Yatra Online Limited (NSE: YATRA, BSE: 543992) has reported robust financial results for the first quarter, showcasing significant growth across key metrics. The company's strategic shift towards corporate travel and focus on profitability has yielded impressive results.

Financial Highlights

• Revenue surged by 108% year-over-year to INR 209.00 million
• Revenue less service cost increased by 44% to INR 115.60 crores
• EBITDA saw a remarkable 247% year-over-year growth, reaching INR 24.20 crores
• Profit after tax (PAT) nearly tripled, rising to INR 16.00 crores
• Adjusted EBITDA grew by 138% year-over-year to INR 24.90 crores, with a 21% EBITDA margin

Corporate Travel Momentum

Yatra Online continues to make significant strides in the corporate travel segment:

• Onboarded 34 new corporate clients with an annual billing potential of approximately INR 200.00 crores
• Corporate travel now accounts for about 66-67% of gross bookings, expected to reach 70% by the end of the fiscal year
• 73 of the top 100 customers have been with Yatra for more than 5 years, showcasing strong client retention

Segment Performance

Air Ticketing

• Passenger volumes declined by 9%
• Gross bookings grew by 4%
• Margins improved from 3.10% to 4.60%

Hotels & Packages

• Gross bookings increased by 43%
• Margins expanded from 7.46% to 9.05%

Financial Position

• Cash and cash equivalents, including term deposits, stood at INR 2,208.00 million as of June 30, 2025
• Gross debt significantly reduced from INR 546.00 million to INR 29.00 million

Technology Initiatives

Yatra Online is leveraging technology to enhance its offerings and operational efficiency:

• Launched AI assistant DIYA (Digital Intelligent Yatra Advisor) to improve customer service and refine search capabilities
• Expects to optimize 70-100 employee positions by fiscal year-end through automation
• Introduced a refined user interface for easier upselling of branded fares across airlines

Management Commentary

Dhruv Shringi, Whole-Time Director and CEO of Yatra Online, commented on the results: "Our first quarter performance delivered strong financial and operational results with growth well ahead of our annual guidance despite the disruption in the travel industry in India on account of cross-border tension and the unfortunate air crash in June 2025."

Outlook

• Management maintains guidance of 20% growth in gross margin and 30% growth for adjusted EBITDA for the fiscal year
• Expects gross booking growth to be closer to 15% for FY26, with a target of 20% growth in the following years
• Aims to improve EBITDA to gross margin ratio from the current 21% to 25% in the next 12-18 months, and potentially reach 30% within 36 months

Yatra Online's strategic focus on the corporate travel segment and its investments in technology appear to be paying off, positioning the company for continued growth and improved profitability in the coming quarters.

Yatra Online Limited (NSE: YATRA, BSE: 543992) announced a significant change in its audit structure as M/s J K V S & CO, the statutory auditors of its material subsidiary Globe All India Services Limited, tendered their resignation effective August 13, 2025. This move comes as part of a broader strategy to align auditing processes across the Yatra group following the acquisition of Globe.

Resignation Details

The auditors, originally appointed for a five-year term from 2022-23 to 2026-27 during Globe's Annual General Meeting on September 16, 2022, stepped down less than three years into their tenure. In their resignation letter, J K V S & CO cited the management's desire to "align the Statutory Auditors of Globe with that of Yatra to bring in synergies and ensure consistency of the audit process at the group level" as the primary reason for their departure.

Audit Completion and Transition

Prior to their resignation, J K V S & CO completed the review of Globe's financial results for the quarter ended June 30, 2025, with their review report dated August 7, 2025. The auditors confirmed that there were no material reasons for their resignation beyond those stated in their notice, and no concerns were raised prior to their departure.

Regulatory Compliance

In compliance with the Securities and Exchange Board of India (SEBI) regulations, Yatra Online Limited disclosed the auditor's resignation through a filing to the stock exchanges. The company provided details as required under SEBI's Master Circular dated November 11, 2024, ensuring transparency in the process.

Management's Perspective

Darpan Batra, Company Secretary and Compliance Officer of Yatra Online Limited, signed off on the regulatory filing, emphasizing the company's commitment to maintaining open communication with investors and regulatory bodies. The management's decision to align auditors across the group underscores Yatra's focus on streamlining operations and creating synergies following its acquisition of Globe All India Services.

Investor Relations

In a separate announcement, Yatra Online Limited informed the exchanges of an upcoming meeting with investors and analysts. The company is scheduled to participate in the Equirus Annual India Conference'25 on August 20, 2025, in Mumbai. This in-person group meeting will be based on publicly available information, with the company stating that no unpublished price-sensitive information is intended to be discussed during the interactions.

As Yatra Online Limited navigates through these changes, the market will be watching closely to see how the alignment of auditors across the group impacts the company's financial reporting and overall operational efficiency in the coming quarters.