| 712,593 | | |
| 12,478 | | |
| 725,071 | |
Yatra
Online, Inc.
UNAUDITED
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THREE MONTHS ENDED JUNE 30, 2023
(Amount
in thousands, except per share data and number of shares)
| | |
Three months ended June 30, | |
| | |
2022 | | |
2023 | | |
2023 | |
| | |
INR | | |
INR | | |
USD | |
| | |
| | |
| | |
| |
| Profit/(Loss) before tax | |
| 1,888 | | |
| (10,265 | ) | |
| (126 | ) |
| Adjustments for non-cash and non-operating items | |
| 80,707 | | |
| 73,448 | | |
| 895 | |
| Change in working capital | |
| (280,250 | ) | |
| 36,306 | | |
| 442 | |
| Direct taxes paid (net of refunds) | |
| (32,874 | ) | |
| (38,073 | ) | |
| (464 | ) |
| Net cash flows from/(used in) operating activities | |
| (230,529 | ) | |
| 61,416 | | |
| 748 | |
| Net cash flows (used in) investing activities | |
| (12,804 | ) | |
| (109,035 | ) | |
| (1,329 | ) |
| Net cash flows (used in) financing activities | |
| (130,961 | ) | |
| (31,091 | ) | |
| (422 | ) |
| Net decrease in cash and cash equivalents | |
| (374,294 | ) | |
| (82,282 | ) | |
| (1,004 | ) |
| Cash and cash equivalents at the beginning of the period | |
| 800,282 | | |
| 503,601 | | |
| 6,113 | |
| Effect of exchange differences on cash and cash equivalents | |
| (2,812 | ) | |
| 31,569 | | |
| 409 | |
| Cash and cash equivalents at the end of the period | |
| 423,176 | | |
| 452,889 | | |
| 5,519 | |
Yatra
Online, Inc.
OPERATING
DATA
The
following table sets forth certain selected unaudited condensed consolidated financial and other data for the periods indicated:
| | |
For the three months ended June 30, | |
| (In thousands except percentages) | |
2022 | | |
2023 | |
| Quantitative details * | |
| | | |
| | |
| Air Passengers Booked | |
| 1,290 | | |
| 1,825 | |
| Stand-alone Hotel Room Nights Booked | |
| 585 | | |
| 491 | |
| Packages Passengers Travelled | |
| 5 | | |
| 6 | |
| Gross Bookings | |
| | | |
| | |
| Air Ticketing | |
| 14,837,538 | | |
| 16,923,959 | |
| Hotels and Packages | |
| 2,204,311 | | |
| 2,404,142 | |
| Other Services | |
| 825,367 | | |
| 506,275 | |
| Total | |
| 17,867,216 | | |
| 19,834,376 | |
| Adjusted Margin | |
| | | |
| | |
| Adjusted Margin - Air Ticketing | |
| 794,879 | | |
| 1,159,032 | |
| Adjusted Margin - Hotels and Packages | |
| 302,651 | | |
| 307,621 | |
| Adjusted Margin - Other Services | |
| 51,436 | | |
| 32,728 | |
| Others (Including Other Income) | |
| 104,766 | | |
| 153,988 | |
| | |
| | | |
| | |
| Adjusted Margin %** | |
| | | |
| | |
| Air Ticketing | |
| 5.4 | % | |
| 6.8 | % |
| Hotels and Packages | |
| 13.7 | % | |
| 12.8 | % |
| Other Services | |
| 6.2 | % | |
| 6.5 | % |
*
Quantitative details are considered on Gross basis.
**
Adjusted Margin % is defined as Adjusted Margin as a percentage of Gross Bookings.
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