Yatra Online, Inc. (NASDAQ:YTRA) Q1 2024 Earnings Call Transcript October 16, 2023 11:00 AM ET

Company Participants

Manish Hemrajani - Head of IR

Dhruv Shringi - CEO and Co-Founder

Rohan Mittal - CFO

Conference Call Participants

Scott Buck - H.C. Wainwright

Cobb Sadler - Catamount

Operator

Hello all and welcome to Yatra Online, Inc. 1Q Full Year ‘24 Earnings Conference Call. My name is Lydia and I'll be your operator today. [Operator Instructions] It's my pleasure to now hand you over to your host, Manish Hemrajani, Head of Investor Relations. Please go ahead.

Manish Hemrajani

Thank you, Lydia. Good morning, everyone. Welcome to Yatra's fiscal first quarter 2024 financial [Technical Difficulty]. We have on the call today Yatra’s CEO and Co-Founder, Dhruv Shringi, and CFO, Rohan Mittal. Following discussion, including responses to your questions, reflects management views as of today, October 16th, 2023. We don't undertake any obligation to update or revise the information.

Before we begin our formal remarks, let me remind you that certain statements made on today's call may constitute forward-looking statements which are based on management's current expectations and are subject to several risks and uncertainties that could cause actual results to differ materially. For a description of these risks, please refer to our filings with the SEC and our press release filed earlier this morning. These are also available on our Investor Relations site.

With that, let me turn the call over to Dhruv. Dhruv, please go ahead.

Dhruv Shringi

Thank you, Manish. Good morning to all, and I appreciate your presence on our Q1 earnings call for fiscal ‘24. I am delighted to announce a significant milestone for Yatra Online Limited. We successfully concluded our Indian IPO of INR7.75 billion, which is approximately $93 million, and proudly made our debut on the Indian stock exchanges on the 28th of September. This achievement holds special significance for all of us at Yatra. The funds generated from the IPO are earmarked for strategic investments, acquisitions, inorganic growth, technology advancement, bolstering customer acquisition and retention, and other initiatives pivotal to our organic growth and corporate endeavors.

Furthermore, Yatra Online, Inc. also benefited from an additional capital of approximately $21 million as the selling shareholder, THCL, which is a wholly owned subsidiary of Yatra Online, Inc. sold these many shares in the open market. The capital not only enables us to settle the MAK debt, but also provides us the flexibility to potentially allocate a part of the residual funds for future Yatra share buybacks. The recent IPO in tandem with these developments offers us strategic leverage, enhancing our market visibility, diversifying our shareholder base, and consequently strengthening the Yatra brand.