Yatra Online, Inc. Announces Results for the Three Months Ended September 30, 2025
$YTRA #CorporateTravelServices--Yatra Online, Inc. (NASDAQ: YTRA) (the “Company”), India’s leading corporate travel services provider and one of India’s leading online travel companies, today ...
GURUGRAM, India & NEW YORK: $YTRA #CorporateTravelServices--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 September 30, 2025.
“I am pleased to report that for the second quarter we delivered robust financial and operational performance, exceeding our original annual growth guidance despite declining business in the overall domestic aviation industry in India. Our success is driven by sustained momentum in business travel demand and effective execution across our platforms.
“For the three months ended September 30, 2025, revenue reached INR 3,508.7 million (USD 39.5 million), a 48.5% year-over-year increase, driven by a stronger corporate travel mix and growth in Hotels and Packages. Adjusted EBITDA surged 217.7%, reflecting disciplined cost management and profitable scaling.
“Our Corporate Travel segment remains a growth cornerstone, onboarding 34 new clients during the second quarter and expanding annual billing potential by INR 2,615.0 million (USD 29.5 million). The Meetings, Incentives, Conferences, and Exhibitions (‘MICE’) business continues to excel, establishing Yatra as a dominant market player in India. Despite margin pressures in B2C air ticketing, the diversified revenue mix, including Hotels & Packages and MICE, successfully mitigated challenges.
“Integration of Globe Travels has delivered supplier synergies, technology innovation, and cross-selling opportunities, enhancing client offerings.
“The Company is progressing on its restructuring efforts to unlock shareholder value, with timelines subject to complexity.
“Looking ahead, we remain focused on scaling high-margin segments, deepening technology capabilities, and driving sustainable long-term value for stakeholders.
“I extend my sincere thanks to our dedicated team, trusted partners, and supportive shareholders.” – Dhruv Shringi, Co-founder and CEO.
Financial and operating highlights for the three months ended September 30, 2025:
- Revenue of INR 3,508.7 million (USD 39.5 million), representing an increase of 48.5% year-over-year basis (“YoY”).
- Adjusted Margin (1) from Air Ticketing of INR 1,016.0 million (USD 11.4 million), representing an increase of 14.7% YoY.
- Adjusted Margin (1) from Hotels and Packages of INR 514.5 million (USD 5.8 million), representing an increase of 28.6% YoY.
- Total Gross Bookings (Air Ticketing, Hotels and Packages and Other Services) (3) of INR 20,504.8 million (USD 231.0 million), representing an increase of 16.2% YoY.
- Profit for the period was INR 98.8 million (USD 1.1 million) versus a Loss of INR 0.3 million (USD 0.1 million) for the three months ended September 30, 2024, reflecting an increase in profit by INR 99.1 million (USD 1.1 million) YoY.
- Results from operations were a profit of INR 104.7 million (USD 1.2 million) versus a loss of INR 37.7 million (USD 0.4 million) for the three months ended September 30, 2024, reflecting an increase in profit by INR 142.4 million (USD 1.6 million) YoY.
- Adjusted EBITDA (2) was INR 212.0 million (USD 2.4 million) reflecting an increase of 217.7% YoY.
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| Three months ended September 30, |
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| 2024 |
| 2025 |
| 2025 |
| YoY Change | ||||||||
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| Unaudited |
| Unaudited |
| Unaudited |
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(In thousands except percentages) |
| INR |
| INR |
| USD |
| % | ||||||||
Financial Summary as per IFRS Accounting Standards |
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Revenue |
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| 2,363,325 |
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| 3,508,690 |
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| 39,521 |
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| 48.5 | % |
Results from operations |
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| (37,679 | ) |
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| 104,671 |
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| 1,178 |
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| 377.8 | % |
(Loss)/ Profit for the period |
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| (296 | ) |
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| 98,771 |
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| 1,111 |
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| 33468.6 | % |
Financial Summary as per non-IFRS measures |
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Adjusted Margin (1) |
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Adjusted Margin - Air Ticketing |
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| 885,855 |
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| 1,016,046 |
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| 11,445 |
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| 14.7 | % |
Adjusted Margin - Hotels and Packages |
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| 400,148 |
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| 514,468 |
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| 5,795 |
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| 28.6 | % |
Adjusted Margin - Other Services |
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| 75,935 |
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| 94,967 |
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| 1,070 |
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| 25.1 | % |
Others (Including Other Income) |
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| 145,895 |
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| 137,843 |
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| 1,553 |
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| (5.5 | )% |
Adjusted EBITDA (2) |
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| 66,716 |
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| 211,985 |
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| 2,388 |
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| 217.7 | % |
Operating Metrics |
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Gross Bookings (3) |
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| 17,651,566 |
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| 20,504,854 |
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| 230,962 |
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| 16.2 | % |
Air Ticketing |
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| 13,260,073 |
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| 14,811,400 |
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| 166,833 |
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| 11.7 | % |
Hotels and Packages |
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| 3,661,505 |
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| 5,141,643 |
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| 57,914 |
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| 40.4 | % |
Other Services (6) |
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| 729,988 |
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| 551,811 |
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| 6,215 |
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| (24.4 | )% |
Adjusted Margin% (4) |
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Air Ticketing |
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| 6.7 | % |
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| 6.9 | % |
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Hotels and Packages |
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| 10.9 | % |
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| 10.0 | % |
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Other Services |
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| 10.4 | % |
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| 17.2 | % |
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Quantitative details (5) |
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Air Passengers Booked |
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| 1,377 |
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| 1,329 |
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| (3.5 | )% |
Stand-alone Hotel Room Nights Booked |
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| 461 |
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| 504 |
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| 9.4 | % |
Packages Passengers Travelled |
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| 15 |
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| 33 |
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| 115.2 | % |
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 September 30, 2025, 62,294,143 ordinary shares (on an as-converted basis), par value $0.0001 per share, of the Company (the “Ordinary Shares”) were issued and outstanding.
Convenience Translation
The interim unaudited condensed consolidated financial statements are stated in INR. However, solely for the convenience of readers, the interim unaudited condensed consolidated statement of profit or loss and other comprehensive loss for the three months and six months ended September 30, 2025, the interim unaudited condensed consolidated statement of financial position as at September 30, 2025, the interim unaudited condensed consolidated statement of cash flows for the six months ended September 30, 2025 and discussion of the results of the three months ended September 30, 2025 compared with three months ended September 30, 2024, were converted into U.S. dollars at the exchange rate of 88.78 INR per USD, which is based on the noon buying rate as at September 30, 2025, in The City of New York for cable transfers of Indian rupees as certified for customs purposes by the Federal Reserve Bank of New York. This arithmetic conversion should not be construed as representation that the amounts expressed in INR may be converted into USD at that or any other exchange rate as well as that such numbers are in compliance as per the requirements of the International Financial Reporting Standards (“IFRS”).
Recent developments
The Company’s financial and operating results for the three months ended September 30, 2024, include the financial and operating results of Globe All India Services Limited (GAISL) from September 11, 2024, to September 30, 2024. Accordingly, the reported results for the three months ended September 30, 2025, which are inclusive of the full quarter impact of consolidation of GAISL may not be comparable with the reported results for the three months ended September 30, 2024, which includes the impact of consolidation of GAISL from September 11, 2024, to September 30, 2024.
Results of Three Months Ended September 30, 2025
Revenue. We generated Revenue of INR 3,508.7 million (USD 39.5 million) in the three months ended September 30, 2025, an increase of 48.5% compared with INR 2,363.3 million (USD 26.6 million) in the three months ended September 30, 2024. Increase in revenue is mainly driven by an increase in our Hotel and Packages business on account of our MICE business and the impact of our acquisition of GAISL.
Service cost. Our Service cost increased to INR 2,251.4 million (USD 25.4 million) in the three months ended September 30, 2025, compared to Service cost of INR 1,427.7 million (USD 16.1 million) in the three months ended September 30, 2024. The increase in Service cost is driven by an increase in Hotel and Packages gross bookings on account of our MICE business and the impact of our acquisition of GAISL.
The following table reconciles our Revenue (an IFRS measure) to Adjusted Margin (a non-IFRS measure), for further details, see section below titled “Certain Non-IFRS Measures.”
Reconciliation of Revenue (an IFRS measure) to Adjusted Margin (a non-IFRS measure)
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| Reportable Segments | ||||||||||||||||||||||
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| Air Ticketing |
| Hotels and Packages |
| Other Services | ||||||||||||||||||
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| Three months ended September 30, | ||||||||||||||||||||||
Amount in INR thousands (Unaudited) |
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