Yatra Online Limited has informed the Exchange about Investor Presentation
February 14, 2024
Listing Manager, National Stock Exchange of India Limited Exchange Plaza, C-1 Block G Bandra Kurla Complex, Bandra (E) Mumbai – 400051, India Symbol: YATRA ISIN No.: INE0JR601024
Manager - CRD BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai – 400001, India Scrip Code: 543992 ISIN No.: INE0JR601024
Dear Sir/Madam,
Sub: Intimation to Stock Exchange – Investor Presentation in connection with the Unaudited Standalone and Consolidated Financial Results for the quarter and nine months ended December 31, 2023.
Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, please find enclosed herewith the copy of Investor Presentation in connection with the Unaudited Standalone and Consolidated Financial Results for the quarter and nine months ended December 31, 2023.
The above information will be made available on the website of the Company at www.yatra.com.
This is for your information and records.
Thanking You,
Yours sincerely, For Yatra Online Limited
Darpan Batra Company Secretary and Compliance Officer M. No. A15719
Encl.: As above
Yatra Online Limited
Investor Presentation Q3-2024
Yatra Online Limited | Corporate Presentation
Private & Confidential
Disclaimer (1/2)
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▪
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The information contained in this presentation is for information purposes only without regard to specific objectives, financial situations or needs of any particular persons. This presentation is not a prospectus, a statement in lieu of a prospectus, an offering circular, an advertisement or an offer document under the Companies Act, 2013, and the rules made thereunder, as amended, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008, as amended or any other applicable law in India.
This presentation is strictly confidential and is intended only for the exclusive use of the recipients thereof, subject to the provisions stated herein, and may not be disclosed, reproduced, published, retransmitted, summarized, furnished or distributed, in whole or in part, or passed on directly or indirectly to any other person or persons whether within or outside your organization or firm, or published in whole or in part, for any purpose by recipients directly or indirectly to any other person. Any printed form of this presentation must be returned to us immediately at the conclusion of the presentation. By receiving these materials, you are agreeing to be bound by the foregoing and below restrictions. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. This presentation may contain forward-looking statements relating to the business, financial performance, strategy and results of the Company and/or the industry in which it operates that involve risks and uncertainties. Forward-looking statements are statements concerning future circumstances and results, and any other statements that are not historical facts, generally identified by the words “aim”, “anticipate”, “believe”, “expect”, “estimate”, “intend”, “likely to”, “objective”, “plan”, “project”, “propose”, “will”, “will continue”, “seek to”, “will pursue” or other words or phrases of similar import. Forward- looking statements, including those cited from third party sources, are based on certain assumptions and expectations of future events. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Although the Company believes that such forward-looking statements are based on reasonable assumptions, forward looking statements contained in this Presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Neither the Company nor its affiliates or advisors or representatives nor any such person’s officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors, nor do any such persons or entities accept any responsibility for the future accuracy of the forward-looking statements contained in this Presentation or the actual occurrence of the forecast developments. There is no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. It can give no assurance that such expectations will be met. Representative examples of factors that could affect the accuracy of forward-looking statements include (without limitation) the condition of and changes in India’s political and economic status, government policies, applicable laws, the Indian insurance sector, and international and domestic events having a bearing on the Company’s business, and such other factors beyond control of the Company. The information in this Presentation is subject to change without notice, its accuracy is not guaranteed, it may be incomplete or condensed and it may not contain all material information concerning the Company. Unless specifically mentioned, this Presentation speaks as of its date.
This presentation contains certain assumptions, which we consider reasonable at this point of time and our views as of this date and are accordingly subject to change. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The information contained in this Presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments, which may occur after the date of the Presentation. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially. It should be understood that subsequent developments may affect the information contained in this presentation, which neither the Company nor its affiliates, advisors or representatives are under an obligation to update, revise or affirm such information. You are cautioned not to place undue reliance on these forward-looking statements, which are based on current view of the Company’s management on future events.
Yatra Online Limited | Corporate Presentation
Private & Confidential
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Disclaimer (2/2)
▪
This presentation contains information from the industry report titled " Assessment of the travel industry in India” dated August, 2023 prepared by CRISIL Research, a division of CRISIL Limited (“CRISIL”). CRISIL has required us to include the following disclaimer in connection with the CRISIL Report:
“CRISIL Research, a division of CRISIL Limited (CRISIL) has taken due care and caution in preparing this report (Report) based on the Information obtained by CRISIL from sources which it considers reliable (Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. This Report is not a recommendation to invest / disinvest in any entity covered in the Report and no part of this Report should be construed as an expert advice or investment advice or any form of investment banking within the meaning of any law or regulation. CRISIL especially states that it has no liability whatsoever to the subscribers / users / transmitters/ distributors of this Report. Without limiting the generality of the foregoing, nothing in the Report is to be construed as CRISIL providing or intending to provide any services in jurisdictions where CRISIL does not have the necessary permission and/or registration to carry out its business activities in this regard. Yatra Online Limited will be responsible for ensuring compliances and consequences of non-compliances for use of the Report or part there of outside India. CRISIL Research operates independently of, and does not have access to information obtained by CRISIL Ratings Limited / CRISIL Risk and Infrastructure Solutions Ltd (CRIS), which may, in their regular operations, obtain information of a confidential nature. The views expressed in this Report are that of CRISIL Research and not of CRISIL Ratings Limited / CRIS. No part of this Report may be published/reproduced in any form without CRISIL’s prior written approval.”
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This presentation and the information contained herein does not constitute or form part of any offer for sale or recommendation or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities of the Company, nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever.
This presentation may include certain industry data and projections that have been obtained from industry publications and surveys. Industry publications and surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable, but there is no assurance that the information is accurate or complete. Neither the Company nor any of its advisors or representatives have independently verified any of the data from third-party sources or ascertained the underlying economic assumptions relied upon therein. All industry data and projections contained in this presentation are based on data obtained from the sources cited and involve significant elements of subjective judgment and analysis, which may or may not be correct. For the reasons mentioned above, you should not rely in any way on any of the projections contained in this presentation for any purpose.
▪ Distribution of these materials in certain jurisdictions may be restricted by law & persons into whose possession these materials come should inform themselves about & observe any such
restrictions. By accessing this presentation, you accept that this disclaimer and any claims arising out of the use of the information from this presentation shall be governed by the laws of India and only the courts in India, and no other courts, shall have jurisdiction over the same.
Yatra Online Limited | Corporate Presentation
Private & Confidential
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About Yatra
Yatra Online Limited | Corporate Presentation
Private & Confidential
Yatra – At a Glance
Business Overview
Zero to billion $ TTV in 10 years
Founded in 2006 having a long demonstrable history of building scalable businesses
▪ ▪ Go-to-market strategy that spans the entire value chain of travel and hospitality covering B2C and B2B segments ▪
Yatra’s multi-channel approach is a competitive advantage in the emerging Indian market
Largest corporate travel player in India
Customer base of ~800+ large corporates with addressable employee base of 7+ million employees
▪ ▪ Well diversified corporate customer base
Integrated Corporate Tech player in India
Superior Corporate Governance
▪
▪
▪
▪
Real-time and Integrated Tech Platform that meets all the needs of corporate travelers in a seamless way
Accessible through Desktop & Mobile apps.
Experienced management team and strong corporate governance comprising industry executives with deep roots in the travel industry with 90+ years of accumulated experience
Experience of being a NASDAQ listed company and managing public shareholders
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Key Highlights
Unique “go-to-market” strategy that spans across the entire value chain of travel and hospitality
▪
Largest Corporate travel services provider;
▪ One of the largest OTA
Comprehensive and scalable Tech platform providing seamless customer experience
Corporate Business – Driven by deep tech capabilities and customer stickiness
Strong Corporate Governance and seasoned management team with proven execution capabilities
Scaled Up B2C business – Yatra one of the most well recognized travel brands in India
Multiple growth levers to deliver sustainable growth
5
6
7
Emerged Stronger Thru Covid – Poised for Margin Expansion
1
2
3
4
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Unique Multi channel approach
While other Indian OTAs focus mainly on the B2C segment, we deliver a full suite of leisure and corporate offering that enables us to target travelers holistically and get better leverage on customer acquisition and technology cost
The Yatra Platform
B2B - Corporate
B2C
Focus on the “right demographics” - the business traveler, India’s main consuming class
Leverage our brand and business footprint to grow our B2C business
~$32 B
<5- 10%
~90%
~800
~$19 B
~38%
~14 M
Corporate travel industry market(4)
Online penetration for corporate travel(5)
Offline consumer travel market(7)
Corporate clients(6)
Consumer travel Industry market(1)
Online consumer penetration for Hotel and Air(2)
Consumers(3)
(1) Research done by Strategy& for the company- Market in 2017 (2) Phocuswright; Online Travel in India: 10th Edition (2017); online refers to online leisure / unmanaged business travel in India consumer market (3) Cumulative as of March 31, 2023; does not include data for B2B businesses (4) Research done by Strategy& for the company- Market in 2017 (5) Management estimates for India online penetrations for corporate travel (6) Count as of March 31, 2023 (7) Phocuswright Offline Market percentage for Air & Hotels for 2017E in India consumer market
Yatra Online Limited | Corporate Presentation
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India’s Leader in B2B Travel
▪
▪
16 years of travel experience with 8 years of specialization in Corporate Travel
India’s leading B2B Corporate platform by total spend and number of customers
▪ Proprietary end-to-end digital solution powering an omni-
channel service platform
▪ Real-time and Integrated SaaS Platform that meets all the
needs of corporate travelers in a seamless way
▪ Customer base of ~800 large corporate customers with
addressable employee base of 7+ million employees
▪ Highly diversified customer base
▪ Customer touchpoints include website, mobile applications,
travel agents and call centers
i
w e v r e v o y r t s u d n I
w e i v r e v O a r t a Y
US$32B Indian Corporate Travel Market Size
13,000+ Total Corporate Customers
400,000+ SMEs
~50K SME customers(1)
~10% Online penetration for corporate travel market
~98% Customer Retention(1)
~800 Corporate Customers(1)
68% of Top 100 Customers with tenure > 5 years
~30K Travel Agents(1)
91% of Top 100 Customers with tenure > 3 years
(1) Data as of 31 March 2023
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One of India’s Largest OTA Platform
▪ Yatra is one of the most well recognized travel brands in the
country, having won numerous awards
▪ A one-stop-shop for customers leisure travel needs
▪ ~90% of our total traffic comes from direct and organic channels –
testament to our strong brand recall
▪ Comprehensive and scalable tech platform providing seamless
customer experience
▪ Customer touchpoints include website, mobile applications,
retail stores and call centers
▪
Largest platform among all Indian OTAs with ~106k domestic hotels and homestays contracted in ~1490 cities, with strong presence across Tier II & III cities
▪ Supplier of choice for Hotel inventory to other players in the industry including Domestic & International OTA’s and B2B players.
y r t s u d n I
w e i v r e v O a r t a Y
US$19B B2C Travel Market Size
~38% Online penetration for Air and Hotel
~14M Registered Customers(1)
~75% Business from Repeat Customers(3)
~184M Total Consumer Visits(2)
~90% Direct and Organic traffic(3)
~106K Largest Hotel Listings among all OTAs(3)
97.5% Booking Success rate(3)
~26M Mobile App Downloads
(1) Cumulative as of March 31, 2023; does not include data for B2B businesses (2) For the period April 2022 to March 2023 (3) For the period Fiscal year FY23
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2
Continued Improvement in Operating Leverage
6,000
5,000
4,000
3,000
2,000
1,000
-
Fixed Cost Summary (INR Million)
64%
5,578
47%
2,970
1,871
1,204
1,394
32%
1,764
29%
1,481
30%
1,625
434
490
2021
2022
2023
Q3 FY23
Q3 FY24
Fixed Cost
Adjusted Revenue
Fixed Cost/Adjusted Revenue %
70%
60%
50%
40%
30%
20%
10%
0%
1
2
3
4
Reduction in headcount - Significantly rationalized headcount through backend service automation; headcount down from ~2,514 in March 2019 to ~1,281 in December 2023
Delivering ~75% of Pre Covid (2019) Revenue with 48% of headcount
Total fixed cost down from 38.2% of Adjusted Revenue to 30% of Adjusted Revenue from March 2019 to Dec 2023
Cost structure also aided by secular change in corporate consumer behavior with self book adoption at an all time high of ~65% of domestic corporate air bookings
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3
Comprehensive and Scalable Tech Platform Providing Seamless Customer Experience
Dedicated team with domain expertise focused on evolving technologies
User Interface
▪ Website and mobile app that have exploring, searching and booking capabilities ▪ ▪
Virtual assistance for real-time customer assistance Automated technology for customer refunds, seat and meal bookings
Apps, APIs
Portals
Bots
Integration Layer
Yatra Apps: ▪ ▪
Yatra Consumer app and Yatra web check in app Yatra for Business
Real-time connectivity
Data replication and redundancy
Data Analytics
Technology Stacks
▪ ▪ ▪
Links suppliers’ systems and delivers real-time availability and pricing information Streamlined software across all distribution channels - B2B, B2C, Web & Mobile Data analytics capabilities to offer personalized experience to customers
▪
Single data center with cloud-based back-up: • •
Ability to restore all site operations within 48 hours in case of complete shut down Supports traffic spike of 4.5x across travel categories
Yatra has invested heavily in developing a secure, advanced and scalable Technology Infrastructure
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4
Strong Management Team with Proven Execution Capabilities
Management Team
Dhruv Shringi Whole-time Director and CEO
Manish Amin Chief Information and Technology Officer
Rohan Mittal CFO
▪
▪
He is a chartered accountant and also holds a master’s degree in business administration from INSEAD
He was previously associated with Fords Motor Company, Arthur Andersen & Co. and ebookers
▪
▪
He holds a general certificate in business studies from Business Technician and Education Counsel
▪
▪
He was associated with ebookers and Flightbookers Limited
Appointed as the CFO in September 2022
He is an MBA from IIM Lucknow and was previously the CFO of Rivigo and Gati Limited.
▪
▪
Sabina Chopra COO (Corporate)
Brings over 32 years of experience in Travel & Hospitality
Prior to joining the company, she headed India based operations of ebookers
Darpan Batra Company Secretary
▪
▪
Previously associated with Punj Lloyd Limited
He holds a bachelor’s degree in law from the University of Delhi
▪
90 years of accumulated Senior management team experience
▪ Previous team experience with
Yatra Online Limited | Corporate Presentation
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Professionally managed company by seasoned travel professionals
5
Ensuring Highest Level of Corporate Governance
Audited by one of the big 4 firms for more than 15 years
Big 4 firms acting as internal audit and SOX compliance consultants
Experience of managing public listed company and external shareholders
Compliance with SEC rules required for foreign issuer
3 independent directors on the board
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6
Multiple Levers to Deliver Sustainable Growth
Key levers driving business growth
Levers to deliver sustainable growth
1
2
3
4
Sticky Corporate Business
▪ Market Leader in large Corp Travel
Management Segment
▪ High Retention rates driven by deep
Tech Integration
Strong Brand Recall
▪ Benefitting from India’s
consumption story & revenge travel
▪ Ability to scale deeper into Tier
▪ Self book platform leads to higher
II/III Markets
operating leverage
▪ Best in Class Corp Travel Management Platform
Ability to cross-sell to large corporate base
Industry Leading Supply of domestic hotels
▪ Other Travel Products like
▪ Supplier of choice for other
Hotels, Cabs, Insurance, etc and software services eg. Expense Management Solutions
▪ Personnel Travel for Employees
players in the Industry (within and outside India)
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Yatra Corporate Business
Yatra Online Limited | Corporate Presentation
Private & Confidential
Highly fragmented Corporate travel market, Massively Underpenetrated – Yatra largest player
Indian Corporate Total Travel and Entertainment Spends (INR Bn)
Highly Fragmented Corporate Travel Market
12-14% CAGR
12% CAGR
2150
2017
3050
5000
2020E
2025E
B2B Market expected to grow at 2x the overall travel market and approximately double over the next 5 years driven by:
Highly fragmented market shifting towards online & organized segment
▪ Extremely fragmented and a large population of corporates are handled in an
▪ GDP growth: RBI projects 7% growth in GDP for India in FY24, implying higher
analog, inefficient manner with no digitization
business activity, and related travel
▪ GST implementation: ~10 Mn companies in India with registered GSTIN -
greater scope for organized TMCs
▪ Growth in MICE: High margin (~20%) & high demand frequency; expected
growth in off-sites, dealer meets
Note: The above is based on management estimate and Strategy& report prepared by management
▪ Top 13k companies account for 28% of volume
▪ Yatra is the largest player with 6% share of the 13,000 Mid-Large Enterprises
Yatra Online Limited | Corporate Presentation
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Corporate Business – Driven by Deep Tech Capabilities and Customer Stickiness
Multi platform-based cloud system
▪ User Friendly Self Booking Platform
Web based solution accessible across platforms and updated real-time
▪ ~98% corporate customer retention rate
▪ Cost reduction – improving profitability for customers
Corporate travel – Range of services
▪
Integrations with major HRMIS solutions and customer ERP systems to provide end to end solution
▪ Special Yatra Air Fares and largest hotel supply in the country
▪ Customizable reports and MIS
▪ VIP desk for senior management
▪ Dedicated tech for GST reconciliation, ensuring no credit loss
Ticketing
Dom / Intl
Hotel Booking
Dom/ Intl
24X7 Dedicated Support
Customized Self Booking tool
Onsite / Offsite Travel Desk
▪ Dedicated implementation team, for quick go live
▪
Integrated T&E solutions, along with expense management
▪ Full bouquet of ancillary services such as Visa, Insurance, MICE etc.
Cab Integration
Rail / Bus Services
Visa & Passport Services
Expense Management
Travel Insurance & Forex
▪
24*7 Help desk
▪ Globalized scalable Tech platform
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The Platform Delivers Compelling Value to Customers and Suppliers
What We Do for Customers
What We Do for Suppliers
Fully integrated travel and expenses management platform
▪
▪
▪
Integrated end to end solutions enabling full travel spends visibility, cost savings and compliances
Detailed reporting insights such as MIS, expenses summary etc.
Ability to book multiple services such as Air, Hotels, Cabs and Rail through one common platform
Wide access to different customer bases
▪
▪
Access to consumer, corporate and travel agent base for the air and hotel suppliers
Distribution reach to Tier 2 and Tier 3 locations through our tie ups with 29k + travel agents
Complete travel experience
Higher yields and sticky business
▪
▪
▪
High touch, 24*7 services enabling seamless search and booking experience, change of travel plans
VIP assistance for CXO’s at airports.
Location tracking and duty of care
▪
▪
▪
Higher yields and more sticky business for Air and Hotels bookings as compared to consumer segment due to higher mix of corporate business
Yields for corporate customers ~1.5x of OTA
High return distribution channel for suppliers
Savings through Yatra exclusive supplier content
• Access to savings through Yatra Special fares for corporate customers where customers don’t have direct deals with suppliers. Yatra Special / tactical fares on an average lower by 35-40% as compared to normal fares
Extension of supplier teams
• Act as extension of supplier marketing teams, making joint bids to corporates
• Access to GST invoices for both Air and hotel enabling smoother input credit
• Detailed insights on various consumer trends and preferences to suppliers
availment for the customers
• Reducing environmental impact through EV based cab services and tracking of
carbon emissions of flights, along with ability to offset.
“Yatra has been instrumental in significantly reducing our opex cost especially given that travel is a large part of our overall spend”
- A leading IT Services Company CFO
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Access to Multiple Revenue Streams
Convenience fee
Fees, incentives and extras
Management fee
GDS revenue
Customers
Suppliers
Product and services revenue
Marketing and other revenue
1
2
3
4
5
6
Less dependency on transaction fee as compared to competitors due to higher corporate mix
Diversified revenue base – No customer accounting for more than 2% of total transaction value in FY23.
Revenue mix – ~70% of revenue contributed by Air, ~16% from H&P while balance is contributed from other services such as Cabs, rail, advertisement income etc.
Income such as Deposit incentive, Target linked bonuses and special tactical discounts, upsell etc. are received from LCCs
Ability to grow this income further, post the funds received from India IPO.
GDS income – Yatra is paid a fixed fee for each booking made through the GDS system
Revenue received from services such as advertisement, tactical partnerships with other brands, insurance etc.
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Growing Catalogue of Loyal, Blue-Chip Customers
~98% Corporate customer retention rate(1)
~65% Transactions for domestic travel done by employees of corporates on the platform
91% of top 100 customers have tenure of 3+ years
1 of 4 Top 100 listed companies in India are served by Yatra
3 of 4 Big 4 Accounting firms
3 of 5 Largest technology companies of India
(1) Data for the period April 31 2022 to March 31 2023
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Cross-Sell Opportunity Driving Down Customer Acquisition Costs
▪
2
Cross Sell –
Future Growth Opportunities
Cross Utilization of Corporate Tool for Personal Bookings by Employees
Share of Personal Booking
▪
7+ Mn educated individuals employed by the corporates that we service
▪ Pertaining to high income service sectors such as consulting, IT and banking
▪ Ability to cross sell leisure travel, refer case studies alongside
SaaS opportunity –
▪ Significant opportunity for international expansion through our proprietary
30%
Corporate Platform Partner (CPP) program
23%
31%
▪
Initial partnerships signed in high growth regions such as with Nirvana Travel & Tourism LLC in the Middle East and Sabron Tech Ltd. In Africa
Fintech opportunities –
▪ Opportunities of partnering with banks / financial institutions to launch co branded T&E cards which will provide seamless automated transaction flow from booking to invoicing to payment to recording of transactions in the customer accounts, through integration with our expense management tool
Green Initiatives – Working towards various green initiatives such as
▪ Shift towards EV based cabs for Corporate customers from traditional ICE cabs
▪ Displaying of carbon footprint of flight options on the platform along with ability to
offset the same
11%
Customer 1
Customer 2
Customer 3
Customer 4
Access to personal bookings from large corporate employee base at negligible cost vs consumer business, resulting in higher profitability per booking
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Yatra Consumer Business
Yatra Online Limited | Corporate Presentation
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Share of OTA Industry within the Overall Travel Market to Increase Further
Indian Travel Industry Overview (INR Billion)
(All numbers in INR Bn)
9.2% CAGR
1,600
920
680
(43%)
FY15E
2,480
990
1,490
(60%)
FY20E
12.7% CAGR online market
7.9% CAGR overall market
60% decline due to Covid
1,010
370
640
FY21E
Online ticketing industry
Offline ticketing industry
India travel industry outlook
Split of Online Ticketing Industry
Segment Split for Travel Industry
9.2% CAGR
6.7% CAGR
22.3% CAGR
35%
65%
11.6% CAGR
30%
70%
24%
29%
47%
19%
31%
50%
3,360
960
2,400
(71%)
FY25P
14%
29%
57%
FY20E
OTA
Captive
FY25P
FY15E
FY20E
FY25P
Air ticketing
Hotel booking
Rail ticketing
48%
52%
FY15E
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Consumer Travel Market Growing at ~2x of GDP
Indian B2C Travel Market (on Net revenue) at 10-12% CAGR – Gross Bookings INR Bn
Expanding Internet Penetration (# Million)
10-12% CAGR
4% CAGR
52
86
FY20
FY25E
8% CAGR
970
302
FY15
India Per Capita GDP growth rate (INR)
Recovery in Domestic Air passengers (Mn)
1157
750
1210
1080
FY20E
FY25P
Mobile consumer
Broadband consumer
Growth in Indian Commercial Air Fleet
12% growth
134K
2020
150k
2022
Note: CY22 passenger traffic data has been extrapolated basis actuals till October’22.
147
124
84
63
CY19
CY20
CY21
CY22
28% CAGR
605
2020
1660
2032P
Note: Projected numbers include 470 plane order placed by Air India In Feb 2023
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Scaled Up B2C Business – Yatra One of the Most Well Recognized Travel Brands in India
Our Leading Market Position and Operational History have led to Widescale Recognition of the “Yatra” Brand
Superior Brand Awareness
The strength of the brand is reflected in the fact that over 90% of our total traffic comes from direct and organic traffic(1)
97
63
57
49
MMT
Yatra
Booking.com
Cleartrip
46
EMT
41
35
Expedia
Agoda
31
Ixigo
13
Intermiles
(1) For FY20 and FY21
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B2C Growth Driven by Deeper Online Penetration and Category Expansion
Yatra Well Capitalized to Take Advantage of Growth in Consumer Segment Through Existing Infrastructure and Tie Ups
~14 Million Cumulative Customers Served Since Inception (Million)
Largest Hotel Listings in the Country with ~106k Hotels
16% CAGR
20% CAGR
3.9
2015
Note: Excludes the B2B2C business
9.7
2020
18% CAGR
13.3
21.5
2022
2025P
In addition to the domestic hotels, there is choice of 2+ Mn international hotels
62.7k
38.4k
4.5k
History of Being Consumers Brand of Choice
Yatra's premium hotels
Yatra's mid-segment hotels
Yatra's budget hotels
2015, 2016
National Tourism Award 4 times
2017
‘Best Domestic Tour Operator (Rest of India)’ National Tourism Award
Supplier of choice for Hotels to other players in the Industry both within and outside India
~90% organic traffic driven by strong brand recall
~26 Mn application downloads
~184 Mn visits in TTM
~75% Repeat customer rate
Option to book from 7 Domestic and 400+ international Airlines
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FINANCIAL PERFORMANCE Q3/9M- FY24
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Q3-FY24 Financial Performance
Revenue from Operations
Revenue less Service Cost
Adjusted EBITDA
EBITDA
EBITDA Margin
Net Profit
INR 1,103 Mn
INR 834 Mn
INR 100 Mn
INR 48 Mn
6%
INR 11 Mn
PAT Margin
1%
23% YoY
19% YoY
-11% YoY +19% YoY
-25% YoY
119% YoY
Gross Booking
Air Pax* (‘000)
Total Transactions
Corporate Client Wins
INR 18,605 Mn
1,659
2,021
26
Diluted EPS
INR 0.07
18% YoY
26% YoY
18% YoY
INR 2,237M**
* Strong Gain in market share for air passengers. Yatra pax growth 26% Y-o-Y vis-à-vis 9% Y-o-Y for industry. ** Expected annual volume of business
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Q3-FY24 Financial & Operational Highlights
Q3-FY24 Financial Highlights:
● Yatra has registered strong growth of 23.1% YoY growth in revenue from operations of INR 1,103.4 Million in Q3-FY24. ● Net Profit of INR 11 Million increased by 119% YoY resulting in a Diluted EPS of INR 0.07. ● Gross debt reduced by 51% on QoQ basis.
Q3-FY24 Operational Highlights:
● Yatra domestic air passenger growth of 26% YoY outpaced industry growth of 9% YoY as we continue to gain market share. ● Gross bookings grew 18% YoY to INR 18,605 Mn. ● Corporate business continued to be impacted by muted business travel spends across IT/ITES clients ● We continue to expand our corporate client base and closed 26 new corporate accounts during the quarter with total annual billing potential of INR 2,237 Million. Subsequent to the end of the quarter we have closed a few large accounts including one of the largest banks in India and a marquee pharma company.
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Historical Performance Trending
Gross Bookings (INR Million)
67,373
34,290
15,816
15,798
18,605
2021
2022
2023
Q3 2023
Q3 2024
Adjusted Revenue (INR Million)
5,578
2,970
1,871
2021
2022
2023
Q3 2023
Q3 2024
1,481
1,625
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Historical Performance Trending
11%
13,002
60,000
50,000
40,000
30,000
20,000
10,000
-
Gross Air Bookings and Take Rate (INR Million)
56,408
8%
8%
27,649
8%
13,248
7%
16,096
12%
10%
8%
6%
4%
2%
0%
2021
2022
2023
Q3 2023
Q3 2024
Air Passenger Volumes (‘000)
5,601
2,623
3,706
1,320
1,659
2021
2022
2023
Q3 2023
Q3 2024
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Historical Performance Trending
10,000
8,000
6,000
4,000
2,000
-
20%
1,704
2021
547
2021
Gross H&P Bookings and Take Rate (INR Million)
17%
3,479
8,153
13%
13%
1,913
13%
1,966
2022
2023
Q3 2023
Q3 2024
25%
20%
15%
10%
5%
0%
Room Nights-Gross Bookings
Take Rate
Hotel Room Nights (‘000)
1,753
1,018
2022
2023
Q3 2023
Q3 2024
398
362
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Quarterly Consolidated Financial Performance
Yatra Online Limited | Corporate Presentation
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PARTICULARS (INR Mn)Q3-FY24Q3-FY23YoYRevenue from Operations (A) 1,103 897 23%Revenue less service cost (B) 834 702 19%Other Income* ('C) 11 40 -71%Operating Expenses (D) 746 630 18%Adjusted EBITDA (E = B+C-D) 100 112 -11%Adjusted EBITDA Margin (%) (F= E/B)12%16%ESOP cost** (G) 52 45 17%Listing expenses (H) 3 -100%EBITDA (I = E -G - H) 48 64 -25%EBITDA Margin (%) (J = I/B)6%9%Finance Cost 56 53 5%Depreciation 47 50 -6%Finance Income 77 -4 2185%PBT (K) 22 -43 152%Tax 11 13 -14%PAT (L) 11 -56 119%PAT Margin (%) (M= L/A)1%-6%Other Comprehensive Income 2 0 352%Total Comprehensive Income 9 -57 115%Diluted EPS (INR) 0.07 -0.50 113%* Other income is excluding finance income** ESOP cost is non dilutive to YOL shareholding Consolidated Historical Financial Performance
Revenues (INR Mn)
3,802
3,146
1,981
1,254
FY21
FY22
FY23
9M FY24
EBITDA (INR Mn)
511
42
164
FY21
FY22
FY23 9M FY24
PAT (INR Mn)
76
FY21
FY22
FY23
9M FY24 -101
-308
-570
-1,189
Net Debt to Equity Ratio (x)
Net worth (INR Mn)
ROE and ROCE (%)
7,422
0.30
FY21
FY22
FY23
9M FY24
(0.49)
(0.91)
(1.50)
1,235
1,009
1,695
FY21
FY22
FY23
9M FY24
22.3%
4.5%
FY23
2.9%
FY22 -30.5%
ROE
ROCE
FY21
-24.6%
-96.3%
Yatra Online Limited | Corporate Presentation
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34
Capital Market Data
Stock Performance (Up to 13th February, 2024)
40.0%
30.0%
20.0%
10.0%
0.0%
-10.0%
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Yatra.com
Sensex
Shareholding Pattern as on 31st December, 2023
Price Data (As on 13th February, 2024)
Face Value
CMP
Market Cap (INR Mn)
No. of Share outstanding (Mn)
INR
1.00
168.5
27,115
156.9
Promoters 64.46%
PUBLIC 6.62%
DII 24.40%
FII 4.52%
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Glossary
Term
Description
Term
Description
B2B
B2C
CAGR
Business to Business
Gross Booking Revenue
Gross booking revenue is defined as the total amount paid by customers for travel services and products booked through the OTAs including taxes, fees and other charges, and is net of cancellations, discounts and/or refunds.
Business to Consumer
HRIS
Human Resource Information System
Compounded Annual Growth Rate (as a %): (End Year Value/ Base Year Value) ^ (1/No. of years between Base year and End year) –1 [^ denotes ‘raised to’]
Net Operating Revenue
Net operating revenue is defined as revenue from sale of goods or services less excise duties and other indirect taxes, plus income from activities related to core business. Financials have been reclassified as per CRISIL Standards.
CRISIL
CRISIL Limited
EBITDA
EBITDA is calculated as profit for the year/period plus income tax expense/(credit), finance cost, depreciation and amortisation expense less finance income
EBITDA Margin
EBITDA as a percentage of revenue from operations
OFS
OTA
PAT
Offer for Sale
Online Travel Agency
Profit After Tax
ERP
Enterprise Resource Planning
SaaS
Software as a Service
GDS
Global Distribution System
TTA
Traditional Travel Agent
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36
Investor Relations Contact
For further details please feel free to contact our Investor Relations Representatives:
Mr. Manish Hemrajani VP - Corporate Development & Investor Relations
Email: manish.Hemrajani@yatra.com
Yatra Online Limited
Mr. Anuj Sonpal Valorem Advisors Tel: +91-22-49039500 Email: yatra@valoremadvisors.com
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Thank You
Yatra Online Limited | Corporate Presentation
Private & Confidential