Yatra Online Inc (YTRA) 2025 Q1 法說會逐字稿

Good morning, everyone. Welcome to Yatra 1Q '25 earnings conference call. My name is Kiki, and I will be your conference operator today. (Operator Instructions)

大家早安。歡迎參加 Yatra 25 年第一季財報電話會議。我叫 Kiki，今天我將擔任你們的會議操作員。（操作員說明）

I will now hand you over to your host, Manish Hemrajani, VP of Corporate Development and IR. Manish, please go ahead.

現在我將把您交給東道主、企業發展和投資者關係副總裁 Manish Hemrajani。曼尼什，請繼續。

Thank you, and good morning, everyone. Welcome to our fiscal first-quarter 2025 financial results for the period ended June 30, 2024. I'm pleased to be joined on the call today by Yatra's CEO and Co-Founder, Dhruv Shringi; and CFO, Rohan Mittal. The following discussion, including responses to your questions, reflect management views as of today, August 13, 2024. We don't take any obligation to update or revise the information.

謝謝大家，大家早安。歡迎閱讀我們截至 2024 年 6 月 30 日的 2025 財年第一季財務表現。我很高興今天邀請 Yatra 執行長兼聯合創始人 Dhruv Shringi 參加電話會議。和財務長羅漢·米塔爾。以下討論（包括對您的問題的答案）反映了截至今天（2024 年 8 月 13 日）的管理層觀點。我們不承擔任何更新或修改資訊的義務。

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 yesterday evening on the IR section of our website. With that, let me turn the call over to Dhruv. Dhruv, please go ahead.

在我們開始正式發言之前，請允許我提醒您，今天電話會議中所做的某些陳述可能構成前瞻性陳述，這些陳述基於管理層當前的預期和信念，並受到多種風險和不確定性的影響，可能導致實際結果有重大差異。有關這些風險的描述，請參閱我們向 SEC 提交的文件以及昨天晚上在我們網站的 IR 部分提交的新聞稿。接下來，讓我將電話轉給 Dhruv。德魯夫，請繼續。

Thank you, Manish, and good morning, everyone, and thank you for joining us for our first quarter 2025 earnings call. For the quarter ended June 30, 2024, we reported total revenue of INR1,051 million, which is approximately USD12.6 million. This represents a decline of 5% year over year. Adjusted Air Ticketing margins were impacted by a 21% decrease on account of lower volumes. The decline was primarily driven by reduced volumes in the B2C segment as we optimized discounts at intensifying price competition in the market.

謝謝 Manish，大家早上好，謝謝您參加我們的 2025 年第一季財報電話會議。截至 2024 年 6 月 30 日的季度，我們報告的總收入為 10.51 億印度盧比，約 1,260 萬美元。這意味著同比下降了 5%。由於銷量下降，調整後的機票利潤率下降了 21%。下降的主要原因是 B2C 領域的銷售減少，因為我們在市場價格競爭加劇的情況下優化了折扣。

Despite challenges in the B2C segment during the June quarter, the corporate travel segment showed robust growth across all key metrics. The company successfully secured 34 new corporate customer accounts representing an annual billing potential of INR2,028 million or approximately $24.3 million with average billing potential up 77% sequentially.

儘管 B2C 細分市場在 6 月季度面臨挑戰，但商務旅行細分市場的所有關鍵指標均呈現強勁成長。該公司成功獲得了 34 個新的企業客戶帳戶，年計費潛力為 20.28 億印度盧比（約 2,430 萬美元），平均計費潛力比上一季成長了 77%。

As the leader in corporate travel in India, our customer acquisition rates remain strong, consistently outperforming industry benchmarks. We also continue to actively evaluate strategic opportunities to further bolster our corporate travel segment. In addition, we made substantial progress in our meeting, incentives, conferences, and exhibitions segment, which is the MICE business this quarter.

身為印度商務旅行領域的領導者，我們的客戶獲取率依然強勁，始終優於業界基準。我們也繼續積極評估策略機會，以進一步支持我們的商務旅行業務。此外，本季我們的會議、獎勵旅遊、會議和展覽業務（即會獎旅遊業務）取得了實質進展。

A newly onboarded team has started ramping up operations. And while MICE contributions were modest for the June quarter, early signs for the current quarter are very encouraging with significant business already secured in the September quarter. In addition, we have also scaled up teams to focus on the mid-market corporate segment and new products, including Visa services and car rental services for corporate travelers.

新加入的團隊已開始加強營運。雖然 6 月季度的會獎旅遊貢獻不大，但本季的早期跡象非常令人鼓舞，9 月份季度已獲得大量業務。此外，我們還擴大了團隊規模，專注於中端市場企業細分市場和新產品，包括為企業旅客提供簽證服務和汽車租賃服務。

Adjusted EBITDA came in at INR65.6 million, approximately USD800,000, a decrease from INR115.4 million in the same period last year, partly reflecting the impact of lower volumes and partly due to the added expense of onboarding teams to our new initiatives mentioned earlier. The cost of incremental hires is close to INR40 million in the quarter. Ex-investment of new initiatives during the quarter, our EBITDA would have been INR105.6 million, which is broadly similar to last year.

調整後的 EBITDA 為 6560 萬印度盧比，約合 80 萬美元，比去年同期的 1.154 億印度盧比有所下降，部分反映了銷量下降的影響，部分是由於新舉措的入職團隊費用增加前面提到過。本季增量招聘成本接近 4000 萬印度盧比。扣除本季新措施的投資後，我們的 EBITDA 為 1.056 億印度盧比，與去年基本相似。

Let me emphasize the critical importance of accelerating our investment at this time in the corporate space. Over the past few months and particularly in the last quarter, the country's largest airline has begun offering deeply discounted fares exclusively on its website and mobile app.

讓我強調此時加速我們在企業領域的投資至關重要。在過去的幾個月中，特別是在上個季度，該國最大的航空公司已開始專門在其網站和行動應用程式上提供大幅折扣票價。

In light of the recent consolidation within India's domestic aviation sector and the current aircraft supply constraints, this trend is significantly increasing customer acquisition costs in the B2C market. As a result, it is imperative that we rapidly expand our corporate business, and we are actively exploring both organic and inorganic opportunities to achieve this.

鑑於印度國內航空業最近的整合以及當前飛機供應的限制，這一趨勢正在顯著增加 B2C 市場的客戶獲取成本。因此，我們必須迅速擴大公司業務，並且我們正在積極探索有機和無機機會來實現這一目標。

The MICE industry presents a compelling growth opportunity with its attractive margin profile, making it a strategic addition to our corporate portfolio alongside our visa facilitation and car rental services. Additionally, we have initiated a cost optimization program, which includes streamlining over 100 positions within the company.

會展產業以其有吸引力的利潤狀況提供了引人注目的成長機會，使其與我們的簽證便利化和汽車租賃服務一起成為我們企業投資組合的策略補充。此外，我們還啟動了成本優化計劃，其中包括精簡公司內 100 多個職位。

We anticipate realizing the benefit of these cost savings starting in September after accounting for any notice period obligations. We continue to make progress towards simplifying our corporate structure as well with the Board appointed restructuring committee actively engaging with all relevant stakeholders. The committee is diligently working on developing a comprehensive proposal to streamline our operations and enhance shareholder value.

我們預計在考慮任何通知期義務後，從 9 月開始就能實現這些成本節省的好處。我們在簡化公司結構方面繼續取得進展，董事會任命的重組委員會積極與所有相關利害關係人合作。該委員會正在努力製定一項全面的提案，以簡化我們的營運並提高股東價值。

For the quarter ended June 30, 2024, we reported total revenue of INR1,051 million, which is USD12.6 million, as I mentioned, down 5% year over year. And adjusted revenue of INR1,422 million, which is approximately USD17.1 million, which is down 14% year over year, mainly on account of the factors that I mentioned about.

正如我所提到的，截至 2024 年 6 月 30 日的季度，我們的總收入為 10.51 億印度盧比，即 1,260 萬美元，年減 5%。調整後的收入為14.22億印度盧比，約1,710萬美元，年減14%，主要是因為我提到的因素。

While it is our strategy to position ourselves as the corporate provider of choice, we recognize our ideal customer mix must be strategically balanced, and we are determined to winning back and regaining some of our B2C market share by implementing certain strategies in the coming quarter. These strategies, we feel we'll be more tech-enabled, technology-enabled and innovation-enabled ones and will not have a significant negative impact on our operating performance. Meanwhile, we continue to expand our corporate customer base, demonstrated by the strong addition of new corporate customers during the first quarter.

雖然我們的策略是將自己定位為首選的企業供應商，但我們認識到我們理想的客戶組合必須在策略上保持平衡，並且我們決心透過在下一季實施某些策略來贏回並重新獲得一些B2C市場占有率.這些策略，我們覺得我們將更加科技化、科技化、創新化，不會對我們的經營業績產生重大的負面影響。同時，我們持續擴大企業客戶群，第一季新企業客戶的強勁增加證明了這一點。

We believe that our momentum in garnering reputable corporate clients serves as a testament to our excellent service and attractive platform offerings. Travel volumes in the IT sector, which is one of India's main business travel segments, was subdued in the first quarter of FY25. However, we are pleased to report that our performance in this segment outpaced industry trends.

我們相信，我們贏得信譽良好的企業客戶的勢頭證明了我們卓越的服務和有吸引力的平台產品。作為印度主要商務旅行領域之一的 IT 產業的旅行量在 2025 財年第一季表現疲軟。然而，我們很高興地報告，我們在這一領域的表現超過了行業趨勢。

While travel spends on the Yatra platform by our IT services customers was approximately 30% below pre-COVID levels, industry reports indicate a nearly 50% decline in overall IT services spend compared to pre-COVID. This demonstrates Yatra's ability to capture an increased share of wallet within its existing customer base.

雖然我們的 IT 服務客戶在 Yatra 平台上的差旅支出比新冠疫情之前的水平低了約 30%，但行業報告顯示，與新冠疫情之前相比，整體 IT 服務支出下降了近 50%。這表明 Yatra 有能力在現有客戶群中獲取更多的錢包份額。

I would like to also take the time to highlight some of our more recent strategic initiatives to expand our market and growth potential. As mentioned last quarter, we've expanded our software service to better meet the needs of our clients through the launch of our Expense Management Solution. We are calling the solution RECAP, which stands for receipt, capture and processing.

我還想花時間強調我們最近為擴大市場和成長潛力所採取的一些策略性舉措。如上季所提到的，我們透過推出費用管理解決方案擴展了我們的軟體服務，以更好地滿足客戶的需求。我們將該解決方案稱為 RECAP，它代表接收、捕獲和處理。

RECAP leverages cutting-edge technologies, including Gen AI, large langauge models for this receipt analysis to enable more accurate and comprehensive expense traffic, significantly reducing errors and saving time for our customers. We are currently working with a handful of customers on the expense front as part of our pilot program as we look to cross-sell this product further into our current installed base.

RECAP 利用尖端技術，包括 Gen AI、大型語言模型進行收據分析，以實現更準確、更全面的費用流量，顯著減少錯誤並為客戶節省時間。作為我們試點計畫的一部分，我們目前正在與一些客戶在費用方面進行合作，因為我們希望將產品進一步交叉銷售到我們目前的安裝基礎。

Expense Management is a large and highly profitable segment and our product capabilities make it a product that is suitable not just for the Indian market, but for international markets as well. Our initial response from customers has been very encouraging, and this solution allows us to further deepen our relationship with our customers.

費用管理是一個龐大且高利潤的細分市場，我們的產品能力使其成為不僅適合印度市場，也適合國際市場的產品。客戶的初步反應非常令人鼓舞，該解決方案使我們能夠進一步加深與客戶的關係。

With our focus on the corporate segment and our commitment to expanding our presence and offering, as mentioned earlier, we've added a team for the MICE segment and the early indications are highly encouraging. To provide you some context to the MICE market. The MICE market is valued at approximately USD3.3 billion in 2023 and is expected to grow to USD10.5 billion by 2030, reflecting a CAGR of 18% from 2023 to 2030.

如前所述，由於我們專注於企業細分市場並致力於擴大我們的業務和產品範圍，因此我們為會獎旅遊細分市場增加了一個團隊，早期跡象非常令人鼓舞。為您提供一些會展市場的背景資訊。2023年，MICE市場價值約為33億美元，預計到2030年將成長至105億美元，2023年至2030年的複合年增長率為18%。

Now turning to the broader economic landscape. Business travel in India for an upswing. Currently, India rise as the ninth largest market globally in terms of business travel spend. The market is expected to reach $38 billion this year and is projected to grow by 18% next year, surpassing pre-pandemic levels. This growth is underpinned by a strong economic outlook for the country, with the Reserve Bank of India projecting real GDP growth of 7.2% in FY25.

現在轉向更廣泛的經濟格局。印度的商務旅行呈上升趨勢。目前，印度已成為全球商務旅行支出第九大市場。今年市場預計將達到 380 億美元，明年預計將成長 18%，超過疫情前的水準。這一成長得益於該國強勁的經濟前景，印度儲備銀行預計 2025 財年實際 GDP 成長率為 7.2%。

The Reserve Bank of India has also highlighted the positive impact of healthy balance sheet amongst times and corporates, along with the government's ongoing focus on capital expenditure. And we believe this translates into greater demand in the corporate travel segment in the coming years. While domestic travel remains stable with expected growth in the high (inaudible) regions, outbound travel is forecasted to grow significantly.

印度儲備銀行也強調了健康的資產負債表對時代和企業的正面影響，以及政府對資本支出的持續關注。我們相信，這將轉化為未來幾年商務旅行領域的更大需求。雖然國內旅遊保持穩定，且高（聽不清楚）地區的預期成長，但出境旅遊預計將大幅成長。

Report suggests that India's outbound deposits would nearly triple to INR50 million by 2030, fueled by improving connectivity, more direct and affordable flights and a growing desire for international travel. While the June quarter post challenges for our B2C segment, we are encouraged by the strong momentum we are witnessing in our corporate travel business.

報告顯示，到 2030 年，由於連通性改善、直飛航班增多、航班價格更加實惠以及國際旅行需求不斷增長，印度的出境存款將增加近兩倍，達到 5,000 萬印度盧比。雖然 6 月季度我們的 B2C 業務面臨挑戰，但我們對商務旅行業務的強勁勢頭感到鼓舞。

The growth in new appropriate accounts and the existing development in our MICE business underscores our commitment to driving long-term value for our stakeholders. We continue to fine tune our strategic initiatives to maintain our position in the corporate sector, while working to improve market share and regain share in the direct-to-consumer sector.

新的適當客戶的成長和我們會獎旅遊業務的現有發展突顯了我們致力於為利益相關者創造長期價值的承諾。我們繼續調整我們的策略性舉措，以保持我們在企業領域的地位，同時努力提高市場份額並重新奪回直接面向消費者領域的份額。

With that, let me hand the call over to Rohan to walk you through the details of the financial performance. Rohan?

接下來，讓我將電話轉交給 Rohan，向您介紹財務表現的詳細資訊。羅漢？

Thank you, Dhruv. I will now review our numbers for the quarter ended 30th June 2024. We saw a 17% YoY decline in our gross bookings. This was mostly due to the 20% decline in our air gross bookings as explained earlier. Our hotel and packages gross bookings remained flattish. Our overall adjusted margin for the quarter decreased by 15% YoY. Our adjusted margins for the air ticketing business were at 6.8% and 11.6% for hotel and packages.

謝謝你，德魯夫。我現在將回顧截至 2024 年 6 月 30 日的季度的數據。我們的總預訂量比去年同期下降了 17%。如前所述，這主要是由於我們的航空總預訂量下降了 20%。我們的飯店和套餐總預訂量仍持平。我們本季的整體調整後利潤率較去年同期下降 15%。調整後的機票業務利潤率為 6.8%，飯店和套餐業務調整後利潤率為 11.6%。

Moving on to expenses. As a percentage of total gross booking value, marketing and sales promotion expenses reduced sharply by 25% on a YoY basis. Our personnel expenses increased by 23% YoY as we continue to invest in talent to build out our mid-market MICE, Visa and Expense Management Solutions.

繼續討論支出。行銷及促銷費用佔預訂總價值的比例較去年同期大幅下降 25%。由於我們持續投資人才以建立中階市場 MICE、簽證和費用管理解決方案，我們的人員費用年增 23%。

Other costs remained largely (inaudible). On an overall basis, adjusted EBITDA was INR65.6 million, compared to INR115 million in the quarter ended June '24. Lastly, as of 30th of June, we were carrying cash, cash equivalents and term deposits of [INR4.5 billion], which is approximately USD54 million on our books. And our gross debt is to an all-time low level of INR210 million, which is roughly USD2.5 million.

其他成本仍基本不變（聽不清楚）。總體而言，調整後的 EBITDA 為 6,560 萬印度盧比，而截至 2024 年 6 月的季度為 1.15 億印度盧比。最後，截至 6 月 30 日，我們持有現金、現金等價物和定期存款 [45 億印度盧比]，相當於我們帳面上的約 5,400 萬美元。我們的總債務降至 2.1 億印度盧比（約 250 萬美元），創歷史新低。

With this, we conclude our prepared remarks, and I'd like to hand it over to the moderator for Q&A.

至此，我們準備好的發言就結束了，我想將其交給主持人進行問答。

(Operator Instructions) Scott Buck, HC Wainwright.

（操作員說明）Scott Buck，HC Wainwright。

Dhruv, you touched on it in the prepared remarks, but could you give us a little more color on what options are on the table in regards to the independent committee? And maybe what a reasonable timeline is to expect some decisions to be made?

Dhruv，您在準備好的演講中談到了這一點，但是您能否給我們更多關於獨立委員會的選項的信息？也許做出一些決定的合理時間表是多少？

So with regards to the independent committee, the committee is currently working with advisors on evaluating the multiple options in front of us for simplifying our corporate structure. There are a couple of preferred groups that we've narrowed this down to. And now the committee, along with advisors, is working with the regulators to understand the process and the feasibility of the different structures that are there in front of the company.

因此，關於獨立委員會，該委員會目前正在與顧問合作，評估我們面前的多種選擇，以簡化我們的公司結構。我們已將範圍縮小到幾個首選群體。現在，該委員會正在與顧問一起與監管機構合作，以了解流程以及公司現有不同結構的可行性。

In terms of timeline, I think the structures which are there are a 6 to 12 months kind of a timeline in terms of achieving full simplification of the process. This is in certain scenarios, dependent on regulators and different jurisdictions.

就時間表而言，我認為現有結構需要 6 到 12 個月的時間表才能實現流程的完全簡化。這是在某些情況下，取決於監管機構和不同的司法管轄區。

So this is only a broad guideline, but I can share that different margin exact number, as I said, because there are multiple regulators, which are involved in the process.

因此，這只是一個廣泛的指導方針，但正如我所說，我可以分享不同的保證金確切數字，因為有多個監管機構參與這個過程。

Sure. I can understand that. And is the goal here to create some sort of fungibility between the shares?

當然。我能理解。這裡的目標是在股票之間創造某種可互換性嗎？

That is the end objective to try and create a way through which the shareholders in the US will get access to the key to the India stock.

最終目標是嘗試創造一種方式，使美國股東能夠獲得印度股票的鑰匙。

Okay. Perfect. I appreciate that color. Next, I want to ask about the B2C weakness. I'm curious what of that, that you saw in the quarter is being driven by just kind of temporary softness in travel demand versus what may be more permanent headwind in direct sales of tickets from India's largest carrier?

好的。完美的。我很欣賞那種顏色。接下來我想問B2C的弱點。我很好奇，您在本季看到的情況是由旅行需求的暫時疲軟推動的，而印度最大航空公司的機票直銷可能是更持久的逆風？

So there are two factors playing in right now. One is the supply side constraints. So as I had mentioned in our last earnings call, 75 aircraft are taken out by IndiGo because of the issue that they were facing with the patent with the engines. This is a well-publicized litigation an issue which is going on between IndiGo and (inaudible). So that's the one thing which is there on account of which supply is limited in the country.

所以現在有兩個因素在運作。一是供給面製約。正如我在上次財報電話會議中提到的，靛藍航空因面臨發動機專利問題而下架了 75 架飛機。這是 IndiGo 和 IndiGo 之間正在進行的一場廣為人知的訴訟。（聽不清楚）。這就是該國供應有限的一件事。

The other challenge, which has got accentuated is the view that IndiGo has started taking over the course of the last six months and more so in the last quarter of offering fares directly on a site, which are meaningfully cheaper than what are available to third-party distribution channels. That, I think, is the bigger and more concerning trend that we are witnessing at this point of time.

另一個被強調的挑戰是，靛藍航空在過去六個月中開始接管，在上個季度更是如此，直接在網站上提供票價，這些票價比第三方提供的票價便宜得多。的發行管道。我認為，這是我們目前看到的更大、更令人擔憂的趨勢。

Supply side (inaudible) obviously, when we get sold, right? It's just a matter of timing that supply will get addressed. So those engines will get prepared, those air costs will come back.

顯然，當我們被出售時，供應方（聽不清楚），對吧？供應問題解決只是時間問題。因此，這些引擎將會做好準備，那些空氣成本將會回來。

So whether it happens with a delay or for a quarter or two that's between IndiGo and (inaudible). The supply will come back, whereas this is, of course, potentially turn into a more secular trend when there are discussions which are happening between the airlines and the intermediaries in the country to come to an equilibrium.

因此，無論是延遲發生還是持續一兩個季度，這都取決於靛藍航空和（聽不清楚）。供應將會恢復，當然，當航空公司和國內中介機構之間進行討論以達到平衡時，這可能會變成一種更長期的趨勢。

Okay. That's helpful. And then last one for me on the MICE business. It's nice to see you guys are starting to see some favorable momentum there. What is the typical contract structure?

好的。這很有幫助。最後一個是關於會展業務的。很高興看到你們開始看到一些有利的動力。典型的合約結構是什麼？

Are your customers under annual or multiyear contracts there? Just trying to understand from a visibility standpoint.

您的客戶是否簽訂了年度或多年合約？只是試著從可見性的角度來理解。

So there are some customers at this point of time, given that it's still relatively early days, there are annual contracts which exist, and there will also be some which are more event-based and large events and cycle-based contracts. We are not yet at a stage like our business travel where we have multi-year contracts. Here, we are not yet at that stage where we are signing straight off the bat multiyear contracts.

所以現在有一些客戶，考慮到現在還比較早，有年度合同，也會有一些更多基於活動和大型活動以及基於週期的合同。我們還沒有達到像商務旅行那樣簽訂多年合約的階段。在這裡，我們還沒有達到立即簽署多年合約的階段。

Here, these are more short to midterm kind of contracts, which are there as opposed to multiyear contracts. But as the business progresses and stabilizes, this should translate into multiyear contracts.

在這裡，這些是更短期到中期的合同，而不是多年合約。但隨著業務的發展和穩定，這應該轉化為多年合約。

Okay, perfect. Well, I appreciate the color, guys. Thank you very much.

好的，完美。好吧，我很欣賞這個顏色，夥計們。非常感謝。

Thank you, Scott.

謝謝你，斯科特。

[Amish Mahal], private investor.

[Amish Mahal]，私人投資者。

I have a couple of questions. One is what percentage of your airline business is B2C? I thought it was a very, very small portion. So for this to have a 20% impact on your revenue seems a bit much. The second is, let's say, the largest carrier's decision to go direct to customers.

我有幾個問題。一是你們的航空公司業務中 B2C 的比例是多少？我認為這是一個非常非常小的部分。因此，這對您的收入產生 20% 的影響似乎有點多了。第二個是，比如說，最大的業者直接面對客戶的決定。

Does it not also affect your corporate business? And maybe a third relevant question is how is it that companies like MakeMyTrip don't seem to have been impacted by the same issue you're pointing out?

這不也影響你們公司的業務嗎？也許第三個相關問題是，像 MakeMyTrip 這樣的公司似乎沒有受到您指出的相同問題的影響？

So let me clarify the first point in terms of the share and you would have heard this on multiple calls from us. The B2C business till last year was accounting for almost 50 -- between 55% to 60% of our gross bookings. So it's not an insignificant part of our business. It's a fairly material part of our business, and that's the reason why the overall impact on the gross bookings, because of what's happening. Secondly, in terms of between us and MakeMyTrip, the impact on MakeMyTrip market is exactly the same as the impact that we are facing.

因此，讓我澄清關於份額的第一點，您可能已經在我們的多次電話中聽到了這一點。截至去年，B2C 業務幾乎占我們總預訂量的 50% 至 60%。因此，這不是我們業務中微不足道的一部分。這是我們業務中相當重要的一部分，這就是為什麼正在發生的事情而對總預訂量產生整體影響的原因。其次，就我們和MakeMyTrip而言，MakeMyTrip市場受到的影響和我們面臨的影響是完全一樣的。

The only difference which is there is that MakeMyTrip has taken the view of discounting on Air India and Vistara, which is the other airline in the country quite meaningfully to offset some of the volume that they're losing on IndiGo. You could do a quick search, any of the comparison platforms like Skyscanner or Google Flights and you'll be able to validate that.

唯一的區別是，MakeMyTrip 採取了對印度航空和維斯塔拉航空公司進行折扣的觀點，這是該國另一家航空公司，這非常有意義，以抵消他們在靛藍航空上損失的部分銷售。您可以進行快速搜索，使用任何比較平台（例如 Skyscanner 或 Google Flights），您就可以驗證這一點。

In terms of overall numbers, obviously, MakeMyTrip has advantage on hotels and bus where they are generating incremental profits which are helping them subsidize some of this growth investment on the air side, but the challenge that we are facing is something that everyone in the country is facing, not just us.

就總數而言，顯然，MakeMyTrip 在飯店和巴士方面具有優勢，他們正在產生增量利潤，這有助於他們補貼航空方面的部分成長投資，但我們面臨的挑戰是全國每個人都面臨的挑戰面對的，不只是我們。

To your third point on the corporate side as to why would this not flow into the corporate event. Now the reason behind that is that on the corporate side, it's a managed travel services where corporate employees have to go through our platform to book their business travel needs.

關於公司方面的第三點，為什麼這不會流入公司活動。現在背後的原因是，在企業方面，這是一種管理旅遊服務，企業員工必須透過我們的平台來預訂他們的商務旅行需求。

And typically, what happens is these kinds of players which are offered on the airline side, which are direct, are the most restrictive players with the least amount of value adds attached to them, whereas corporate travel 95% of the corporate bookings has happened, happened on special corporate rates which come in bundled with other flexibility like cancellation, protection, free seats being bundled with it meals being bundled with it. And that is not something that IndiGo discounts directly.

通常情況下，航空公司提供的這些類型的參與者是直接的，是限制性最強的參與者，附加價值最少，而商務旅行 95% 的公司預訂都發生了，發生在特殊的公司價格上，該價格與其他靈活性捆綁在一起，例如取消、保護、免費座位與餐點捆綁在一起。這並不是 IndiGo 直接打折的東西。

The other thing which also direct on the corporate travel front, this target scenario where a company which employs 30,000 people has to then manage their employees going and booking IndiGo flights or some part of their IndiGo bookings directly coming back and claiming that while the rest of the travel is managed through the Yatra application and the Yatra portal for their business travel needs, including the approval process, including their expense management, et cetera.

另一件事也直接涉及商務旅行方面，在這個目標場景中，一家擁有 30,000 名員工的公司必須管理其員工去預訂靛藍航空航班或直接返回部分靛藍航空預訂並聲稱，而其餘的旅行通過Yatra 應用程序和Yatra 入口網站進行管理，以滿足他們的商務旅行需求，包括審批流程、費用管理等。

So that's not only a scenario, which is quite easy for an airline to replicate. And even globally, if you look at the examples of people like Southwest, Lion Air, easyJet, their focus is on the leisure travel segment in terms of these kinds of promotional players that they offer on their own website.

所以這不僅僅是一個場景，對於航空公司來說很容易複製。甚至在全球範圍內，如果你看一下西南航空、獅子航空、易捷航空等公司的例子，他們的重點是休閒旅遊領域，因為他們在自己的網站上提供此類促銷活動。

This is not targeting the business travelers. These shares also, just to give you an indication, typically, will be there for advanced booking. That's why the bulk of the leisure travel happens, whereas business travel typically happens in our D minus 3, which has traveled 8 minus 3 days in the booking window. In that window, these sales are typically not available. I hope that clarifies your questions.

這不是針對商務旅客。這些股票也只是為了給您一個指示，通常會提前預訂。這就是為什麼大部分休閒旅行都會發生，而商務旅行通常發生在我們的 D - 3 區域，在預訂窗口中旅行時間為 8 - 3 天。在該視窗中，通常無法進行這些銷售。我希望這能澄清你的問題。

Yes, you did. Thanks a lot. I mean I really appreciate the details behind it. Just an additional question, if I may. The meeting management solution that -- or expense management tool that you launched, do you already have some traction with the mid-market segment that you were targeting?

是的，你做到了。多謝。我的意思是我真的很欣賞它背後的細節。如果可以的話，還有一個問題。您推出的會議管理解決方案或費用管理工具是否已經對您所瞄準的中階市場產生了一定的吸引力？

That's the question.

這就是問題所在。

Yes. So we are currently running a pilot of that with a few of our customers with a handful of our customers. That's the first phase, which is there. We are also in discussions with some of our larger customers to see if this can replace more extensive global solutions, which are currently being used by the larger customers, but the initial subset that we are targeting is it more on the mid-tier segment.

是的。因此，我們目前正在與一些客戶進行試點。這是第一階段，就在那裡。我們也正在與一些較大的客戶進行討論，看看這是否可以取代目前較大客戶正在使用的更廣泛的全球解決方案，但我們的最初目標是更多地針對中端市場。

Thank you.

謝謝。

Thank you.

謝謝。

Cobb Sadler, Catamount.

科布·薩德勒，卡塔蒙。

Hey, guys. I have a question on the potential acquisitions that you may do. I think it was two. One or more than two? And then also, what is the revenue size of these deals as it relates to the corporate business? I mean, is it going to double the corporate business, 20%, 50%?

嘿，夥計們。我有一個關於你們可能進行的潛在收購的問題。我認為是兩個。一個還是兩個以上？此外，這些交易與公司業務相關的收入規模是多少？我的意思是，這會讓公司業務增加一倍，20%、50%嗎？

And then I have some follow-ups -- Sorry, excuse me, and the timing of completion of these deals. Sorry, go ahead.

然後我有一些後續行動——對不起，對不起，以及這些交易的完成時間。抱歉，請繼續。

Sure. So these are deals which are currently -- it's hard for me to comment on an exact timing for ongoing discussions or dialogues that may or may not be happening. We said that we are evaluating multiple options. It's hard to give an exact timing to closure of any of the acquisitions. I don't want to set any expectations in terms of timing from a closure point of view.

當然。因此，這些是目前的交易——我很難評論正在進行的討論或對話的確切時間，這些討論或對話可能會或可能不會發生。我們說過我們正在評估多種選擇。很難給出完成任何收購的確切時間。從結束的角度來看，我不想在時間上設定任何期望。

These are discussions which are ongoing. And there are multiple such discussions which are. Our endeavor to the M&A part. And if I look at -- I can guide you to what we've said from an India IPO standpoint, We have earmarked approximately $20 million for an acquisition of our multiple acquisitions, whether this translates into one or multiple acquisitions only once it's crystallized would we be able to share more details on that. Since time, there is no commitment in terms of there is an acquisition, which is actively going to happen in the near term.

這些討論正在進行中。這樣的討論有很多。我們對併購部分的努力。如果我看一下——我可以引導您從印度IPO 的角度來看我們所說的內容，我們已撥出約2000 萬美元用於收購我們的多項收購，無論這是否轉化為一次或多次收購，只有在它具體化時才會發生。自那時起，就收購而言還沒有任何承諾，而收購將在短期內積極發生。

Okay. So -- but -- all right. But you have aspirations to close 1 deal, I would assume. And so -- and the number, was that $20 million what you would pay or the revenue? Which you would like to add?

好的。所以——但是——好吧。但我認為您渴望達成一筆交易。那麼，這個數字是您願意支付的 2000 萬美元還是收入？您想新增哪一個？

So $20 million is what we have set aside as IPO proceeds in terms of an acquisition. (inaudible) or up to $20 million would be potentially the payout for acquisitions. This could be for one acquisition or this could be for multiple acquisitions.

因此，我們預留了 2,000 萬美元作為 IPO 收購收益。 （聽不清楚）或高達 2000 萬美元的潛在收購支出。這可能是針對一次收購，也可能是針對多次收購。

Could you use stock also or it was $20 million of cash?

您也可以使用股票嗎？

From a regulatory standpoint, it would be an IPO, you have to call out what are the end users of the IPO proceeds and in the end user and the Indian IPO, we have earmarked approximately $20 million for acquisitions.

從監管的角度來看，這將是一次 IPO，你必須弄清楚 IPO 收益的最終用戶是什麼，在最終用戶和印度 IPO 中，我們指定了大約 2000 萬美元用於收購。

Okay. And you would use cash solely? Or could you use stock also and buy more revenue?

好的。您只會使用現金嗎？或者你也可以用股票買更多收入嗎？

Yes. So we could use stock as well. There is something that holds us back from doing stock or cash deal.

是的。所以我們也可以使用庫存。有一些因素阻礙我們進行股票或現金交易。

Yes. Okay, got it. All right. And the timing, I mean, how long have you been at this? I guess, like -- why don't you have an idea on timing?

是的。好的，明白了。好的。我的意思是，你從事這份工作多久了？我想，就像是──你為什麼不知道時間安排呢？

Cobb, your question is then implying that there is an active acquisition which is ongoing. And I'm qualifying that I can neither confirm nor deny any such saying that there is an active acquisition conversation that is going on.

科布，你的問題意味著正在進行一項積極的收購。我有資格證明，我既不能確認也不能否認任何這樣的說法，即正在進行一場積極的收購對話。

Okay. All right. That's fair. And then on the fungibility of shares, did I get this right, you said 6 to 12 months, do you think you'd have an answer there? Or was that an answer to -- was that -- the question was how long it will take you to -- my question is, how long will it take you to know whether or not the shares will be fungible?

好的。好的。這很公平。然後關於股票的可替代性，我說得對嗎？或者這是一個答案 - 是 - 問題是你需要多長時間 - 我的問題是，你需要多長時間才能知道股票是否可以互換？

And the other question is what do you think that the Indian investor base would think about that? I mean I'm guessing they don't -- the structure -- and I understand you're kind of the first dual listing company in India. And so my guess is they're a little confused as probably all investors are about the structure. So do you think that would be a positive for them if you were able to collapse the structure? That's one question.

另一個問題是你認為印度投資者會怎麼想？我的意思是，我猜他們沒有——結構——而且我知道你們是印度第一家雙重上市公司。所以我的猜測是他們有點困惑，因為可能所有投資者都對這種結構感到困惑。那麼你認為如果你能夠拆除這個結構，這對他們來說會有正面的影響嗎？這是一個問題。

And then do I have it right that you think that fungibility, if it were to occur, would occur within 6 to 12 months?

那麼，您認為可替代性如果發生的話，會在 6 到 12 個月內發生，我這樣說對嗎？

Yes. So in terms of the second part, based on the discussions that we've had with various advisors across multiple jurisdictions, 6 to 12 months could potentially be the timeline or fungibility event. As I said, given that there are multiple regulators involved in this, it could be a lengthier process. But our best estimate at this point based on the advice that we have from the council that we have in different jurisdictions. It is an event which could take up to 12 months.

是的。因此，就第二部分而言，根據我們與多個司法管轄區的各種顧問進行的討論，6 到 12 個月可能是時間表或可替代性事件。正如我所說，鑑於有多個監管機構參與其中，這可能是一個更長的過程。但我們目前的最佳估計是基於我們從不同司法管轄區的理事會獲得的建議。該事件可能需要長達 12 個月的時間。

And then -- so the multiple entities that are involved, is that -- so you probably have the SEC and you probably have SEBI. Is there other regulatory agencies or bodies that need to sign off?

然後，涉及的多個實體是，你可能有 SEC，也可能有 SEBI。是否還有其他監管機構或團體需要簽署？

So these are the two main bodies, there is the SEC and then there is SEBI. There will also be tax clearances, et cetera, which will be needed in India depending on the structure that we have got or it could also be Indian ports if it's a merger structure that we adopt. So there are a couple of options that we are working closely with. I mean each one of them, there are different sets of regulators that are involved in the process. As you rightly also pointed out, this is a fairly unique scenario.

這是兩個主要機構，首先是 SEC，然後是 SEBI。還將進行稅務清關等，這在印度將需要，具體取決於我們所擁有的結構，或者如果我們採用合併結構，也可能是印度港口。因此，我們正在與幾個選項密切合作。我的意思是，每個監管機構都有不同的監管機構參與這個過程。正如您也正確指出的那樣，這是一個相當獨特的場景。

There aren't enough precendences of a scenario like this that one can look at and use that as a basis of saying it is a more definitive timeline or doing something like this.

像這樣的場景沒有足夠的先例，人們可以查看並使用它作為說這是一個更明確的時間表或做類似事情的基礎。

Okay. And I guess by doing this, you will eliminate some overhead costs, filing costs, legal costs, management costs. Would you collapse the Board? Maybe you have some board costs that are limited. Do you roughly have an estimate of how much cost would be eliminated associated with collapsing of the listings, if that works to occur?

好的。我想透過這樣做，你將消除一些管理費用、歸檔費用、法律費用、管理費用。你會解散董事會嗎？也許你的膳食費用是有限的。如果這可行的話，您是否粗略估計了與清單折疊相關的成本將被消除多少？

Sure. Today, there is approximately $2 million to $2.5 million of costs, which is associated with being the U.S. listed entity, that cost would go away on collapsing of this structure. A large part of that cost will go away on collapsing of the structure.

當然。如今，大約有 200 萬至 250 萬美元的成本與成為美國上市實體有關，這些成本將隨著該結構的崩潰而消失。大部分成本將隨著結構的倒塌而消失。

Okay. All right. And then just on the expense management product, could you just talk briefly about -- so it sounds like it's -- did I get that right that you said that you may see some revenue -- was that revenue from newly added corporate customers or expense management? I didn't -- I didn't hear that clearly. When do you think expense management, the revenue could actually start to be somewhat meaningful?

好的。好的。然後就費用管理產品而言，您能否簡單談談 - 聽起來是這樣 - 我說得對嗎，您說您可能會看到一些收入 - 是來自新增加的企業客戶的收入還是費用管理？我沒有——我沒聽清楚。您認為費用管理什麼時候收入才能真正開始變得有意義？

And then I have a follow-up on expense management.

然後我跟進了費用管理。

So revenue -- sure. So for the revenue to be material, on the expense management front. I think we are looking at more at like next fiscal year for the revenue to be material. At this point in time, we are going through a process where we are inducing trial with our customers. We are offering it to some of our customers as an initial bundle proposition for a period of time, where it's free to use, right?

所以收入——當然。因此，要使收入變得重要，就必須在費用管理方面進行。我認為我們正在更多地關注下一個財年的收入是否具有實質意義。目前，我們正在經歷一個引導客戶試用的過程。我們將其作為初始捆綁方案提供給一些客戶一段時間，並且可以免費使用，對嗎？

Or there is a premium kind of service, which is there that certain features are available to the free-to-use and beyond that, then they have to look at the pricing model. So in this year, at least, I feel it's going to be still relatively immaterial from an earnings point of view. But next fiscal year, it will become more relevant. So today, the focus is trying to make sure that we can get a larger installed base on the expense side as opposed to looking at monetizing that on day zero.

或者有高級服務，其中某些功能可供免費使用，除此之外，他們還必須考慮定價模型。因此，至少在今年，我認為從獲利的角度來看，這仍然相對無關緊要。但下一財年，它將變得更加重要。因此，今天的重點是確保我們能夠在費用方面獲得更大的安裝基礎，而不是在零天就將其貨幣化。

Okay. And the product -- is it kind of -- is it -- I believe you said that you're going to target both, but initially in what (inaudible) software and typically work is SMB? Is it fully featured, I mean so I guess is your comp competitor, Zaggle type company? And are your features and functionality similar to the more fully featured suites? Or is it kind of a basic product to start for SMB that don't want to pay for something like Zaggle or another competitor?

好的。產品——是這樣的——是嗎——我相信你說過你將瞄準這兩個目標，但最初在什麼（聽不清楚）軟體中工作，通常是中小企業？它功能齊全嗎？您的特性和功能與功能更齊全的套件相似嗎？或者，對於不想為 Zaggle 或其他競爭對手付費的中小型企業來說，這是一種基本產品嗎？

So today, the product is in a situation where in shape or it can definitely compete with the likes of Zaggle in terms of the expense side of things. What we are looking at out here is a solution which uses a lot of the new GenAI Large Language Models for receipt analysis, which is much more advanced than the older models or older tools, which use OCR-based recognition.

所以今天，該產品的狀況是，無論是在形狀上，還是在費用方面，它絕對可以與 Zaggle 之類的產品競爭。我們在這裡看到的是一個解決方案，它使用大量新的 GenAI 大型語言模型進行收據分析，它比使用基於 OCR 的識別的舊模型或舊工具先進得多。

OCR-based recognition by its very nature has a limited amount of accuracy, whereas the LLM models because of the self-learning aspect of theirs and tend to be much better in terms of analyzing the expenses and capturing of the data. So we feel the solution is fairly comparable with the other mid-market proposition products which are available today. The advantage which is there is that it comes in as a tightly mix or can be offered as a tightly mix solution between travel and expense or it can be sold singularly as an expense solution as well.

基於 OCR 的識別本質上具有有限的準確性，而法學碩士模型由於其自學習方面，在分析費用和捕獲數據方面往往要好得多。因此，我們認為該解決方案與當今可用的其他中端市場主張產品相當。其優點在於，它作為旅行和費用之間的緊密混合解決方案提供，或者可以作為旅行和費用之間的緊密混合解決方案提供，或者也可以作為費用解決方案單獨出售。

So that is the advantage that we are offering to customers, especially those who are our existing customers so that we provide a more seamless experience between travel and expense for their employees.

這就是我們為客戶提供的優勢，特別是那些我們現有的客戶，以便我們為他們的員工提供差旅和費用之間更無縫的體驗。

Okay. All right. And then just back to the fungibility, I guess, you have some investors -- U.S. investors that have FPI licenses that can actually just -- as I understand it, can actually just take Indian shares and then hold them buy more, sell some, whatever. And then you have some of the U.S.

好的。好的。然後回到可替代性，我想，你有一些投資者——擁有FPI 許可證的美國投資者實際上可以——據我了解，實際上可以持有印度股票，然後持有它們，購買更多股票，出售一些股票，任何。然後你還有一些美國的

investors that do not have FPI licenses, they're smaller. And so how would that work with them? They would -- would you have -- would Indian investors acquire the US shares from, if they wanted to sell, of US investors?

沒有 FPI 許可證的投資者規模較小。那麼這對他們來說會如何呢？如果印度投資者想出售美國股票，他們會——你會——會從美國投資者那裡購買美國股票嗎？

Or will there be some sort of offering? Or would there be some sort of private equity firm that would come in? I'm just guessing, overall, the margin in the Indian investor would be more likely to acquire shares. I mean I'm assuming there's some Indian investors that don't like the structure and would then want to add or buy for the first time shares. And so that should be a very, very positive event.

或者會有某種奉獻嗎？或者是否會有某種私募股權公司介入？我只是猜測，總體而言，印度投資者的利潤更有可能購買股票。我的意思是，我假設有一些印度投資者不喜歡這種結構，然後想要增加或購買首次股票。所以這應該是一個非常非常正面的事件。

But I guess going back to the FPI situation, how would you handle -- and if they have FPI license, it's not a problem, but if you don't have one, then what do you do?

但我想回到 FPI 的情況，你會如何處理——如果他們有 FPI 許可證，這不是問題，但如果你沒有，那麼你會怎麼做？

Sir, if that does allow that we go down calm. At that point, we can also see what assistance we can provide through local bankers out here to make sure that the shareholders are able to get access to the share. So that's something that we will try and do from our side, but it's only something that will come up much closer to once the option gets finalized, and we will factor this into our decision-making process as well as to how easy or difficult would it be for the shareholders to get access to the India shares?

先生，如果這確實允許我們冷靜下來。到那時，我們還可以看看我們可以透過當地銀行家提供哪些幫助，以確保股東能夠獲得股份。因此，這是我們將嘗試從我們這邊做的事情，但這只是一旦選項最終確定後才會更接近的事情，我們會將其納入我們的決策過程以及如何容易或困難。嗎？

Okay. All right. That sounds good. I mean, that's a major net positive, in my opinion, because the U.S. shares are trading at a huge discount.

好的。好的。聽起來很好。我的意思是，在我看來，這是一個重大的淨正面因素，因為美國股票的交易價格存在巨大折扣。

So good luck on collapsing that.

祝你好運。

The only word of caution that I will put out back up for abundant reasons, is that from a timing point of view, it is a slightly lengthy process. So I want to just get that out there so that from an expectation setting point of view, we don't set the wrong expectation with shareholders.

出於充分的原因，我要提出的唯一警告是，從時間的角度來看，這是一個稍微漫長的過程。所以我想把這一點說出來，這樣從期望設定的角度來看，我們就不會為股東設定錯誤的期望。

I understand that, but you did say 6 to 12 months?

我明白，但你確實說6到12個月？

That's right. That is right. So that's the current timeline that we are working towards based on advice from advisors.

這是正確的。沒錯。這就是我們根據顧問的建議正在努力實現的當前時間表。

Okay Dhruv, Thank you.

好的，德魯夫，謝謝。

Yes, thank you.

是的，謝謝。

(Operator Instructions) Amnish Mahal.

（操作員指示）阿姆尼什·瑪哈爾。

Thanks for taking my additional question. Just a question actually on the buyback of the US shares. You had completed a buyback of $5 million. Is there any reason why the number should not be higher considering the steep discount and the best use of corporate funds? I realized it's a Board decision, but I wanted to know whether there's a rationale for capping that $5 million.

感謝您提出我的附加問題。其實就是一個關於美股回購的問題。您已完成 500 萬美元的回購。考慮到大幅折扣和充分利用企業資金，這個數字是否有理由不應該更高？我意識到這是董事會的決定，但我想知道是否有理由限制 500 萬美元。

There is no capping on that. It's just that as we go through this process, we are evaluating multiple options, and we might also need to convert some cash for doing the larger restructuring that we spoke about. So once we have greater clarity on the route that they are going down, at that point, we can evaluate if the buyback needs to be expanded or we do this in one go as part of the restructuring.

對此沒有上限。只是當我們經歷這個過程時，我們正在評估多種選擇，我們可能還需要轉換一些現金來進行我們談到的更大規模的重組。因此，一旦我們更清楚地了解它們的下跌路線，我們就可以評估是否需要擴大回購，或作為重組的一部分一次性這樣做。

Thank you. As we currently have no further questions, I will now hand back to the management team for closing remarks.

謝謝。由於我們目前沒有進一步的問題，我現在將交回給管理團隊進行總結發言。

Thank you, everyone, for joining the call today. As always, we are available for follow-ups. Please feel free to reach out for the same. Kiki, you can now close the call. Thank you.

謝謝大家今天加入電話會議。一如既往，我們隨時準備跟進。請隨時與我們聯繫。琪琪，您現在可以結束通話了。謝謝。

Thank you.

謝謝。

Thank you. This concludes today's conference call. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。