Yatra Online, Inc. :YTRA-US: Earnings Analysis: Q4, 2017 By the Numbers : July 27, 2017

Yatra Online, Inc. reports financial results for the quarter ended March 31, 2017.


  • Summary numbers: Revenues of USD 35.85 million, Net Earnings of USD -12.11 million.
  • Gross margins narrowed from 33.20% to 18.03% compared to the same period last year, operating (EBITDA) margins now -47.43% from -23.88%.
  • Change in operating cash flow of -568.65% compared to same period last year is about the same as change in earnings, likely no significant movement in accruals or reserves.
  • Narrowing of operating margins contributed to decline in earnings.

The table below shows the preliminary results and recent trends for key metrics such as revenues and net income growth:

2017-03-31 2016-12-31 2016-09-30 2016-06-30 2015-09-30
Relevant Numbers (Quarterly)
Revenues (mil) 35.85 35.42 28.93 39.16 25.81
Revenue Growth (%YOY) 38.91 -3.98 N/A N/A N/A
Earnings (mil) -12.11 -68.34 -6.05 -1.18 -6.34
Earnings Growth (%YOY) -91 -2247.91 N/A N/A N/A
Net Margin (%) -33.79 -192.95 -20.9 -3.02 -24.58
EPS -0.36 -2.94 -0.19 -0.04 -0.2
Return on Equity (%) -26.64 -333.82 -293.12 -23.61 N/A
Return on Assets (%) -32.11 -224.29 -28.21 -5.76 N/A

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Market Share Versus Profits

Revenues History
Earnings History

Compared to the same period last year, YTRA-US‘s change in revenue was close to the amount of its change in earnings. It remains to be seen how the rest of its peer group’s results will turn out and if YTRA-US‘s performance is a sign of any major shift in the composition of market share in this sector. Also, for comparison purposes, revenues changed by 1.21% and earnings by 82.28% compared to the previous period.

Earnings Growth Analysis

The company’s year-on-year decline in earnings was influenced by a weakening in gross margins from 33.20% to 18.03%, as well as issues with cost controls. As a result, operating margins (EBITDA margins) went from -23.88% to -47.43% in this time frame. For comparison, gross margins were 35.67% and EBITDA margins were -9.41% in the previous period.

Cash Versus Earnings – Sustainable Performance?

It is important to examine a company�s cash versus earnings numbers to gauge whether its performance is sustainable.

YTRA-US‘s year-on-year change in operating cash flow of -568.65% is around its change in earnings. This suggests that there are likely no significant movement in accruals or reserves for managing earnings this period.


The company’s decline in earnings has been influenced by the following factors: (1) Decline in operating margins (EBIT margins) from -27.38% to -50.82% and (2) one-time items that contributed to a decrease in pretax margins from -24.96% to -34.30%

EBIT Margin History
PreTax Margin History

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Company Profile

Yatra Online, Inc. is a blank check company, which engages in the provision of online travel agency services. The firm is an online travel agent and consolidator of travel products. It operates through the Air Ticketing; and Hotels and Packages business segments. The Air Ticketing segment comprises of commission from airlines for tickets booked by customers. The Hotels and Packages segment consists of commission from the sale of hotel rooms as well as packages, including hotel, and air tickets sold. The company was founded by Dhruv Shringi, Manish Amin, and Sabina Chopra in August 2006 and is headquartered in Gurgaon, India.

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