Yatra Online, Inc. Announces Results for the Three Months Ended September 30, 2025
GURUGRAM,
“I am pleased to report that for the second quarter we delivered robust financial and operational performance, exceeding our original annual growth guidance despite declining business in the overall domestic aviation industry in
“For the three months ended September 30, 2025, revenue reached INR 3,508.7 million (
“Our Corporate Travel segment remains a growth cornerstone, onboarding 34 new clients during the second quarter and expanding annual billing potential by INR 2,615.0 million (
“Integration of Globe Travels has delivered supplier synergies, technology innovation, and cross-selling opportunities, enhancing client offerings.
“The Company is progressing on its restructuring efforts to unlock shareholder value, with timelines subject to complexity.
“Looking ahead, we remain focused on scaling high-margin segments, deepening technology capabilities, and driving sustainable long-term value for stakeholders.
“I extend my sincere thanks to our dedicated team, trusted partners, and supportive shareholders.” – Dhruv Shringi, Co-founder and CEO.
Financial and operating highlights for the three months ended September 30, 2025:
-
Revenue of INR 3,508.7 million (
USD 39.5 million ), representing an increase of48.5% year-over-year basis (“YoY”). -
Adjusted Margin (1) from Air Ticketing of INR 1,016.0 million (
USD 11.4 million ), representing an increase of14.7% YoY. -
Adjusted Margin (1) from Hotels and Packages of INR 514.5 million (
USD 5.8 million ), representing an increase of28.6% YoY. -
Total Gross Bookings (Air Ticketing, Hotels and Packages and Other Services) (3) of INR 20,504.8 million (
USD 231.0 million ), representing an increase of16.2% YoY. -
Profit for the period was INR 98.8 million (
USD 1.1 million ) versus a Loss of INR 0.3 million (USD 0.1 million ) for the three months ended September 30, 2024, reflecting an increase in profit by INR 99.1 million (USD 1.1 million ) YoY. -
Results from operations were a profit of INR 104.7 million (
USD 1.2 million ) versus a loss of INR 37.7 million (USD 0.4 million ) for the three months ended September 30, 2024, reflecting an increase in profit by INR 142.4 million (USD 1.6 million ) YoY. -
Adjusted EBITDA (2) was INR 212.0 million (
USD 2.4 million ) reflecting an increase of217.7% YoY.
|
|
Three months ended September 30, |
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|
|
|||||||||||
|
|
2024 |
|
2025 |
|
2025 |
|
YoY Change |
||||||||
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
|
|
|||||||
(In thousands except percentages) |
|
INR |
|
INR |
|
USD |
|
% |
||||||||
Financial Summary as per IFRS Accounting Standards |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
2,363,325 |
|
|
|
3,508,690 |
|
|
|
39,521 |
|
|
|
48.5 |
% |
Results from operations |
|
|
(37,679 |
) |
|
|
104,671 |
|
|
|
1,178 |
|
|
|
377.8 |
% |
(Loss)/ Profit for the period |
|
|
(296 |
) |
|
|
98,771 |
|
|
|
1,111 |
|
|
|
33468.6 |
% |
Financial Summary as per non-IFRS measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Margin (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Margin - Air Ticketing |
|
|
885,855 |
|
|
|
1,016,046 |
|
|
|
11,445 |
|
|
|
14.7 |
% |
Adjusted Margin - Hotels and Packages |
|
|
400,148 |
|
|
|
514,468 |
|
|
|
5,795 |
|
|
|
28.6 |
% |
Adjusted Margin - Other Services |
|
|
75,935 |
|
|
|
94,967 |
|
|
|
1,070 |
|
|
|
25.1 |
% |
Others (Including Other Income) |
|
|
145,895 |
|
|
|
137,843 |
|
|
|
1,553 |
|
|
|
(5.5 |
)% |
Adjusted EBITDA (2) |
|
|
66,716 |
|
|
|
211,985 |
|
|
|
2,388 |
|
|
|
217.7 |
% |
Operating Metrics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Bookings (3) |
|
|
17,651,566 |
|
|
|
20,504,854 |
|
|
|
230,962 |
|
|
|
16.2 |
% |
Air Ticketing |
|
|
13,260,073 |
|
|
|
14,811,400 |
|
|
|
166,833 |
|
|
|
11.7 |
% |
Hotels and Packages |
|
|
3,661,505 |
|
|
|
5,141,643 |
|
|
|
57,914 |
|
|
|
40.4 |
% |
Other Services (6) |
|
|
729,988 |
|
|
|
551,811 |
|
|
|
6,215 |
|
|
|
(24.4 |
)% |
Adjusted Margin% (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Air Ticketing |
|
|
6.7 |
% |
|
|
6.9 |
% |
|
|
|
|
|
|
|
|
Hotels and Packages |
|
|
10.9 |
% |
|
|
10.0 |
% |
|
|
|
|
|
|
|
|
Other Services |
|
|
10.4 |
% |
|
|
17.2 |
% |
|
|
|
|
|
|
|
|
Quantitative details (5) |
|
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|
|
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|
|
|
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|
Air Passengers Booked |
|
|
1,377 |
|
|
|
1,329 |
|
|
|
|
|
|
|
(3.5 |
)% |
Stand-alone Hotel Room Nights Booked |
|
|
461 |
|
|
|
504 |
|
|
|
|
|
|
|
9.4 |
% |
Packages Passengers Travelled |
|
|
15 |
|
|
|
33 |
|
|
|
|
|
|
|
115.2 |
% |
Notes:
(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 September 30, 2025, 62,294,143 ordinary shares (on an as-converted basis), par value
Convenience Translation
The interim unaudited condensed consolidated financial statements are stated in INR. However, solely for the convenience of readers, the interim unaudited condensed consolidated statement of profit or loss and other comprehensive loss for the three months and six months ended September 30, 2025, the interim unaudited condensed consolidated statement of financial position as at September 30, 2025, the interim unaudited condensed consolidated statement of cash flows for the six months ended September 30, 2025 and discussion of the results of the three months ended September 30, 2025 compared with three months ended September 30, 2024, were converted into
Recent developments
-
The Board of Directors (the “Board”) of Yatra Online Limited (“Yatra India”), the Indian subsidiary of the Company, approved a Composite Scheme of Amalgamation (“Scheme”) on August 12, 2024. The Scheme involves a structural reorganization of Yatra India (the “Amalgamated Company”) and its six wholly-owned subsidiaries (collectively, the “Amalgamating Companies”), and excludes the Company. The Amalgamating Companies and Amalgamated Company had previously filed the Scheme with the Hon’ble National Company Law Tribunal,
Mumbai (“NCLT”), for the requisite approvals. The NCLT delivered an order dated February 07, 2025 allowing the first motion application. Subsequently, Yatra India filed the second motion application with NCLT for approval, which the NCLT allowed via an order dated July 10, 2025. The NCLT, via its order dated October 14, 2025 (“Order”), has approved the Scheme. The Scheme shall become effective upon filing of the certified copy of the Order with the Registrar of Companies,Mumbai ,Maharashtra, India . - On September 30, 2025, the Board of the Company appointed Mr. Siddhartha Gupta as a director of the Company, effective immediately. Mr. Siddhartha Gupta will serve in the class of directors whose term expires at the Company’s 2026 Annual General Meeting of Shareholders.
-
On August 26, 2025, the Company has received a letter from the Listing Qualifications Department of The Nasdaq Stock Market, Inc. notifying the Company that it has regained compliance with the NASDAQ Capital Market’s minimum bid price continued listing requirement. The letter noted that for the last 11 consecutive business days, from August 11, 2025 through August 25, 2025, the closing bid price of the Company’s Ordinary Shares has been at
$1.00
The Company’s financial and operating results for the three months ended September 30, 2024, include the financial and operating results of Globe All India Services Limited (GAISL) from September 11, 2024, to September 30, 2024. Accordingly, the reported results for the three months ended September 30, 2025, which are inclusive of the full quarter impact of consolidation of GAISL may not be comparable with the reported results for the three months ended September 30, 2024, which includes the impact of consolidation of GAISL from September 11, 2024, to September 30, 2024.
Results of Three Months Ended September 30, 2025
Revenue. We generated Revenue of INR 3,508.7 million (
Service cost. Our Service cost increased to INR 2,251.4 million (
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)
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|
Reportable Segments |
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|
|
Air Ticketing |
|
Hotels and Packages |
|
Other Services |
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|
Three months ended September 30, |
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Amount in INR thousands (Unaudited) |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
||||||||||||
Revenue as per IFRS - Rendering of services |
|
|
429,666 |
|
|
|
584,705 |
|
|
|
1,703,783 |
|
|
|
2,706,918 |
|
|
|
93,940 |
|
|
|
91,310 |
|
Customer promotional expenses |
|
|
456,189 |
|
|
|
431,341 |
|
|
|
101,109 |
|
|
|
58,945 |
|
|
|
4,961 |
|
|
|
3,657 |
|
Service cost |
|
|
- |
|
|
|
- |
|
|
|
(1,404,744 |
) |
|
|
(2,251,395 |
) |
|
|
(22,966 |
) |
|
|
- |
|
Adjusted Margin |
|
|
885,855 |
|
|
|
1,016,046 |
|
|
|
400,148 |
|
|
|
514,468 |
|
|
|
75,935 |
|
|
|
94,967 |
|
Air Ticketing. Revenue from our Air Ticketing business was INR 584.7 million (
Adjusted Margin (1) from our Air Ticketing business increased to INR 1,016.0 million (
Hotels and Packages. Revenue from our Hotels and Packages business was INR 2,706.9 million (
Adjusted Margin (1) for this segment increased by
Other Services. Our Revenue from Other Services was INR 91.3 million (
Adjusted Margin for this segment increased by
(1) |
|
See the section titled “Certain Non-IFRS Measures.” |
Other Revenue. Our Other Revenue was INR 125.8 million (
Other Income. Our Other Income increased to INR 12.1 million (
Personnel Expenses. Our Personnel Expenses increased by
Marketing and Sales Promotion Expenses. Marketing and Sales Promotion Expenses decreased by
Other Operating Expenses. Other Operating Expenses increased by
Depreciation and Amortization. Our Depreciation and Amortization expenses increased by
Results from Operations. As a result of the foregoing factors, our Results from Operations was a profit of INR 104.7 million (
Finance Income. Our finance income decreased to INR 49.0 million (
Finance Costs. Our finance costs of INR 28.2 million (
Income Tax Expense. Our Income Tax Expense during the three months ended September 30, 2025 was INR 26.7 million (
Profit/(Loss) for the Period. As a result of the foregoing factors, our profit in the three months ended September 30, 2025 was INR 98.8 million (
Adjusted EBITDA (1). Due to the foregoing factors, Adjusted EBITDA (1) increased to INR 212.0 million (
Basic Earnings/(Loss) per Share. Basic Earnings per Share was INR 0.77 (USD 0.01) in the three months ended September 30, 2025 as compared to Basic Loss per share of INR 0.25 (USD 0.01) in the three months ended September 30, 2024. After excluding the employee share-based compensation costs and listing and related expenses, Adjusted Basic Earnings per Share (1) would have been INR 0.87 (USD 0.01) in the three months ended September 30, 2025, as compared to Adjusted Basic Earnings per share of INR 0.10 (USD 0.01) in the three months ended September 30, 2024.
Diluted Earnings/(Loss) per Share. Diluted Earnings per Share was INR 0.77 (USD 0.01) in the three months ended September 30, 2025 as compared to Diluted Loss per share of INR 0.25 (USD 0.01) in the three months ended September 30, 2024. After excluding the employee share-based compensation costs and listing and related expenses, Adjusted Diluted Earnings per Share (1) would have been INR 0.87 (USD 0.01) in the three months ended September 30, 2025 as compared to Adjusted Diluted Earnings of INR 0.10 (USD 0.01) in the three months ended September 30, 2024.
Liquidity. As of September 30, 2025, the balance of cash and cash equivalents and term deposits on our balance sheet was INR 2,207.8 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 September 30, 2025 beginning at 8:00 AM Eastern Standard Time (or 6:30 PM India Standard Time) on November 12, 2025. Dial in details for the conference call is as follows: US/International dial-in number: +1 646 844 6383. Confirmation Code: 217542 (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/185910578.
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, 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. 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.
- Finance income – These primarily reflect income on the bank deposit.
- Finance cost – These primarily reflect income on the borrowings and interest in lease liability.
- Depreciation and amortization – These primarily reflect depreciation and amortization on tangible and intangible assets.
- Tax expense – These primarily reflect income tax and deferred tax.
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, Profit/(Loss) for the period and Basic and Diluted Earnings/(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 Accounting Standards 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, 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, depreciation and amortization, finance income, finance costs, and tax expenses in case of Adjusted EBITDA. Management compensates for this limitation by providing specific information on the IFRS amounts excluded from Adjusted EBITDA, Adjusted Results from Operations, Adjusted Profit/(Loss) for the Period and Adjusted Basic and Adjusted Diluted Earnings/(Loss) Per Share.
The following table reconciles our Profits/(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 |
|
Six months ended |
||||||||||||
Amount in INR thousands |
|
September 30, 2024 |
|
September 30, 2025 |
|
September 30, 2024 |
|
September 30, 2025 |
||||||||
Profit/(Loss) for the period as per IFRS |
|
|
(296 |
) |
|
|
98,771 |
|
|
|
(1,057 |
) |
|
|
208,712 |
|
Employee share-based compensation costs |
|
|
30,514 |
|
|
|
8,618 |
|
|
|
69,306 |
|
|
|
18,957 |
|
Depreciation and amortization |
|
|
73,881 |
|
|
|
98,696 |
|
|
|
134,803 |
|
|
|
190,206 |
|
Finance income |
|
|
(62,910 |
) |
|
|
(49,012 |
) |
|
|
(128,724 |
) |
|
|
(84,084 |
) |
Finance costs |
|
|
25,383 |
|
|
|
28,215 |
|
|
|
53,989 |
|
|
|
46,437 |
|
Tax expense |
|
|
144 |
|
|
|
26,697 |
|
|
|
3,991 |
|
|
|
37,985 |
|
Adjusted EBITDA |
|
|
66,716 |
|
|
|
211,985 |
|
|
|
132,308 |
|
|
|
418,213 |
|
Reconciliation of Adjusted Results from Operations (unaudited) |
|
Three months ended |
|
Six months ended |
||||||||||||
Amount in INR thousands |
|
September 30, 2024 |
|
September 30, 2025 |
|
September 30, 2024 |
|
September 30, 2025 |
||||||||
Results from operations (as per IFRS) |
|
|
(37,679 |
) |
|
|
104,671 |
|
|
|
(71,802 |
) |
|
|
209,050 |
|
Employee share-based compensation costs |
|
|
30,514 |
|
|
|
8,618 |
|
|
|
69,306 |
|
|
|
18,957 |
|
Adjusted Results from Operations |
|
|
(7,165 |
) |
|
|
113,289 |
|
|
|
(2,496 |
) |
|
|
228,007 |
|
Reconciliation of Adjusted Profit/(Loss) (unaudited) |
|
Three months ended |
|
Six months ended |
||||||||||||
Amount in INR thousands |
|
September 30, 2024 |
|
September 30, 2025 |
|
September 30, 2024 |
|
September 30, 2025 |
||||||||
Profit/(Loss) for the period (as per IFRS) |
|
|
(296 |
) |
|
|
98,771 |
|
|
|
(1,057 |
) |
|
|
208,712 |
|
Employee share-based compensation costs |
|
|
30,514 |
|
|
|
8,618 |
|
|
|
69,306 |
|
|
|
18,957 |
|
Adjusted Profit/(Loss) for the period |
|
|
30,218 |
|
|
|
107,389 |
|
|
|
68,249 |
|
|
|
227,669 |
|
|
|
|
Three months ended |
|
Six months ended |
||||||||||||
Reconciliation of Adjusted Basic Earnings/(Loss) (Per Share) (unaudited) |
|
September 30, 2024 |
|
September 30, 2025 |
|
September 30, 2024 |
|
September 30, 2025 |
||||||||
Basic Earnings/Loss per share (as per IFRS) |
|
|
(0.25 |
) |
|
|
0.77 |
|
|
|
(0.67 |
) |
|
|
1.62 |
|
Employee share-based compensation costs |
|
|
0.35 |
|
|
|
0.10 |
|
|
|
0.77 |
|
|
|
0.22 |
|
Adjusted Basic Earnings/(Loss) Per Share |
|
|
0.10 |
|
|
|
0.87 |
|
|
|
0.10 |
|
|
|
1.84 |
|
|
|
Three months ended |
|
Six months ended |
||||||||||||
Reconciliation of Adjusted Diluted Loss (Per Share) (unaudited) |
|
September 30, 2024 |
|
September 30, 2025 |
|
September 30, 2024 |
|
September 30, 2025 |
||||||||
Diluted Earnings/(Loss) per share (as per IFRS) |
|
|
(0.25 |
) |
|
|
0.77 |
|
|
|
(0.67 |
) |
|
|
1.61 |
|
Employee share-based compensation costs |
|
|
0.35 |
|
|
|
0.10 |
|
|
|
0.77 |
|
|
|
0.22 |
|
Adjusted Diluted Earnings/(Loss) Per Share |
|
|
0.10 |
|
|
|
0.87 |
|
|
|
0.10 |
|
|
|
1.83 |
|
The following table reconciles our Revenue (an IFRS measure), to Adjusted Margin (a non-IFRS measure):
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 September 30, |
||||||||||||||||||||||
Amount in INR thousands (Unaudited) |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
||||||||||||
Revenue as per IFRS - Rendering of services |
|
|
429,666 |
|
|
|
584,705 |
|
|
|
1,703,783 |
|
|
|
2,706,918 |
|
|
|
93,940 |
|
|
|
91,310 |
|
Customer promotional expenses |
|
|
456,189 |
|
|
|
431,341 |
|
|
|
101,109 |
|
|
|
58,945 |
|
|
|
4,961 |
|
|
|
3,657 |
|
Service cost |
|
|
- |
|
|
|
- |
|
|
|
(1,404,744 |
) |
|
|
(2,251,395 |
) |
|
|
(22,966 |
) |
|
|
- |
|
Adjusted Margin |
|
|
885,855 |
|
|
|
1,016,046 |
|
|
|
400,148 |
|
|
|
514,468 |
|
|
|
75,935 |
|
|
|
94,967 |
|
|
|
Reportable Segments |
||||||||||||||||||||||
|
|
Air Ticketing |
|
Hotels and Packages |
|
Other Services |
||||||||||||||||||
|
|
Six months ended September 30, |
||||||||||||||||||||||
Amount in INR thousands |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
||||||||||||
Revenue as per IFRS - Rendering of services |
|
|
886,575 |
|
|
|
1,231,677 |
|
|
|
2,086,919 |
|
|
|
3,959,474 |
|
|
|
161,727 |
|
|
|
158,719 |
|
Customer promotional expenses |
|
|
918,231 |
|
|
|
766,886 |
|
|
|
199,068 |
|
|
|
128,390 |
|
|
|
9,291 |
|
|
|
8,153 |
|
Service cost |
|
|
- |
|
|
|
- |
|
|
|
(1,608,698 |
) |
|
|
(3,193,248 |
) |
|
|
(22,966 |
) |
|
|
- |
|
Adjusted Margin |
|
|
1,804,806 |
|
|
|
1,998,563 |
|
|
|
677,289 |
|
|
|
894,616 |
|
|
|
148,052 |
|
|
|
166,872 |
|
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
About Yatra Online, Inc.
Yatra Online, Inc. is the ultimate parent company of Yatra India, a public listed company on the National Stock Exchange of India Limited and BSE Limited, whose corporate office is based in Gurugram,
View source version on businesswire.com: https://www.businesswire.com/news/home/20251111470693/en/
For more information, please contact:
Bill Zima
ICR Inc.
Email: bill.zima@icrinc.com
Source: Yatra Online, Inc.
