Yatra Online Inc (YTRA) 2025 Q3 法說會逐字稿

Hello everyone and welcome to the Yatra third quarter 2025 earnings conference call. My name is Ezra, and I will be your coordinator today. (Operator instructions)

大家好，歡迎參加 Yatra 2025 年第三季財報電話會議。我的名字是埃茲拉 (Ezra)，今天我將擔任您的協調員。（操作員指令）

I will now hand you over to Manish Hemrajani, VP of Corporate Development and Investor Relations. Manish, please go ahead.

現在我將您交給企業發展和投資者關係副總裁 Manish Hemrajani。馬尼什，請繼續。

Good morning everyone, and welcome to our earnings conference call for the fiscal third quarter of 2025, covering the period ended December 31, 2024.

大家早安，歡迎參加我們 2025 財年第三季財報電話會議，涵蓋截至 2024 年 12 月 31 日的期間。

I'm pleased to be joined on the call today by Yatra's CEO and Co-Founder Dhruv Shringi, and CFO Rohan Mittal.

我很高興今天能與 Yatra 的執行長兼聯合創始人 Dhruv Shringi 和財務長 Rohan Mittal 一起參加電話會議。

Before we begin, I'd like to remind you that certain statements made on today's call may constitute forward-looking statements. These statements are based on management, current expectations, and beliefs, and are subject to various risks and uncertainty that could cause actual results to the material.

在我們開始之前，我想提醒您，今天電話會議上發表的某些聲明可能構成前瞻性陳述。這些聲明是基於管理、當前預期和信念，並受到可能對材料造成實際結果的各種風險和不確定性的影響。

For a detailed discussion of these with, please refer to a file with the SEC and the press release they issued earlier today, which is available on the investor relations section of our website.

有關這些內容的詳細討論，請參閱美國證券交易委員會 (SEC) 的一份文件和他們今天早些時候發布的新聞稿，該文件可在我們網站的投資者關係部分查閱。

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

說完，我將電話轉給了 Dhruv。Dhruv，請繼續。

Thank you, Manish, and good morning everyone. Thank you for joining us for our third quarter 2025 earnings call. Well, the quarter ended December 30, 2024. We reported revenue from operations of INR2.35 billion representing a year-over-year increase of 113%. Our revenue less service cost, which is our gross margin, grew 25% year over year to INR1.04 billion.

謝謝你，Manish，大家早安。感謝您參加我們的 2025 年第三季財報電話會議。該季度截至 2024 年 12 月 30 日。我們報告的營業收入為23.5億印度盧比，年增113%。我們的收入減去服務成本，也就是我們的毛利率年增25%，達到10.4億印度盧比。

These are primarily driven by strong performance in our hotels and packages segment, particularly within our corporate travel segment, including our meetings, incentives, conferences, and exhibitions with, which is our MICE business.

這主要得益於我們酒店和套餐部門的強勁表現，尤其是我們的商務旅行部門，包括我們的會議、獎勵旅遊、大型會議和展覽，即我們的 MICE 業務。

The robust growth in our corporate travel business underscores our ability to capture the rising demand for corporate travel and event management services further solidifying our market presence. Our corporate travel segment continues to demonstrate strength, showing significant growth across all major metrics.

我們商務旅行業務的強勁成長凸顯了我們能夠抓住商務旅行和活動管理服務日益增長的需求，進一步鞏固我們的市場地位。我們的商務旅行部門持續展現強勁勢頭，所有主要指標均呈現顯著成長。

In the third quarter of FY25, we onboarded a record 50 new corporate clients, collectively adding an annual billing potential of by our INR2.8 billion which is approximately USD32.2 million. Reinforcing our leadership in the corporate travel space. This not only expanded our corporate client portfolio but also provided us access to some clients in new industries which allows us to then build on that to go deeper into those market segments.

在 25 財年第三季度，我們創紀錄地吸收了 50 家新創企業客戶，總計增加了 28 億印度盧比的年度營業額，約 3,220 萬美元。加強我們在商務旅行領域的領導地位。這不僅擴大了我們的企業客戶組合，還為我們提供了接觸一些新行業客戶的機會，使我們能夠在此基礎上更深入地進入這些細分市場。

The integration of Globe, which is the company that we acquired in September 2024, is progressing ahead of schedule. The acquisition continues to generate positive synergies contributing to our profitability and strengthening our supplier relationships.

我們於 2024 年 9 月收購的 Globe 公司的整合工作正在提前進行中。此次收購繼續產生積極的協同效應，有助於提高我們的獲利能力並加強我們的供應商關係。

Our hotels and packages segment saw a robust year-over-year adjusted margin increase of 65.8%, with the hotel lost bookings up 83%. The growth was driven by our strategic focus on cross-selling standalone hotels to our existing corporate client base and growth in the new MICE business. Additionally, we saw improved conversion rates in our hotel business due to enhanced platform features, better inventory management, and strategic supplier relationships.

我們的酒店和套餐部門的調整後利潤率同比強勁增長 65.8%，但酒店預訂損失增長了 83%。推動這一成長的主要因素是，我們將策略重點放在向現有企業客戶群交叉銷售獨立酒店，以及新 MICE 業務的成長。此外，由於平台功能的增強、庫存管理的改善以及策略性的供應商關係，我們的飯店業務的轉換率也有所提高。

Our adjusted EBITDA for the quarter surged 75% year over year to INR12.1 million. This strong performances underscores the continued momentum of our strategic initiatives and our focus on profitable growth and operational efficiency. Despite competitive pressures in the B2C segment, we have stabilized volumes in our air business and are focused on improving operational performance.

本季我們的調整後 EBITDA 年成長 75% 至 1,210 萬印度盧比。強勁的表現凸顯了我們策略舉措的持續發展動能以及我們對獲利成長和營運效率的關注。儘管B2C領域競爭壓力巨大，我們仍穩定了航空業務量，並致力於提高營運績效。

While direct airline supplier pricing continues to be a challenge, our strategic efforts to enhance personal travel offerings for corporate clients and their employees have yielded positive results. The attached rate of personal travel bookings to our corporate channel increased by nearly 22% year over year, underscoring the effectiveness of our integrated travel solutions.

雖然直接航空供應商定價仍然是一個挑戰，但我們為企業客戶及其員工增強個人旅行服務的策略性努力已經取得了積極的成果。個人旅遊預訂接入我們企業通路的附加率年增近22%，凸顯了我們綜合旅遊解決方案的有效性。

This channel continues to be a cost effective means of customer acquisition for us. Additionally, yatra.com maintains strong brand recall, which has helped offset industry headwinds in a relatively short period of time. Our ability to leverage this brand strength, coupled with deeper inroads into selling personal travel to corporate employees has positioned us well for sustained growth.

對我們來說，這個管道仍然是一種經濟有效的客戶獲取方式。此外，yatra.com 保持著強大的品牌召回率，這有助於在相對較短的時間內抵消行業逆風。我們能夠充分利用這項品牌優勢，再加上進一步向公司員工銷售個人旅行，這為我們持續成長奠定了良好的基礎。

With a stabilized B2C air business and an improving attached rate for personal travel, we anticipate incremental gains moving forward. The strength of our brand was further reinforced by the recent recognition of Yatra as one of India's biggest brand movers by YouGov for December 2024, reflecting significant gains in brand awareness, consumer engagement, and reputation. This recognition underscores the impact of our customer-centric approach, technology advancements, and ongoing efforts to enhance travel experience for millions of customers.

隨著 B2C 航空業務的穩定和個人旅行附加費率的提高，我們預計未來將實現增量收益。YouGov 最近將 Yatra 評為 2024 年 12 月印度最大的品牌推動者之一，這進一步增強了我們品牌的實力，反映出品牌知名度、消費者參與度和聲譽的顯著提升。這項認可凸顯了我們以客戶為中心的理念、技術進步以及為提升數百萬客戶旅行體驗而不斷做出的努力的影響。

We are also making good progress towards simplifying our corporate structure. The Board appointed restructuring committee has come up with some pathways. And we are actively engaging with relevant advisors and regulators across different jurisdictions to develop a comprehensive proposal aimed at streamlining operations and enhancing shareholder value.

我們在簡化公司結構方面也取得了良好進展。董事會任命的重組委員會已經提出了一些途徑。我們正在積極與不同司法管轄區的相關顧問和監管機構合作，制定旨在簡化營運和提高股東價值的全面提案。

We continue to enhance the capabilities of our corporate tax platform as well. While it's early days, our expense management solution recap is progressing well with several prospects evaluating the product.

我們也不斷增強企業稅務平台的功能。雖然還處於早期階段，但我們的費用管理解決方案回顧進展順利，有多位潛在客戶正在評估產品。

As a costal opportunity alongside the existing travel solution as well as a standalone solution. Our expense punishment and solution leverages some of the latest innovations in AI which enables it to deliver a superior customer experience. In addition, we continue to leverage AI to automate back end customer service tasks which we believe will further provide us with greater opportunities on the operating cost leverage front.

作為現有旅行解決方案和獨立解決方案的補充，它是一種沿海機會。我們的費用懲罰和解決方案利用了人工智慧的一些最新創新，使其能夠提供卓越的客戶體驗。此外，我們繼續利用人工智慧來自動化後端客戶服務任務，我們相信這將進一步為我們在營運成本槓桿方面提供更大的機會。

These initiatives combined with disciplined execution and a scalable cost structure will support sustained marginal expansion and operational excellence. Switching back to the macro environment, as for a recent Deloitte study, India's corporate travel market is expected to double by 2030 to INR20.8 billion.

這些措施加上嚴格的執行和可擴展的成本結構將支援持續的邊際擴張和卓越營運。回到宏觀環境，根據德勤最近的一項研究，到 2030 年，印度的商務旅行市場規模預計將翻一番，達到 208 億印度盧比。

This growth is projected to be driven by economic growth, infrastructure improvements, and technology advancements. The Deloitte report highlights that our travel management companies are central to this growth, leveraging AI-powered chat bots, voice assisted booking systems, and real-time data analytics to provide tailored seamless experiences for business travelers.

預計這一成長將受到經濟成長、基礎設施改善和技術進步的推動。德勤報告強調，我們的旅遊管理公司是這一成長的核心，利用人工智慧聊天機器人、語音輔助預訂系統和即時數據分析為商務旅客提供客製化的無縫體驗。

Business and leisure trips are increasingly getting combined, which is changing the hospitality sector. The report underscores how the leisure, the blending of business, and leisure travel, is gaining momentum. This bodes well for our cross sell opportunity to sell leisure travel to our corporate customers where we've been seeing increase attach rates over the last few quarters.

商務和休閒旅行日益結合在一起，這正在改變酒店業。報告強調了休閒、商務和休閒旅遊融合的發展動能。這對我們向企業客戶銷售休閒旅遊的交叉銷售機會來說是一個好兆頭，過去幾個季度，我們的附加率一直在上升。

While challenges remain in the B2C segment, we are highly encouraged by the strong momentum we are experiencing in our corporate travel business, alongside the value creation expected from the Globe acquisition and the growth in our MICE segments. The addition of record-new corporate accounts and the development in our MICE business exemplify our commitment to delivering long-term value for stakeholders.

儘管 B2C 領域仍存在挑戰，但我們對商務旅行業務的強勁發展勢頭、收購環球航空所預期創造的價值以及 MICE 領域的成長感到非常鼓舞。創紀錄的新企業帳戶的增加和我們MICE業務的發展體現了我們致力於為利害關係人提供長期價值的承諾。

Looking ahead, we are confident in our ability to sustain growth in high margin businesses while continuing to improve profitability.

展望未來，我們有信心在繼續提高獲利能力的同時維持高利潤業務的成長。

Our focus remains on expanding our hotel and packages and MICE business. To further diversify our revenue streams, enhancing corporate travel solutions, including expense management and cross-selling opportunities to maximize customer value, maintaining cost discipline and operational efficiency while investing strategically in key growth areas.

我們的重點仍然是擴大酒店、套餐和 MICE 業務。進一步實現收入來源多樣化，增強商務旅行解決方案，包括費用管理和交叉銷售機會，以最大化客戶價值，保持成本紀律和營運效率，同時在關鍵成長領域進行策略性投資。

We continue to refine our strategic initiatives to maintain our leadership in the corporate travel sector and are also looking at restructuring efforts that will help us drive long term shareholder value.

我們將繼續完善我們的策略舉措，以維持我們在商務旅行領域的領導地位，同時也考慮重組舉措，以幫助我們提高長期股東價值。

With that, I'll hand the call over to Rohan, who will provide a more detailed breakdown of our financial performance. Rohan?

說完這些，我將把電話交給羅漢，他將更詳細地介紹我們的財務表現。羅汗？

Thank you, Dhruv. Good morning, everybody. Thank you for joining us today. I'm pleased to take you through your first financial performance for the third quarter fiscal year 2025.

謝謝你，Dhruv。大家早安。感謝您今天加入我們。我很高興向大家介紹2025財年第三季的首次財務表現。

For Q3 FY25, our gross bookings totaled INR1.8 billion, which is roughly USD211 million, reflecting a 3.4% decline year over year. This was primarily driven by reduced air travel volumes in the B2C segment as we strategically adjusted discounts to address intensified price competition.

2025 財年第三季度，我們的總預訂額為 18 億印度盧比，約 2.11 億美元，年減 3.4%。這主要是由於我們策略性地調整了折扣以應對激烈的價格競爭，導致 B2C 領域的航空旅行量減少。

This was offset by a strong rebound in our hotels and packages segment, which grew 81% year over year. From a profitability standpoint, we've delivered robust results. Adjusted EBITDA reached INR121.5 million, which is roughly USD1.4 million, marking a substantial 173% year-over-year increase. This improvement was fueled by continued cost optimizations, a shift toward higher margin segments, and disciplined operational execution.

但這一成長被酒店和套餐業務的強勁反彈所抵消，酒店和套餐業務同比增長了 81%。從獲利能力的角度來看，我們取得了強勁的業績。調整後 EBITDA 達到 1.215 億印度盧比，約 140 萬美元，年增 173%。這項改善得益於持續的成本優化、向更高利潤領域的轉變以及嚴格的營運執行。

Moving on to the segment performance. On the air ticketing side, our adjusted margin came in at INR858 million, which is roughly USD10 million, down 23% year over year. The decline was attributed to a combination of low gross bookings and a reduction in headline take rate due to mixed change. Despite the decline, we continue to leverage our B2B business and corporate travel solutions to stabilize margins in this sector.

繼續討論細分錶現。在機票方面，我們的調整後利潤率為 8.58 億印度盧比，約 1,000 萬美元，年減 23%。下滑的原因包括總預訂量低以及混合變化導致的整體接受率下降。儘管利潤率下滑，我們仍繼續利用我們的 B2B 商務和企業旅行解決方案來穩定該領域的利潤率。

On the hotels and packages, adjusted margins surged to INR438 million, which is roughly USD5.1 million, an increase of 66% year over year. This growth was largely driven by the expansion of our MICE signal, as well as improved cross-selling initiatives, which have strengthened customer engagement and increased the wallet share for travelers.

在飯店和套餐方面，調整後的利潤率飆升至 4.38 億印度盧比，約 510 萬美元，年增 66%。這一增長主要得益於我們 MICE 訊號的擴展以及交叉銷售舉措的改善，這些舉措加強了客戶參與度並增加了旅行者的錢包份額。

Moving on to expenses. Marketing and sales promotion costs declined by 32% year over year. This reduction was a result of optimized spending in our B2C segment.

繼續討論費用。行銷和促銷成本較去年同期下降32%。這一減少是我們 B2C 領域支出優化的結果。

Personal expenses, including use of cost, increased by 34% year over year. This is primarily due to the full-quarter impact of the recently acquired entity Globe, as well as the annual appraisal cycle. Further, we continue to invest in MICE and expense management teams in line with the overall strategic focus.

個人開支（包括使用費用）較去年同期成長34%。這主要是由於最近收購的實體 Globe 的整個季度的影響，以及年度評估週期。此外，我們將繼續根據整體策略重點對 MICE 和費用管理團隊進行投資。

Other operating expenses saw a 9% increase year over year. This is primarily due to the business combination effect and the full quarter effect of acquisition of Globe.

其他營運費用較去年同期成長9%。這主要歸因於業務合併效應和收購Globe的整個季度效應。

Looking at liquidity as of December 31, 2024, our cash and term deposits totaled INR1.89 billion, which is roughly USD22 million, maintaining a very strong liquidity position.

從 2024 年 12 月 31 日的流動性來看，我們的現金和定期存款總額為 18.9 億印度盧比，約 2,200 萬美元，保持著非常強勁的流動性狀況。

Our gross debt was down to INR33 million, which is a shade below USD50 million reflecting a significant reduction from prior levels.

我們的總債務降至 3300 萬印度盧比，略低於 5000 萬美元，與之前的水平相比大幅減少。

With this, I'd like to hand over the call back to the moderator to open up for Q&A. Thank you.

現在，我想將通話權交還給主持人，以便開始問答環節。謝謝。

Thank you very much. We will now open the floor for the Q&A session. (Operator instructions)

非常感謝。我們現在進入問答環節。（操作員指令）

Scott Buck, HC Wainwright.

史考特·巴克、HC·溫賴特。

Hello everybody, thank you for taking my questions. Dhruv, I'm curious, given the momentum you're seeing in MICE, can you give us an indication or some call on how large that market is? Just trying to understand how long this positive momentum can continue?

大家好，謝謝你們回答我的問題。Dhruv，我很好奇，鑑於您在 MICE 領域看到的勢頭，您能否透露一下或預測這個市場有多大？只是想了解這種正面勢頭能持續多久？

MICE in India is a highly-fragmented market. Scott, firstly, good morning to you. MICE in India is a highly-fragmented market. And if I look at it from an organized sector point of view, the organized sector barely accounts for about 15% of the overall MICE business.

印度的 MICE 市場高度分散。史考特，首先，早安。印度的 MICE 市場高度分散。如果從有組織的部門的角度來看，有組織的部門僅佔整體 MICE 業務的 15% 左右。

The overall MICE business in India is expected to be close to about between $8 billion to $10 billion on an annualized basis. So it's highly fragmented, offers a tremendous amount of opportunity for long-term growth as we move forward. We're just at the moment, from an organized sector point of view, just dipping our toes literally in the ocean.

預計印度的整體 MICE 業務年收入將接近 80 億至 100 億美元。因此，它高度分散，為我們未來的長期成長提供了巨大的機會。從有組織的部門角度來看，我們目前只是剛涉足這個領域。

Great, that's helpful. And then can you remind us how long it takes to ramp a corporate client relationship once they're onboarded? I forget, do you get 100% of their business on day one. Or does that take some time?

很好，很有幫助。然後您能否提醒我們，一旦企業客戶加入，需要多長時間來建立關係？我忘了，你是否在第一天就獲得了 100％ 的業務。或者說這需要一些時間嗎？

So in that regard, I would qualify that answer into two parts or categorize that answer into two parts. For accounts which are typically more than about $5 million per year, these kinds of companies will go live in a phased manner. They will typically take maybe one division or one location live. And from there then do a ramp up, right? So that kind of a scenario will take anywhere between six to nine months to get to the appropriate run of our share of wallet. In terms of accounts, which are less than $5 million and more so in that $2 million to 4 million kind of range, these accounts will go live within a three- to six-month period.

因此，從這個方面來說，我會將答案分為兩個部分，或將答案分成兩部分。對於每年通常超過 500 萬美元的帳戶，這類公司將分階段上線。他們通常只會負責一個部門或一個地點的直播。然後從那裡開始逐漸上升，對嗎？因此，這種情況需要六到九個月的時間才能達到我們錢包份額的適當運作。對於金額低於 500 萬美元以及高於 200 萬美元至 400 萬美元的帳戶，這些帳戶將在三到六個月內上線。

Okay, perfect. And can you tell us what Global India's revenue contribution was during the quarter?

好的，完美。您能告訴我們本季全球印度的營收貢獻是多少嗎？

Also, while we don't call that out separately. Just to give you a baseline Globe's -- sorry, revenue and revenue less service cost more importantly, last year was, approximately about $5.4 million or $5.3 million. Because they're fully last year in terms of revenue less service cost.

此外，雖然我們不會單獨提到這一點。只是為了給你一個基準數據——對不起，收入減去服務成本，更重要的是，去年環球電信的收入約為 540 萬美元或 530 萬美元。因為他們的收入完全是去年同期的減去服務成本的。

Okay, I appreciate that. And then last one for me, any update on timeline on the work, the Board is doing on, potential legal structure and just kind of curious when we could potentially see a resolution, if any?

好的，我很感激。最後一個問題，董事會正在進行的工作時間表有沒有更新，潛在的法律結構有沒有更新，只是好奇我們什麼時候才有可能看到解決方案，如果有的話？

To be working with appropriate counsel in different jurisdictions.

與不同司法管轄區的適當律師合作。

We've made, I would consider meaningful progress, over the last three months as part of the efforts that we've undertaken. And I'm hopeful that at some point in the relatively near future we can come back with something more concrete.

我認為，在過去三個月裡，我們已經取得了有意義的進展，這是我們所做努力的一部分。我希望在不久的將來我們能夠拿出更具體的成果。

Okay, I appreciate that. (multiple speakers)

好的，我很感激。（多位發言者）

Yeah, thank you.

是的，謝謝。

(Operator instructions) There are currently no more questions. I will hand back over to Manish for any closing remarks.

（操作員指示）目前沒有其他問題。我將把發言權交還給 Manish，請他做最後發言。

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. Thank you.

感謝大家今天參加電話會議。像往常一樣，我們隨時準備提供後續服務。請隨時與我們聯繫。謝謝。

Thank you very much, Manish. And thank you, Dhruv and Rohan, for being today's speakers. That concludes our conference call. We appreciate everyone for joining us today. You may now disconnect your lines.

非常感謝，Manish。感謝 Dhruv 和 Rohan 擔任今天的演講者。我們的電話會議到此結束。我們感謝大家今天的參加。現在您可以斷開線路了。