Yatra Online (YTRA) Q2 2025 earnings summary

Executive summary

• Reported total revenue of INR 2.36 billion for Q2 FY25, a 151% year-over-year increase, driven by strong organic growth in hotels, packages, and MICE segments, and the inclusion of Globe Travels' results for 20 days.

• Acquisition of Globe Travels completed on September 11, 2024, for INR 1.28 billion in cash, adding 360 new customers and strengthening leadership in the corporate travel market.

• Onboarded 29 new corporate clients in Q2, adding INR 1.2 billion in annual billing potential.

• Adjusted EBITDA for the quarter reached INR 66.7 million, up 91% year-over-year and 28% organically.

• Net loss narrowed sharply to INR 0.3 million from INR 272.9 million a year ago.

Financial highlights

• Gross bookings stable year-over-year at INR 17.7 billion (~$210 million).

• Air gross bookings declined 10% year-over-year to INR 13.3 billion (~$158 million), while hotel and package gross bookings grew 68% to INR 3.7 billion (~$44 million).

• Adjusted margin for the quarter was INR 1.4 billion; adjusted margin percentage was 7% for air ticketing and 11% for hotel and packages.

• Marketing and sales promotion expenses decreased 18% year-over-year to INR 679 million (~$8.1 million).

• Cash, cash equivalents, and term deposits stood at INR 2.2 billion (~$26 million) with gross debt at INR 277 million (~$3.3 million) as of September 30, 2024.

Outlook and guidance

• Integration of Globe Travels' supply completed; cost optimization and cross-selling expected to begin in early January, with full effects visible from Q4.

• MICE segment expected to grow 20-25% annually over the next 2-3 years, aiming to double the current run rate within three years.

• Focus remains on expanding corporate travel and MICE business, leveraging Globe Travels acquisition for cross-selling and operational synergies.

• Ongoing corporate restructuring aims to reduce costs and support long-term growth.