Yatra Online, Inc. Announces Results for the Three Months Ended June 30, 2025

GURUGRAM, India & NEW YORK--(BUSINESS WIRE)--Yatra Online, Inc. (NASDAQ: YTRA) (the “Company”), India’s leading corporate travel services provider and one of India’s leading online travel companies, today announced its unaudited financial and operating results for the three months ended June 30, 2025.

“I am pleased to share that our first-quarter performance delivered strong financial and operational results, with growth rates in the quarter well ahead of our annual guidance, despite the disruption in travel in India on account of the cross-border tension and the unfortunate air crash in June 2025. Our performance is driven by continued momentum in business travel demand and solid execution across our platform. Revenue growth was driven by a higher corporate travel mix and higher share of hotels and packages which combined with disciplined cost management enabled us to deliver a 214.4% increase in Adjusted EBITDA. These results affirm the strength of our strategic positioning and our ability to scale profitably. As we look ahead, we remain focused on driving sustainable growth, enhancing shareholder value, and expanding our competitive edge in the global travel ecosystem.

“For the three months ended June 30, 2025, we reported revenue of INR 2,098.1 million (USD 24.5 million) registering growth of 99.7% YoY. Our RLSC for the quarter ended June 30, 2025, of INR 1,156.3 million (USD 13.5 million) was up 36.6% YoY reflecting the momentum we’ve built across our Corporate Travel and MICE businesses, which have been pivotal in navigating a competitive landscape. Notably, our profitability metrics underscore our disciplined execution: Profit for the Period grew 14,514.9% YoY, reflecting our ability to optimize costs and capitalize on high-growth opportunities.

“Our MICE business continues to build on the strong foundation that we laid last year and has emerged as a standout performer, and we have been able to establish Yatra in a very short period as a dominant player in India’s MICE market.

“While our B2C air ticketing segment faced top-line and margin pressures due to disruption of travel due to the macro factors mentioned above, our diversified revenue mix—particularly the strength in Hotels & Packages and MICE—has effectively mitigated these challenges.

“Our Corporate Travel segment continues to be a cornerstone of our success. In the first quarter, we onboarded 34 new corporate clients, further expanding our annual billing potential by INR 2,010 million (USD 23.4 million) and reinforcing our position as India’s leading corporate travel provider. The integration of Globe Travels, acquired in September 2024, has exceeded expectations, delivering synergies in supplier consolidation, technology adoption, and cross-selling opportunities. These efforts have enhanced our ability to offer seamless, tech-driven solutions to our growing client base.

“As part of our ongoing efforts around restructuring, the Company believes it has a viable structure to pursue. While some hurdles remain, we are actively navigating processes across jurisdictions. The timeline is uncertain due to complexity, but we’re fully committed. This transition is key for Yatra and our shareholders, aligning us with the market and unlocking value. We’ll share updates as we move forward.

“We remain focused on advancing our strategic priorities: scaling high-margin verticals, deepening our technology edge, and creating sustainable long-term value for our stakeholders.

I would like to thank our team for their relentless dedication, our partners for their trust, and our shareholders for their continued support.” – Dhruv Shringi, Co-founder and CEO.

Financial and operating highlights for the three months ended June 30, 2025:

Revenue of INR 2,098.1 million (USD 24.5 million), representing an increase of 99.7% year-over-year basis (“YoY”).
Adjusted Margin⁽¹⁾ from Air Ticketing of INR 982.5 million (USD 11.5 million), representing a increase of 6.9% YoY.
Adjusted Margin⁽¹⁾ from Hotels and Packages of INR 380.1 million (USD 4.4 million), representing an increase of 37.2% YoY.
Total Gross Bookings (Air Ticketing, Hotels and Packages and Other Services)⁽³⁾ of INR 18,057.9 million (USD 210.6 million), representing a increase of 9.1% YoY.
Profit for the period was INR 109.9 million (USD 1.3 million) versus a loss of INR 0.8 million (USD 0.1 million) for the three months ended June 30, 2024, reflecting a increase of INR 110.7 million (USD 1.3 million) YoY.
Result from operations was a Profit of INR 104.4 million (USD 1.2 million) versus a loss of INR 34.1 million (USD 0.4 million) for the three months ended June 30, 2024, reflecting an increase of INR 138.5 million (USD 1.6 million) YoY.
Adjusted EBITDA⁽²⁾ was INR 206.2 million (USD 2.4 million) reflecting an increase of 214.4% YOY.

	Three months ended June 30,
	2024		2025		2025	YoY Change
	Unaudited		Unaudited		Unaudited
(In thousands except percentages)	INR		INR		USD	%
Financial Summary as per IFRS
Revenue	1,050,718		2,098,144		24,471	99.7	%
Results from operations	(34,124	)	104,378		1,218	405.9	%
(Loss)/ Profit for the period	(763	)	109,937		1,282	14,514.9	%
Financial Summary as per non-IFRS measures
Adjusted Margin ⁽¹⁾
Adjusted Margin - Air Ticketing	918,951		982,517		11,459	6.9	%
Adjusted Margin - Hotels and Packages	277,141		380,147		4,434	37.2	%
Adjusted Margin - Other Services	72,117		71,904		839	(0.3	)%
Others (Including Other Income)	154,484		141,002		1,645	(8.7	)%
Adjusted EBITDA ⁽²⁾	65,590		206,227		2,405	214.4	%
Operating Metrics
Gross Bookings ⁽³⁾	16,547,649		18,057,853		210,612	9.1	%
Air Ticketing	13,520,293		14,103,223		164,488	4.3	%
Hotels and Packages	2,398,832		3,433,322		40,043	43.1	%
Other Services ⁽⁶⁾	628,524		521,309		6,080	(17.1	)%
Adjusted Margin% ⁽⁴⁾
Air Ticketing	6.8	%	7.0	%
Hotels and Packages	11.6	%	11.1	%
Other Services	11.5	%	13.8	%
Quantitative details ⁽⁵⁾
Air Passengers Booked	1,330		1,206			(9.3	)%
Stand-alone Hotel Room Nights Booked	417		423			1.4	%
Packages Passengers Travelled	7		19			171.4	%

Notes:

(1)		As certain parts of our revenue are recognized on a “net” basis and other parts of our revenue are recognized on a “gross” basis, we evaluate our financial performance based on Adjusted Margin, which is a non-IFRS measure.
(2)		See the section below titled “Certain Non-IFRS Measures.”
(3)		Gross Bookings represent the total amount paid by our customers for travel services, freight services and products booked through us, including taxes, fees and other charges, and are net of cancellation and refunds.
(4)		Adjusted Margin % is defined as Adjusted Margin as a percentage of Gross Bookings.
(5)		Quantitative details are considered on a gross basis.
(6)		Other Services primarily consists of freight business, IT services, bus, rail and cab and others services.

As of June 30, 2025, 62,185,795 ordinary shares (on an as-converted basis), par value $0.0001 per share, of the Company (the “Ordinary Shares”) were issued and outstanding.

Conference Call

The Company will host a conference call to discuss its unaudited results for the three months ended June 30, 2025 beginning at 8:00 AM Eastern Daylight Time (or 5:30 PM India Standard Time) on August 11, 2025. Dial in details for the conference call is as follows: US/International dial-in number: +1 404 975 4839. Confirmation Code: 074806 (Callers should dial in 5-10 minutes prior to the start time and provide the operator with the Confirmation Code). The conference call will also be available via webcast at https://events.q4inc.com/attendee/602207282 .

Safe Harbor Statement

This earnings release contains certain statements concerning the Company’s future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are based on the Company’s current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,” “project,” “seek,” “should” similar expressions and the negative forms of such expressions. Such statements include, among other things, statements regarding the long-term growth trajectory for the Indian travel market; growth of the MICE business and corporate travel business; statements concerning management’s beliefs as well as our strategic and operational plans; our ability to simplify our corporate structure and operations and enhance shareholder value; our expectations regarding sustained margin expansion as a result of simplifying our legal and corporate structure; our future financial performance; our ability to meet our financial guidance; and our ability to comply with Nasdaq’s continued listing requirements for our ordinary shares to remain listed on Nasdaq. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the impact of increasing competition in the Indian travel industry and our expectations regarding the development of our industry and the competitive environment in which we operate; the slowdown in Indian economic growth and other declines or disruptions in the Indian economy in general and travel industry in particular, including disruptions caused by safety concerns, terrorist attacks, regional conflicts (including the ongoing conflict between Ukraine and Russia, the evolving events in Israel, Gaza and the Middle East, pandemics, macroeconomic factors, including tariff and trade issues, and natural calamities; our ability to successfully negotiate our contracts with airline suppliers and global distribution system service providers and mitigate any negative impacts on our Revenue that result from reduced commissions, incentive payments and fees we receive; the risk that airline suppliers (including our GDS service providers) may reduce or eliminate the commission and other fees they pay to us for the sale of air tickets; our ability to pursue strategic partnerships and the risks associated with our business partners; the potential impact of recent developments in the Indian travel industry, on our profitability and financial condition; political and economic stability in and around India and other key travel destinations; our ability to maintain and increase our brand awareness; our ability to realize the anticipated benefits of any past or future acquisitions; our ability to successfully implement our growth strategy; our ability to attract, train and retain executives and other qualified employees, and our ability to successfully implement any new business initiatives; our ability to effectively integrate artificial intelligence, machine learning and automated decision-making tools; non-compliance with Nasdaq’s continued listing requirements and consequent delisting of our ordinary shares from Nasdaq; and our ability to simplify our multi-jurisdictional corporate structure or reduce resources and management time devoted to compliance requirement. These and other factors are discussed in our reports filed with the U.S. Securities and Exchange Commission. All information provided in this earnings release is provided as of the date of issuance of this earnings release, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Yatra Online, Inc.

Yatra Online, Inc. is the ultimate parent company of Yatra Online Limited, a public listed company on the NSE and BSE (Hereinafter referred to as “Yatra India”), whose corporate office is based in Gurugram, India. Yatra India is India’s largest corporate travel services provider in terms of number of corporate clients with over 1,300 large corporate customers and approximately 58,983 registered SME customers and the third largest online travel company in India among key online travel agency (“OTA”) players in terms of gross booking revenue and operating revenue for Fiscal 2023 (Source: CRISIL Report). Leisure and business travelers use Yatra India’s mobile applications, its website, www.yatra.com, and its other offerings and services to explore, research, compare prices and book a wide range of travel-related services. These services include domestic and international air ticketing on nearly all Indian and international airlines, as well as bus ticketing, rail ticketing, cab bookings and ancillary services within India. With approximately 80,000 hotels and homestays in approximately 1,500 cities and towns in India as well as more than 2.5 million hotels around the world, Yatra India has the largest hotels inventory amongst key Indian OTA players.