Yatra Online Inc (YTRA) 2025 Q4 法說會逐字稿

Hello, everyone, and welcome to the Yatra 4Q '25 and FY25 Earnings Conference Call. My name is Ezra, and I will be your coordinator today. (Operator Instructions)

大家好，歡迎參加 Yatra 4Q '25 和 FY25 收益電話會議。我叫伊茲拉，今天我將擔任您的協調員。（操作員指示）

I will now hand you over to your host, Manish Hemrajani, VP, Investor Relations, to begin. Manish, please go ahead.

現在我將把主持人、投資者關係副總裁 Manish Hemrajani 交給您開始。馬尼什，請繼續。

Thank you. Good morning, everyone, and welcome to our fourth quarter and full year FY25 earnings conference call for the period ended March 31, 2025. I'm pleased to be joined on the call today by Yatra's CEO and Co-Founder, Dhruv Shringi; and CFO, Anuj Sethi.

謝謝。大家早安，歡迎參加我們截至 2025 年 3 月 31 日的第四季和全年 FY25 收益電話會議。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 Anuj Sethi 一起參加電話會議。

Before we begin, I would like to remind you that certain statements made on today's call may constitute forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to various risks and uncertainties that could cause actual results to differ materially. For a detailed discussion of these risks, please refer to our filings with the SEC and the press release we issued yesterday, which is available on the IR section of our website.

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聲明。這些聲明是基於管理層目前的預期和信念，並受各種風險和不確定性的影響，可能導致實際結果大不相同。有關這些風險的詳細討論，請參閱我們向美國證券交易委員會提交的文件和我們昨天發布的新聞稿，可在我們網站的 IR 部分找到。

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

說完這些，我將把電話轉給 Dhruv。Dhruv，繼續吧。

Thank you, Manish. Good morning, everyone, and welcome to our fourth quarter and full year fiscal '25 earnings conference call for the year ended March 31, 2025. I'm pleased to be joined on the call with my colleague, Anuj Sethi as well, who is our CFO.

謝謝你，馬尼什。大家早安，歡迎參加截至 2025 年 3 月 31 日的 2025 財年第四季和全年財報電話會議。我很高興能與我的同事、我們的財務長 Anuj Sethi 一起參加電話會議。

As we reflect on fiscal year 2025, I'm thrilled to present our performance that demonstrates a story of resilience, strategic growth and unwavering momentum that solidifies Yatra's position as India's premier corporate travel service provider.

當我們回顧 2025 財年時，我很高興地展示我們的業績，展現了我們的韌性、戰略增長和堅定不移的勢頭，鞏固了 Yatra 作為印度首屈一指的企業旅行服務提供商的地位。

For FY25, we are pleased to report annual revenues of INR7.9 billion, which is approximately USD93.1 million, up 90% year over year. Our full-year revenue reflects the momentum we have built across our Corporate Travel and MICE businesses. These have been pivotal in navigating a competitive landscape. Notably, our profitability metrics underscore our disciplined execution. Adjusted EBITDA for the year was up 28% and adjusted profit was up 106.5% year over year to INR24 million.

我們很高興地報告，25 財年的年收入為 79 億印度盧比，約 9,310 萬美元，年增 90%。我們的全年收入反映了我們在商務旅行和 MICE 業務中建立的良好勢頭。這些對於在競爭環境中導航至關重要。值得注意的是，我們的獲利指標凸顯了我們嚴格的執行力。全年調整後 EBITDA 成長 28%，調整後利潤年增 106.5%，達到 2,400 萬印度盧比。

On a quarterly basis, for the March quarter, we reported revenues of INR2.2 billion, which is approximately USD25.7 million, up 114% year-over-year, driven by the growth in our MICE business and the inorganic contribution from the Globe Travels acquisition. Our revenue less service cost for the quarter came in at INR1.1 billion, approximately $12.8 million, up 34% year over year. Adjusted EBITDA of INR90 million, approximately $1.1 million was up 23% year-over-year.

按季度計算，3 月季度，我們的收入為 22 億印度盧比，約合 2,570 萬美元，年成長 114%，這得益於 MICE 業務的成長以及收購 Globe Travels 帶來的無機貢獻。本季我們的營收減去服務成本為 11 億印度盧比，約 1,280 萬美元，年增 34%。調整後的 EBITDA 為 9,000 萬印度盧比，約 110 萬美元，年增 23%。

Now let's take a broader view of the landscape in India. India's travel industry is in a transformative stage. IMARC forecast corporate travel in India, which is currently at $42 billion, will hit $80 billion by 2033, driven by globalization of business operations, which has encouraged multinational companies to expand their businesses in India.

現在讓我們更廣泛地看看印度的情況。印度旅遊業正處於轉型階段。IMARC 預測，受業務全球化的推動，印度目前的商務旅行規模為 420 億美元，到 2033 年將達到 800 億美元，這鼓勵跨國公司在印度拓展業務。

Add to that rising investments by public and private agencies for improving travel infrastructure and growing online penetration. Other factors include rapid digitization, the rising partnership between businesses and airlines, the increasing trend for business leisure travel, continuous improvement in the airline, hospitality and tourism industries and the developing of Meetings, Incentives, Conference and Events segment.

此外，公共和私人機構也在不斷增加投資，以改善旅遊基礎設施並提高線上滲透率。其他因素包括快速數位化、企業與航空公司之間合作關係的不斷加強、商務休閒旅行的日益增長趨勢、航空、酒店和旅遊業的持續改進以及會議、獎勵、會議和活動領域的不斷發展。

These are all positive influences, which are helping the Indian market grow exponentially. India's GDP also is valued at almost $4 trillion now, making it currently the fourth largest economy, and it's on track to become the third largest by 2028. This economic ascent is boosting individual prosperity with GDP per capita reaching $2,700 in 2024, which is a sixfold increase over the past two decades. Rising incomes are unlocking new opportunities for travel as more Indians prioritize leisure and business travel.

這些都是正面的影響，正在幫助印度市場呈指數級成長。印度的 GDP 目前價值近 4 兆美元，目前是世界第四大經濟體，並預計在 2028 年成為第三大經濟體。這種經濟成長正在促進個人繁榮，到2024年人均GDP將達到2,700美元，比過去二十年成長了六倍。隨著越來越多的印度人優先考慮休閒和商務旅行，收入的增加為旅行帶來了新的機會。

Our Corporate Travel business remains a key growth engine for us. In Q4, we added 35 new corporate clients contributing to INR1.4 billion in expected annual volumes. For fiscal year '25, we secured 148 new clients contributing to INR7.5 billion in expected annual volumes, reinforcing our market partnership.

我們的商務旅行業務仍然是我們的主要成長動力。第四季度，我們增加了 35 家新企業客戶，預計年交易量將達到 14 億印度盧比。25 財年，我們獲得了 148 個新客戶，預計年交易量將達到 75 億印度盧比，從而加強了我們的市場合作夥伴關係。

We continue to expand our corporate sales team across India, targeting high-growth sectors like IT, manufacturing, FMCG and consulting. This effort has quadrupled our sales pipeline, reflecting strong momentum.

我們繼續擴大在印度的企業銷售團隊，瞄準 IT、製造、快速消費品和諮詢等高成長產業。此項努力使我們的銷售管道增加了四倍，體現出強勁的發展勢頭。

Our MICE business has emerged as a standout performer with significant growth and margin expansion in the fourth quarter, building on the strong foundation laid throughout fiscal year 2025. Globe has long been recognized for its deep domain expertise and strong client relationships in the MICE sector. By leveraging our expanded capabilities and Globe's expertise, we've captured a larger share of this high-margin segment, positioning Yatra as a dominant player in India's MICE market.

我們的 MICE 業務表現突出，在第四季度實現了顯著成長和利潤率擴大，這得益於 2025 財年奠定的堅實基礎。Globe 長期以來因其在 MICE 領域的深厚專業知識和強大的客戶關係而獲得認可。透過利用我們擴展的能力和 Globe 的專業知識，我們佔據了這個高利潤領域的更大份額，使 Yatra 成為印度 MICE 市場的主導者。

The Globe acquisition also expanded our reach into a diverse and largely nonoverlapping client base, enhancing our exposure across multiple industries. This broader portfolio opens up meaningful cross-sell opportunities across our hotel inventory and expense management solutions, allowing us to deliver more integrated and customized travel programs to corporate customers.

收購環球廣播公司也將我們的業務範圍擴大到多元化且基本上不重疊的客戶群，增強了我們在多個行業的知名度。這個更廣泛的產品組合為我們的飯店庫存和費用管理解決方案帶來了有意義的交叉銷售機會，使我們能夠為企業客戶提供更全面和客製化的旅行計劃。

In just the last 9 months of fiscal year 2025, our combined MICE platform handled over 600 trips and served more than 80,000 travelers, a testament to the growing demand and our ability to execute at scale. The Indian MICE market is estimated at $3.3 billion in 2023 and is expected to grow to $10 billion by 2030, representing a CAGR of 18%. We see a significant runway ahead and remain fully committed to aggressively expanding our presence in this high-growth segment.

僅在 2025 財年的最後 9 個月，我們的綜合 MICE 平台就處理了超過 600 次旅行，服務了超過 80,000 名旅客，這證明了不斷增長的需求和我們大規模執行的能力。印度 MICE 市場規模預計在 2023 年達到 33 億美元，預計到 2030 年將成長至 100 億美元，複合年增長率為 18%。我們看到未來的巨大潛力，並將繼續全力致力於積極擴大我們在這個高成長領域的影響力。

When we set up our MICE business about 15 months ago, we set ourselves a target of becoming one of the top three players over the next three years in this segment. I'm happy to share that I strongly believe that on current run rate, Globe and Yatra combined would become one of the top three players in this fast-growing segment in the current fiscal year itself.

大約 15 個月前，當我們建立 MICE 業務時，我們為自己設定的目標是在未來三年內成為該領域的前三名參與者之一。我很高興地告訴大家，我堅信按照目前的運行速度，Globe 和 Yatra 合併後將在本財年成為這個快速成長領域的前三大參與者之一。

On the expense management side, our expense management platform, RECAP, continues to gain traction with multiple customers now live and actively using the solution. Early feedback has been very encouraging, validating RECAP's relevance as a contemporary offering to our core travel services. We see strong cross-sell potential within our existing client base and the broader opportunities in the expense management space remain significant, both in India and select international markets.

在費用管理方面，我們的費用管理平台 RECAP 持續受到眾多客戶的青睞，目前已有多位客戶積極使用此解決方案。早期的回饋非常令人鼓舞，證實了 RECAP 作為我們核心旅遊服務的現代產品的相關性。我們看到現有客戶群中存在強大的交叉銷售潛力，無論是在印度還是在部分國際市場，費用管理領域的更廣泛機會仍然很大。

As adoption scales, RECAP is poised to drive deeper customer engagement while building meaningfully to our margin profile. We are focused on accelerating this momentum and building RECAP into a core pillar of our enterprise offering over the coming years.

隨著採用規模的擴大，RECAP 有望推動更深入的客戶參與，同時大幅提升我們的利潤率。我們致力於加速這一勢頭，並在未來幾年將 RECAP 打造成為我們企業產品的核心支柱。

I'm also pleased to share that in FY25, Yatra became one of the first travel management companies in India to integrate the new distribution capabilities that the airlines are offering. This is a transformative technology developed in conjunction with IATA by the airlines.

我也很高興告訴大家，在 2025 財年，Yatra 成為印度首批整合航空公司提供的新分銷功能的旅遊管理公司之一。這是航空公司與國際航空運輸協會共同開發的變革性技術。

Some of the key benefits of this for corporate travelers is that it provides them more flight options and better pricing. You would all have seen a trend over the last few years that increasingly airlines are only sharing the cheapest fare on certain exclusive channels, including their own websites.

對於商務旅客來說，這項服務的主要好處之一是可以為他們提供更多的航班選擇和更優惠的價格。大家可能已經看到了過去幾年的一個趨勢，即越來越多的航空公司只在某些獨家管道（包括他們自己的網站）分享最便宜的票價。

The NDC is one such channel that allows you to access these special fares, which might otherwise not be available in traditional distribution platforms. The real-time seat availability and dynamic pricing of this is a key enabler for cost saving for large corporate organizations. This also allows us to offer more personalized and richer content and making sure that policy compliance is even tighter.

NDC 就是這樣一個管道，它可以讓您獲得這些特價票價，而這些票價在傳統的分銷平台上可能無法獲得。即時座位可用性和動態定價是大型企業節省成本的關鍵因素。這也使我們能夠提供更個人化和更豐富的內容，並確保更嚴格地遵守政策。

This will include things like preferred seating, extra baggage or bundled offers being brought forward to the corporate travelers through our own technology solution. This smoother and more transparent booking experience enhances Yatra's self-booking tool and aims to provide a more seamless and transparent booking experience to our clients.

這將包括透過我們自己的技術解決方案向企業旅客提供優先座位、額外行李或捆綁優惠等服務。這種更順暢、更透明的預訂體驗增強了 Yatra 的自助預訂工具，旨在為我們的客戶提供更無縫、更透明的預訂體驗。

Overall, Yatra's move to integrate NDC with its self-booking tool for corporate travel aims to enhance the booking experience, improve cost efficiency and streamline travel planning even further for our customers.

總體而言，Yatra 將 NDC 與其商務旅行自助預訂工具相結合的舉措旨在為我們的客戶增強預訂體驗、提高成本效率並進一步簡化旅行計劃。

This reinforces our commitment to innovation and leadership in the corporate travel market, ensuring that we remain at the forefront of technology advances that benefit our customers. In our B2C Air business, we were able to arrest some of the decline in gross bookings. And in Q4, our gross bookings fell only 6%. The silver lining is that we've seen stabilization in our B2C Air business now despite facing competitive headwinds.

這加強了我們在商務旅行市場創新和領導地位的承諾，確保我們始終處於技術進步的前沿，並造福我們的客戶。在我們的 B2C 航空業務中，我們能夠抑制總預訂量的下滑。第四季度，我們的總預訂量僅下降了 6%。值得慶幸的是，儘管面臨競爭阻力，我們的 B2C 航空業務目前已趨於穩定。

And the stabilization in Q4 has been achieved through optimization of our discounts, SEO improvements and increased personal travel attach rates through our corporate channel. Based on the current trends, we expect to start seeing gradual growth in B2C starting in the second quarter of the current fiscal year. This would most likely have been the situation in the current quarter as well, had it not been for the disruption caused for about 10 to 15 days due to the war-like situation in India.

第四季的穩定是透過優化折扣、改進 SEO 以及透過企業管道提高個人旅行附加率來實現的。根據目前的趨勢，我們預計從本財年第二季開始 B2C 將開始逐步成長。如果不是因為印度戰爭局勢造成約 10 至 15 天的中斷，本季的情況很可能也會發生這種情況。

Thankfully, things have normalized pretty quickly and business is back on track. On the AI side as well, we continue to embrace AI, enhancing our customer experience, both on the corporate and on the consumer side. On the corporate front, last quarter, we introduced our AI-enabled low fare finder, a smart post-booking fare optimization tool that underscores our continued investment in customer-centric innovation.

值得慶幸的是，一切很快就恢復正常，業務也回到了正軌。在人工智慧方面，我們也將持續擁抱人工智慧，提升企業和消費者的客戶體驗。在公司方面，上個季度，我們推出了支援人工智慧的低票價查找器，這是一種智慧預訂後票價優化工具，突顯了我們對以客戶為中心的創新的持續投資。

Built using machine learning algorithms, this tool continuously stands for fare drops even after a customer has completed their booking. If a lower fare becomes available on the same flight up to 6 hours before departure, the system automatically alerts the traveler, giving them the option to rebook at a reduced price. This delivers tangible value to the customer while reinforcing trust in our platform.

該工具採用機器學習演算法構建，即使在客戶完成預訂後也會持續顯示票價下降。如果在起飛前 6 小時內同一航班有更低票價，系統會自動提醒旅客，讓他們選擇以更低的價格重新預訂。這為客戶帶來了實際的價值，同時增強了客戶對我們平台的信任。

By integrating real-time pricing intelligence into the post-purchase experience, we are not just helping users save, we are also using technology to redefine what proactive travel service can look like. We have also been building intelligent bots to automate customer service e-mail queries and calls.

透過將即時定價情報融入購買後的體驗中，我們不僅可以幫助用戶節省開支，還可以利用技術重新定義主動旅行服務。我們也一直在建立智慧機器人來自動化客戶服務電子郵件查詢和通話。

These bots will continue to improve as the LLMs evolve at a rapid pace, and we'll be able to significantly drive down the cost of servicing in the near term. I'm pleased to highlight a few recent accolades as well that Yatra has received from international airlines and our supply partners.

隨著 LLM 的快速發展，這些機器人將繼續改進，並且我們將能夠在短期內大幅降低服務成本。我很高興地強調 Yatra 最近從國際航空公司和我們的供應合作夥伴那裡獲得的一些榮譽。

This underscores the strength of the brand and the trust that we've built with them. Singapore Airlines recently acknowledged or recognized Yatra as its top travel partner in India, an acknowledgment of our strong booking volumes, efficient operations and alignment in the region.

這凸顯了品牌的實力以及我們與他們建立的信任。新加坡航空最近承認或認可 Yatra 為其在印度的頂級旅遊合作夥伴，這是對我們強大的預訂量、高效的營運和在該地區協調性的認可。

Air Canada honored Yatra with its prestigious Circle of Excellence Award, and we received similar accolades from Etihad Airways as well for being one of their top partners in the Asian region. These recognitions reflect our ongoing commitment to delivering value not only to our customers, but also to our partners. They reinforce our position as a preferred travel platform in the eyes of leading global airlines.

加拿大航空向 Yatra 頒發了著名的“卓越獎”，而我們也因成為阿提哈德航空在亞洲地區的頂級合作夥伴之一而獲得了類似的讚譽。這些認可體現了我們持續致力於為客戶和合作夥伴創造價值。它們鞏固了我們作為全球領先航空公司眼中首選旅遊平台的地位。

Now let me update you on the convertibility of the shares. We've made substantial progress on our path to convertibility into India shares. We've defined a structure that we believe works and allows for this convertibility.

現在讓我向大家介紹一下股票可轉換性的最新情況。我們在轉換為印度股票的道路上取得了實質進展。我們定義了一個我們認為有效且允許這種可轉換性的結構。

While there are still some hurdles to overcome, we are confident in the structure's viability. We've now focused on navigating the necessary process and procedures across multiple jurisdictions. Given the complexity involved, we can't commit to a specific time line, but rest assured, we are dedicating all our efforts to making this a reality.

儘管仍有一些障礙需要克服，但我們對此結構的可行性充滿信心。我們現在專注於在多個司法管轄區內完成必要的流程和程序。鑑於所涉及的複雜性，我們無法承諾具體的時間表，但請放心，我們將竭盡全力將其變為現實。

This transition is a critical step for Yatra and our shareholders, aligning us with the market and unlocking value. We'll provide updates as we continue to make progress. As we look ahead to fiscal 2026, we are encouraged by the momentum across our business. Strong corporate client acquisition, continued growth in our MICE segment and ongoing investment in our proprietary technology platform, including AI-powered personalization and booking tools position us well for the next phase of growth.

這次轉型對 Yatra 和我們的股東來說都是至關重要的一步，使我們與市場接軌並釋放價值。隨著我們不斷取得進展，我們將提供最新消息。展望 2026 財年，我們對整個業務的發展動能感到鼓舞。強勁的企業客戶獲取、MICE 領域的持續成長以及對專有技術平台的持續投資（包括人工智慧個人化和預訂工具），為我們下一階段的成長做好了準備。

For FY26, we are introducing preliminary guidance of 20% growth in revenue less service cost or gross margin and 30% adjusted EBITDA growth driven by three pillars: expansion in corporate travel; continued scaling of MICE and hotels; and full cost synergies from Globe travels.

對於 2026 財年，我們制定了初步預期，即營收減去服務成本或毛利率將成長 20%，調整後 EBITDA 將成長 30%，這主要由三大支柱成本協同效應。

I would just like to highlight that the MICE business does have a certain amount of seasonality with fiscal Q2 being the strongest quarter followed by Q3, Q4 and then Q1. So the margins and the profit will get appropriately seasonalized as well. But on the whole, we are confident of achieving the guidance that we are setting ourselves.

我只想強調的是，MICE 業務確實具有一定的季節性，其中財政第二季度是最強勁的季度，其次是第三、第四季度，然後是第一季。因此利潤率和利潤也會適當地季節性化。但整體來說，我們有信心實現自己設定的目標。

Before I close, I'd also like to provide a quick update on recent geopolitical developments that briefly impacted the travel demand in India.

在結束之前，我還想簡要介紹一下近期對印度旅遊需求產生短暫影響的地緣政治發展。

April began on a strong note for us. But following the unfortunate incident in Pahalgam, one of India's key summer travel destinations and the subsequent escalation of tensions between India and Pakistan, we experienced a temporary disruption in travel activity. This led to a short-term dip in both leisure and corporate travel, particularly in the northern part of India.

四月對我們來說是一個強大的開始。但繼印度夏季主要旅遊目的地之一帕哈爾加姆發生不幸事件以及隨後印度和巴基斯坦緊張局勢升級之後，我們的旅遊活動出現了暫時中斷。這導致休閒和商務旅行的短期下滑，尤其是在印度北部地區。

During this period, we worked proactively with our airline and hotel partners to support customers through flexible cancellation and rebooking options. I'm pleased to report that with the situation now stabilizing and a cease fire in effect, we've seen a prompt recovery in booking volumes across the country, excluding the directly impacted areas where demand is gradually expected to normalize.

在此期間，我們積極與航空公司和酒店合作夥伴合作，透過靈活的取消和重新預訂選項為客戶提供支援。我很高興地報告，隨著局勢逐漸穩定和停火生效，我們看到全國各地的預訂量迅速回升，但直接受影響的地區除外，預計這些地區的需求將逐漸恢復正常。

In closing, we believe Yatra is well positioned for sustained success. Our emphasis is on high-margin growth, operational excellence and strategic innovation.

最後，我們相信 Yatra 已做好準備，將持續的成功。我們注重高利潤成長、卓越營運和策略創新。

Thank you for your support, and I'll now request our CFO, Anuj, to brief you on the financial details. Anuj, over to you.

感謝您的支持，現在我將請我們的財務長 Anuj 向您簡要介紹財務細節。Anuj，交給你了。

Thank you, Dhruv, and good morning, everyone. Let me brief you on our financial performance for the period under review.

謝謝你，Dhruv，大家早安。讓我向您簡要介紹一下本報告期間我們的財務表現。

For the fourth quarter of financial year 2025, the revenue from operations grew 114% year-on-year to INR2,192 million, approximately USD25.7 million, driven by a 54% increase in hotels and packages, growth in MICE and inorganic Globe contribution. More notably, our gross margins, revenue less service cost jumped 34% year-on-year to INR1,094 million, approximately USD12.8 million, driven by our focus on high-margin areas like Corporate Travel and MICE.

2025 財年第四季度，營業收入年增 114% 至 21.92 億印度盧比，約合 2,570 萬美元，這得益於酒店和套餐增長 54%、MICE 增長以及無機 Globe 貢獻。更值得注意的是，由於我們專注於商務旅行和 MICE 等高利潤領域，我們的毛利率（收入減去服務成本）年增 34%，達到 10.94 億印度盧比，約合 1,280 萬美元。

Adjusted EBITDA was up 28% year-on-year to INR90 million, approximately USD1.1 million, yielding an 8.2% adjusted EBITDA to gross margin. For the annual results of financial year 2025, the revenue from operations grew by 90% year-on-year to INR7,957 million, approximately USD93.1 million, fueled by stellar growth in overall Corporate Travel business.

調整後 EBITDA 年增 28% 至 9,000 萬印度盧比，約 110 萬美元，調整後 EBITDA 毛利率為 8.2%。就 2025 財年的年度業績而言，得益於整體商務旅行業務的強勁增長，營業收入同比增長 90% 至 79.57 億印度盧比，約合 9,310 萬美元。

Adjusted EBITDA rose 28% to INR344 million, approximately USD4 million, and net profit turned positive to reaching INR24 million, approximately USD0.3 million, a 106.5% improvement from last year.

調整後EBITDA上漲28%至3.44億印度盧比，約400萬美元，淨利轉正至2,400萬印度盧比，約合30萬美元，較去年同期成長106.5%。

Looking at liquidity, the cash and cash equivalent and term deposits stands at [INR1,906 million], approximately USD23 million as on March 31, 2025, while gross debt reduced from INR638 million, approximately USD7.5 million as at March 31, 2024 to INR546 million, approximately USD6.4 million as at March 31, 2025.

從流動性來看，截至 2025 年 3 月 31 日，現金及現金等價物和定期存款為 [19.06 億印度盧比]，約合 2,300 萬美元，而總債務從截至 2024 年 3 月 31 日的 6.38 億印度盧比（約合 750 萬美元）減少至 3 月 3 日印度（約 750 萬盧比）的約 3.65. 640 萬美元）。

This strong financial foundation provides us with ample flexibility to pursue growth initiatives and strategic investments.

強大的財務基礎為我們追求成長計畫和策略投資提供了充足的靈活性。

Dhruv, handing over back to you.

Dhruv，把權力交還給你。

Thank you, Anuj. And we would now like to open the call for questions.

謝謝你，Anuj。現在我們開始提問。

(Operator Instructions) Scott Buck, H.C. Wainwright.

（操作員指示） Scott Buck、H.C. Wainwright。

Dhruv, if the situation were to further deteriorate along the Pakistan border, how much of the business has historically been tied to that region?

Dhruv，如果巴基斯坦邊境局勢進一步惡化，那麼歷史上有多少業務與該地區有關？

So Scott, about the northern part of India accounts for almost about 25% to 30% of our overall business volumes. But what ends up happening is while that might be the origination of the business, it's also the travel endpoint for travelers coming into this region. So on an overall basis, I think it's safe to say that 30-plus percent of the business would get impacted if something was to escalate a bit further.

斯科特，印度北部地區約占我們整體業務量的 25% 至 30%。但最終的結果是，雖然這可能是業務的起源，但它也是進入該地區的遊客的旅行終點。因此，從整體來看，我認為可以肯定地說，如果事態進一步升級，30% 以上的業務將受到影響。

Okay. That's helpful. And then I understand it's a little early given your prepared remarks. But what can you tell us about the proposed corporate structure? And what does that mean for share fungibility?

好的。這很有幫助。然後我知道，考慮到您準備好的發言，現在說還為時過早。但是您能告訴我們有關擬議的公司結構什麼資訊嗎？這對於股票可替代性意味著什麼？

As I put in the remarks that we've got, I think, a structure in place that now we think works. Given that the structure itself took a bit of time given the multiple jurisdictions involved, I think that in itself is a key achievement that we have a structure that according to all jurisdictions seems to work.

正如我在評論中提到的，我認為我們已經建立了一個有效的結構。由於涉及多個司法管轄區，該結構本身花了一些時間，我認為，我們擁有一個在所有司法管轄區看來都有效的結構，這本身就是一項關鍵成就。

Now it's the process of just going through and making sure that all the procedural associated with that structure gets put in place over the course of the next couple of months. The good thing and the positive out of that is that at least there is a defined structure in place now.

現在只是進行審核並確保與該結構相關的所有程序在接下來的幾個月內都到位。好的方面和積極的方面是，至少現在已經有一個明確的結構。

Yes. Okay. And we should get even more clarity over the next two, three, four months.

是的。好的。在接下來的兩、三、四個月裡，我們應該會得到更清晰的答案。

That's right. Yes.

這是正確的。是的。

It sounds like. Yes. Perfect. I appreciate that. And then on MICE, you guys have made some really nice progress there. Are there acquisition opportunities out there that could help you even accelerate that further?

聽起來像。是的。完美的。我很感激。在 MICE 方面，你們取得了一些非常好的進展。是否存在可以幫助您進一步加速這一進程的收購機會？

Sure. So we continue to evaluate opportunities. We've done one about six months back, six, seven months now, and we are in the process of fully integrating that. I think that should get done in the current quarter itself, and that will then free us up to start looking at other opportunities going forward.

當然。因此我們繼續評估機會。我們大約六個月前就做過一次，到現在已經六、七個月了，我們正在全面整合它。我認為這應該在本季度完成，然後我們就可以開始尋找未來的其他機會。

That's helpful. And then last one for me. The guide for fiscal year '26 suggests some operating leverage. But how much capacity do you have for future revenue growth before you have to make some significant investments in the OpEx? I guess, can you grow the business 50% from here without having to add meaningfully on the cost side?

這很有幫助。這是我的最後一個。26 財政年度的指南建議使用一些經營槓桿。但是在您必須對營運支出進行大量投資之前，您有多少未來收入成長的能力？我猜，你能否從現在開始將業務成長 50%，而無需在成本方面大幅增加？

We think we can at least grow 30% to 40% without needing to change the cost structure significantly. That much growth we should be able to achieve. In the numbers that you see, the escalation in operating cost, which is there is largely due to legal and professional fees, which is associated with the collapse of the structure that we are working on.

我們認為，我們至少可以實現 30% 到 40% 的成長，而無需大幅改變成本結構。我們應該能夠實現這麼大的成長。從數字上看，營運成本的上升主要是由於法律和專業費用，而這與我們正在處理的架構崩潰有關。

Otherwise, our cost structure has changed year-over-year only because of the addition of Globe's numbers for the first time in the full fiscal year. Cost otherwise has remained fairly constant.

除此之外，我們的成本結構同比有所變化，只是因為在整個財政年度中首次增加了 Globe 的數據。除此之外，成本一直保持相當穩定。

(Operator Instructions) We currently have no further questions. So I will hand back over to Manish for any closing remarks.

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

Thank you, Ezra. Thank you, everyone, for joining the call today. As always, we are available for follow-ups. Thank you.

謝謝你，埃茲拉。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。謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

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

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