Yatra Online, Inc. (NASDAQ:YTRA) Q4 2024 Earnings Call Transcript May 31, 2024 9:00 AM ET

Company Participants

Manish Hemrajani - IR
Dhruv Shringi - CEO and Co-Founder
Rohan Mittal - CFO

Conference Call Participants

Scott Buck - H.C. Wainwright

Operator

Hello, and welcome to the Yatra Online, Inc. Q4 2024 and Fiscal Year 2024 Financial Results Earnings Call. My name is Carla, and I will be coordinating your call today. [Operator Instructions] I will now hand you over to your host, Manish Hemrajani to begin. Manish, please go ahead.

Manish Hemrajani

Thank you, Carla. Good morning, everyone. Welcome to our fiscal fourth quarter and FY '24 financial results for the period ended March 31, 2024. I'm pleased to be joined on the call today by Yatra's 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, May 31, 2024. We don't take 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 on the IR 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, and thank you for joining us for our fourth quarter and fiscal 2024 earnings call. We are pleased to report a solid 2024 fiscal year with an annual reported revenue of INR4.2 billion, up 11% year-over-year with air passenger volumes up 24%, nearly double the industry growth rate of 12%. For fiscal year '24, we largely met or exceeded all our analyst expectations. On a quarterly basis, gross bookings expanded 12% year-over-year in the fourth quarter of fiscal '24, driven by a 13.5% growth in air gross bookings. This growth was fueled by a robust rebound in international travel.

Additionally, our adjusted EBITDA margins expanded by approximately 6% sequentially, reaching INR110 million, approximately $1.3 million from INR44.5 million in the previous quarter. This was on account of optimization of customer inducement costs in the B2C business and recovery in the corporate travel business. Overall, from a domestic air passenger perspective, the quarter was soft due to supply side constraints with the largest airline in India having taken out capacity for engine repairs related issues. We expect supply side constraints to start improving in the second half of the year and expect between 100 to 150 incremental aircrafts being in operation by the same quarter of fiscal '25.