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Yatra.com expects continued revenue growth in second half of FY24 and FY25.
According to CEO Dhruv Shringi, “Given the ongoing recovery in corporate and leisure travel and the rise in discretionary spend and now a significantly bolstered balance sheet, we believe we are poised for a strong FY ‘24 and FY ‘25.”
In second-quarter, Yatra.com reported a profit of ₹5.99 crore, a 2.7 per cent increase y-o-y. Shringi stated, “Aside from seasonality, we expect our results to benefit from accelerating growth in both our corporate business and consumer business as we continue to act to our formidable blue-chip customer base and leverage the strength of our brand.”
Revenue reached ₹110.18 crore, reflecting a 23.9 per cent y-o-y growth, and EBITDA stood at ₹15.9 crore, up 34.4 per cent on-year. Yatra India serves a significant portion of top-listed companies, accounting firms, and technology companies.
To gain momentum
Post-IPO, Yatra.com noted early signs of improving supplier margins, with Shringi mentioning, “We’ve already begun to see early signs of improving supplier margins in the current quarter and expect this to gain further momentum in the quarters ahead.” The stronger balance sheet positively influenced large corporate customer contract discussions, with Shringi expecting, “to see more of these in the quarter to come.”
The IPO, priced at ₹135-142 per share from September 18-20, was oversubscribed 1.61 times. Shringi highlighted, “Given our stronger balance sheet following the IPO,” retail investors played a significant role, subscribing 2.11 times. Qualified institutional buyers subscribed 2.05 times, and high net-worth individuals subscribed at 42 per cent.
Yatra.com raised ₹775 crore through a fresh issue ( ₹602 crore) and an offer for sale (₹173 crore). Shringi mentioned, “Of the fresh issue proceeds, ₹392 crore will be used for customer acquisition and retention and ₹150 crore for strategic acquisitions.” The holding company, Yatra Online Inc., listed on the NASDAQ, will see a reduction in the promoter stake to 64.5 per cent.
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