Yatra Online Limited IPO

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i. Yatra Online is India’s largest corporate travel services provider in terms of number of corporate clients and the third largest online travel company in India among key OTA players in terms of gross booking revenue and operating revenue, for Fiscal Year 2023. They have largest number of hotel and accommodation tie-ups amongst key domestic OTA players of over 2,105,600 tie-ups.

ii. Yatra believe India is one of the world’s largest and fastest growing economies, with a large middle class, increasing disposable income and a rapidly growing online consumer base. India’s real GDP growth is expected to rebound to 7.2% in FY 2023 after experiencing a (5.8%) contraction in Fiscal 2021 due to the repercussions of the COVID19 pandemic. Given the size and growth dynamics of the India travel market, they have strategically focussed both on the corporate and consumer markets. We are the leading corporate travel service provider in India with 813 large corporate customers and over 49,800 registered SME customers and the third largest consumer online travel company (OTC) in the country in terms of gross booking revenue for Fiscal 2023.

ii. Their go-to-market strategy spans the entire value chain of travel and hospitality covering B2C (business to consumer) and B2B (business to business which includes business to enterprise and business to agents) The company believes that the combination of their B2C and B2B channels enable the,m to target India’s most frequent and high spending travellers, namely, educated urban consumers, in a cost-effective manner. Over 800 large corporate customers of the Company employ over 7.00 million people who along with their families form a large part of the consuming upper middle class of India. In addition, their travel agent network provides additional scale to their business by leveraging our integrated technology platform in order to aggregate consumer demand from over 29,800 travel agents in above 1,000 cities across India.

iii. Leisure and business travellers use their mobile applications, their website, www.yatra.com, and their 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. They also provide access through their platform to hotels, homestays and other accommodations, with about 105,600 hotels in 1,490 cities and towns in India.

Competitive Strengths

i. Trusted brand with a proven track record and targeted marketing strategy
ii. Large and Loyal Customer Base
iii. Our Synergistic Multi-Channel Go to Market approach for Business and Leisure Travelers

Objects of the Yatra Online Limited IPO:

The company intends to utilize the net proceeds from the issue towards the funding of the following objects: i. Strategic investments, acquisitions, and inorganic growth, ii. Investment in customer acquisition and retention, technology, and other organic growth initiatives, and iii. General corporate purposes.

Yatra Online Limited IPO Details:

Open Date: Sep 15 2023
Close Date: Sep 20 2023
Total Shares: 5,45,77,465
Face Value: ₹ 1 Per Equity Share
Issue Type: Book Built Issue IPO
Issue Size: 775.00 Cr.
Lot Size: 105 Shares
Issue Price: ₹ 135 to ₹142 Per Equity Share
Listing At: NSE,BSE
Listing Date: Sep 29 2023

Promoters And Management:

Dhruv Shringi is the Whole-time Director and Chief Executive Officer of the Company. He is a chartered accountant and has completed his course from the Institute of Chartered Accountants of India. Further, he also holds a master’s degree in business administration from INSEAD. He was previously associated with Fords Motor Company, Arthur Anderson & Co., Ebookers.Com Plc as well as with the Internet and Mobile Association of India as its vice-chairman. He is also currently serving as the co-chairman of the FICCI (Federation of Indian Chambers of Commerce and Industry) tourism committee. He was also listed amongst the top 40 CEO’s in the country by Fortune. Murlidhara Kadaba is the Non-Executive Director of the Company. He holds a bachelor’s degree in engineering from the University of Mysore as well as a postgraduate diploma in management from XLRI, Jamshedpur. Prior to joining our Company, he was associated with American Express Bank Limited, Citibank N.A. and Reliance Industries Limited. Neelam Dhawan is the Non-Executive Director of the Company. She holds a bachelor’s degree in arts (economics) as well as a master’s degree in business administration from the University of Delhi. She was previously associated with Hewlett-Packard Enterprise India Private Limited as Vice-President, Solutions Sales, and with HP India Sales Private Limited, Hewlett-Packard India Private Limited, Microsoft Corporation (India) Private Limited as their Managing Director.

Financials of Yatra Online Limited IPO:

A. Balance Sheet
Particular (In Million) Mar-21 Mar-22 Mar-23
Equity Share Capital 110.90 111.89 114.52
Reserves 1,124 897 1,581
Borrowings 131 359 1,531
Trade Payables 1,038 1,514 1,385
Other Liabilities 3,225 2,596 2,201
Total Liabilities 4,394 4,469 5,117
Net Block 24 22 46
Right-of-use Assets 433 230 201
Other Assets 1,554 1,381 1,507
Total NC Assets 2,011 1,632 1,753
Receivables 975 1,940 2,875
Cash & Bank 1,961 1,280 1,023
Other Assets 683 626 1,161
Face value 1 1 1
B. Profit & Loss Statement
Particular (In Million) Mar-21 Mar-22 Mar-23
Sales 1,255 1,981 3,802
Service cost 20 152 645
Employee Cost 736 976 1,090
Marketing and sales promotion expenses 80 124 336
Other Expenses 643 761 1,340
Listing and related expenses 0 56 24
Other Income 182 207 173
EBITDA -43 119 540
EBITDA Margin -3.39% 5.99% 14.20%
Depreciation 523 281 183
Interest 102 99 234
Profit before tax -1,122 -293 122
Tax 66 15 45
Net profit -1,189 -308 76
NPM (%) -82.76% -14.07% 1.92%
C. Cash Flow Statement
Particular (In Million) Mar-21 Mar-22 Mar-23
Cash From Operating Activity
Profit From Operation -47 69 501
Receivable 1,286 -983 -1,082
Payable 74 464 107
Other WC Items -502 -413 -930
Working Capital Changes 858 -933 -1,905
Direct Taxes 230 30 -126
Net Cash Inflow from Operating Activity 1,041 -834 -1,531
Cash from Investing Activity
Fixed assets purchased -1 -11 -20
Fixed assets sold 6 2 10
Investments purchased -48 -597 -500
Acquisition of companies -410 0 0
Other investing items 242 522 344
Net cash inflow from investing activities -211 -84 -167
Cash from Financing Activity
Proceeds from shares 297 83 620
Redemption on debenture -8 -5 -32
Repayment of borrowings 0 0 -7
Intrest paid fin -19 42 -95
Other financing items -206 81 898
Net Cash Flow 895 -718 -313

Comparison With Peers:

Name of the Company Revenue (In Crore) PAT (In Crore) EPS ( in Rs) P/E CMP Mcap (In Crore)
Yatra Online Limited 380 8 0.49 291.95 142 2228
Easy Trip Planners Ltd 430 147 0.84 48.6 39 6,779
* All the data is as per FY23.

Registrar of Yatra Online Limited IPO:

  1. Link Intime India Private Limited

Company Address:

Yatra Online Limited B2/101, Marathon Innova, Marathon Nextgen Complex B Wing, G. Kadam Marg, Opp. Peninsula Corp Park, Lower Parel (W), Mumbai – 400013 Phone: +91 22 44357700 Email: investors@yatra.com Website: https://www.yatra.com/

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