Yatra Online Limited — Investor Meet, 17-02-2025: Analysts/Institutional Investor Meet/Con. Call Updates

**Financial Performance:** Yatra Online Limited reported a revenue from operations of INR 235 crores, reflecting a remarkable year-over-year increase of 113%. The gross margin also improved significantly, growing by 25% to INR 104 crores. The strong performance in the Hotels and Packages segment, particularly the corporate travel sector, contributed to this growth. Adjusted EBITDA surged 75% year-over-year to INR 17.5 crores, while net profit skyrocketed 845% to INR 100 million. This upward trajectory indicates robust operational efficiency and effective cost management.

**Future Outlook and Growth Drivers:** Management expressed confidence in maintaining growth momentum, particularly in the corporate travel segment, which is expected to expand significantly due to the increasing demand for MICE services. The integration of Globe Travels services is expected to further enhance profitability through positive synergies and improved supplier relationships. Yatra aims to continue diversifying its revenue streams and leveraging its corporate travel solutions.

**Order Book and Operational Updates:** Yatra onboarded 50 new corporate clients, adding an annual billing potential of INR 280 crores. Cumulatively, the company onboarded 177 corporate clients post-IPO, with a total billing potential of around INR 1,000 crores.

**Analyst Q&A Insights (Detailed):** Analysts questioned profitability trends, with management asserting that sustained growth hinges on optimized spending and increasing corporate business share. In response to competition from airlines, management highlighted an evolving mix favoring higher-margin B2B bookings. Challenges in the B2C air sector are being addressed through strategic marketing adjustments.

**Strategic Focus Areas:** Management emphasized a focus on improving operational efficiencies, enhancing corporate offerings, and leveraging innovation in expense management and customer service through AI technologies.

**Investor Insight:** The solid financial results, strong demand in corporate travel, and strategic growth initiatives provide a favorable outlook, suggesting a potential position for investors to consider ‘buy’ or ‘hold’ actions, depending on individual risk appetite.