FY24 and Q4-FY24 Operational Highlights:
Yatrahttp://Yatra reported domestic air passenger growth of 24% YoY in FY24, which was ~2x of industry growth as the company continued to gain market share.
Strong quarter with PAT of INR 56 Mn and 12% YoY growth in gross bookings.
For Q4-FY24, Yatra reported revenue of INR 1,077 million, down 10% YoY largely due to the impact of a one-time accrual of threshold bonus of GDS Contracts in Q4-FY23. Excluding that reported revenue would have seen a growth of ~7% YoY.
Yatra continued to expand its corporate client base and closed 25 new corporate accounts during the quarter. Subsequent to the end of the quarter the Company also closed the largest public sector bank in India as a customer.
Despite continued softness in the IT sector the Corporate travel segment continued to recover strongly and is now back to pre-covid levels.
Dhruv Shringi, Whole Time Director & Chief Executive Officer stated, “Yatra’s Gross Bookings increased by 12% YoY in the fourth quarter of FY24, driven by a 13.5% growth in Air Gross Bookings. This growth was fueled by a robust rebound in international travel in what is typically the seasonally weakest quarter. Additionally, our EBITDA increased by 128% sequentially reaching INR 108 million from INR 48 million in the Q3FY24, due to increase in gross bookings and optimization of cost. Further, our EBITDA margin % increased by approximately 700 BPs sequentially reaching 13% for the quarter ended March 31, 2024.”
“For FY24, we largely met or exceeded Analyst expectations. Furthermore, I am pleased to announce the launch of our Expense Management solution earlier this week. Yatrahttp://Yatra‘s Expense Management Solution stands out with its utilization of cutting-edge technologies including GenAI Large Language Models (LLMs) for receipt analysis. Unlike traditional OCR technology, this ensures more accurate and comprehensive expense tracking, significantly reducing errors and saving time,” he added.
“Additionally, it features an integrated chatbot based on Gen AI and RAG models. This solution not only meets current market demands but also anticipates future needs. Our Expense Management Solution is designed to grow with our clients, offering scalability and flexibility as their businesses evolve. We now have the opportunity to cross-sell this solution to our already well-established Corporate and SME customer base,” shared Shringi.
