Yatra Online, Inc. (NASDAQ:YTRA) Q2 2024 Earnings Conference Call November 17, 2023 8:30 AM ET

Company Participants

Manish Hemrajani - Vice President, Corporate Development and Investor Relations

Dhruv Shringi - Co-Founder and Chief Executive Officer

Rohan Mittal - Group Chief Financial Officer

Conference Call Participants

Scott Buck - H.C. Wainwright

Operator

Hello everyone and welcome to today’s call titled the Yatra Fiscal Second Quarter 2024 Earnings Call. My name is Allen and I'll be the call operator today. During the presentation all participants will be on mute however at the end of today's presentation there'll be an opportunity to ask a question. [Operator Instructions]

I’d now like to turn the call over to Manish Hemrajani, Vice President of Corporate Development and IR to begin. Please go ahead whenever you are ready.

Manish Hemrajani

Thank you, Allen. Good morning, everyone. Welcome to Yatra's fiscal second quarter 2024 financial results for the year ended September 30 2023. I’m pleased to be joined on the call today by Yatra CEO and Co-Founder, Dhruv Shringi, and Group CFO Rohan Mittal. The following discussion, including responses to your questions, reflects management views as of today, November 17, 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 beliefs 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 filings are available from the SEC and also on the Investor Relations section of our website.

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

Dhruv Shringi

Thank you, Manish, and good morning, everyone. Thank you for joining us for our second quarter earnings call. It is my pleasure to share that for the third consecutive quarter, we have expanded our market share in the air travel sector. In the second quarter of 2024, our air passenger bookings surged by 31.2% year-over-year, far outpacing the industry's growth rate of 22.7%. This not only underscores the Yatra brand's resilience, but also highlights our competitive edge in capturing market share.

International travel has also shown a steady improvement during the quarter ended September 30, 2023, reaching approximately 90% of the pre-COVID levels. As we move forward, we remain optimistic and committed to leveraging these positive trends to drive further growth and success. In the corporate travel sector, we further strengthened our position by securing 13 new corporate accounts in the quarter. These accounts carry a potential annual billing of about INR813 million an hour, which is roughly $10 million, reflecting our platform's capability and leadership in the market.