Yatra Online, Inc. Announces Results for the Three Months and Year Ended March 31, 2025

GURUGRAM, India & NEW YORK--(BUSINESS WIRE)-- 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, 2025.

“We ended fiscal year 2025 on a strong note delivering revenue for the three months ended March 31, 2025 of INR 2,192.5 million (USD 25.7 million) up 114.0% YoY, driven by the growth in our MICE business and the inorganic contribution from the Globe Travels acquisition. Our Revenue Less Service Cost ('RLSC') for the three months ended March 31, 2025 of INR 1,094.0 million (USD 12.8 million) was up 33.9% YoY. Adjusted EBITDA of INR 90.0 million (USD 1.1 million).

“For fiscal year 2025, we reported revenue of INR 7,957.3 million (USD 93.1 million) registering growth of 89.9% YoY. Our fiscal year RLSC of INR 3,915.9 million (USD 45.8 million) was up 17.8% YoY. Our full-year revenue reflects the momentum we’ve built across our Corporate Travel and MICE businesses, which have been pivotal in navigating a competitive landscape. Notably, our profitability metrics underscore our disciplined execution: Adjusted EBITDA for the full year grew 28.3% YoY, reflecting our ability to optimize costs and capitalize on high-growth opportunities.

“Our MICE business has emerged as a standout performer, with significant revenue growth and margin expansion in the fourth quarter, building on the strong foundation laid throughout fiscal year 2025. By leveraging our expanded capabilities and Globe Travels’ expertise, we’ve captured a larger share of this high-margin segment, positioning Yatra as a dominant player in India’s MICE market.

“While our B2C air ticketing segment faced top-line and margin pressures due to strategic discount adjustments amid intense supplier competition, our diversified revenue mix—particularly the strength in Hotels & Packages and MICE—has effectively mitigated these challenges.

“Our Corporate Travel segment continues to be a cornerstone of our success. In the fourth quarter, we onboarded 35 new corporate clients, further expanding our annual billing potential by INR 1,430.0 million (USD 16.7 million) and reinforcing our position as India’s leading corporate travel provider. The integration of Globe Travels, acquired in September 2024, has exceeded expectations, delivering synergies in supplier consolidation, technology adoption, and cross-selling opportunities. These efforts have enhanced our ability to offer seamless, tech-driven solutions to our growing client base.

“As part of our ongoing efforts around restructuring, the Company has made strong progress with a viable structure in place. While some hurdles remain, we are actively navigating processes across jurisdictions. The timeline is uncertain due to complexity, but we’re fully committed. This transition is key for Yatra and our shareholders, aligning us with the market and unlocking value. We’ll share updates as we move forward.

“As we look ahead to fiscal 2026, we are encouraged by the momentum across our business. Strong corporate client acquisition, continued growth in our MICE segment, and ongoing investment in our proprietary technology platform including AI-powered personalization and booking tools position us well for the next phase of growth.

“We are introducing preliminary guidance for FY26, projecting approximately 20% growth in Revenue Less Service Costs (RLSC) and 30% year-over-year growth in Adjusted EBITDA, driven by three pillars: expansion in corporate travel, continued scaling of MICE and Hotels and Packages, and full cost synergies from Globe.

“We remain focused on advancing our strategic priorities: scaling high-margin verticals, deepening our technology edge, and creating sustainable long-term value for our stakeholders.

“I would like to thank our team for their relentless dedication, our partners for their trust, and our shareholders for their continued support.” – Dhruv Shringi, Co-founder and CEO.

Financial and operating highlights for the three months ended March 31, 2025:

• Revenue of INR 2,192.5 million (USD 25.7 million), representing an increase of 114.0% year-over-year basis (“YoY”).
• Adjusted Margin ⁽¹⁾ from Air Ticketing of INR 925.8 million (USD 10.8 million), representing a decrease of 23.5% YoY.
• Adjusted Margin ⁽¹⁾ from Hotels and Packages of INR 357.8 million (USD 4.2 million), representing an increase of 23.3% YoY.
• Total Gross Bookings (Air Ticketing, Hotels and Packages and Other Services)⁽³⁾ of INR 18,713.9 million (USD 219.1 million), representing a decrease of 6.3% YoY.
• Loss for the period was INR 14.8 million (USD 0.2 million) versus a loss of INR 30.2 million (USD 0.4 million) for the three months ended March 31, 2024, reflecting a decrease of INR 15.4 million (USD 0.2 million) YoY.
• Result from operations were a loss of INR 32.9 million (USD 0.4 million) versus a loss of INR 32.7 million (USD 0.4 million) for the three months ended March 31, 2024, reflecting a increase of INR 0.2 million (USD 0.1 million) YoY.
• Adjusted EBITDA⁽²⁾ was INR 90.0 million (USD 1.1 million) reflecting an increase of 23.0% YoY.

Financial and operating highlights for the year ended March 31, 2025:

• Revenue of INR 7,957.3 million (USD 93.1 million), representing an increase of 89.9% year-over-year basis (“YoY”).
• Adjusted Margin ⁽¹⁾ from Air Ticketing of INR 3,588.2 million (USD 42.0 million), representing a decrease of 20.3% YoY.
• Adjusted Margin ⁽¹⁾ from Hotels and Packages of INR 1,473.1 million (USD 17.2 million), representing an increase of 29.2% YoY.
• Total Gross Bookings (Air Ticketing, Hotels and Packages and Other Services)⁽³⁾ of INR 70,910.2 million (USD 830.0 million), representing a decrease of 6.6% YoY.
• Profit for the period was INR 23.9 million (USD 0.3 million) versus a loss of INR 366.5 million (USD 4.3 million) for the year ended March 31, 2024, reflecting an increase in profit by INR 390.4 million (USD 4.6 million) YoY.
• Result from operations were a loss of INR 89.9 million (USD 1.1 million) versus a loss of INR 158.8 million (USD 1.9 million) for the year ended March 31, 2024, reflecting an improvement in loss by INR 68.9 million (USD 0.8 million) YoY.
• Adjusted EBITDA⁽²⁾ Profit was INR 343.8 million (USD 4.0 million) reflecting an increase of 28.3% YoY.

		Three months ended March 31,
		2024				2025				2025
		Unaudited				Unaudited				Unaudited				YoY Change
(In thousands except percentages)		INR				INR				USD				%
Financial Summary as per IFRS
Revenue			1,024,460				2,192,468				25,664				114.0	%
Results from operations			(32,719	)			(32,915	)			(387	)			(0.6	)%
Loss for the period			(30,243	)			(14,834	)			(176	)			(51.0	)%
Financial Summary as per non-IFRS measures
Adjusted Margin (1)
Adjusted Margin - Air Ticketing			1,210,720				925,776				10,837				(23.5	)%
Adjusted Margin - Hotels and Packages			290,109				357,761				4,188				23.3	%
Adjusted Margin - Other Services			26,849				92,161				1,079				243.3	%
Others (Including Other Income)			204,766				193,680				2,267				(5.4	)%
Adjusted EBITDA (2)			73,191				90,003				1,054				23.0	%
Operating Metrics
Gross Bookings (3)			19,961,607				18,713,890				219,055				(6.3	)%
Air Ticketing			17,158,179				14,664,296				171,653				(14.5	)%
Hotels and Packages			2,205,063				3,389,955				39,681				53.7	%
Other Services (6)			598,365				659,639				7,721				10.2	%
Adjusted Margin% (4)
Air Ticketing			7.1	%			6.3	%
Hotels and Packages			13.2	%			10.6	%
Other Services			4.5	%			14.0	%
Quantitative details (5)
Air Passengers Booked			1,801				1,248								(30.7	)%
Stand-alone Hotel Room Nights Booked			399				367								(8.1	)%
Packages Passengers Travelled			6				20								228.2	%

		Year ended March 31,
		2024				2025				2025				YoY Change
(In thousands except percentages)		INR				INR				USD				%
Financial Summary as per IFRS
Revenue			4,189,897				7,957,251				93,144				89.9	%
Results from operations			(158,809	)			(89,917	)			(1,054	)			43.4	%
Profit/(loss) for the period			(366,505	)			23,879				277				106.5	%
Financial Summary as per non-IFRS measures
Adjusted Revenue (1)
Air Ticketing			4,502,423				3,588,182				42,001				(20.3	)%
Hotels and Packages			1,140,130				1,473,084				17,243				29.2	%
Adjusted Margin - Other Services			179,076				313,057				3,664				74.8	%
Others (Including Other Income)			708,461				680,015				7,960				(4.0	)%
Adjusted EBITDA (2)			267,978				343,769				4,024				28.3	%
Operating Metrics
Gross Bookings (3)			75,948,025				70,910,166				830,038				(6.6	)%
Air Ticketing			64,950,106				55,272,782				646,995				(14.9	)%
Hotels and Packages			8,758,863				13,053,414				152,797				49.0	%
Other Services (6)			2,239,056				2,583,970				30,247				15.4	%
Net Revenue Margin% (4)
Air Ticketing			6.9	%			6.5	%
Hotels and Packages			13.0	%			11.3	%
Quantitative details (5)
Air Passengers Booked			6,945				5,269								(24.1	)%
Stand-alone Hotel Room Nights Booked			1,692				1,663								(1.7	)%
Packages Passengers Travelled			24				61								152.9	%

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, IT services, bus, rail and cab and others services.

As of March 31, 2025, 62,074,642 ordinary shares (on an as-converted basis), par value $0.0001 per share, of the Company (the “Ordinary Shares”) were issued and outstanding.

Conference Call

The Company will host a conference call to discuss its unaudited results for the three months ended March 31, 2025 beginning at 8:30 AM Eastern Daylight Time (or 6:00 PM India Standard Time) on May 30, 2025. Dial in details for the conference call is as follows: US/International dial-in number: +1 404 975 4839. Confirmation Code: 051018 (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/986043400.

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; growth of the MICE business; statements concerning management’s beliefs as well as our strategic and operational plans; our pursuit of strategic M&A opportunities and the pipeline of prospects; our ability to simplify our corporate structure and operations and enhance shareholder value; our expectations regarding sustained margin expansion as a result of simplifying our legal and corporate structure; our future financial performance; our anticipated outcomes from the investigation into the whistleblower complaints; and our expectations regarding efficiencies, growth opportunities and long-term competitive positionings related to the integration of GAISL. 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 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, the evolving events in Israel, Gaza and the Middle East and the intensification of hostilities between India and Pakistan), pandemics, macroeconomic factors, including tariff and trade issues, 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, including the merger between Air India and Vistara, 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; our ability to effectively integrate artificial intelligence, machine learning and automated decision-making tools; non-compliance with Nasdaq’s continued listing requirements and consequent delisting of our ordinary shares from Nasdaq; and our ability to simplify our multi-jurisdictional corporate structure or reduce resources and management time devoted to compliance requirement. 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, India's leading corporate travel services provider with over 1300 large corporate customers and one of India's leading online travel companies. The company provides information, pricing, availability and booking facility for domestic and international air travel, domestic and international hotel bookings, holiday packages, buses, trains, in city activities, inter-city and point-to-point cabs, homestays and cruises. With approximately 80K hotels and homestays contracted in approximately 1,500 cities across India, as well as approximately 2 million hotels around the world, the company is India's largest platform for domestic hotels.

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For more information, please contact:

Manish Hemrajani

Yatra Online, Inc.

VP, Investor Relations

ir@yatra.com

Source: Yatra Online, Inc.