How has been the historical performance of Yatra Online?

Revenue and Profitability Trends

Yatra Online’s net sales have shown a robust upward trend, rising from ₹380.16 crores in March 2023 to ₹791.44 crores in March 2025. This more than doubling of revenue within two years highlights a strong rebound and expanding market presence. Total operating income mirrored this growth, with no other operating income reported, indicating that core business activities are driving the increase.

Operating profit before depreciation, interest, and tax (PBDIT) excluding other income fluctuated, with a dip in March 2024 to ₹14.71 crores from ₹36.66 crores in March 2023, before recovering to ₹44.41 crores in March 2025. Including other income, operating profit rose from ₹53.97 crores in March 2023 to ₹76.24 crores in March 2025, reflecting improved operational efficiency and additional income streams.

Profit before tax (PBT) turned positive again in March 2025 at ₹35.13 crores, after a loss of ₹1.30 crores in March 2024. Correspondingly, profit after tax (PAT) surged to ₹36.57 crores in March 2025, recovering from a loss of ₹4.51 crores the previous year and surpassing the ₹7.63 crores profit in March 2023. Earnings per share (EPS) followed this pattern, rising to ₹2.33 in March 2025 from a negative ₹0.29 in March 2024.

Cost Structure and Margins

The company’s total expenditure excluding depreciation rose sharply from ₹343.50 crores in March 2023 to ₹747.03 crores in March 2025, driven largely by manufacturing expenses which increased substantially to ₹403.91 crores in March 2025 from ₹64.46 crores two years earlier. Employee costs also increased steadily, reflecting possible expansion and investment in human resources.

Despite rising costs, Yatra Online improved its operating profit margin (excluding other income) to 5.61% in March 2025, up from 3.48% in March 2024, though still below the 9.64% margin recorded in March 2023. The gross profit margin similarly improved to 8.34% in March 2025 from 4.35% the previous year, indicating better cost control and pricing power.

Profit after tax margin turned positive at 4.62% in March 2025, recovering from a negative margin of 1.07% in March 2024, signalling a return to sustainable profitability.

Balance Sheet and Financial Position

Yatra Online’s shareholder funds have strengthened considerably, rising from ₹169.52 crores in March 2023 to ₹783.76 crores in March 2025. This growth is supported by a significant increase in reserves, which surged from ₹158.07 crores to ₹768.07 crores over the same period, reflecting retained earnings and capital accumulation.

The company’s total liabilities increased to ₹1,321.04 crores in March 2025 from ₹680.19 crores in March 2023, with a notable reduction in long-term borrowings from ₹44.10 crores to ₹3.08 crores, indicating deleveraging efforts. Short-term borrowings remained relatively stable around ₹52 crores in the latest year, down from a peak of ₹129.08 crores in March 2023.

On the asset side, total assets rose to ₹1,321.04 crores in March 2025 from ₹680.19 crores in March 2023. Net block of fixed assets increased to ₹254.89 crores, reflecting capital investments, while intangible assets under development also grew steadily. Current assets nearly doubled to ₹959.21 crores, supported by rising sundry debtors and short-term loans and advances, though cash and bank balances declined from ₹402.15 crores in March 2024 to ₹98.68 crores in March 2025.

Cash Flow and Liquidity

Cash flow from operating activities remained negative over the last three years, with ₹-88 crores in March 2025, though this was an improvement from ₹-142 crores in March 2024. Investing activities showed a positive inflow of ₹100 crores in March 2025, contrasting with outflows in prior years, possibly due to asset sales or reduced capital expenditure. Financing activities reflected a net outflow of ₹102 crores in March 2025, following a large inflow in March 2024, indicating repayment of debt or dividend payments.

Overall, the company’s net cash position declined to ₹49 crores at the end of March 2025 from ₹140 crores a year earlier, signalling tighter liquidity but still maintaining a positive cash balance.

Summary and Outlook

Yatra Online’s historical performance reveals a company that has successfully navigated a difficult period marked by losses and high debt, emerging with stronger revenues, improved profitability, and a healthier balance sheet. The significant increase in net sales and return to positive earnings after tax in the latest fiscal year underscore its operational recovery.

While costs have risen, the company has managed to improve margins and reduce long-term debt, enhancing financial stability. The cash flow situation remains a challenge, with operating cash flows still negative, but investing and financing activities suggest active management of resources.

Investors should note the steady growth in shareholder funds and reserves, which provide a cushion for future expansion or market volatility. The company’s ability to sustain revenue growth and improve profitability will be key to maintaining this positive trajectory.

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