YATRA ONLINE 2023-24 Annual Report Analysis

Wed, 30 Oct

YATRA ONLINE has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

YATRA ONLINE Income Statement Analysis

• Operating income during the year rose 11.1% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 74.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 2.2% in FY24 as against 9.6% in FY23.
• Depreciation charges increased by 7.7% and finance costs decreased by 4.8% YoY, respectively.
• Other income grew by 81.0% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year declined from 2.0% in FY23 to 1.1% in FY24.

YATRA ONLINE Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	3,802	4,223	11.1%
Other income	Rs m	173	313	81.0%
Total Revenues	Rs m	3,975	4,537	14.1%
Gross profit	Rs m	366	93	-74.5%
Depreciation	Rs m	183	197	7.7%
Interest	Rs m	234	223	-4.8%
Profit before tax	Rs m	122	-13	NA
Tax	Rs m	46	32	-29.5%
Profit after tax	Rs m	76	-45	NA
Gross profit margin	%	9.6	2.2
Effective tax rate	%	37.4	-246.9
Net profit margin	%	2.0	-1.1

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YATRA ONLINE Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 4 billion as compared to Rs 5 billion in FY23, thereby witnessing an decrease of -5.6%.
• Long-term debt down at Rs 115 million as compared to Rs 240 million during FY23, a fall of 52.2%.
• Current assets rose 101% and stood at Rs 10 billion, while fixed assets rose 15% and stood at Rs 2 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 12 billion as against Rs 7 billion during FY23, thereby witnessing a growth of 79%.

YATRA ONLINE Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,695	7,475	340.9
Current Liabilities	Rs m	4,619	4,359	-5.6
Long-term Debt	Rs m	240	115	-52.2
Total Liabilities	Rs m	6,802	12,163	78.8
Current assets	Rs m	5,059	10,151	100.7
Fixed Assets	Rs m	1,743	2,011	15.4
Total Assets	Rs m	6,802	12,163	78.8

YATRA ONLINE Cash Flow Statement Analysis

• YATRA ONLINE's cash flow from operating activities (CFO) during FY24 stood at Rs -1 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -2 billion, an improvement of 1,302.1% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 5 billion, an improvement of 237% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 932 million from the Rs -290 million net cash flows seen during FY23.

YATRA ONLINE Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	-1,531	-1,425	-
Cash Flow from Investing Activities	Rs m	-167	-2,337	-
Cash Flow from Financing Activities	Rs m	1,384	4,663	236.9%
Net Cash Flow	Rs m	-290	932	-

Current Valuations for YATRA ONLINE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -0.3, an decline from the EPS of Rs 0.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 112.5, stands at -273.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.4 times, while the price to sales ratio stands at 4.2 times.
• The company's price to cash flow (P/CF) ratio stood at 164.7 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	33.2	26.9
TTM Earnings per share	Rs	0.7	-0.3
Diluted earnings per share	Rs	0.5	-0.3
Price to Cash Flow	x	0.0	164.7
TTM P/E ratio	x	0.0	-273.5
Price / Book Value ratio	x	0.0	3.3
Market Cap	Rs m	0	24,985
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for YATRA ONLINE

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.3x during FY24, from 1.1x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 0.9x during FY24, from 1.5x during FY23. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company declined and down at -0.6% during FY24, from 4.5% during FY24. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company declined and down at 2.8% during FY24, from 18.4% during FY23. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company declined and down at 1.5% during FY24, from 4.6% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	1.1	2.3
Debtors’ Days	Days	2,602	3,891
Interest coverage	x	1.5	0.9
Debt to equity ratio	x	0.1	0.0
Return on assets	%	4.6	1.5
Return on equity	%	4.5	-0.6
Return on capital employed	%	18.4	2.8

To see how YATRA ONLINE has performed over the last 5 years, please visit here.

YATRA ONLINE Share Price Performance

Over the last one year, YATRA ONLINE share price has moved down from Rs 130.1 to Rs 112.5, registering a loss of Rs 17.6 or around 13.5%.

Overall, the S&P BSE SENSEX is up 24.7% over the year.

(To know more, check out historical annual results for YATRA ONLINE and quarterly results for YATRA ONLINE)