Transcript Availability
• Earnings conference call transcript for Q4 and FY 2024 available on the company's website.
• Notification sent to National Stock Exchange of India and BSE Limited.
Financial Performance Highlights
• Annual Revenue: INR 4.2 billion, 10% YoY increase.
• Air Passenger Volumes: Up 24%, exceeding industry growth of 12%.
• Gross Bookings: 12% growth in Q4, driven by international travel rebound.
• EBITDA Margin: Improved to 13%.
• Adjusted Revenue Growth: 4% YoY when excluding catch-up income.
Corporate Strategy and Developments
• Corporate Customers: 83 new corporate clients signed in FY '24.
• Expense Management Solution: Launched to enhance customer relationships.
• User Interface Update: New domestic site interface to improve booking experience.
Market Outlook
• Corporate Travel Recovery: Volumes returning to pre-COVID levels.
• Indian Economy Growth: Expected to positively impact travel sector.
• Supply Constraints: Anticipated easing in domestic aviation in H2 FY 2024.
Financial Results Overview
• Gross Bookings: INR 19.9 billion, 12% YoY growth.
• Profit After Tax: Second consecutive year of positive PAT.
• Adjusted EBITDA: INR 155 million for the quarter.
• Debt Reduction: Gross debt decreased to INR 638 million from INR 1.53 billion.
Q&A Highlights
• Corporate vs. B2C Segments: Corporate profitability up 65%-70%, challenges in B2C due to supply constraints.
• Air Ticketing Revenue: Absence of GDS bonus explained as a catch-up from previous years.
• Airline Take Rates: Increased competition affecting costs; focus on profit enhancement in B2C.
Concerns and Clarifications
• Stock Liquidity Issues: Acknowledged by management; further discussion offered.
• Revenue Surprises: No anticipated surprises; focus on profitability and market share growth.
• Service Costs: Linked to holiday package sales; expected to rise with business recovery.
Conclusion
• Corporate Travel Growth: Optimism about future growth despite short-term challenges.
• Customer Engagement: Emphasis on sustainable growth through strategic initiatives rather than aggressive pricing.

Yatra Online Limited Earnings Conference Call Summary
Call Details
• Date: February 20, 2024
• Moderated by: Anuj Sonpal, Valorem Advisors
• Key Management Present:
• CEO: Dhruv Shringi
• CFO: Rohan Mittal
• VP: Manish Hemrajani
• Purpose: Discuss financial performance and business fundamentals for Q3 FY2023-24.
Financial Performance Highlights
• Air Passenger Segment Growth:
• 26% year-over-year growth, exceeding industry average of 9%.
• Fourth consecutive quarter of market share gains.
• Corporate Travel Expansion:
• 26 new corporate clients, including Aramco Asia.
• Revenue from Operations:
• INR 1.1 billion, a 23.1% year-over-year increase.
• Adjusted EBITDA: INR 100 million.
• Hotel and Packages Segment:
• 18% revenue increase.
Economic Context
• Indian Economy Growth: Projected at 7% in FY24, positively influencing travel demand.
Financial Insights
• Gross Bookings:
• 18% increase.
• 10% rise in adjusted margins for air ticketing.
• Marketing Expenses: Increased by 8%.
• Debt Management:
• 51% reduction in gross debt.
Q&A Highlights
• Corporate Bookings Target:
• Aiming for INR 20 crore PAT by Q1, with potential aviation capacity constraints noted.
• Service Costs:
• Increased due to seasonal demand; focus on achieving profit run rate of over INR 20 crore from FY25.
• Legal and Professional Expenses: Clarified as part of larger expense category.
• GDS Contracts:
• Commissions earned from airlines and GDSs; focus on higher-margin corporate travel.
• Take Rates:
• B2B take rates stable, expected to improve with fair market pricing.
• Marketing Spend:
• Primarily B2C focused, with slight increase expected.
Strategic Focus
• Brand Visibility: Maintaining while managing expenses.
• Investment for Growth: Strategic investments to enhance market share despite temporary margin impacts.
• Revenue Recognition:
• New corporate client contracts recognized over time based on implementation cycles.
Conclusion
• The call emphasized Yatra's strong performance, strategic growth initiatives, and commitment to navigating market challenges while maintaining financial health.

Notification and Call Details
• Date of notification: November 20, 2023
• Transcript availability: National Stock Exchange of India and BSE Limited
• Call date: November 15, 2023
• Moderator: Anuj Sonpal, Valorem Advisors
• Key management introduced:
• CEO Dhruv Shringi
• CFO Rohan Mittal
• VP Manish Hemrajani
Financial Performance Highlights
• Market Share Expansion:
• Air passenger bookings up 31% year-over-year
• Outpaced industry growth of 23%
• International travel recovery at 90% of pre-COVID levels
• Corporate Accounts:
• Secured 13 new accounts, potential annual revenue of INR 813 million
• Revenue Growth:
• Total revenues: INR 94.1 crores (14% increase year-over-year)
• Adjusted EBITDA: INR 10.6 crores
• Gross bookings: INR 17,504 million (10.2% increase)
• Hotel segment revenue: 37% increase
• Future Projections:
• Anticipated profit after tax (PAT) of over INR 20 crores by Q1 FY25
Key Discussions During the Call
• Supplier Margins:
• Ongoing discussions for improvements; trends expected by quarter-end
• Air Ticket Prices:
• 14% year-on-year drop; further 5% decrease anticipated
• Domestic market share at 7-8%, growing 20% faster than industry
• Cost-Cutting Measures:
• Renegotiating payment gateway charges
• Focus on increasing UPI adoption to reduce costs
• ESOP Costs:
• Recent spike attributed to IPO; future costs expected to normalize
Additional Financial Insights
• Second Half Costs:
• No additional costs expected after Rs. 6 crores recorded in the current quarter
• Capital Deployment:
• Plans to deploy Rs. 200-250 crores to enhance margins
• Days Sales Outstanding (DSO):
• Stable at around 28 days; transitioning corporate customers to credit cards
• B2C and B2B Contributions:
• B2C segment contributes 55-60% of gross bookings
• Margin improvements expected across both segments
• Forex Business:
• Small but plans for growth opportunities
Conclusion
• Management expressed gratitude to participants and wished for a prosperous year ahead.

Notification and Call Details
• Date of notification: October 19, 2023
• Transcript available on the company's website
• Call held on October 16, 2023
• Moderated by Anuj Sonpal from Valorem Advisors
• Management team included CEO Dhruv Shringi and CFO Rohan Mittal
Financial Performance Highlights
• Q1 FY24 Performance:
• 41% year-over-year increase in air passenger bookings
• Revenue: Rs. 110 crores (up 24%)
• EBITDA: Rs. 17 crores (up 28%)
• Flat net profit due to higher interest costs
• Gross Bookings:
• Growth of 11% year-over-year, reaching INR 19.8 billion
• Air ticketing revenue surged by 30% to INR 490 million
• Hotel and package revenue rose by 18% to INR 448 million
• Total adjusted margins grew by 30% to INR 1.5 billion
Expenses and Debt
• Marketing and sales promotion costs increased by 72% to INR 880 million
• Personnel expenses rose by 2% to INR 262 million
• Gross debt increased to INR 1.7 billion; cash and equivalents improved to INR 1.06 billion
Market Insights and Strategy
• B2B segment accounted for 45% of gross bookings
• Focus on gaining market share from mid-tier players
• Shift from offline to online services driving growth
• Seasonality impacts travel demand, with Q1 and Q4 being strongest quarters
Future Outlook
• Optimism for growth in corporate hotels and B2C air travel
• Marketing costs expected to stabilize at 10-12% of revenue
• Plans to increase hotel business share leveraging corporate customer base
IPO Fund Allocation
• Rs. 150 crores earmarked for LME
• Rs. 60 crores for corporate purposes
• Remaining funds for growth initiatives, including partnerships
Challenges and Concerns
• Decline in room nights attributed to poor performance of an affiliate partner
• Concerns regarding Go First airlines' bankruptcy and outstanding claims
Conclusion
• Dhruv Shringi expressed confidence in Yatra's growth potential and thanked participants for their engagement.