Gurugram, India and New York, New York--(Newsfile Corp. - May 30, 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 March 31, 2023.
"We wrapped up Fiscal Year 2023, with our strongest quarter yet since the onset of COVID, registering an exceptional YoY growth of 97.4% in Revenue and 93.3% in Adjusted Revenue. This strong performance is attributed to the marked recovery and market share gains in recent quarters in both our consumer and corporate travel businesses which enabled us to achieve the highest payout slabs for our year end incentives with GDS and airlines. Additionally, the successful onboarding of new corporate customers in our business travel segment further bolstered our growth trajectory. Notably, we signed a record number of 97 medium to large corporate customers in the year ended March 31, 2023, a testament to our corporate leadership and capabilities and the continued recovery in the travel sector. Our revenue and adjusted revenue for the quarter ended March 31, 2023, were reported at INR 1,194.3 million (USD 14.5 million) and INR 1,894.9 million (USD 23.1 million) respectively, well exceeding our projected guidance range of $19.5-20.5 million in adjusted revenue issued last quarter. In a stark contrast to the INR 53.4 million loss in the corresponding quarter in the prior year, we delivered a profit of INR 7.5 million (USD 0.1 million) in the three months ended March 31, 2023. Adjusted EBITDA for the quarter reached INR 185.6 million (USD 2.3 million), marking a significant increase of 251% YoY. India's domestic passenger traffic grew by 4.6% in the three months ended March 31, 2023, compared to the prior quarter. Our domestic passenger traffic grew 33% compared to the prior quarter, reflecting strong underlining momentum in the business.
The domestic aviation industry in India grew 51% YoY reflecting a swift recovery from the lows of COVID and the long-term growth trajectory for the Indian travel market remains very positive. This positive momentum carried over into the new fiscal year as well with April 2023, traffic rising 17% YoY to 12.9 million passengers. International travel has also shown a steady improvement during the quarter ended March 31, 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.
Yatra Online Limited, our Indian subsidiary, or "Yatra India," filed a Draft Red Herring Prospectus (DRHP) on March 25, 2022. This was submitted to the Securities and Exchange Board of India (SEBI), the primary regulatory body for the stock market in India, in preparation for a potential Initial Public Offering (IPO). The plan includes listing Yatra India's equity shares on the Indian stock exchanges, hence referred to as the "Indian IPO".
On November 17, 2022, we received the final observation letter from SEBI, indicating that the IPO can open for subscription within a year from the said date. In light of this, we embarked on our India investor outreach (IPO roadshow) in the early part of the March quarter. This involved engaging with prominent investors in India, including leading domestic mutual funds, family offices, and hedge funds in the Indian market. The feedback has been overwhelmingly positive due to our strong performance, the evident recovery of both consumer and corporate travel in India, and favorable macro trends that suggest a potential for sustained growth in the sector. However, due to the broader macro environment in the global market, the investor feedback process has been lengthier than we anticipated. Despite this, we have noted that key investors continue to express interest and engagement. This gives us confidence in our prospects for a successful IPO. Aside from bolstering our financial position, we believe that this offering will provide us with the opportunity to more assertively pursue new corporate business. Additionally, it will enable us to explore strategic alliances with partners who may have been hesitant to engage with an overseas structure in the past." - Dhruv Shringi, Co-founder and CEO.
Financial and operating highlights for the three months ended March 31, 2023:
- Revenue of INR 1,194.3 million (USD 14.5 million), representing an increase of 97.4% year-over-year basis ("YoY").
- Adjusted Revenue(1) of INR 1,894.9 million (USD 23.1 million), representing an increase of 93.3% YoY.
- Adjusted Revenue(1) from Air Ticketing of INR 1,459.6 million (USD 17.8 million), representing an increase of 118.7% YoY.
- Adjusted Revenue(1) from Hotels and Packages of INR 268.4 million (USD 3.3 million), representing an increase of 49.3% YoY.
- Total Gross Bookings (Air Ticketing, Hotels and Packages and Other Services)(3) of INR 17,832.7 million (USD 217.0 million), representing an increase of 56.1% YoY.
- Profit for the period was INR 7.5 million (USD 0.1 million) versus a loss of INR 117.2 million (USD 1.4 million) for the three months ended March 31, 2022, reflecting a decrease in loss by INR 124.7 million (USD 1.5 million) YoY.
- Result from operations were a profit of INR 115.5 million (USD 1.4 million) versus a loss of INR 53.4 million (USD 0.6 million) for the three months ended March 31, 2022, reflecting an improvement of 316.5% YoY.
- Adjusted EBITDA(2) Profit was INR 185.6 million (USD 2.3 million) reflecting an increase of 251.0% YOY.
Financial and operating highlights for the year ended March 31, 2023:
- Revenue of INR 3,827.3 million (USD 46.6 million), representing an increase of 92 .4% year-over-year basis ("YoY").
- Adjusted Revenue(1) of INR 6,153.1 million (USD 74.9 million), representing an increase of 86.3% on a YoY.
- Adjusted Revenue(1) from Air Ticketing of INR 4,335.3 million (USD 52.7 million), representing an increase of 96.1% YoY.
- Adjusted Revenue(1) from Hotels and Packages of INR 1,065.9 million (USD 13.0 million), representing an increase of 79.9% YoY.
- Total Gross Bookings (Air Ticketing, Hotels and Packages and others)(3)of INR 67,560.3 million (USD 822.0 million), representing an increase of INR 33,099.1 million (USD 402.7 million) YoY.
- Loss for the period was INR 288.2 million (USD 3.5 million) versus a loss of INR 482.5 million (USD 5.9 million) in the year ago period.
- Result from operations were a profit of INR 79.7 million (USD 1.0 million) versus a loss of INR 431.5 million (USD 5.2 million) in the year ago period.
- Adjusted EBITDA (2) profit was INR 422.9 million (USD 5.1 million) versus a loss of INR 159.0 million (USD 1.9 million) in the year ago period.
| Three months ended March 31, | | | | |
| 2022 | | 2023 | | 2023 | | | | |
| Unaudited | | Unaudited | | Unaudited | | | YoY Change | |
| (In thousands except percentages) | INR | | INR | | USD | | | % | |
| Financial Summary as per IFRS | | | | | | | | | |
| Revenue | 604,892 | | 1,194,270 | | 14,531 | | | 97.4% | |
| Results from operations | (53,375) | | 115,546 | | 1,406 | | | 316.5% | |
| Profit/(Loss) for the period | (117,187) | | 7,547 | | 92 | | | 106.4% | |
| Financial Summary as per non-IFRS measures | | | | | | | | | |
| Adjusted Revenue (1) | 980,042 | | 1,894,855 | | 23,054 | | | 93.3% | |
| Air Ticketing | 667,482 | | 1,459,605 | | 17,759 | | | 118.7% | |
| Hotels and Packages | 179,764 | | 268,386 | | 3,265 | | | 49.3% | |
| Other Services | 55,150 | | 38,125 | | 464 | | | (30.9)% | |
| Others (Including Other Income) | 77,646 | | 128,739 | | 1,566 | | | 65.8% | |
| Adjusted EBITDA (2) | 52,897 | | 185,648 | | 2,259 | | | 251.0% | |
| Operating Metrics | | | | | | | | | |
| Gross Bookings (3) | 11,426,411 | | 17,832,713 | | 216,969 | | | 56.1% | |
| Air Ticketing | 9,439,494 | | 15,122,132 | | 183,990 | | | 60.2% | |
| Hotels and Packages | 1,050,215 | | 2,107,435 | | 25,641 | | | 100.7% | |
| Other Services (6) | 936,702 | | 603,146 | | 7,338 | | | (35.6)% | |
| Net Revenue Margin% (4) | | | | | | | | | |
| Air Ticketing | 7.1% | | 9.7% | | | | | | |
| Hotels and Packages | 17.1% | | 12.7% | | | | | | |
| Other Services | 5.9% | | 6.3% | | | | | | |
| Quantitative details (5) | | | | | | | | | |
| Air Passengers Booked | 1,128 | | 1,725 | | | | | 53.0% | |
| Stand-alone Hotel Room Nights Booked | 317 | | 425 | | | | | 34.2% | |
| Packages Passengers Travelled | 4 | | 5 | | | | | 35.1% | |
| Year ended March 31, | | | | |
| 2022 | | 2023 | | | 2023 | | | | |
| Unaudited | | Unaudited | | | Unaudited | | | YoY Change | |
| (In thousands except percentages) | INR | | INR | | | USD | | | % | |
| Financial Summary as per IFRS | | | | | | | | | | |
| Revenue | 1,989,376 | | 3,827,265 | | | 46,566 | | | 92.4% | |
| Results from operations | (431,473) | | 79,666 | | | 969 | | | 118.5% | |
| Loss for the period | (482,461) | | (288,167 | ) | | (3,506 | ) | | 40.3% | |
| Financial Summary as per non-IFRS measures | | | | | | | | | | |
| Adjusted Revenue (1) | 3,302,361 | | 6,153,143 | | | 74,865 | | | 86.3 | |
| Air Ticketing | 2,211,074 | | 4,335,292 | | | 52,747 | | | 96.1% | |
| Hotels and Packages | 599,151 | | 1,065,928 | | | 12,969 | | | 77.9% | |
| Other Services | 161,504 | | 177,685 | | | 2,162 | | | 10.0% | |
| Others (Including Other Income) | 330,632 | | 574,238 | | | 6,987 | | | 73.7% | |
| Adjusted EBITDA (2) | 158,958 | | 422,872 | | | 5,145 | | | 166.0% | |
| Operating Metrics | | | | | | | | | | |
| Gross Bookings (3) | 34,298,367 | | 67,397,494 | | | 820,021 | | | 96.5% | |
| Air Ticketing | 27,648,844 | | 56,408,351 | | | 686,316 | | | 104.0% | |
| Hotels and Packages | 3,487,276 | | 8,178,106 | | | 99,502 | | | 134.5% | |
| Other Services (6) | 3,162,247 | | 2,811,038 | | | 34,202 | | | (11.1)% | |
| Net Revenue Margin% (4) | | | | | | | | | | |
| Air Ticketing | 8.0% | | 7.7% | | | | | | | |
| Hotels and Packages | 17.2% | | 13.0% | | | | | | | |
| Other Services | 5.1% | | 6.3% | | | | | | | |
| Quantitative details (5) | | | | | | | | | | |
| Air Passengers Booked | 3,706 | | 5,601 | | | | | | 51.1% | |
| Stand-alone Hotel Room Nights Booked | 1,018 | | 1,753 | | | | | | 72.2% | |
| Packages Passengers Travelled | 10 | | 21 | | | | | | 109.2% | |
Note:
- Adjusted Revenue represents Revenue and other income after deducting service costs and adding back expenses related to consumer promotions and loyalty program costs that have been reduced from Revenue. See section "Certain Non-IFRS Measures."
- See the section below titled "Certain Non-IFRS Measures."
- 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.
- Net Revenue Margin is defined as Adjusted Revenue as a percentage of Gross Bookings.
- Quantitative details are considered on a gross basis.
- Other Services primarily consists of freight business, bus, rail and cab and others services.
As of March 31, 2023, 63,647,927 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 and year ended March 31, 2023, the unaudited interim condensed consolidated statement of financial position as of March 31, 2023, the unaudited interim condensed consolidated statement of cash flows for the year ended March 31, 2023 and discussion of the results of the three months and year ended March 31, 2023 compared with three months and year ended March 31, 2022, were converted into U.S. dollars at the exchange rate of 82.19 INR per USD, which is based on the noon buying rate as at March 31, 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").
Initial Public Offering of Yatra Online Limited
Yatra Online Limited ("Yatra India") is contemplating an initial public offering of its equity shares ("Equity Shares") in India and filed a draft red herring prospectus (DRHP) on March 25, 2022 with the Securities and Exchange Board of India. The Equity Shares will not be interchangeable with the Ordinary Shares. The Ordinary Shares will continue to trade on the Nasdaq Capital Market and, after the contemplated listing, the Equity Shares are expected to trade on the Indian stock exchanges. Yatra India has received the final observation letter dated November 17, 2022 from the SEBI in connection with the DRHP. The proposed Indian IPO can open for subscription within 12 months. The timing and completion, and investor interest relating to, of the Indian IPO is subject to various risks and uncertainties.
COVID-19 Pandemic
The Indian travel industry continues to see strong recovery in both Corporate and Consumer sectors as evidenced by the financial operating results mentioned in this form above, with both sectors growing healthily YoY. Despite the overwhelming recovery of the business in the last fiscal year ending on March 31, 2023, the effects of the COVID-19 pandemic will, to some extent, remain unpredictable on our business, results of operations, cash flows and growth prospects including the severity, extent and duration of the pandemic, its impact on the travel industries and consumer spending, rates of vaccination and the effectiveness of vaccinations against various mutations or variants of the COVID-19 pandemic. We continue to emphasize upon automating various of our functions in order to enhance the efficiency and customer experience along with certain cost reduction initiatives.
GoAir
On May 2, 2023, Go Airlines (India) Limited, or Go First, one of the smaller domestic airlines, filed an application for voluntary insolvency resolution proceedings before the National Company Law Tribunal, or NCLT, in India, citing the supply of faulty aircraft engines and failure of its engine supplier to replace them on time, which resulted in the grounding of half of its fleet and consequent operational and financial issues. On May 10, 2023, the NCLT admitted the application and granted protection to Go First by imposing a moratorium against recovery by lessors, lenders and other creditors of Go First. In addition, the NCLT has appointed an interim resolution professional (IRP) to operate Go First and to maintain Go First as a going concern We have made the appropriate filing with the IRP in connection with its claims. As of the date hereof, Go First has suspended all flights until May 30, 2023.
On May 24, 2023, Aviation regulator Directorate General of Civil Aviation (DGCA) granted a month's time to cash-strapped Go First airline to submit its restructuring or revival plan for sustainable revival of operations.
Such disruptions to the commercial aviation landscape may result in a reduction in the supply of air tickets available on our platform, which could negatively impact our gross bookings, air ticketing revenue and results from operating activities. Please refer to the "Risk Factors" section of our annual report on Form 20-F dated August 1, 2022, including, without limitation, the risks highlighting that (i) we are dependent on our airline ticketing business, which generates a significant percentage of our revenues and is derived from a small number of airline suppliers in India; (ii) we are exposed to risks associated with Indian businesses, particularly those in the Indian travel industry, including bankruptcies, restructurings, consolidations and alliances of its partners, the credit worthiness of these partners, and the possible obligation to make payments to our partners captured under the heading "Risks Related to Our Business and Industry". The Company has also accounted for a reversal of the expected income accrual of INR 15.1 million (USD 0.2 million) for the year ended March 31, 2023 and an advance of INR 24.1 million (UDS 0.3 million) as on May 3, 2023.
Results of Three Months Ended March 31, 2023
Revenue. We generated Revenue of INR 1,194.3 million (USD 14.5 million) in the three months ended March 31, 2023, an increase of 97.4% compared with INR 604.9 million (USD 7.4 million) in three months ended March 31, 2022. Increase in revenue was primarily contributed by recovery in both our consumer and corporate travel business due to diminishing impact of COVID-19 as compared to corresponding period of March 31, 2022 and an accrual of threshold bonus for Global Distribution System ("GDS") contracts in the three months ended March 31, 2023.
Service cost. Our Service cost increased to INR 228.2 million (USD 2.8 million) in the three months ended March 31, 2023, compared to Service cost of INR 46.7 million (USD 0.6 million) in the three months ended March 31, 2022, primarily due to higher package sales in the three months ended March 31, 2023 on account of recovery in consumer travel markets.
Adjusted Revenue.(1) Our Adjusted Revenue increased by 93.3% to INR 1,894.9 million (USD 23.1 million) in the three months ended March 31, 2023, from INR 980.0 million (USD 11.9 million) in the three months ended March 31, 2022. In the three months ended March 31, 2023, Adjusted Revenue includes the add-back of INR 906.4 million (USD 11.0 million) compared to an add-back of INR 396.4 million (USD 4.8 million) in the three months ended March 31, 2022 in the nature of consumer promotion and certain loyalty program costs reduced from Revenue. These expenses have been added back to calculate Adjusted Revenue, with the accompanying increase in marketing and sales promotions expenses, to more accurately reflect the way we view our ongoing business. Under IFRS 15, these expenses are required to be reduced from Revenue, an IFRS measure. The increase in Adjusted Revenue has been primarily contributed by 118.7% from Adjusted Revenue from Air Ticketing, 49.3% from Adjusted Revenue from Hotels and Packages, a decrease of 30.9% from Adjusted Revenue from Other Services and 65.8% from Others (Including Other Income).
Air Ticketing. Revenue from our Air Ticketing business was INR 625.6 million (USD 7.6 million) in the three months ended March 31, 2023 as compared to INR 321.6 million (USD 3.9 million) in the three months ended March 31, 2022, reflecting an increase of 94.5%.
Adjusted Revenue (1) from our Air Ticketing business increased to INR 1,459.6 million (USD 17.8 million) in the three months ended March 31, 2023, as compared to INR 667.5 million (USD 8.1 million) in the three months ended March 31, 2022. In the three months ended March 31, 2023, Adjusted Revenue (1) for Air Ticketing includes the add-back of INR 834.0 million (USD 10.1 million) of consumer promotion and loyalty program costs, which reduced Revenue as per IFRS 15, against an add-back of INR 345.9 million (USD 4.2 million) in the three months ended March 31, 2022. The recovery in revenue and adjusted revenue is on account of volume growth, an accrual of threshold bonus for GDS contracts and additional incentives from suppliers due to increase in travel demand.
Hotels and Packages. Revenue from our Hotels and Packages business was INR 429.5 million (USD 5.2 million) in the three months ended March 31, 2023, as compared to INR 180.5 million (USD 2.2 million) in the three months ended March 31, 2022, reflecting an increase of 137.9%.
Adjusted Revenue (1) for this segment increased by 49.3% to INR 268.4 million (USD 3.3 million) in the three months ended March 31, 2023 from INR 179.8 million (USD 2.2 million) in the three months ended March 31, 2022. In the three months ended March 31, 2023, Adjusted Revenue (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 67.1 million (USD 0.8 million) against an add-back of INR 45.9 million (USD 0.6 million) in the three months ended March 31, 2022. The increase in Revenue and Adjusted Revenue in the three months ended March 31, 2023 is on account of recovery in domestic travel, along with addition of new distribution partners. The reduction in net margin is on account of change in mix in favor of packages.
Other Services. Our Revenue from Other Services was INR 32.8 million (USD 0.4 million) in the three months ended March 31, 2023, a decrease from INR 50.5 million (USD 0.6 million) in the three months ended March 31, 2022.
Adjusted Revenue for this segment decreased by 30.9% to INR 38.1 million (USD 0.5 million) in the three months ended March 31, 2023, from INR 55.2 million (USD 0.7 million) in the three months ended March 31, 2022. In the three months ended March 31, 2023, Adjusted Revenue includes the add-back of consumer promotion expenses, which had been reduced from Revenue of INR 5.4 million (USD 0.1 million) against an add-back of INR 4.6 million (USD 0.1 million) in the three months ended March 31, 2022 pursuant to IFRS 15. This decrease in Adjusted Revenue is primarily due to a decrease in revenue from our freight business.
- See the section titled "Certain Non-IFRS Measures."
Other Revenue. Our Other Revenue was INR 106.4 million (USD 1.3 million) in the three months ended March 31, 2023, an increase from INR 52.2 million (USD 0.6 million) in the three months ended March 31, 2022 due to increase in advertising revenue.
Other Income. Our Other Income decreased to INR 22.3 million (USD 0.3 million) in the three months ended March 31, 2023 from INR 25.4 million (USD 0.3 million) in the three months ended March 31, 2022 due to decrease in write back of liabilities no longer required to be paid.
Personnel Expenses. Our personnel expenses increased by 9.9% to INR 279.4 million (USD 3.4 million) in the three months ended March 31, 2023 from INR 254.3 million (USD 3.1 million) in the three months ended March 31, 2022. Excluding employee share-based compensation costs of INR 26.5 million (USD 0.3 million) in the three months ended March 31, 2023, compared to INR 31.6 million (USD 0.4 million) in the three months ended March 31, 2022, personnel expenses increased by 13.6% in the three months ended March 31, 2023 due to the impact of the reinstatement of salaries for employees to pre-pandemic levels and annual salary increase, along with increase in headcount.
Marketing and Sales Promotion Expenses. Marketing and Sales Promotion Expenses increased by 320.7% to INR 142.4 million (USD 1.7 million) in the three months ended March 31, 2023 from INR 33.9 million (USD 0.4 million) in the three months ended March 31, 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 1,048.9 million (USD 12.8 million) in the three months ended March 31, 2023 against INR 430.3 million (USD 5.2 million) in the three months ended March 31, 2022, increased by 143.8% on a YoY.
Other Operating Expenses. Other operating expenses increased by 48.5% to INR 407.4 million (USD 5.0 million) in the three months ended March 31, 2023 from INR 274.3 million (USD 3.3 million) in the three months ended March 31, 2022 primarily due to increase in commission, legal and professional charges, payment gateway charges and provision for doubtful receivables.
Adjusted EBITDA(1). Due to the foregoing factors, Adjusted EBITDA Profit(1) increased to INR 185.6 million (USD 2.3 million) in the three months ended March 31, 2023 from an Adjusted EBITDA Profit(1) of INR 52.9 million (USD 0.6 million) in the three months ended March 31, 2022.
Depreciation and Amortization. Our depreciation and amortization expenses decreased by 40.8% to INR 43.6 million (USD 0.5 million) in the three months ended March 31, 2023 from INR 73.6 million (USD 0.9 million) in the three months ended March 31, 2022 primarily due to a decrease in fully depreciated and amortized assets in the three months ended March 31, 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 March 31, 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 115.5 million (USD 1.4 million) in the three months ended March 31, 2023. Our loss for the three months ended March 31, 2022 was INR 53.4 million (USD 0.6 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 142.0 million (USD 1.7 million) for three months ended March 31, 2023 as compared to a loss of INR 20.7 million (USD 0.3 million) for three months ended March 31, 2022.
- See the section titled "Certain Non-IFRS Measures."
Finance Income. Our finance income increased to INR 13.1 million (USD 0.2 million) in the three months ended March 31, 2023 from INR 4.9 million (USD 0.1 million) in the three months ended March 31, 2022. This was primarily due to a decrease in the interest income earned from our bank deposits.
Finance Costs. Our finance costs of INR 101.9 million (USD 1.2 million) in the three months ended March 31, 2023 which includes interest on the lease liability of INR 8.8 million (USD 0.1 million) increased by INR 72.5 million (USD 0.9 million) from finance cost of INR 29.4 million (USD 0.4 million) in the three months ended March 31, 2022, which includes interest on the lease liability of INR 9.8 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 March 31, 2023, the Company has incurred INR 3.4 million (USD 0.1 million) compared to INR 33.9 million (USD 0.4 million) during the three months ended March 31, 2022 is charged to the profit and loss.
Income Tax Expense. Our income tax expense during the three months ended March 31, 2023 was INR 15.8 million (USD 0.2 million) compared to INR 5.4 million (USD 0.1 million) during the three months ended March 31, 2022.
Profit for the Period. As a result of the foregoing factors, our profit in the three months ended March 31, 2023 was INR 7.5 million (USD 0.1 million) as compared to a loss of INR 117.2 million (USD 1.4 million) in the three months ended March 31, 2022. Excluding the employee share based compensation costs, listing and related expenses and impairment of loan to joint venture, the Adjusted profit(1) would have been INR 37.4 million (USD 0.5 million) for the three months ended March 31, 2023 and Adjusted loss(1) INR 50.6 million (USD 0.6 million) for the three months ended March 31, 2022.
Basic Earnings/(Loss) per Share. Basic Earnings per Share was INR 0.10 (USD 0.01) in the three months ended March 31, 2023 as compared to Basic Loss per share of INR 1.86 (USD 0.02) in the three months ended March 31, 2022. After excluding the employee share-based compensation costs, listing and related expenses and impairment of loan to joint venture, Adjusted Basic Earnings per Share(1) would have been INR 0.56 (USD 0.01) in the three months ended March 31, 2023, as compared to Adjusted Basic Loss INR 0.80 (USD 0.01) in the three months ended March 31, 2022.
Diluted Earnings/(Loss) per Share. Diluted Earnings per Share was INR 0.09 (USD 0.01) in the three months ended March 31, 2023 as compared to Diluted Loss per share of INR 1.86 (USD 0.02) in the three months ended March 31, 2022. After excluding the employee share-based compensation costs, listing and related expenses and impairment of loan to joint venture, Adjusted Diluted Earnings per Share(1) would have been INR 0.53 (USD 0.01) in the three months ended March 31, 2023 as compared to Adjusted Diluted Loss INR 0.80 (USD 0.01) in the three months ended March 31, 2022.
Liquidity. As of March 31, 2023, the balance of cash and cash equivalents and term deposits on our balance sheet was INR 1,091.0 million (USD 13.3 million).
Company's subsidiaries' factoring debt facility contains certain financial covenants relating to unencumbered cash and cash equivalents to be equal to 12 months trailing cash burn, positive net worth and total operating liabilities should not exceed twice tangible net worth. At March 31, 2023 there was a non-compliance in relation to one of the debt covenants, i.e. "total operating liabilities should not exceed twice tangible net worth". The Company's subsidiaries secured a waiver from the lender in this respect subsequent to March 31, 2023 on May 17, 2023. By virtue of cross default provisions in other debt facilities availed by the Company and its subsidiaries, these debt facilities became payable on demand. These include debt facilities availed from Blacksoil Capital Private Limited, Black Soil India Credit Fund, Mak Capital Fund, LP, N+1 Capital, IDFC First bank and Federal Bank. The Company and its subsidiaries obtained waivers from all of these lenders subsequent to March 31, 2023 during May, 2023. Accordingly, such defaults did not have any impact on the Company's liquidity position, future cash flows and its going concern assessment.
Since the waivers in relation to the non-compliance of the debt covenants were received subsequent to end of reporting period, the portions of the debt facilities amounting to INR 220.7 million (USD 2.7 million), which otherwise should have been classified as non-current have been classified as current at March 31, 2023.
Further, on May 9, 2023, the Company's subsidiaries renegotiated the terms of its financial covenants with Axis Bank Limited and replaced the covenant pertaining to "total operating liabilities should not exceed twice of tangible net worth" with "Debt to Equity ratio should be more than 2.0". The Company's subsidiaries, going forward would be required to comply with this requirement.
- See the section titled "Certain Non-IFRS Measures."
Results of Year ended March 31, 2023 Compared to Year Ended March 31, 2022
Revenue. We generated revenue of INR 3,827.3 million (USD 46.6 million) in the year ended March 31, 2023, an increase of 92.4% compared with INR 1,989.4 million (USD 24.2 million) in year ended March 31, 2022. Increase in revenue was primarily contributed by recovery in both our consumer and corporate travel business due to diminishing impact of COVID-19 as compared to corresponding period of March 31, 2022 and an accrual of threshold bonus for GDS contracts in the year ended March 31, 2023.
Service Cost. Our service cost increased to INR 669.1 million (USD 8.1 million) in the year ended March 31, 2023 from INR 159.3 million (USD 1.9 million) in the year ended March 31, 2022 primarily due to higher package sales in the year ended March 31, 2023 on account of recovery in consumer travel markets.
Adjusted Revenue(1) Our Adjusted Revenue increased by 86.3% to INR 6,153.1 million (USD 74.9 million) in the year ended March 31, 2023 from INR 3,302.4 million (USD 40.2 million) in the year ended March 31, 2022. In the year ended March 31, 2023`, Adjusted Revenue includes the add-back of INR 2,842.5 million (USD 34.6 million) compared to an add-back of INR 1,313.6 million (USD 16.0 million) in the year ended March 31, 2022, of expenses in the nature of consumer promotion and certain loyalty program costs reduced from revenue. These expenses have been added back to calculate Adjusted Revenue, with the accompanying increase in marketing and sales promotions expenses, to more accurately reflect the way we view our ongoing business. Under IFRS 15, these expenses are required to be reduced from revenue, an IFRS measure. The increase in Adjusted Revenue resulted mainly from an increase of 96.1% in our Adjusted Revenue from Air Ticketing along with an increase of 77.9% in our Adjusted Revenue from Hotels and Packages, an increase of 10.0% in Other Services and an increase of 73.7% Others (including Other Income) which primarily consists of advertisement income, facilitation fees and excess provision written back.
Air Ticketing. Revenue from our Air Ticketing business was INR 1,780.0 million (USD 21.7 million) in the year ended March 31, 2023 against INR 1,150.5 million (USD 14.0 million) in the year ended March 31, 2022.
Adjusted Revenue (1) from our Air Ticketing business increased to INR 4,335.3 million (USD 52.7 million) in the year ended March 31, 2023 against INR 2,211.1 million (USD 26.9 million) in the year ended March 31, 2022. In the year ended March 31, 2023, Adjusted Revenue (1) for Air Ticketing includes the addition of INR 2,555.3 million (USD 31.1 million) in the year ended March 31, 2023 against INR 1,060.6 million (USD 12.9 million) in the year ended March 31, 2022 of consumer promotion and loyalty program costs, which reduced revenue as per IFRS 15. The recovery in revenue and adjusted revenue is on account of volume growth, an accrual of threshold bonus for GDS contracts and additional incentives from suppliers due to increase in travel demand.
Hotels and Packages. Revenue from our Hotels and Packages business was INR 1,471.3 million (USD 17.9 million) in the year ended March 31, 2023 against INR 520.7 million (USD 6.3 million) in the year ended March 31, 2022.
Adjusted Revenue (1) for this segment increased by 77.9% to INR 1,065.9 million (USD 13.0 million) in the year ended March 31, 2023 from INR 599.2 million (USD 7.3 million) in the year ended March 31, 2022. In the year ended March 31, 2023, Adjusted Revenue (1) for Hotels & Packages includes the add-back of INR 263.8 million (USD 3.2 million) against INR 237.7 million (USD 2.9 million) in the year ended March 31, 2022, of customer promotional expenses, which had been reduced from revenue as per IFRS 15. The increase in revenue and adjusted revenue in the year ended March 31, 2023 is on account of recovery in domestic travel, along with addition of new corporate customers and expansion of our distribution channels. The reduction in net margin is on account of change in mix in favor of packages.
Other Services. Our income from Other Services was INR 154.3 million (USD 1.9 million) in the year ended March 31, 2022, an increase from INR 146.2 million (USD 1.8 million) in the year ended March 31, 2022.
Adjusted Revenue for this segment increased by 10.0% to INR 177.7 million (USD 2.2 million) in the year ended March 31, 2023 from INR 161.5 million (USD 2.0 million) in the year ended March 31, 2022. In the year ended March 31, 2023, Adjusted Revenue includes add-back of INR 23.4 million (USD 0.3 million) in the year ended March 31, 2023 against INR 15.3 million (USD 0.2 million) in the year ended March 31, 2022 of consumer promotion expenses, which had been reduced from revenue as per IFRS 15. This increase in Adjusted Revenue is primarily due to increase in revenue from other services like rail, bus and car which is partially offset by decrease in freight revenue.
Other Revenue. Our Other Revenue was INR 421.7 million (USD 5.1 million) in the year months ended March 31, 2023, an increase from INR 172.0 million (USD 2.1 million) in the year months ended March 31, 2022.
Other Income. Our other income decreased to INR 152.5 million (USD 1.9 million) in the year ended March 31, 2023 from INR 158.6 million (USD 1.9 million) in the year ended March 31, 2022 due to the impact of write back of liabilities offset.
Personnel Expenses. Our personnel expenses increased by 12.4% to INR 1,148.4 million (USD 14.0 million) in the year ended March 31, 2023 from INR 1,021.9 million (USD 12.4 million) in the year ended March 31, 2022. Excluding employee share-based compensation costs of INR 152.1 million (USD 1.9 million) in the year ended March 31, 2023 from INR 209.5 million (USD 2.5 million) in the year ended March 31, 2022, personnel expenses increased by 22.7% in the year ended March 31, 2023 due to the impact of the reinstatement of salaries for employees to pre-pandemic levels and annual salary increase, along with increase in headcount.
Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses increased by 171.0% to INR 336.5 million (USD 4.1 million) in the year ended March 31, 2023 from INR 124.1 million (USD 1.5 million) in the year ended March 31, 2022. Adding back the expenses for consumer promotions and loyalty program costs, which have been reduced from revenue per IFRS 15, our marketing spend would have been INR 3,178.9 million (USD 38.7 million) against INR 1,437.8 million (USD 17.5 million) in the year ended March 31, 2022, 121.1% an increase year-over-year.
Other Operating Expenses. Other operating expenses increased by 74.1% to INR 1,555.0 million (USD 18.9 million) in the year ended March 31, 2023 from INR 893.3 million (USD 10.9 million) in the year ended March 31, 2022 primarily due to increase in commission, legal and professional charges, bad debts written off and provision for doubtful debts and payment gateway charge.
Adjusted EBITDA Profit(1). Due to the forgoing factors, Adjusted EBITDA profit(1) increased by 166.0% to INR 422.9 million (USD 5.1 million) in the year ended March 31, 2023 from Adjusted EBITDA loss(1) of INR 159.0 million (USD 1.9 million) in the year ended March 31, 2022.
Depreciation and Amortization. Our depreciation and amortization expenses decreased by 38.3% to INR 190.2 million (USD 2.3 million) in the year ended March 31, 2023 from INR 308.2 million (USD 3.7 million) in the year ended March 31, 2022 primarily due to an increase in fully depreciated and amortized assets in the year ended March 31, 2023.
Results from Operations. As a result of the foregoing factors, our result from operating activities was a profit of INR 79.7 million (USD 1.0 million) in the year ended March 31, 2023. Our loss for the year ended March 31, 2022 was INR 431.5 million (USD 5.2 million). Excluding the employee share-based compensation costs and impairment of loan to joint venture, Adjusted Results from Operations(1) would have been profit of INR 232.7 million (USD 2.8 million) for year ended March 31, 2023 as compared to loss of INR 149.2 million (USD 1.8 million) for year ended March 31, 2022.
Share of Loss of Joint Venture. This amount pertains to a reversal of the cumulative loss contribution relating to a joint venture investment that operates in adventure travel activities and represents a true-up of provision created by the Company as per the joint venture agreement post impairment of a loan to the joint venture. During the year ended March 31, 2022, we have reversed the liability on account of obligation arising due to contribution towards losses of the joint venture. Our Impairment of loan to Joint venture is INR 1.0 million (USD 0.1 million) in the year ended March 31, 2023 compared to a loss of INR 72.7 million (USD 0.9 million)) in the year ended March 31, 2022.
Finance Income. Our finance income decreased to INR 28.9 million (USD 0.4 million) in the year ended March 31, 2023 from INR 47.8 million (USD 0.6 million) in the year ended March 31, 2022. The decrease was primarily due to a decrease in the interest income from our bank deposits.
Finance Costs. Our finance costs increased to INR 326.4 million (USD 4.0 million) includes interest on the lease liability of INR 36.0 million (USD 0.4 million) in the year ended March 31, 2023 as compared to INR 100.5 million (USD 1.2 million) includes interest on the lease liability of INR 43.9 million (USD 0.5 million) in the year ended March 31, 2022. The increase was due to increase in interest on borrowings and increase in borrowings.
Listing and related expenses. Listing and related expenses relate to the expenses incurred in connection with the Indian IPO. During the year ended March 31, 2023, the Company has incurred INR 23.6 (USD 0.3 million) as compared to INR 55.8 million (USD 0.7 million) in the year ended March 31, 2022.
Change in fair value of warrants. On December 16, 2021, at 5:00 p.m., New York time, outstanding warrants to purchase an aggregate of 17,337,500 Ordinary Shares (the "Warrants") expired by their original terms.
The change in the fair market value of warrants resulted in a gain of INR Nil during the year ended March 31, 2023, compared to a gain of INR 32.8 million (USD 0.4 million) during the year ended March 31, 2022.
Income Tax Expense. Our income tax expense during the year ended March 31, 2023 was INR 46.8 million (USD 0.6 million) compared to an expense of INR 16.9 million (USD 0.2 million) during the year ended March 31, 2022.
Loss for the Period. As a result of the foregoing factors, our loss in the year ended March 31, 2023 was INR 288.2 million (USD 3.5 million) as compared to a loss of INR 482.5 million (USD 5.9 million) in the year ended March 31, 2022. Excluding the employee share-based compensation costs, impairment of loan to joint venture, listing and related expenses and net change in fair value of warrants, the Adjusted Loss(1) would have been INR 111.5 million (USD 1.4 million) for year ended March 31, 2023 and INR 177.1 million (USD 2.2 million) for year ended March 31, 2022.
Basic Loss per Share. Basic loss per share was INR 4.59 (USD 0.07) in the year ended March 31, 2023 as compared to basic loss per share of INR 7.66 (USD 0.09) in the year ended March 31, 2022. After excluding the employee share-based compensation costs, impairment of loan to joint venture, listing and related expenses and net change in fair value of warrants, Adjusted Basic Loss per Share(1) would have been INR 1.81 (USD 0.02) in the year ended March 31, 2023, as compared to Adjusted Basic loss INR 2.84 (USD 0.03) in the year ended March 31, 2022.
Diluted Loss per Share. Diluted loss per share was INR 4.59 (USD 0.07) in the year ended March 31, 2023 as compared to Diluted loss per share of INR 7.66 (USD 2.84) in the year ended March 31, 2022. After excluding the employee share-based compensation costs, impairment of loan to joint venture, listing and related expenses and net change in fair value of warrants, Adjusted Diluted Loss per Share(1) would have been INR 1.81 (USD 0.02) in the year ended March 31, 2023 as compared to Adjusted Diluted loss INR 2.84 (USD 0.03) in the year ended March 31, 2022.
Conference Call
The Company will host a conference call to discuss its unaudited results for the three months and year ended March 31, 2023 beginning at 8:30 AM Eastern Daylight Time (or 6:00 PM India Standard Time) on May 30, 2023. Dial in details for the conference call is as follows: US/International dial-in number: +1 404 975 4839. Confirmation Code: 656094 (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 .
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 Revenue, which is a non-IFRS measure.
We believe that Adjusted Revenue 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 Revenue 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 Revenue, we also refer to Adjusted EBITDA Profit, Adjusted Results from Operations, Adjusted Loss for the Period and Adjusted Basic and Adjusted Diluted 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, listing and related expenses and change in fair value of warrants. 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.
- See the section titled "Certain Non-IFRS Measures."
- Change in fair value of warrants - Consequent to consummation of the business combination, the Company assumed 34.67 million warrants having a right to subscribe for 17.33 million Ordinary Shares and the warrants issued to Macquarie Corporate Holdings PTY Limited. The accounting guidance requires that we record any change in the fair value of these warrants in consolidated statement of profit or loss and other comprehensive loss. We have excluded the effect of the implied fair value changes in calculating our non-IFRS financial measures. On December 16, 2021, at 5:00 p.m., New York time, outstanding warrants (the "Warrants") to purchase an aggregate of 17,337,500 of our ordinary shares expired by their original terms.
- 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.
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, Adjusted Results from Operations, Adjusted Loss for the period and Adjusted Basic and Adjusted Diluted 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, change in fair value of warrants 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 Loss Per Share.
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. 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 concerning management's beliefs as well as our strategic and operational plans; Yatra India's ability to consummate the Indian IPO; 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; our expectations regarding the Go First insolvency proceedings and our ability to generate positive cash flow; 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, Yatra India's ability to consummate the Indian IPO; 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 (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 leading corporate travel services provider with approximately 813 large corporate customers and approximately 58,000 registered SME customers and the second largest consumer online travel company (OTC) in the country in terms of gross booking revenue for Fiscal 2020 (Source: CRISIL Report). Leisure and business travelers use Yatra India's mobile applications, its website, , 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 103,000 hotels in approximately 1,400 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). Yatra India also launched a freight forwarding business in late 2020 called Yatra Freight to further expand its corporate service offerings.
For more information, please contact:
Manish Hemrajani
Yatra Online, Inc.
VP, Head of Corporate Development and Investor Relations
ir@yatra.com
To view the source version of this press release, please visit
印度古鲁格拉姆和纽约纽约--（Newsfile Corp.——2023年5月30日）——印度领先的企业旅行服务提供商、印度领先的在线旅游公司之一Yatra Online, Inc.（纳斯达克股票代码：YTRA）今天公布了截至2023年3月31日的三个月和年度未经审计的财务和经营业绩。
“我们结束了2023财年，这是自COVID开始以来最强劲的季度，收入同比异常增长97.4％，调整后收入同比增长93.3％。这种强劲的表现归因于最近几个季度我们的消费者和企业差旅业务的显著复苏和市场份额的增加，这使我们能够为与GDS和航空公司签订的年终激励措施实现最高的支出水平。此外，我们的商务旅行领域成功招募了新的企业客户，进一步推动了我们的增长轨迹。值得注意的是，在截至2023年3月31日的一年中，我们签下了创纪录的97家大中型企业客户，这证明了我们的企业领导力和能力以及旅游业的持续复苏。截至2023年3月31日的季度，我们的收入和调整后收入分别为11.943亿印度卢比（1,450万美元）和18.949亿印度卢比（2310万美元），远远超过了我们上个季度公布的调整后收入1,950万至2,050万美元的预计指导区间。与去年同期亏损5,340万印度卢比形成鲜明对比的是，在截至2023年3月31日的三个月中，我们实现了750万印度卢比（10万美元）的利润。本季度调整后的息税折旧摊销前利润达到1.856亿印度卢比（230万美元），同比大幅增长251％。在截至2023年3月31日的三个月中，印度的国内客运量与上一季度相比增长了4.6％。与上一季度相比，我们的国内客运量增长了33％，这反映了该业务的强劲势头。
印度国内航空业同比增长51％，反映出从COVID的低点迅速复苏，印度旅游市场的长期增长轨迹仍然非常乐观。这种积极势头延续到新财年以及2023年4月，客运量同比增长17％，达到1,290万人次。在截至2023年3月31日的季度中，国际旅行也显示出稳步改善，达到COVID之前水平的约90％。在我们向前迈进的过程中，我们保持乐观态度，致力于利用这些积极的趋势来推动进一步的增长和成功。
我们的印度子公司Yatra Online Limited或 “Yatra India” 于2022年3月25日提交了红鲱鱼招股说明书草案（DRHP）。该报告已提交给印度股票市场的主要监管机构印度证券交易委员会（SEBI），为潜在的首次公开募股（IPO）做准备。该计划包括在印度证券交易所上市Yatra India的股票，因此被称为 “印度首次公开募股”。
2022 年 11 月 17 日，我们收到了来自 SEBI 的最终观察信，表明首次公开募股可以在上述日期后的一年内开放认购。有鉴于此，我们在3月季度初开始了印度投资者宣传（IPO 路演）。这涉及与印度知名投资者接触，包括印度市场领先的国内共同基金、家族办公室和对冲基金。由于我们的强劲表现，印度的消费者和企业旅行明显复苏，以及有利的宏观趋势表明该行业有可能持续增长，因此反馈非常积极。但是，由于全球市场更广泛的宏观环境，投资者反馈过程比我们预期的要长。尽管如此，我们注意到主要投资者继续表示兴趣和参与。这使我们对成功进行首次公开募股的前景充满信心。除了改善我们的财务状况外，我们相信此次发行还将为我们提供更自信地开展新的公司业务的机会。此外，这将使我们能够与过去可能对与海外机构合作犹豫不决的合作伙伴探索战略联盟。”-联合创始人兼首席执行官Dhruv Shringi。
财务和运营亮点 在截至2023年3月31日的三个月中:
收入 为11.943亿印度卢比（1,450万美元），同比增长97.4％（“同比”）。
调整后的收入(1) 为18.949亿印度卢比（2310万美元），同比增长93.3％。
调整后的收入（1) 来自航空票务 为14.596亿印度卢比（1,780万美元），同比增长118.7％。
调整后的收入（1) 来自酒店和套餐 为2.684亿印度卢比（合330万美元），同比增长49.3％。
总预订量（机票、酒店和套餐及其他服务）（3) 为178.327亿印度卢比（2.17亿美元），同比增长56.1％。
该期间的利润 为750万印度卢比（10万美元），而截至2022年3月31日的三个月亏损1.172亿印度卢比（140万美元），反映亏损同比减少了1.247亿印度卢比（150万美元）。
操作的结果 利润为1.155亿印度卢比（140万美元），而截至2022年3月31日的三个月亏损为5,340万印度卢比（60万美元），同比增长316.5％。
调整后 EBITDA（2) 利润 为1.856亿印度卢比（230万美元），同比增长251.0％。
财务和运营亮点 截至2023年3月31日的财年:
收入 为38.273亿印度卢比（4,660万美元），同比增长92.4％（“同比”）。
调整后的收入（1) 为61.531亿印度卢比（7,490万美元），同比增长86.3％。
调整后的收入（1) 来自航空票务 为43.353亿印度卢比（5,270万美元），同比增长96.1％。
调整后的收入（1) 来自酒店和套餐 为10.659亿印度卢比（1,300万美元），同比增长79.9％。
总预订量（机票、酒店和套餐等）(3) 为675.603亿印度卢比（8.220亿美元），同比增长330.991亿印度卢比（4.027亿美元）。
该期间的损失 为2.882亿印度卢比（合350万美元），去年同期亏损4.825亿印度卢比（合590万美元）。
操作的结果 利润为7,970万印度卢比（100万美元），而去年同期的亏损为4.315亿印度卢比（合520万美元）。
调整后 EBITDA (2) 利润 为4.229亿印度卢比（510万美元），去年同期亏损1.590亿印度卢比（190万美元）。
| 截至3月31日的三个月 |
|
|
|
|
| 2022 |
| 2023 |
| 2023 |
|
|
|
|
| 未经审计 |
| 未经审计 |
| 未经审计 |
|
| 同比变化 |
|
（以千计，百分比除外） | INR |
| INR |
| 美元 |
|
| % |
|
根据国际财务报告准则的财务摘要 |
|
|
|
|
|
|
|
|
|
收入 | 604,892 |
| 1,194,270 |
| 14,531 |
|
| 97.4% |
|
操作结果 | (53,375) |
| 115,546 |
| 1,406 |
|
| 316.5% |
|
该期间的利润/（亏损） | (117,187) |
| 7,547 |
| 92 |
|
| 106.4% |
|
根据非国际财务报告准则衡量标准的财务摘要 |
|
|
|
|
|
|
|
|
|
调整后的收入 (1) | 980,042 |
| 1,894,855 |
| 23,054 |
|
| 93.3% |
|
航空票务 | 667,482 |
| 1,459,605 |
| 17759 |
|
| 118.7% |
|
酒店和套餐 | 179,764 |
| 268,386 |
| 3,265 |
|
| 49.3% |
|
其他服务 | 55,150 |
| 38,125 |
| 464 |
|
| (30.9)% |
|
其他（包括其他收入） | 77,646 |
| 128,739 |
| 1,566 |
|
| 65.8% |
|
调整后 EBITDA (2) | 52,897 |
| 185,648 |
| 2,259 |
|
| 251.0% |
|
运营指标 |
|
|
|
|
|
|
|
|
|
总预订量 (3) | 11,426,411 |
| 17,832,713 |
| 216,969 |
|
| 56.1% |
|
航空票务 | 9,439494 |
| 15,122,132 |
| 183,990 |
|
| 60.2% |
|
酒店和套餐 | 1,050,215 |
| 2,107,435 |
| 25,641 |
|
| 100.7% |
|
其他服务 (6) | 936,702 |
| 603,146 |
| 7,338 |
|
| (35.6)% |
|
净收入利润率% (4) |
|
|
|
|
|
|
|
|
|
航空票务 | 7.1% |
| 9.7% |
|
|
|
|
|
|
酒店和套餐 | 17.1% |
| 12.7% |
|
|
|
|
|
|
其他服务 | 5.9% |
| 6.3% |
|
|
|
|
|
|
量化细节 (5) |
|
|
|
|
|
|
|
|
|
已预订的航空乘客 | 1,128 |
| 1,725 |
|
|
|
| 53.0% |
|
已预订独立酒店客房住宿 | 317 |
| 425 |
|
|
|
| 34.2% |
|
乘客旅行的包裹 | 4 |
| 5 |
|
|
|
| 35.1% |
|
| 截至3月31日的年度 |
|
|
|
|
| 2022 |
| 2023 |
|
| 2023 |
|
|
|
|
| 未经审计 |
| 未经审计 |
|
| 未经审计 |
|
| 同比变化 |
|
（以千计，百分比除外） | INR |
| INR |
|
| 美元 |
|
| % |
|
根据国际财务报告准则的财务摘要 |
|
|
|
|
|
|
|
|
|
|
收入 | 1,989,376 |
| 3,827,265 |
|
| 46,566 |
|
| 92.4% |
|
操作结果 | (431,473) |
| 79,666 |
|
| 969 |
|
| 118.5% |
|
该期间的损失 | (482,461) |
| (288,167) | ) |
| (3,506 | ) |
| 40.3% |
|
根据非国际财务报告准则衡量标准的财务摘要 |
|
|
|
|
|
|
|
|
|
|
调整后的收入 (1) | 3,302,361 |
| 6153,143 |
|
| 74,865 |
|
| 86.3 |
|
航空票务 | 2211,074 |
| 4,335,292 |
|
| 52,747 |
|
| 96.1% |
|
酒店和套餐 | 599,151 |
| 1,065,928 |
|
| 12,969 |
|
| 77.9% |
|
其他服务 | 161,504 |
| 177,685 |
|
| 2,162 |
|
| 10.0% |
|
其他（包括其他收入） | 330,632 |
| 574,238 |
|
| 6,987 |
|
| 73.7% |
|
调整后 EBITDA (2) | 158,958 |
| 422,872 |
|
| 5,145 |
|
| 166.0% |
|
运营指标 |
|
|
|
|
|
|
|
|
|
|
总预订量 (3) | 34,298,367 |
| 67,397,494 |
|
| 820,021 |
|
| 96.5% |
|
航空票务 | 27,648,844 |
| 56,408,351 |
|
| 686,316 |
|
| 104.0% |
|
酒店和套餐 | 3,487,276 |
| 8,178,106 |
|
| 99,502 |
|
| 134.5% |
|
其他服务 (6) | 3,162,247 |
| 2,811,038 |
|
| 34,202 |
|
| (11.1)% |
|
净收入利润率% (4) |
|
|
|
|
|
|
|
|
|
|
航空票务 | 8.0% |
| 7.7% |
|
|
|
|
|
|
|
酒店和套餐 | 17.2% |
| 13.0% |
|
|
|
|
|
|
|
其他服务 | 5.1% |
| 6.3% |
|
|
|
|
|
|
|
量化细节 (5) |
|
|
|
|
|
|
|
|
|
|
已预订的航空乘客 | 3,706 |
| 5,601 |
|
|
|
|
| 51.1% |
|
已预订独立酒店客房住宿 | 1,018 |
| 1,753 |
|
|
|
|
| 72.2% |
|
乘客旅行的包裹 | 10 |
| 21 |
|
|
|
|
| 109.2% |
|
注意：
调整后收入表示扣除服务成本以及从收入中扣除的与消费者促销和忠诚度计划成本相关的支出后的收入和其他收入。见 “某些非国际财务报告准则指标” 部分。
参见下面标题为 “某些非国际财务报告准则衡量标准” 的部分。
总预订量代表我们的客户为通过我们预订的旅行服务、货运服务和产品支付的总金额，包括税费、费用和其他费用，不包括取消和退款。
净收入利润率定义为调整后收入占总预订量的百分比。
量化细节是按总额考虑的。
其他服务主要包括货运业务、公共汽车、铁路和出租车以及其他服务。
截至2023年3月31日，公司已发行和流通63,647,927股普通股（按转换后计算），面值为每股0.0001美元（“普通股”）。
便捷翻译
未经审计的中期简明合并财务报表以印度卢比列报。但是，仅为方便读者起见，截至2023年3月31日的三个月和年度未经审计的中期简明合并损益表和其他综合亏损表、截至2023年3月31日的未经审计的中期简明合并财务状况表、截至2023年3月31日止年度的未经审计的中期简明合并现金流量表以及截至2023年3月31日的三个月和年度业绩与截至3月31日的三个月和年度业绩的讨论 2022 年 31 月 31 日，改为美国美元，汇率为每美元 82.19 印度卢比，该汇率基于截至2023年3月31日纽约市经纽约联邦储备银行认证用于海关目的的印度卢比电汇的中午买入率。这种算术转换不应被解释为表示以印度卢比表示的金额可以按该汇率或任何其他汇率兑换成美元，也不应解释为此类数字符合《国际财务报告准则》（“IFRS”）的要求。
Yatra 在线有限公司的首次公开募股
Yatra Online Limited（“Yatra India”）正在考虑在印度首次公开募股其股权（“股票”），并于2022年3月25日向印度证券交易委员会提交了红鲱鱼招股说明书（DRHP）草案。股权股份不可与普通股互换。普通股将继续在纳斯达克资本市场上交易，预计在计划上市后，股票将在印度证券交易所上市。Yatra India已收到SEBI于2022年11月17日发出的与DRHP有关的最后一封意见信。拟议的印度首次公开募股可以在12个月内开放认购。印度首次公开募股的时间和完成以及与之相关的投资者利益受到各种风险和不确定性的影响。
COVID-19 疫情
印度旅游业的企业和消费行业继续强劲复苏，上述表格中提到的财务经营业绩就证明了这一点，这两个行业同比均健康增长。尽管在截至2023年3月31日的上一财年业务实现了压倒性复苏，但 COVID-19 疫情的影响在某种程度上对我们的业务、运营业绩、现金流和增长前景仍然不可预测，包括疫情的严重程度、范围和持续时间、对旅游业和消费者支出的影响、疫苗接种率以及针对 COVID-19 疫情各种突变或变体的疫苗的有效性。我们继续强调实现各种职能的自动化，以提高效率和客户体验，同时采取某些降低成本的举措。
GoAir
2023年5月2日，Go Airlines（印度）有限公司（Go Airlines（印度）Limited（Go First）向印度国家公司法庭（NCLT）提交了自愿破产解决程序申请，理由是飞机发动机的供应出现故障，其发动机供应商未能按时更换，这导致其一半的机队停飞，随之而来的是运营和财务问题。2023 年 5 月 10 日，NCLT 批准了该申请，并暂停了 Go First 的出租人、贷款人和其他债权人追回债务，从而向 Go First 提供了保护。此外，NCLT已任命一名临时解决方案专业人员（IRP）来运营Go First，维持Go First的持续经营状态。我们已经就其索赔向IRP提交了适当的文件。截至本文发布之日，Go First 已暂停所有航班，直至 2023 年 5 月 30 日。
2023 年 5 月 24 日，航空监管机构民航总局 (DGCA) 给予资金短缺的 Go First 航空公司一个月的时间来提交其可持续恢复运营的重组或复兴计划。
商用航空格局的这种中断可能会导致我们平台上可用的机票供应减少，这可能会对我们的总预订量、机票收入和运营活动业绩产生负面影响。请参阅我们2022年8月1日的20-F表年度报告的 “风险因素” 部分，包括但不限于强调以下风险：（i）我们依赖航空票务业务，该业务占我们的收入的很大一部分，来自印度的少数航空供应商；（ii）我们面临与印度企业，尤其是印度旅游业的业务相关的风险，包括破产、重组，其合作伙伴的组织和联盟，这些合作伙伴的信用价值合作伙伴，以及在 “与我们的业务和行业相关的风险” 标题下列出的向我们的合作伙伴付款的可能义务。公司还考虑了截至2023年3月31日止年度预计应计收入1,510万印度卢比（20万美元）的逆转，截至2023年5月3日预付了2410万印度卢比（30万美元）。
截至2023年3月31日止三个月的业绩
收入。在截至2023年3月31日的三个月中，我们创造了11.943亿印度卢比（1450万美元）的收入，与截至2022年3月31日的三个月的6.049亿印度卢比（740万美元）相比增长了97.4％。收入增长的主要原因是，与2022年3月31日同期相比，COVID-19 的影响减弱，以及截至2023年3月31日的三个月全球分销系统（“GDS”）合同的累积门槛奖金，导致我们的消费者和公司差旅业务的复苏。
服务成本。 在截至2023年3月31日的三个月中，我们的服务成本增加到2.282亿印度卢比（280万美元），而在截至2022年3月31日的三个月中，服务成本为4,670万印度卢比（60万美元），这主要是由于消费者旅行市场的复苏，在截至2023年3月31日的三个月中，包裹销售额增加。
调整后的收入。（1) 在截至2023年3月31日的三个月中，我们的调整后收入从截至2022年3月31日的三个月的9.8亿印度卢比（合1,190万美元）增长了93.3％，至18.949亿印度卢比（合2,310万美元）。在截至2023年3月31日的三个月中，调整后的收入包括9.064亿印度卢比（合1,100万美元）的追加回款，而在截至2022年3月31日的三个月中，追加回款为3.964亿印度卢比（合480万美元），其性质是消费者促销和某些忠诚度计划成本从收入中扣除。这些费用已加回计算调整后收入，随之而来的营销和促销费用也有所增加，以更准确地反映我们对持续业务的看法。根据国际财务报告准则第15号，这些费用必须从收入中扣除，这是国际财务报告准则的一项衡量标准。调整后收入的增长主要来自航空票务调整后收入的118.7％，调整后的酒店和套餐收入的49.3％，调整后的其他服务收入下降30.9％，来自其他（包括其他收入）的65.8％。
航空票务。 在截至2023年3月31日的三个月中，我们的航空票务业务收入为6.256亿印度卢比（合760万美元），而截至2022年3月31日的三个月为3.216亿印度卢比（合390万美元），增长了94.5％。
调整后的收入 (1) 在截至2023年3月31日的三个月中，我们的航空票务业务收入增加到14.596亿印度卢比（合1780万美元），而在截至2022年3月31日的三个月中，这一数字为6.675亿印度卢比（合810万美元）。在截至2023年3月31日的三个月中，调整后的收入 (1) 航空票务包括追加的8.34亿印度卢比（合1,010万美元）的消费者促销和忠诚度计划成本，根据国际财务报告准则第15号，这减少了收入，而在截至2022年3月31日的三个月中，追加回额为3.459亿印度卢比（合420万美元）。收入和调整后收入的回升是由于销量增长、GDS合同的门槛奖金的累积以及旅行需求增加导致供应商提供的额外激励措施。
酒店和套餐。 在截至2023年3月31日的三个月中，我们的酒店和套餐业务收入为4.295亿印度卢比（合520万美元），而截至2022年3月31日的三个月为1.805亿印度卢比（合220万美元），增长了137.9％。
调整后的收入 (1) 该细分市场从截至2022年3月31日的三个月的1.798亿印度卢比（220万美元）增长了49.3％，至截至2023年3月31日的三个月的2.684亿印度卢比（合220万美元）。在截至2023年3月31日的三个月中，调整后的收入 (1) 酒店和套餐包括客户促销费用的追加，根据国际财务报告准则第15号，该费用已从6,710万印度卢比（80万美元）的收入中减少，而在截至2022年3月31日的三个月中，追加费用为4,590万印度卢比（60万美元）。在截至2023年3月31日的三个月中，收入和调整后收入的增加是由于国内旅行的复苏以及新的分销合作伙伴的增加。净利润率的减少是由于组合的变化有利于一揽子计划。
其他服务。 在截至2023年3月31日的三个月中，我们的其他服务收入为3,280万印度卢比（40万美元），低于截至2022年3月31日的三个月的5,050万印度卢比（60万美元）。
截至2023年3月31日的三个月中，该细分市场的调整后收入从截至2022年3月31日的三个月的5,520万印度卢比（70万美元）下降了30.9％，至3,810万印度卢比（50万美元）。在截至2023年3月31日的三个月中，调整后的收入包括追加的消费者促销费用，根据国际财务报告准则第15号，该费用已从540万印度卢比（合10万美元）的收入中减少，而截至2022年3月31日的三个月中，追加回额为460万印度卢比（10万美元）。调整后收入的下降主要是由于我们的货运业务收入减少。
参见标题为 “某些非国际财务报告准则衡量标准” 的部分。
其他收入。 在截至2023年3月31日的三个月中，由于广告收入的增加，我们的其他收入为1.064亿印度卢比（合130万美元），高于截至2022年3月31日的三个月的5,220万印度卢比（60万美元）。
其他收入。 由于不再需要偿还的负债减记减少，我们的其他收入从截至2022年3月31日的三个月的2540万印度卢比（30万美元）降至截至2023年3月31日的三个月中的2,230万印度卢比（30万美元）。
人事费用。 在截至2023年3月31日的三个月中，我们的人员支出从截至2022年3月31日的三个月的2.543亿印度卢比（310万美元）增长了9.9％，至2.794亿印度卢比（合310万美元）。不包括截至2023年3月31日的三个月中基于员工份额的2650万印度卢比（合30万美元）的薪酬成本，而截至2022年3月31日的三个月为3160万印度卢比（40万美元），在截至2023年3月31日的三个月中，由于员工工资恢复到疫情前水平和年薪增长以及员工人数增加的影响，人事支出增长了13.6％。
营销和促销费用。 在截至2023年3月31日的三个月中，营销和销售促销费用从截至2022年3月31日的三个月的3,390万印度卢比（40万美元）增长了320.7％，至1.424亿印度卢比（合170万美元）。加上已从国际财务报告准则第15号收入中扣除的消费者促销和忠诚度计划成本，在截至2023年3月31日的三个月中，我们的营销支出将为10.489亿印度卢比（合1,280万美元），而截至2022年3月31日的三个月中，我们的营销支出为4.303亿印度卢比（合520万美元），同比增长143.8％。
其他运营费用。 截至2023年3月31日的三个月，其他运营支出从截至2022年3月31日的三个月的2.743亿印度卢比（合330万美元）增长了48.5％，至4.074亿印度卢比（合500万美元），这主要是由于佣金、法律和专业费用、支付网关费用以及可疑应收账款准备金的增加。
调整后 EBITDA（1)。 由于上述因素，调整后的息税折旧摊销前利润利润（1) 在截至2023年3月31日的三个月中，从调整后的息税折旧摊销前利润增加到1.856亿印度卢比（230万美元）(1) 在截至2022年3月31日的三个月中，为5,290万印度卢比（60万美元）。
折旧和摊销。 在截至2023年3月31日的三个月中，我们的折旧和摊销费用从截至2022年3月31日的三个月的7,360万印度卢比（90万美元）下降了40.8％，至4,360万印度卢比（90万美元），这主要是由于在截至2023年3月31日的三个月中已完全折旧和摊销的资产减少了。
合资企业贷款的减值。 2012 年 9 月 28 日，我们与一家从事冒险旅行活动的公司签订了合资协议。截至2022年3月31日，公司已向合资企业减值了100万印度卢比（101万美元）的未偿贷款金额。
运营业绩。 由于上述因素，在截至2023年3月31日的三个月中，我们的运营业绩为1.155亿印度卢比（140万美元）的利润。在截至2022年3月31日的三个月中，我们的亏损为5,340万印度卢比（60万美元）。不包括基于员工股份的薪酬成本和向合资企业贷款的减值，调整后的运营业绩（1) 在截至2023年3月31日的三个月中，本应实现1.420亿印度卢比（170万美元）的利润，而截至2022年3月31日的三个月亏损为2,070万印度卢比（30万美元）。
参见标题为 “某些非国际财务报告准则衡量标准” 的部分。
财务收入。 在截至2023年3月31日的三个月中，我们的财务收入从截至2022年3月31日的三个月的490万印度卢比（10万美元）增加到1310万印度卢比（合10万美元）。这主要是由于我们的银行存款所得利息收入减少。
财务成本。 在截至2023年3月31日的三个月中，我们的财务成本为1.019亿印度卢比（合120万美元），其中包括880万印度卢比（10万美元）的租赁负债利息，较截至2022年3月31日的三个月的2,940万印度卢比（40万美元）的融资成本增加了7,250万印度卢比（90万美元），其中包括980万印度卢比（10万美元）的租赁负债利息。增长是由于借款利息的增加以及包括发票折扣/营运资金便利和不可转换债券在内的借款便利的增加。
上市及相关费用。上市及相关费用涉及与印度首次公开募股有关的费用。在截至2023年3月31日的三个月中，公司已支出340万印度卢比（10万美元），而在截至2022年3月31日的三个月中，公司已从损益中扣除3,390万印度卢比（40万美元）。
所得税支出。 在截至2023年3月31日的三个月中，我们的所得税支出为1,580万印度卢比（20万美元），而在截至2022年3月31日的三个月中，我们的所得税支出为540万印度卢比（10万美元）。
该期间的利润。 由于上述因素，我们在截至2023年3月31日的三个月中利润为750万印度卢比（10万美元），而在截至2022年3月31日的三个月中，我们的亏损为1.172亿印度卢比（140万美元）。不包括基于员工股份的薪酬成本、上市和相关费用以及向合资企业贷款的减值，调整后的利润（1) 在截至2023年3月31日的三个月中，本应为3,740万印度卢比（50万美元），调整后的亏损(1) 截至2022年3月31日的三个月，为5,060万印度卢比（60万美元）。
每股基本收益/（亏损）。 在截至2023年3月31日的三个月中，每股基本收益为0.10印度卢比（0.01美元），而在截至2022年3月31日的三个月中，每股基本亏损为1.86印度卢比（0.02美元）。扣除基于员工股份的薪酬成本、上市和相关费用以及合资企业贷款减值后，调整后的每股基本收益（1) 在截至2023年3月31日的三个月中，本应为0.56印度卢比（0.01美元），而在截至2022年3月31日的三个月中，调整后的基本亏损为0.80印度卢比（0.01美元）。
摊薄后的每股收益/（亏损）。 在截至2023年3月31日的三个月中，摊薄后每股收益为0.09印度卢比（0.01美元），而在截至2022年3月31日的三个月中，摊薄后的每股亏损为1.86印度卢比（0.02美元）。扣除基于员工股份的薪酬成本、上市和相关费用以及合资企业贷款减值后，调整后的摊薄后每股收益（1) 在截至2023年3月31日的三个月中，本应为0.53印度卢比（0.01美元），而在截至2022年3月31日的三个月中，调整后的摊薄亏损为0.80印度卢比（0.01美元）。
流动性。截至2023年3月31日，我们资产负债表上的现金和现金等价物以及定期存款余额为10.910亿印度卢比（1,330万美元）。
公司子公司的保理债务融资机制包含与未支配现金和现金等价物有关的某些财务契约，等于过去12个月的现金消耗，正净资产和总运营负债不应超过有形净资产的两倍。截至2023年3月31日，其中一项债务契约存在违规行为，即 “总运营负债不应超过有形净资产的两倍”。继2023年3月31日之后，该公司的子公司于2023年5月17日获得了贷款人在这方面的豁免。根据公司及其子公司提供的其他债务融资机制中的交叉违约条款，这些债务融资可以按需支付。其中包括黑土资本私人有限公司、印度黑土信贷基金、Mak Capital Fund、LP、N+1 Capital、IDFC First bank 和联邦银行提供的债务融资。在2023年3月31日之后，公司及其子公司在2023年5月获得了所有这些贷款机构的豁免。因此，此类违约对公司的流动性状况、未来的现金流及其持续经营评估没有任何影响。
由于与不遵守债务契约有关的豁免是在报告期结束后收到的，因此截至2023年3月31日，总额为2.207亿印度卢比（合270万美元）的债务融资部分本应归类为非流动债务。
此外，2023年5月9日，公司的子公司与安讯士银行有限公司重新谈判了其财务契约条款，并将有关 “总运营负债不应超过有形净资产的两倍” 的契约替换为 “负债与权益比率应超过2.0”。今后，公司的子公司将被要求遵守这一要求。
参见标题为 “某些非国际财务报告准则衡量标准” 的部分。
截至2023年3月31日的年度业绩与截至2022年3月31日的年度相比
收入。在截至2023年3月31日的年度中，我们创造了38.273亿印度卢比（合4,660万美元）的收入，与截至2022年3月31日的19.894亿印度卢比（2420万美元）相比增长了92.4％。收入的增长主要是由于 COVID-19 的影响与 2022 年 3 月 31 日同期相比有所减弱，以及截至 2023 年 3 月 31 日的年度内 GDS 合同的门槛奖金的累积推动了我们的消费者和公司差旅业务的复苏。
服务成本。 我们的服务成本从截至2022年3月31日的年度的1.593亿印度卢比（190万美元）增加到截至2023年3月31日的年度的6.691亿印度卢比（合190万美元），这主要是由于消费者旅行市场的复苏，截至2023年3月31日的年度的套餐销售增加。
调整后的收入（1) 截至2023年3月31日的财年，我们的调整后收入从截至2022年3月31日的33.024亿印度卢比（4,020万美元）增长了86.3％，至61.531亿印度卢比（合7,490万美元）。在截至2023年3月31日的年度中，调整后的收入包括28.425亿印度卢比（合3,460万美元）的追加回款，而截至2022年3月31日止年度的追加回款为13.136亿印度卢比（合1,600万美元），用于从收入中扣除的消费者促销和某些忠诚度计划成本。这些费用已加回计算调整后收入，随之而来的营销和促销费用也有所增加，以更准确地反映我们对持续业务的看法。根据国际财务报告准则第15号，这些费用必须从收入中扣除，这是国际财务报告准则的一项衡量标准。调整后收入的增长主要是由于我们的调整后航空票务收入增长了96.1％，调整后的酒店和套餐收入增长了77.9％，其他服务增长了10.0％，其他收入（包括其他收入）增长了73.7％，主要包括广告收入、便利费和注回的超额准备金。
航空票务。 截至2023年3月31日的财年，我们的航空票务业务收入为17.8亿印度卢比（2170万美元），而截至2022年3月31日的年度为11.505亿印度卢比（1,400万美元）。
调整后的收入 (1) 截至2023年3月31日的财年，来自我们的航空票务业务的收入增至43.353亿印度卢比（合5,270万美元），而截至2022年3月31日的年度为22.111亿印度卢比（合2690万美元）。在截至2023年3月31日的年度中，调整后的收入 (1) 航空票务包括截至2023年3月31日的年度增加了25.553亿印度卢比（合3,110万美元）的消费者促销和忠诚度计划成本，而截至2022年3月31日的年度增加了10.606亿印度卢比（合1,290万美元），根据国际财务报告准则第15号，这减少了收入。收入和调整后收入的回升是由于销量增长、GDS合同的门槛奖金的累积以及旅行需求增加导致供应商提供的额外激励措施。
酒店和套餐。 截至2023年3月31日的财年，我们的酒店和套餐业务收入为14.713亿印度卢比（合1790万美元），而截至2022年3月31日的年度为5.207亿印度卢比（630万美元）。
调整后的收入 (1) 该细分市场从截至2022年3月31日的5.992亿印度卢比（730万美元）增长了77.9％，至截至2023年3月31日的年度的10.659亿印度卢比（合1,300万美元）。在截至2023年3月31日的年度中，调整后的收入 (1) 酒店和套餐包括追加的客户促销费用2.638亿印度卢比（合320万美元），而截至2022年3月31日的年度为2.377亿印度卢比（290万美元），根据国际财务报告准则第15号，这笔费用已从收入中扣除。截至2023年3月31日的年度中，收入和调整后收入的增加是由于国内旅行的复苏，以及新的企业客户的增加和分销渠道的扩大。净利润率的减少是由于组合的变化有利于一揽子计划。
其他服务。 截至2022年3月31日的财年，我们的其他服务收入为1.543亿印度卢比（190万美元），比截至2022年3月31日的1.462亿印度卢比（180万美元）有所增加。
该细分市场的调整后收入从截至2022年3月31日的1.615亿印度卢比（200万美元）增长了10.0％，至截至2023年3月31日的年度的1.777亿印度卢比（合220万美元）。在截至2023年3月31日的年度中，调整后的收入包括截至2023年3月31日的年度的追加回款2340万印度卢比（30万美元），而截至2022年3月31日的年度的消费者促销费用为1,530万印度卢比（合20万美元），根据国际财务报告准则第15号，这笔费用已从收入中扣除。调整后收入的增加主要是由于铁路、公共汽车和汽车等其他服务的收入增加，但运费收入的减少部分抵消了这一点。
其他收入。 在截至2023年3月31日的年度中，我们的其他收入为4.217亿印度卢比（合510万美元），比截至2022年3月31日的年度的1.720亿印度卢比（210万美元）有所增加。
其他收入。 由于负债减记的影响，我们的其他收入从截至2022年3月31日止年度的1.586亿印度卢比（190万美元）降至截至2023年3月31日的1.525亿印度卢比（190万美元）。
人事费用。 我们的人员支出从截至2022年3月31日的年度的10.219亿印度卢比（1,240万美元）增长了12.4％，至截至2023年3月31日的年度的11.484亿印度卢比（1,400万美元）。不包括截至2023年3月31日止年度的基于员工股份的薪酬成本从截至2022年3月31日的2.095亿印度卢比（250万美元）的1.521亿印度卢比（合250万美元），人事支出在截至2023年3月31日的年度中增长了22.7％，这是由于员工的工资恢复到疫情前水平和年薪增长以及员工人数增加的影响。
营销和促销费用。 营销和促销费用从截至2022年3月31日的1.241亿印度卢比（150万美元）增长了171.0％，至截至2023年3月31日的年度的3.365亿印度卢比（合410万美元）。加上根据国际财务报告准则第15号的收入减少的消费者促销和忠诚度计划成本，我们的营销支出将为31.789亿印度卢比（合3,870万美元），而截至2022年3月31日的年度为14.378亿印度卢比（1,750万美元），同比增长121.1％。
其他运营费用。 其他运营支出从截至2022年3月31日的年度的8.933亿印度卢比（1,090万美元）增长了74.1％，至截至2023年3月31日的15.55亿印度卢比（1,090万美元），这主要是由于佣金、法律和专业费用、坏账注销以及可疑债务和支付网关费用准备金的增加。
调整后的息税折旧摊销前利润（1)。 由于上述因素，调整后的息税折旧摊销前利润（1) 截至2023年3月31日的一年中，调整后的息税折旧摊销前利润亏损增长了166.0％，至4.229亿印度卢比（合510万美元）(1) 在截至2022年3月31日的年度中，为1.590亿印度卢比（190万美元）。
折旧和摊销。 我们的折旧和摊销费用从截至2022年3月31日的年度的3.082亿印度卢比（370万美元）下降了38.3％，至截至2023年3月31日的年度的1.902亿印度卢比（合370万美元），这主要是由于截至2023年3月31日的年度已完全折旧和摊销资产的增加。
运营业绩。 由于上述因素，在截至2023年3月31日的年度中，我们的经营活动业绩为7,970万印度卢比（100万美元）的利润。截至2022年3月31日的财年，我们的亏损为4.315亿印度卢比（520万美元）。不包括基于员工股份的薪酬成本和向合资企业贷款的减值，调整后的运营业绩（1) 截至2023年3月31日的年度本应为2.327亿印度卢比（280万美元）的利润，而截至2022年3月31日的年度亏损为1.492亿印度卢比（180万美元）。
合资企业亏损份额。 该金额涉及与经营冒险旅行活动的合资企业投资相关的累计亏损贡献的逆转，是公司在向合资企业提供贷款减值后根据合资协议设定的准备金的调整。在截至2022年3月31日的年度中，我们撤销了因合资企业亏损分摊而产生的债务的负债。截至2023年3月31日的财年，我们向合资企业提供的贷款减值为100万印度卢比（合10万美元），而截至2022年3月31日的年度亏损为7,270万印度卢比（90万美元））。
财务收入。 我们的财务收入从截至2022年3月31日的4,780万印度卢比（60万美元）降至截至2023年3月31日的年度的2,890万印度卢比（60万美元）。减少的主要原因是我们银行存款的利息收入减少。
财务成本。 我们的财务成本增加到3.264亿印度卢比（400万美元），包括截至2023年3月31日的年度3,600万印度卢比（40万美元）的租赁负债利息，而截至2022年3月31日的年度为1.005亿印度卢比（120万美元），包括4,390万印度卢比（50万美元）的租赁负债利息。增长是由于借款利息的增加和借款的增加。
上市及相关费用。上市及相关费用涉及与印度首次公开募股有关的费用。在截至2023年3月31日的年度中，公司的支出为23.6印度卢比（30万美元），而截至2022年3月31日的年度为5,580万印度卢比（70万美元）。
认股权证公允价值的变化。 2021 年 12 月 16 日，纽约时间下午 5:00，购买总计 17,337,500 股普通股（“认股权证”）的未执行认股权证已按原条款到期。
认股权证公允市场价值的变化导致截至2023年3月31日的年度收益为零印度卢比，而截至2022年3月31日的年度收益为3,280万印度卢比（40万美元）。
所得税支出。 在截至2023年3月31日的年度中，我们的所得税支出为4,680万印度卢比（60万美元），而截至2022年3月31日的年度的支出为1,690万印度卢比（20万美元）。
该期间的亏损。 由于上述因素，我们在截至2023年3月31日的年度亏损为2.882亿印度卢比（合350万美元），而截至2022年3月31日的年度亏损为4.825亿印度卢比（合590万美元）。不包括基于员工股份的薪酬成本、合资企业贷款减值、上市和相关费用以及认股权证公允价值的净变动，调整后的亏损（1) 截至2023年3月31日的年度为1.115亿印度卢比（140万美元），截至2022年3月31日的年度为1.771亿印度卢比（220万美元）。
每股基本亏损。 截至2023年3月31日的年度中，每股基本亏损为4.59印度卢比（0.07美元），而截至2022年3月31日的年度每股基本亏损为7.66印度卢比（0.09美元）。扣除基于员工股份的薪酬成本、合资企业贷款减值、上市和相关费用以及认股权证公允价值的净变动后，调整后的每股基本亏损（1) 在截至2023年3月31日的年度中，本应为1.81印度卢比（0.02美元），而截至2022年3月31日的年度调整后基本亏损为2.84印度卢比（0.03美元）。
摊薄后每股亏损。 截至2023年3月31日的年度摊薄后每股亏损为4.59印度卢比（0.07美元），而截至2022年3月31日的年度摊薄后每股亏损为7.66印度卢比（2.84美元）。扣除基于员工股份的薪酬成本、合资企业贷款减值、上市和相关费用以及认股权证公允价值的净变动后，调整后的摊薄后每股亏损（1) 截至2023年3月31日的年度本应为1.81印度卢比（0.02美元），而截至2022年3月31日的年度调整后的摊薄亏损为2.84印度卢比（0.03美元）。
电话会议
公司将于2023年5月30日美国东部夏令时间上午 8:30（或印度标准时间下午 6:00）开始举行电话会议，讨论截至2023年3月31日的三个月和年度的未经审计的业绩。电话会议的拨入详情如下：美国/国际拨入号码：+1 404 975 4839。确认码：656094（呼叫者应在开始时间前 5-10 分钟拨打并向接线员提供确认码）。电话会议也将通过网络直播播出，网址为。
某些非国际财务报告准则衡量标准
由于我们的某些部分收入是在 “净” 基础上确认的，而收入的其他部分是在 “总收入” 基础上确认的，因此我们根据调整后收入评估财务业绩，调整后收入是非国际财务报告准则的衡量标准。
我们认为，调整后的收入为投资者提供了有关我们业务财务业绩的有用补充信息，并更准确地反映了我们向客户提供的旅行服务的增值。这些非国际财务报告准则信息的列报无意孤立地考虑，也不能替代我们根据国际会计准则理事会（“IASB”）发布的国际财务报告准则编制的未经审计的简明合并财务业绩。由于计算方法可能存在差异，我们的调整后收入可能无法与其他公司报告的标题相似的指标进行比较。
除了提及调整后的收入外，我们还指调整后的息税折旧摊销前利润利润、调整后的经营业绩、本期调整后的亏损以及调整后的基本和调整后的摊薄后每股亏损，它们也是非国际财务报告准则的衡量标准。出于我们的内部管理报告、预算和决策目的，包括将我们的经营业绩与竞争对手的经营业绩进行比较，这些非国际财务报告准则财务指标不包括基于员工股份的薪酬成本、合资企业贷款减值、上市和相关费用以及认股权证公允价值的变化。我们的非国际财务报告准则财务指标反映了基于以下因素的调整：
参见标题为 “某些非国际财务报告准则衡量标准” 的部分。
认股权证公允价值的变化——业务合并完成后，公司假设3,467万份认股权证有权认购1,733万股普通股和向麦格理企业控股有限公司发行的认股权证。会计指导要求我们在合并损益表和其他综合亏损表中记录这些认股权证公允价值的任何变化。我们在计算非国际财务报告准则财务指标时排除了隐含的公允价值变动的影响。2021 年 12 月 16 日，纽约时间下午 5:00，购买我们共计 17,337,500 股普通股的未执行认股权证（“认股权证”）已按原条款到期。
合资企业贷款的减值——记录的减值成本取决于不同的可用估值方法和主观假设，公司在资产负债表日估值资产的公允价值时可以使用这些方法和主观假设。因此，管理层认为，提供不包括此类支出的非国际财务报告准则财务指标可以使投资者对我们的经营业绩与其他公司的经营业绩进行进一步比较。
上市及相关费用——这些主要反映了Yatra India首次公开募股过程中产生的非经常性费用。
我们在排除上述指标的影响后评估了业务业绩，并认为了解这些项目对我们的经营业绩、本期亏损以及基本和摊薄后每股亏损的影响很有用。这些非国际财务报告准则指标的列报不应孤立考虑，也不能替代我们根据国际会计准则理事会发布的国际财务报告准则编制的未经审计的简明合并财务业绩。由于计算方法可能存在差异，这些非国际财务报告准则指标可能无法与其他公司报告的标题相似的指标进行比较。
与根据国际会计准则理事会发布的国际财务报告准则使用调整后的息税折旧摊销前利润相比，使用调整后的息税折旧摊销前利润、调整后的经营业绩、调整后的本期亏损以及调整后的基本和调整后的摊薄后每股亏损的限制是，这些非国际财务报告准则财务指标不包括基于股份的薪酬成本、认股权证公允价值的变化以及调整后的息税折旧摊销利润的折旧和摊销。管理层通过提供调整后息税折旧摊销前利润中扣除的国际财务报告准则金额、调整后的经营业绩、本期调整后的亏损以及调整后的基本和调整后的摊薄后每股亏损的具体信息来弥补这一限制。
安全港声明
本财报包含有关公司未来增长前景的某些陈述和前瞻性陈述，定义见1995年《美国私人证券诉讼改革法》的安全港条款。这些前瞻性陈述基于公司当前对公司及其行业的预期、假设、估计和预测。这些前瞻性陈述受到各种风险和不确定性的影响。通常，这些前瞻性陈述可以通过使用前瞻性术语来识别，例如 “预期”、“相信”、“估计”、“期望”、“打算”、“将”、“项目”、“寻求”、“应该” 等类似表达方式以及此类表达的否定形式。除其他外，此类陈述包括有关管理层信念以及我们的战略和运营计划的陈述；Yatra India完成印度首次公开募股的能力；首次公开募股的预期收益；我们将在何种程度上和如何使用债务融资或印度首次公开募股的收益以及我们对使用此类资金的预期结果；我们对Go First 破产程序的预期以及我们产生正现金流的能力的预期；以及我们未来的财务业绩，包括关于我们的声明收入、收入成本、运营支出以及我们实现和维持盈利、加强资产负债表或利用印度快速复苏的休闲和商务旅行市场的能力。前瞻性陈述涉及固有的风险和不确定性。许多重要因素可能导致实际结果与任何前瞻性陈述中包含的结果存在重大差异。潜在的风险和不确定性包括但不限于Yatra India完成印度首次公开募股的能力；COVID-19 疫情的影响；印度旅游业竞争加剧的影响以及我们对行业发展和运营竞争环境的预期；印度经济增长放缓以及整个印度经济，尤其是旅游业的其他下降或中断，包括安全问题、恐怖袭击、区域性袭击、冲突（包括乌克兰和俄罗斯之间持续的冲突（包括我们的GDS服务提供商）、疫情和自然灾害，我们成功与航空供应商和全球分销系统服务提供商谈判合同并减轻因我们收到的佣金、激励金和费用减少对我们的收入产生的任何负面影响的能力；航空供应商（包括我们的GDS服务提供商）可能减少或取消他们为销售机票而向我们支付的佣金和其他费用的风险；我们建立战略合作伙伴关系的能力还有与我们的商业伙伴相关的风险；印度旅游业最近的发展对我们的盈利能力和财务状况的潜在影响；印度及其周边地区和其他主要旅游目的地的政治和经济稳定；我们维持和提高品牌知名度的能力；我们实现过去或未来任何收购的预期收益的能力；我们成功实施增长战略的能力；我们吸引、培训和留住高管和其他合格员工，包括合适的替代人员适用于由于我们为应对 COVID-19 疫情而采取的某些成本削减举措而可能寻求其他就业机会的任何高级管理团队成员或其他员工；以及我们成功实施任何新业务举措的能力。我们在向美国证券交易委员会提交的报告中讨论了这些因素和其他因素。本财报中提供的所有信息均自本财报发布之日起提供，除非适用法律要求，否则我们不承担任何更新任何前瞻性陈述的义务。
关于 Yatra Online, Inc.
Yatra Online, Inc. 是Yatra Online Limited（前身为Yatra Online Private Limited，以下简称 “Yatra India”）的最终母公司，其公司办公室位于印度古鲁格拉姆。Yatra India是印度领先的商务旅行服务提供商，拥有约813个大型企业客户和约58,000名注册的中小企业客户，就2020财年的总预订收入而言，是该国第二大在线消费旅游公司（OTC）（来源：CRISIL 报告）。休闲和商务旅客使用Yatra India的移动应用程序、其网站以及其他产品和服务来探索、研究、比较价格和预订各种与旅行相关的服务。这些服务包括几乎所有印度和国际航空公司的国内和国际机票，以及印度境内的巴士票务、铁路票务、出租车预订和辅助服务。Yatra India在印度约1,400个城镇拥有约10.3万家酒店，在全球拥有超过200万家酒店，在印度主要在线旅行社（OTA）参与者中拥有最大的酒店库存（来源：CRISIL 报告）。Yatra India还于2020年底启动了一项名为Yatra Freight的货运代理业务，以进一步扩大其企业服务范围。
欲了解更多信息，请联系：
Manish Hemrajani
Yatra Online, Inc.
副总裁，企业发展和投资者关系主管
ir@yatra.com
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