Exhibit 99.1

YATRA ONLINE, INC. ANNOUNCES RESULTS FOR

THE THREE MONTHS AND YEAR ENDED MARCH 31, 2022

Gurugram, India and New York June 3, 2022— Yatra Online, Inc. (NASDAQ: YTRA) (the “Company”), India’s leading corporate travel services provider and one of India’s leading online travel companies, today announced its unaudited financial and operating results for the three months and year ended March 31, 2022.

“We witnessed a swift recovery in both corporate and consumer businesses following the impact of Omicron, which led to a shut down across parts of India in January. Despite the month of January being severely impacted by Omicron, Revenue for the quarter was INR 604.9 million (USD 8.0 million), only down 3.5% QoQ, while our Adjusted Revenue for the quarter was INR 980 million (USD 12.9 million), down 6.2% QoQ, as travel recovered strongly in February and March as the impact of Omicron began to subside. Adjusted EBITDA for the quarter was INR 52.9 million (USD 0.7 million), adjusting for the effect of our investment in the freight business during the quarter, our Adjusted EBITDA would have been INR 72 million (USD 0.9 million) for the quarter. Business travel and travel in general continues to recover strongly. India’s domestic passenger traffic in May 2022 was at 90% of pre-COVID levels and Business travel for Yatra is currently trending at 90% of pre-Covid levels. International travel has also begun to recover strongly post the easing of international travel restrictions towards the end of March 2022.

Our Indian subsidiary, Yatra Online Limited, filed a Draft Red Herring Prospectus (‘DRHP’) on March 25, 2022, with the Securities and Exchange Board of India (‘SEBI’), which is the main stock market regulatory body in India for a potential initial public offering and listing of its equity shares on the Indian stock exchanges. We are working with the regulator to obtain the necessary clearances for DRHP and the offering. We expect this offering, if completed, to strengthen our balance sheet and better position us to take advantage of the rapidly recovering leisure and business market travel in India.” - Dhruv Shringi, Co-founder and CEO

Financial and operating highlights for the three months ended March 31, 2022:

● Revenue of INR 604.9 million (USD 8.0 million).

● Adjusted Revenue⁽¹⁾ of INR 980.0 million (USD 12.9 million), representing a decline of 6.2% quarter-over-quarter (“QoQ”) and an increase of 1.0% year-over-year basis (“YoY”).

● Adjusted Revenue⁽¹⁾ from Air Ticketing of INR 667.5 million (USD 8.8 million), representing a decline of 8.1% QoQ and an increase of 5.0% YoY.

● Adjusted Revenue⁽¹⁾ from Hotels and Packages of INR 179.8 million (USD 2.4 million), representing a decline of 14.7% QoQ and a decline of 2.0% YoY.

● Total Gross Bookings (Air Ticketing, Hotels and Packages and others) ⁽³⁾ of INR 11,426.4 million (USD 150.6 million), representing a decrease of INR 422.3 million (USD 5.6 million) QoQ and an increase of INR 3,425.3 million (USD 45.1 million) YoY.

● Loss for the period was INR 117.2 million (USD 1.5 million) versus a loss of INR 144.7 million (USD 1.9 million) for the three months ended December 31, 2021, reflecting a decrease of loss of INR 27.5 million (USD 0.4 million) on a QoQ and a decrease of loss of INR 480.7 million (USD 6.3 million) on a YoY.

● Result from operations were a loss of INR 53.4 million (USD 0.7 million) versus a loss of INR 151.3 million (USD 2.0 million) for the three months ended December 31, 2021.

● Adjusted EBITDA ⁽²⁾ profit  was INR 52.9 million (USD 0.7 million) reflecting an increase of INR 8.9 million (USD 0.1 million) on a QoQ versus a profit of INR 92.1 million (USD 1.2 million) for the three months ended March 31, 2021.

Financial and operating highlights for the year ended March 31, 2022:

● Revenue of INR 1,989.4 million (USD 26.2 million).

● Adjusted Revenue⁽¹⁾ of INR 3,302.4 million (USD 43.5 million), representing an increase of 50.7% on a YoY.

● Adjusted Revenue⁽¹⁾ from Air Ticketing of INR 2,211.1 million (USD 29.1 million), representing an increase of 48.6% YoY.

● Adjusted Revenue⁽¹⁾ from Hotels and Packages of INR 599.2 million (USD 7.9 million), representing an increase of 70.9% YoY.

● Total Gross Bookings (Air Ticketing, Hotels and Packages and others) ⁽³⁾ of INR 34,284.8 million (USD 451.9 million), representing an increase of INR 18,467.9 million (USD 243.4 million) YoY.

● Loss for the period was INR 482.5 million (USD 6.4 million) versus a loss of INR 1,194.9 million (USD 15.7 million) in the year ago period.

● Result from operations were a loss of INR 431.5 million (USD 5.7 million) versus a loss of INR 1,470.2 million (USD 19.4 million) in the year ago period.

● Adjusted EBITDA ⁽²⁾ profit was INR 159.0 million (USD 2.1 million) versus a loss of INR 378.7 million (USD 5.0 million) in the year ago period.

	Three months ended
	December 31, 2021			March 31, 2022			March 31, 2022			QoQ Change
	Unaudited			Unaudited			Unaudited
(In thousands except percentages)	INR			INR			USD			%
Financial Summary as per IFRS
Revenue		627,097			604,892			7,973			(3.5	)%
Results from operations		(151,258	)		(53,375	)		(702	)		64.7	%
Loss for the period		(144,677	)		(117,186	)		(1,543	)		19.0	%
Financial Summary as per non-IFRS measures
Adjusted Revenue (1)		1,044,948			980,042			12,917			(6.2	)%
Air Ticketing		726,462			667,482			8,798			(8.1	)%
Hotels and Packages		210,763			179,764			2,369			(14.7	)%
Other Services		47,447			55,150			727			16.2	%
Others (Including Other Income)		60,276			77,646			1,023			28.8	%
Adjusted EBITDA (2)		43,991			52,897			697			20.2	%
Operating Metrics
Gross Bookings (3)		11,848,711			11,426,411			150,605			(3.6	)%
Air Ticketing		9,691,893			9,439,494			124,417			(2.6	)%
Hotels and Packages		1,221,492			1,050,215			13,842			(14.0	)%
Other Services (6)		935,326			936,702			12,346			0.1	%
Net Revenue Margin% (4)
Air Ticketing		7.5	%		7.1	%
Hotels and Packages		17.3	%		17.1	%
Other Services		5.1	%		5.9	%
Quantitative details (5)
Air Passengers Booked		1,267			986						(22.2	)%
Stand-alone Hotel Room Nights Booked		342			317						(7.2	)%
Packages Passengers Travelled		4			4						(9.1	)%

	Three months ended March 31,
	2021			2022			2022			YoY Change
	Unaudited			Unaudited			Unaudited
(In thousands except percentages)	INR			INR			USD			%
Financial Summary as per IFRS
Revenue		506,862			604,892			7,973			19.3	%
Results from operations		(514,757	)		(53,375	)		(702	)		89.6	%
Loss for the period		(597,887	)		(117,186	)		(1,543	)		80.4	%
Financial Summary as per non-IFRS measures
Adjusted Revenue (1)		970,065			980,042			12,917			1.0	%
Air Ticketing		635,545			667,482			8,798			5.0	%
Hotels and Packages		183,446			179,764			2,369			(2.0	)%
Other Services		20,733			55,150			727			166.0	%
Others (Including Other Income)		130,341			77,646			1,023			(40.4	)%
Adjusted EBITDA (2)		92,097			52,897			697			(42.6	)%
Operating Metrics
Gross Bookings (3)		8,001,102			11,426,411			150,605			42.8	%
Air Ticketing		6,493,037			9,439,494			124,417			45.4	%
Hotels and Packages		973,522			1,050,215			13,842			7.9	%
Other Services (6)		534,543			936,702			12,346			75.2	%
Net Revenue Margin% (4)
Air Ticketing		9.8	%		7.1	%
Hotels and Packages		18.8	%		17.1	%
Other Services		3.9	%		5.9	%
Quantitative details (5)
Air Passengers Booked		1,096			986						(10.1	)%
Stand-alone Hotel Room Nights Booked		294			317						8.0	%
Packages Passengers Travelled		2			4						118.3	%

	Year ended March 31,
	2021			2022			2022			YOY Change
	Unaudited			Unaudited			Unaudited
(In thousands except percentages)	INR			INR			USD			%
Financial Summary as per IFRS
Revenue		1,271,268			1,989,376			26,221			56.5	%
Results from operations		(1,470,166	)		(431,473	)		(5,686	)		70.7	%
Loss for the period		(1,194,878	)		(482,462	)		(6,358	)		59.6	%
Financial Summary as per non-IFRS measures
Adjusted Revenue (1)		2,190,623			3,302,361			43,527			50.7	%
Air Ticketing		1,487,465			2,211,074			29,143			48.6	%
Hotels and Packages		350,530			599,151			7,897			70.9	%
Other Services		47,177			161,504			2,129			242.3	%
Others (Including Other Income)		305,451			330,632			4,358			8.2	%
Adjusted EBITDA (2)		(378,677	)		158,957			2,095			142.0	%
Operating Metrics
Gross Bookings (3)		15,816,941			34,298,367			452,068			116.8	%
Air Ticketing		13,001,783			27,648,844			364,424			112.7	%
Hotels and Packages		1,705,600			3,487,276			45,964			104.5	%
Other Services (6)		1,109,558			3,162,247			41,680			185.0	%
Net Revenue Margin% (4)
Air Ticketing		11.4	%		8.0	%
Hotels and Packages		20.6	%		17.2	%
Other Services		4.3	%		5.1	%
Quantitative details (5)
Air Passengers Booked		2,623			3,564						35.9	%
Stand-alone Hotel Room Nights Booked		547			1,018						86.2	%
Packages Passengers Travelled		4			10						159.2	%

Note:

(1)	Adjusted Revenue represents Revenue and other income after deducting service costs and adding back expenses related to consumer promotions and loyalty program costs that has been reduced from Revenue. See section “Certain Non-IFRS Measures.”
(2)	See the section below titled “Certain Non-IFRS Measures.”
(3)	Gross Bookings represent the total amount paid by our customers for travel services, freight services and products booked through us, including taxes, fees and other charges, and are net of cancellation and refunds.
(4)	Net Revenue Margin is defined as Adjusted Revenue as a percentage of Gross Bookings.
(5)	Quantitative details are considered on a gross basis.
(6)	Other Services primarily consists of Yatra Freight, our recently launched freight business, bus, rail bookings, cab and others services.

As of March 31, 2022, 62,585,836 ordinary shares (on an as-converted basis), par value $0.0001 per share, of the Company (the “Ordinary Shares”) were issued and outstanding.

Convenience Translation

The unaudited condensed consolidated financial statements are stated in INR. However, solely for the convenience of readers, the unaudited interim condensed consolidated statement of profit or loss and other comprehensive loss for the three months and year ended March 31, 2022, the unaudited interim condensed consolidated statement of financial position as of March 31, 2022, the unaudited interim condensed consolidated statement of changes in equity for the year ended March 31, 2022, the unaudited interim condensed consolidated statement of cash flows for the year ended March 31, 2022 and discussion of the results of the three months and year ended March 31, 2022 compared with three months and year ended March 31, 2021 and compared with three months ended December 31, 2021, were converted into U.S. dollars at the exchange rate of 75.87 INR per USD, which is based on the noon buying rate as at March 31, 2022, in The City of New York for cable transfers of Indian rupees as certified for customs purposes by the Federal Reserve Bank of New York. This arithmetic conversion should not be construed as representation that the amounts expressed in INR may be converted into USD at that or any other exchange rate as well as that such numbers are in compliance as per the requirements of the International Financial Reporting Standards (“IFRS”).

Initial Public Offering of Yatra Online Limited

Yatra Online Limited (“Yatra India”), currently our controlled subsidiary, is contemplating an initial public offering (the “Indian IPO”) of its equity shares (“Equity Shares”) in India and has filed a Draft Red Herring Prospectus with the Securities and Exchange Board of India (“SEBI”). The Equity Shares will not be interchangeable with the Ordinary Shares. The Ordinary Shares will continue to trade on the Nasdaq Capital Market and, after the contemplated listing, the Equity Shares are expected to trade on the Indian stock exchanges. The timing and completion of the Indian IPO is subject to various risks and uncertainties, including clearing comments from SEBI.

COVID-19 Pandemic

Toward the end of the fourth quarter of fiscal year 2021, a severe second wave of COVID-19 infections emerged in India that was more severe than the first wave that occurred in 2020. Further, on November 26, 2021, WHO designated a new variant B.1.1.529, as a variant of concern, named Omicron, which due to its wide-spread in India resulted in the third wave of COVID-19 infections. This had led to reimposition of states-wide travel restrictions, lockdowns and curfews across India which of late has started receding, however, Covid-19 continues to be matter of caution and might continue to have an impact on the travel sector. The Indian travel industry has experienced a delayed recovery of business and international travel to pre-pandemic levels. It is difficult for us to predict how long the pandemic will continue and what impact this may continue to have on the travel sector and our business. The extent of the effects of the COVID-19 pandemic on our business, results of operations, cash flows and growth prospects remain uncertain and would be dependent on future developments. These include, but are not limited to, the severity, extent and duration of the pandemic, its impact on the travel industries and consumer spending, rates of vaccination and the effectiveness of vaccinations against various mutations or variants of the COVID-19 pandemic.

We continue to remain nimble in implementing certain measures and policies in light of the COVID-19 pandemic. For example, we have largely automated our re-scheduling and cancellation of bookings and provided customers greater flexibility to defer or cancel their travel plans. In addition, we have also undertaken certain cost reduction initiatives, including implementing salary reductions and freezes and work from home policies, renegotiating fixed costs such as rent, deferring non-critical capital expenditures, reducing marketing expenses and renegotiating supplier payments and contracts. We believe these cost control measures have helped mitigate the economic impact of the COVID-19 pandemic on our business. We expect to continue to adapt our policies and cost reduction initiatives as the situation evolves.

Results of Three Months Ended March 31, 2022

Revenue. We generated Revenue of INR 604.9 million (USD 8.0 million) in the three months ended March 31, 2022, an increase of 19.3% compared with INR 506.9 million (USD 6.7 million) in three months ended March 31, 2021. The increase in Revenue was primarily due to recovery in domestic travel demand relative to the quarter ended March 31, 2022.

Our Revenue in the current reported quarter decreased from INR 627.1 million (USD 8.3 million) in the three months ended December 31, 2021; a decrease of INR 22.2 million (USD 0.3 million) quarter-over-quarter due to a decrease in gross bookings and margins.

Service cost. Our Service cost increased to INR 46.7 million (USD 0.6 million) in the three months ended March 31, 2022 , compared to Service cost of INR 13.8 million (USD 0.2 million) in the three months ended March 31, 2021, primarily due to increased sales of holiday packages on account of strong recovery in domestic travel demand in India in the quarter ended March 31, 2022.

On a sequential basis, service cost decreased by INR 33.1 million (USD 0.4 million), or 41.5% quarter-over-quarter, compared to Service cost of INR 79.8 million (USD 1.1 million) in the three months ended December 31, 2021, due to decrease in sales of holiday packages.

Adjusted Revenue⁽¹⁾ Our Adjusted Revenue increased by 1.0% to INR 980.0 million (USD 12.9 million) in the three months ended March 31, 2022 from INR 970.1 million (USD 12.8 million) in the three months ended March 31, 2021. In the three months ended March 31, 2022, Adjusted Revenue includes the add-back of expenses in the nature of consumer promotion and certain loyalty program costs reduced from Revenue of INR 396.4 million (USD 5.2 million) compared to an add-back of INR 420.1 million (USD 5.5 million) in the three months ended March 31, 2021. These expenses have been added back to calculate Adjusted Revenue, with the accompanying increase in marketing and sales promotions expenses, to more accurately reflect the way we view our ongoing business. Under IFRS 15, these expenses are required to be reduced from Revenue, an IFRS measure. The increase in Adjusted Revenue resulted mainly from an increase of 5.0% in our Adjusted Revenue from Air Ticketing along with a decrease of 2.0% in our Adjusted Revenue from Hotels and Packages, an increase of 166.0% in Other Services and decrease of 40.4% in Others (Including Other Income) which primarily consists of advertisement income, facilitation fees and write back of liabilities no longer required to be paid.

On a sequential basis Adjusted Revenue decreased by INR 64.9 million (USD 0.9 million), or 6.2% quarter-over-quarter, compared to Adjusted Revenue of INR 1,044.9 million (USD 13.8 million) for the three months ended December 31, 2021 due to a decrease in gross bookings and margins.

The following table reconciles our Revenue (an IFRS measure) to Adjusted Revenue (a non-IFRS measure), for further details, see section below titled “Certain Non-IFRS Measures.”

Reconciliation of Revenue (an IFRS measure) to Adjusted Revenue (a non-IFRS measure) 

	Air Ticketing				Hotels and Packages						Other Services				Others				Total
	Three months ended March 31,
Amount in INR thousands (Unaudited)	2021		2022		2021			2022			2021		2022		2021		2022		2021			2022
Revenue		336,485		321,615		82,985			180,521			13,955		50,515		73,437		52,241		506,862			604,892
Add: Customer promotional expenses		299,060		345,867		114,263			45,902			6,778		4,635		-				420,101			396,404
Service cost		-		-		(13,802	)		(46,659	)						-		-		(13,802	)		(46,659	)
Other income		-		-		-			-							-		-		56,904			25,405
Adjusted Revenue		635,545		667,482		183,446			179,764			20,733		55,150		73,437		52,241		970,065			980,042

	Air Ticketing		Hotels and Packages			Other Services		Others		Total
	Three months ended December 31,
Amount in INR thousands (Unaudited)	2021		2021			2021		2021		2021
Revenue		324,041		207,146			43,436		52,474		627,097
Add: Customer promotional expenses		402,421		83,406			4,011		-		489,838
Service cost		-		(79,789	)				-		(79,789	)
Other income		-		-					-		7,802
Adjusted Revenue		726,462		210,763			47,447		52,474		1,044,948

Air Ticketing. Revenue from our Air Ticketing business was INR 321.6 million (USD 4.2 million) in the three months ended March 31, 2022 as compared to INR 336.5 million (USD 4.4 million) in the three months ended March 31, 2021, reflecting a decrease of 4.4% .

On a sequential basis, Revenue from our Air Ticketing business decreased by INR 2.4 million (USD 0.01 million), or 0.7% on a QoQ, compared to Revenue of INR 324.0 million (USD 4.3 million) in the three months ended December 31, 2021 due to impact of Omicron that emerged in India leading to lower demand in the beginning of the quarter.

Adjusted Revenue ⁽¹⁾ from our Air Ticketing business increased to INR 667.5 million (USD 8.8 million) in the three months ended March 31, 2022 as compared to INR 635.5 million (USD 8.4 million) in the three months ended March 31, 2021. In the three months ended March 31, 2022 , Adjusted Revenue ⁽¹⁾ for Air Ticketing includes the add-back of INR 345.9 million (USD 4.6 million) of consumer promotion and loyalty program costs, which reduced Revenue as per IFRS 15, against an add-back of INR 299.1 million (USD 3.9 million) in the three months ended March 31, 2021. The increase in Revenue was primarily due to recovery in domestic travel demand relative to the quarter ended March 31, 2021.

On a sequential basis, Adjusted Revenue for Air Ticketing decreased by INR 59.0 million (USD 0.8 million), or 8.1% on a QoQ, compared to Adjusted Revenue for Air Ticketing of INR 726.5 million (USD 9.6 million) in the three months ended December 31, 2021 due to a decrease in gross bookings and margins.

Hotels and Packages. Revenue from our Hotels and Packages business was INR 180.5 million (USD 2.4 million) in the three months ended March 31, 2022, as compared to INR 83.0 million (USD 1.1 million) in the three months ended March 31, 2021.

On a sequential basis, Revenue from our Hotel and Packages business decreased by INR 26.6 million (USD 0.4 million), or 12.9% on a QoQ, as compared to Revenue from our Hotel and Packages business of INR 207.1 million (USD 2.7 million) in the three months ended December 31, 2021 due to impact of Omicron that emerged in India leading to lower demand in the beginning of the quarter.

Adjusted Revenue ⁽¹⁾ for this segment decreased by 2.0% to INR 179.8 million (USD 2.4 million) in the three months ended March 31, 2022 from INR 183.4 million (USD 2.4 million) in the three months ended March 31, 2021. In the three months ended March 31, 2022, Adjusted Revenue ⁽¹⁾ for Hotels and Packages includes the add-back of customer promotional expenses, which had been reduced from Revenue as per IFRS 15 of INR 45.9 million (USD 0.6 million) against an add-back of INR 114.3 million (USD 1.5 million) in the three months ended March 31, 2021. The decrease is due to decline in margins.

On a sequential basis, Adjusted Revenue for this segment decreased by INR 31.0 million (USD 0.4 million), or 14.7%, on a QoQ, compared to Adjusted Revenue for this segment of INR 210.8 million (USD 2.8 million) in the three months ended December 31, 2021 due to the impact of Omicron that emerged in India leading to lower demand in the beginning of the quarter.

Other Services. Our income from Other Services was INR 50.5 million (USD 0.7 million) in the three months ended March 31, 2022, an increase from INR 14.0 million (USD 0.2 million) in the three months ended March 31, 2021.

On a sequential basis, Other Services increased by INR 7.7 million (USD 0.1 million), or 16.3% on a QoQ, compared to Other Services of INR 43.4 million (USD 0.5 million) in the three months ended December 31, 2021, due to increase in freight business revenue.

Adjusted Revenue for this segment increased by 166.0% to INR 55.2 million (USD 0.7 million) in the three months ended March 31, 2022 from INR 20.7 million (USD 0.3 million) in the three months ended March 31, 2021. In the three months ended March 31, 2022, Adjusted Revenue includes the add-back of consumer promotion expenses, which had been reduced from Revenue of INR 4.6 million (USD 0.1 million) against an add-back of INR 6.8 million (USD 0.1 million) in the three months ended March 31, 2021 pursuant to IFRS 15. This increase in Adjusted Revenue is primarily due to an increase in freight business revenue.

(1) See the section titled “Certain Non-IFRS Measures.”

Other Revenue. Our Other Revenue was INR 52.2 million (USD 0.7 million) in the three months ended March 31, 2022, an increase from INR 73.4 million (USD 1.0 million) in the three months ended March 31, 2021.

On a sequential basis, Other Revenue decreased by INR 0.2 million (USD 0.01 million), or 0.4% on a QoQ, compared to Other Revenue of INR 52.5 million (USD 0.7 million) in the three months ended December 31, 2021.

Other Income. Our Other income decreased to INR 25.4 million (USD 0.3 million) in the three months ended March 31, 2022 from INR 56.9 million (USD 0.8 million) in the three months ended March 31, 2021 due to the impact of write back of liabilities no longer required to be paid.

Personnel Expenses. Our personnel expenses increased by 25.6% to INR 254.3 million (USD 3.4 million) in the three months ended March 31, 2022 from INR 202.5 million (USD 2.7 million) in the three months ended March 31, 2021 due to the impact of the addition of personnel in the Yatra Freight business and the gradual reinstatement of salaries for mid and junior level employees to pre-pandemic levels. Excluding employee share-based compensation costs of INR 32.1 million (USD 0.4 million) in the three months ended March 31, 2022, compared to INR 30.4 million (USD 0.4 million) in the three months ended March 31, 2021, personnel expenses increased by 29.4% in the three months ended March 31, 2022.

Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses increased by 4.5% to INR 33.9 million (USD 0.4 million) in the three months ended March 31, 2022 from INR 32.4 million (USD 0.4 million) in the three months ended March 31, 2021. Adding back the expenses for consumer promotions and loyalty program costs, which have been reduced from Revenue per IFRS 15, our marketing spend would have been INR 430.3 million (USD 5.7 million) against INR 452.5 million (USD 6.0 million) in the three months ended March 31, 2021, down by 4.9% on a YoY.

Other Operating Expenses. Other operating expenses increased by 8.2% to INR 274.3 million (USD 3.6 million) in the three months ended March 31, 2022 from INR 253.4 million (USD 3.3 million) in the three months ended March 31, 2021 primarily due to increase in commission, communication, legal and professional charges, repair and maintenance and travelling and conveyance which is partially offset by decrease in provision for doubtful debts and bad debts written-off.

Adjusted EBITDA profit ⁽¹⁾. Due to the foregoing factors, Adjusted EBITDA profit⁽¹⁾ decreased to INR 52.9 million (USD 0.7 million) in the three months ended March 31, 2022 from an Adjusted EBITDA profit⁽¹⁾ of INR 92.1 million (USD 1.2 million) in the three months ended March 31, 2021.

Depreciation and Amortization. Our depreciation and amortization expenses decreased by 76.4% to INR 73.6 million (USD 1.0 million) in the three months ended March 31, 2022 from INR 311.5 million (USD 4.1 million) in the three months ended March 31, 2021 primarily as a result of amortization of intangible assets based on re-assessment of carrying value of the acquired intangible assets in the three months ended March 31, 2021.

Impairment of loan to joint venture. On September 28, 2012, we entered into a joint venture agreement with respect to a company that operates in adventure travel activities. This pertains to the impairment of the outstanding loan amount of INR 72.7 million (USD 1.0 million) to the joint venture (including interest) as at March 31, 2022.

Results from Operations. As a result of the foregoing factors, our Results from Operations were a loss of INR 53.4 million (USD 0.7 million) in the three months ended March 31, 2022. Our loss for the three months ended March 31, 2021 was INR 514.8 million (USD 6.8 million). Excluding the employee share-based compensation costs, impairment of goodwill and impairment of loan to the joint venture, Adjusted Results from Operations⁽¹⁾ would have been a loss of INR 20.7 million (USD 0.3 million) for three months ended March 31, 2022 as compared to a loss of INR 219.4 million (USD 2.9 million) for three months ended March 31, 2021.

(1) See the section titled “Certain Non-IFRS Measures.”

Share of Loss of Joint Venture. Loss for the three months ended March 31, 2022 amounting to INR nil compared to loss of INR 0.8 million (USD 0.01 million) in the three months ended March 31, 2021. During the three months ended December 31, 2021, the Company recorded an income of INR 43.7 million (USD 0.58 million) on account of reversal of liability pertaining to obligation arising due to contribution towards losses of the joint venture that operates in adventure travel activities since the Company has the right to off-set such liability against loans and advances made to the joint venture.

Finance Income. Our finance income decreased to INR 4.9 million (USD 0.1 million) in the three months ended March 31, 2022 from INR 14.1 million (USD 0.2 million) in the three months ended March 31, 2021. The decrease was primarily due to a decrease in the interest income earned from our bank deposits.

Finance Costs. Our finance costs of INR 29.4 million (USD 0.4 million) in the three months ended March 31, 2022 which includes interest on the lease liability of INR 9.8 million (USD 0.1 million) increased by INR 10.8 million (USD 0.1 million) from finance cost of INR 18.6 million (USD 0.2 million) in the three months ended March 31, 2021, which includes interest on the lease liability of INR 17.4 million (USD 0.2 million). The increase was on account of an increase in the borrowings.

Listing and related expenses. Listing and related expenses relate to the expenses incurred in connection with the Indian IPO. During the three month ended March 31, 2022, the Company has incurred INR 49.3 million (USD 0.6 million) out of which INR 33.9 million (USD 0.4 million) is charged to the profit and loss.

Change in fair value of warrants. The change in the fair market value of warrants resulted in a gain of INR nil during the three months ended March 31, 2022 as compared to a loss of INR 5.3 million (USD 0.1 million) in the three months ended March 31, 2021.

Income Tax Expense. Our income tax expense during the three months ended March 31, 2022 was INR 5.4 million (USD 0.1 million) compared to INR 72.6 million (USD 1.0 million) during the three months ended March 31, 2021.

Loss for the Period. As a result of the foregoing factors, our loss in the three months ended March 31, 2022 was INR 117.2 million (USD 1.5 million) as compared to a loss of INR 597.9 million (USD 7.9 million) in the three months ended March 31, 2021. Excluding the employee share based compensation costs, impairment of goodwill, impairment of loan to joint venture, listing and related expenses and net change in fair value of warrants, the Adjusted Loss⁽¹⁾ would have been INR 50.6 million (USD 0.7 million) for the three months ended March 31, 2022 and INR 297.3 million (USD 3.9 million) for the three months ended March 31, 2021.

Basic Loss per Share. Basic Loss per share was INR 1.86 (USD 0.02) in the three months ended March 31, 2022 as compared to Basic Loss per share of INR 9.59 (USD 0.13) in the three months ended March 31, 2021. After excluding the employee share-based compensation costs, impairment of loan to joint venture, impairment of goodwill, listing and related expenses and net change in fair value of warrants Adjusted Basic Loss per Share⁽¹⁾ would have been INR 0.80 (USD 0.01) in the three months ended March 31, 2022, as compared to Adjusted Basic Loss INR 4.76 (USD 0.06) in the three months ended March 31, 2021.

Diluted Loss per Share. Diluted Loss per share was INR 1.86 (USD 0.02) in the three months ended March 31, 2022 as compared to Diluted Loss per share of INR 9.61 (USD 0.13) in the three months ended March 31, 2021. After excluding the employee share-based compensation costs, impairment of loan to joint venture, impairment of goodwill, listing and related expenses and net change in fair value of warrants, Adjusted Diluted Loss per Share⁽¹⁾ would have been INR 0. 80 (USD 0.01) in the three months ended March 31, 2022 as compared to Adjusted Diluted Loss INR 4.78 (USD 0.06) in the three months ended March 31, 2021.

Liquidity. As of March 31, 2022 , the balance of cash and cash equivalents and term deposits on our balance sheet was INR 1,368.5 million (USD 18.0 million). The decrease in cash balance from the sequential quarter is primarily on account of increase in working capital deployment due to the recovery of the corporate travel business.

(1) See the section titled “Certain Non-IFRS Measures.”

Results of Year ended March 31, 2022 Compared to Year Ended March 31, 2021

Revenue. We generated revenue of INR 1,989.4 million (USD 26.2 million) in the year ended March 31, 2022, an increase of 56.5% compared with INR 1,271.3 million (USD 16.8 million) in year ended March 31, 2021. The increase in Revenue was primarily due to recovery in domestic travel demand relative to the year ended March 31, 2021.

Service Cost. Our service cost increased to INR 159.3 million (USD 2.1 million) in the year ended March 31, 2022 from INR 22.3 million (USD 0.3 million) in the year ended March 31, 2021 primarily due to increased sales of holiday packages on account of strong recovery in domestic travel demand in India during the fiscal year ended March 31, 2022.

Adjusted Revenue⁽¹⁾ Our Adjusted Revenue increased by 50.7% to INR 3,302.4 million (USD 43.5 million) in the year ended March 31, 2022 from INR 2,190.6 million (USD 28.9 million) in the year ended March 31, 2021. In the year ended March 31, 2022, Adjusted Revenue includes the add-back of INR 1,313.6 million (USD 17.3 million) compared to an add-back of INR 809.6 million (USD 10.7 million) in the year ended March 31, 2021, of expenses in the nature of consumer promotion and certain loyalty program costs reduced from revenue. These expenses have been added back to calculate Adjusted Revenue, with the accompanying increase in marketing and sales promotions expenses, to more accurately reflect the way we view our ongoing business. Under IFRS 15, these expenses are required to be reduced from revenue, an IFRS measure. The increase in Adjusted Revenue resulted mainly from an increase of 48.6% in our Adjusted Revenue from Air Ticketing along with an increase of 70.9% in our Adjusted Revenue from Hotels and Packages, an increase of 242.3% in Other Services and an increase of 8.2% Others (including Other Income) which primarily consists of advertisement income, facilitation fees and excess provision written back.

The following table reconciles our Revenue (an IFRS measure) to Adjusted Revenue (a non-IFRS measure), For further details, see section below titled “Certain Non-IFRS Measures.”

	Air Ticketing				Hotels and Packages						Other Services				Others				Total
	Year ended March 31,
Amount in INR thousands	2021		2022		2021			2022			2021		2022		2021		2022		2021			2022
Revenue		893,039		1,150,474		173,397			520,740			31,426		146,178		173,406		171,984		1,271,268			1,989,376
Add: Customer promotional expenses		594,426		1,060,600		199,409			237,695			15,751		15,326		-		-		809,586			1,313,621
Service cost		-		-		(22,276	)		(159,284	)						-		-		(22,276	)		(159,284	)
Other income		-		-		-			-							-		-		132,045			158,648
Adjusted Revenue		1,487,465		2,211,074		350,530			599,151			47,177		161,504		173,406		171,984		2,190,623			3,302,361

Air Ticketing. Revenue from our Air Ticketing business was INR 1,150.5 million (USD 15.2 million) in the year ended March 31, 2022 against INR 893.0 million (USD 11.8 million) in the year ended March 31, 2021.

Adjusted Revenue ⁽¹⁾ from our Air Ticketing business increased to INR 2,211.1 million (USD 29.1 million) in the year ended March 31, 2022 against INR 1,487.5 million (USD 19.6 million) in the year ended March 31, 2021. In the year ended March 31, 2022 , Adjusted Revenue ⁽¹⁾ for Air Ticketing includes the addition of INR 1,060.6 million (USD 14.0 million) in the year ended March 31, 2022 against INR 594.4 million (USD 7.8 million) in the year ended March 31, 2021 of consumer promotion and loyalty program costs, which reduced revenue as per IFRS 15. The increase is due to a continued recovery in domestic travel demand in the fiscal year ended March 31, 2022.

Hotels and Packages. Revenue from our Hotels and Packages business was INR 520.7 million (USD 6.9 million) in the year ended March 31, 2022 against INR 173.4 million (USD 2.3 million) in the year ended March 31, 2021.

Adjusted Revenue ⁽¹⁾ for this segment increased by 70.9% to INR 599.2 million (USD 7.9 million) in the year ended March 31, 2022 from INR 350.5 million (USD 4.6 million) in the year ended March 31, 2021. In the year ended March 31, 2022, Adjusted Revenue ⁽¹⁾ for Hotels & Packages includes the add-back of INR 237.7 million (USD 3.1 million) against INR 199.4 million (USD 2.6 million) in the year ended March 31, 2021, of customer promotional expenses, which had been reduced from revenue as per IFRS 15. The increase in adjusted Revenue from Hotels and Packages is due to recovery in domestic travel demand relative to the fiscal year ended March 31, 2022.

Other Services. Our income from Other Services was INR 146.2 million (USD 1.9 million) in the year ended March 31, 2022, an increase from INR 31.4 million (USD 0.4 million) in the year ended March 31, 2021.

Adjusted Revenue for this segment increased by 242.3% to INR 161.5 million (USD 2.1 million) in the year ended March 31, 2022 from INR 47.2 million (USD 0.6 million) in the year ended March 31, 2021. In the year ended March 31, 2021, Adjusted Revenue includes add-back of INR 15.3 million (USD 0.2 million) in the year ended March 31, 2022 against INR 15.8 million (USD 0.2 million) in the year ended March 31, 2021 of consumer promotion expenses, which had been reduced from revenue as per IFRS 15. This increase in Adjusted Revenue is primarily due to increase in freight business revenue.

Other Revenue. Our Other Revenue was INR 172.0 million (USD 2.3 million) in the year months ended March 31, 2022, a decrease from INR 173.4 million (USD 2.3 million) in the year months ended March 31, 2021.

Other Income. Our other income increased to INR 158.6 million (USD 2.1 million) in the year ended March 31, 2022 from INR 132.0 million (USD 1.7 million) in the year ended March 31, 2021 due to the impact of write back of liabilities offset.

Personnel Expenses. Our personnel expenses increased by 31.2% to INR 1,021.9 million (USD 13.5 million) in the year ended March 31, 2022 from INR 778.9 million (USD 10.3 million) in the year ended March 31, 2021. This increase was due to the impact of the addition of personnel in the Yatra Freight business and the gradual reinstatement of salaries for mid and junior level employees to pre-pandemic levels. Excluding employee share-based compensation costs of INR 209.5 million (USD 2.8 million) in the year ended March 31, 2022 from INR 77.1 million (USD 1.0 million) in the year ended March 31, 2021, personnel expenses increased by 15.7% in the year ended March 31, 2022.

Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses increased by 56.0% to INR 124.1 million (USD 1.6 million) in the year ended March 31, 2022 from INR 79.6 million (USD 1.0 million) in the year ended March 31, 2021. Adding back the expenses for consumer promotions and loyalty program costs, which have been reduced from revenue per IFRS 15, our marketing spend would have been INR 1,437.8 million (USD 19.0 million) against INR 889.2 million (USD 11.7 million) in the year ended March 31, 2021, 61.7% an increase year-over-year.

Other Operating Expenses. Other operating expenses decreased by 8.7% to INR 893.3 million (USD 11.8 million) in the year ended March 31, 2022 from INR 978.3 million (USD 12.9 million) in the year ended March 31, 2021 primarily due to decrease in legal and professional charges, bad debts written off and provision for doubtful debts which is partially offset by and commission, payment gateway charge, travelling and conveyance charges, communication and insurance.

Adjusted EBITDA Profit/loss⁽¹⁾. Due to the forgoing factors, Adjusted EBITDA profit⁽¹⁾ increased by 142.0% to INR 159.0 million (USD 2.1 million) in the year ended March 31, 2022 from Adjusted EBITDA loss⁽¹⁾ of INR (378.7 million) (USD 5.0 million) in the year ended March 31, 2021.

Depreciation and Amortization. Our depreciation and amortization expenses decreased by 58.9% to INR 308.2 million (USD 4.1 million) in the year ended March 31, 2022 from INR 749.5 million (USD 9.9 million) in the year ended March 31, 2021 primarily as a result of amortization of intangible assets based on re-assessment of carrying value of the acquired intangible assets in the three months ended March 31, 2021.

Impairment of goodwill. Our goodwill impairment charge was INR 264.9 million (USD 3.5 million) in the year ended March 31, 2021. As a result of the significant negative impact related to the COVID-19 pandemic on the travel industry, we concluded that sufficient indicators existed to require us to perform a quantitative assessment of goodwill and, following that assessment, we recorded an impairment charge of our goodwill.

Results from Operations. As a result of the foregoing factors, our result from operating activities was a loss of INR 431.5 million (USD 5.7 million) in the year ended March 31, 2022. Our loss for the year ended March 31, 2021 was INR 1,470.2 million (USD 19.4 million). Excluding the employee share-based compensation costs, impairment of goodwill and impairment of loan to joint venture, Adjusted Results from Operations⁽¹⁾ would have been loss of INR 149.2 million (USD 2.0 million) for year ended March 31, 2022 as compared to loss of INR 1,128.2 million (USD 14.9 million) for year ended March 31, 2021.

Share of Loss of Joint Venture. This amount pertains to a reversal of the cumulative loss contribution relating to a joint venture investment that operates in adventure travel activities and represents a true-up of provision created by the Company as per the joint venture agreement post impairment of a loan to the joint venture. During the three months ended December 31, 2021, we have reversed the liability on account of obligation arising due to contribution towards losses of the joint venture. Our gain from this joint venture is INR 41.6 million (USD 0.5 million) in the year ended March 31, 2022 compared to a loss of INR 4.0 million (USD 0.1 million) in the year ended March 31, 2021.

Finance Income. Our finance income decreased to INR 47.8 million (USD 0.6 million) in the year ended March 31, 2022 from INR 81.6 million (USD 1.1 million) in the year ended March 31, 2021. The decrease was primarily due to a decrease in the interest income from our bank deposits which is partially offset by foreign exchange gain.

Finance Costs. Our finance costs decreased to INR 100.5 million (USD 1.3 million) includes interest on the lease liability of INR 43.9 million (USD 0.6 million) in the year ended March 31, 2022 as compared to INR 117.3 million (USD 1.5 million) includes interest on the lease liability of INR 72.0 million (USD 0.9 million) in the year ended March 31, 2021. The decrease was due to decrease in interest on lease liability which is partially offset by increase in interest on borrowings.

Listing and related expenses. Listing and related expenses relate to the expenses incurred in connection with the Indian IPO. During the year ended March 31, 2022, the Company has incurred INR 85.8 million (USD 1.1 million) out of which INR 55.8 million (USD 0.7 million) is charged to the profit and loss.

Change in fair value of warrants. The change in the fair market value of warrants resulted in a gain of INR 32.8 million (USD 0.4 million) during the year ended March 31, 2022, compared to a gain of INR 379.0 million (USD 5.0 million) during the year ended March 31, 2021.

Income Tax Expense. Our income tax expense during the year ended March 31, 2022 was INR 16.9 million (USD 0.2 million) compared to an expense of INR 64.1 million (USD 0.8 million) during the year ended March 31, 2021.

Loss for the Period. As a result of the foregoing factors, our loss in the year ended March 31, 2022 was INR 482.5 million (USD 6.4 million) as compared to a loss of INR 1,194.9 million (USD 15.7 million) in the year ended March 31, 2021. Excluding the employee share-based compensation costs, impairment of loan to joint venture, impairment of goodwill, listing and related expenses and net change in fair value of warrants, the Adjusted Loss⁽¹⁾ would have been INR 177.1 million (USD 2.3 million) for year ended March 31, 2022 and INR 1,231.9 million (USD 16.2 million) for year ended March 31, 2021.

Basic Loss per Share. Basic loss per share was INR 7.66 (USD 0.10) in the year ended March 31, 2022 as compared to basic loss per share of INR 20.38 (USD 0.27) in the year ended March 31, 2021. After excluding the employee share-based compensation costs, impairment of loan to joint venture, impairment of goodwill, listing and related expenses and net change in fair value of warrants, Adjusted Basic Loss per Share⁽¹⁾ would have been INR 2.84 (USD 0.04) in the year ended March 31, 2022, as compared to Adjusted Basic loss INR 21.10 (USD 0.28) in the year ended March 31, 2021.

Diluted Loss per Share. Diluted loss per share was INR 7.66 (USD 0.10) in the year ended March 31, 2022 as compared to Diluted loss per share of INR 20.42 (USD 0.27) in the year ended March 31, 2021. After excluding the employee share-based compensation costs, impairment of loan to joint venture, impairment of goodwill, listing and related expenses and net change in fair value of warrants, Adjusted Diluted Loss per Share⁽¹⁾ would have been INR 2. 84 (USD 0.04) in the year ended March 31, 2022 as compared to Adjusted Diluted loss INR 21.05 (USD 0.28) in the year ended March 31, 2021.

Conference Call

The Company will host a conference call to discuss its unaudited results for the three months and year ended March 31, 2022 beginning at 9:00 AM Eastern Daylight Time (or 6:30 PM India Standard Time) on June 3, 2022. Dial in details for the conference call is as follows: US/International dial-in number: +1 856-344-9221. Confirmation Code: 5648899 (Callers should dial in 5-10 minutes prior to the start time and provide the operator with the Confirmation Code).

Certain Non-IFRS Measures

As certain parts of our Revenue are recognized on a “net” basis and other parts of our Revenue are recognized on a “gross” basis, we evaluate our financial performance based on Adjusted Revenue, which is a non-IFRS measure.

We believe that Adjusted Revenue provides investors with useful supplemental information about the financial performance of our business and more accurately reflects the value addition of the travel services that we provide to our customers. The presentation of this non-IFRS information is not meant to be considered in isolation or as a substitute for our unaudited condensed consolidated financial results prepared in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”). Our Adjusted Revenue may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.

In addition to referring to Adjusted Revenue, we also refer to Adjusted EBITDA profit/ (loss), Adjusted Results from Operations, Adjusted Loss for the Period and Adjusted Basic and Adjusted Diluted Loss Per Share which are also non-IFRS measures. For our internal management reporting, budgeting and decision making purposes, including comparing our operating results to that of our competitors, these non-IFRS financial measures exclude employee share-based compensation cost, impairment of goodwill and change in fair value of warrants. Our non-IFRS financial measures reflect adjustments based on the following:

● Employee share-based compensation cost - The compensation cost to be recorded is dependent on varying available valuation methodologies and subjective assumptions that companies can use while valuing these expenses especially when adopting IFRS 2 “Share-based Payment”. Thus, the management believes that providing non-IFRS financial measures that exclude such expenses allows investors to make additional comparisons between our operating results and those of other companies.

(1) See the section titled “Certain Non-IFRS Measures.”

●	Change in fair value of warrants - Consequent to consummation of the business combination, the Company assumed 34.67 million warrants having a right to subscribe for 17.33 million Ordinary Shares and the warrants issued to Macquarie Corporate Holdings PTY Limited. The accounting guidance requires that we record any change in the fair value of these warrants in consolidated statement of profit or loss and other comprehensive loss. We have excluded the effect of the implied fair value changes in calculating our non-IFRS financial measures.
	On December 16, 2021, at 5:00 p.m., New York time, outstanding warrants (the “Warrants”) to purchase an aggregate of 17,337,500 of our ordinary shares expiredby their original terms.
●	Impairment of loan to joint venture - The impairment cost to be recorded is dependent on varying available valuation methodologies and subjective assumptions that companies can use while valuing the fair value of the assets on the balance sheet date. Thus, the management believes that providing non-IFRS financial measures that exclude such expenses allows investors to make additional comparisons between our operating results and those of other companies.
●	Listing and related expenses - These primarily reflect the non-recurring expenses incurred on the IPO process of Yatra Online Limited.
●	Impairment of goodwill: The impairment cost to be recorded is dependent on varying available valuation methodologies and subjective assumptions that companies can use while valuing the fair value of the assets on the balance sheet date. Thus, the management believes that providing non-IFRS financial measures that exclude such expenses allows investors to make additional comparisons between our operating results and those of other companies.

We evaluate the performance of our business after excluding the impact of the above measures and believe it is useful to understand the effects of these items on our results from operations, Profit for the period and Basic and Diluted Loss Per Share. The presentation of these non-IFRS measures is not meant to be considered in isolation or as a substitute for our unaudited condensed consolidated financial results prepared in accordance with IFRS as issued by the IASB. These non-IFRS measures may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.

A limitation of using Adjusted EBITDA profit / (loss), Adjusted Results from Operations, Adjusted Loss for the period and Adjusted Basic and Adjusted Diluted Loss Per Share as against using the measures in accordance with IFRS as issued by the IASB are that these non-IFRS financial measures exclude share-based compensation cost, impairment of goodwill, change in fair value of warrants and depreciation and amortization in case of Adjusted EBITDA profit / (loss). Management compensates for this limitation by providing specific information on the IFRS amounts excluded from Adjusted EBITDA profit /(loss), Adjusted Results from Operations, Adjusted Loss for the Period and Adjusted Basic and Adjusted Diluted Loss Per Share.

The following table reconciles our Profits/ (Losses) for the periods (an IFRS measure) to Adjusted EBITDA (a non-IFRS measure) for the periods indicated:

Reconciliation of Adjusted EBITDA Profit/ (Loss) (unaudited)	Three months ended						Year ended
Amount in INR thousands	March 31, 2021			March 31, 2022			March 31, 2021			March 31, 2022
Loss for the period as per IFRS		(597,887	)		(117,186	)		(1,194,878	)		(482,462	)
Employee share-based compensation costs		30,420			31,641			77,100			209,558
Depreciation and amortization		311,525			73,631			749,480			308,153
Impairment of loan to joint venture		-			1,000			-			72,719
Impairment of goodwill		264,909			-			264,909			-
Share of loss of joint venture		756			-			3,962			(41,616	)
Finance income		(14,126	)		(4,895	)		(81,604	)		(47,816	)
Finance costs		18,589			29,441			117,252			100,453
Change in fair value of warrants		5,284			-			(378,994	)		(32,756	)
Listing and related expenses		-			33,913			-			55,818
Tax expense		72,627			5,352			64,096			16,906
Adjusted EBITDA Profit/ (Loss)		92,097			52,897			(378,677	)		158,957

The following table reconciles our Results from Operations (an IFRS measure) to Adjusted Results from Operations (a non-IFRS measure) for the periods indicated:

Reconciliation of Adjusted Results from Operations (unaudited)	Three months ended						Year ended
Amount in INR thousands	March 31, 2021			March 31, 2022			March 31, 2021			March 31, 2022
Results from operations (as per IFRS)		(514,757	)		(53,375	)		(1,470,166	)		(431,473	)
Employee share-based compensation costs		30,420			31,641			77,100			209,558
Impairment of goodwill		264,909			-			264,909			-
Impairment of loan to joint venture		-			1,000			-			72,719
Adjusted Results from Operations		(219,428	)		(20,734	)		(1,128,157	)		(149,196	)

The following table reconciles Loss for the periods (an IFRS measure) to Adjusted Loss (a non-IFRS measure) for the periods indicated:

Reconciliation of Adjusted Loss (unaudited)	Three months ended						Year ended
Amount in INR thousands	March 31, 2021			March 31, 2022			March 31, 2021			March 31, 2022
Loss for the period (as per IFRS)		(597,887	)		(117,186	)		(1,194,878	)		(482,462	)
Employee share-based compensation costs		30,420			31,641			77,100			209,558
Change in fair value of warrants		5,284			-			(378,994	)		(32,756	)
Impairment of goodwill		264,909			-			264,909			-
Impairment of loan to joint venture		-			1,000			-			72,719
Listing and related expenses		-			33,913			-			55,818
Adjusted Loss for the Period		(297,274	)		(50,632	)		(1,231,863	)		(177,123	)

The following tables reconcile Basic and Diluted Loss per share (an IFRS measure) to Adjusted Basic and Adjusted Diluted loss per share (a non-IFRS measure) for the periods indicated:

	Three months ended						Year ended
Reconciliation of Adjusted Basic Loss (Per Share) (unaudited)	March 31, 2021			March 31, 2022			March 31, 2021			March 31, 2022
Basic loss per share (as per IFRS)		(9.59	)		(1.86	)		(20.38	)		(7.66	)
Employee share-based compensation costs		0.49			0.50			1.32			3.32
Change in fair value of warrants		0.09			-			(6.56	)		(0.53	)
Impairment of goodwill		4.25			-			4.52			-
Impairment of loan to joint venture		-			0.02			-			1.15
Listing and related expenses		-			0.54			-			0.88
Adjusted Basic Loss Per Share		(4.76	)		(0.80	)		(21.10	)		(2.84	)

	Three months ended						Year ended
Reconciliation of Adjusted Diluted Loss (Per Share) (unaudited)	March 31, 2021			March 31, 2022			March 31, 2021			March 31, 2022
Diluted loss per share (as per IFRS)		(9.61	)		(1.86	)		(20.42	)		(7.66	)
Employee share-based compensation costs		0.49			0.50			1.32			3.32
Change in fair value of warrants		0.08			-			(6.48	)		(0.53	)
Impairment of goodwill		4.26			-			4.53			-
Impairment of loan to Joint venture		-			0.02			-			1.15
Listing and related expenses		-			0.54			-			0.88
Adjusted Diluted Loss Per Share		(4.78	)		(0.80	)		(21.05	)		(2.84	)

The following table reconciles our Revenue (an IFRS measure), to Adjusted Revenue (a non-IFRS measure):

Reconciliation of Revenue (an IFRS measure) to Adjusted Revenue (a non-IFRS measure)

	Air Ticketing				Hotels and Packages						Other Services				Others				Total
	Three months ended March 31,
Amount in INR thousands (Unaudited)	2021		2022		2021			2022			2021		2022		2021		2022		2021			2022
Revenue		336,485		321,615		82,985			180,521			13,955		50,515		73,437		52,241		506,862			604,892
Add: Customer promotional expenses		299,060		345,867		114,263			45,902			6,778		4,635		-				420,101			396,404
Service cost		-		-		(13,802	)		(46,659	)						-		-		(13,802	)		(46,659	)
Other income		-		-		-			-							-		-		56,904			25,405
Adjusted Revenue		635,545		667,482		183,446			179,764			20,733		55,150		73,437		52,241		970,065			980,042

	Air Ticketing				Hotels and Packages						Other Services				Others				Total
	Year ended March 31,
Amount in INR thousands	2021		2022		2021			2022			2021		2022		2021		2022		2021			2022
Revenue		893,039		1,150,474		173,397			520,740			31,426		146,178		173,406		171,984		1,271,268			1,989,376
Add: Customer promotional expenses		594,426		1,060,600		199,409			237,695			15,751		15,326		-		-		809,586			1,313,621
Service cost		-		-		(22,276	)		(159,284	)						-		-		(22,276	)		(159,284	)
Other income		-		-		-			-							-		-		132,045			158,648
Adjusted Revenue		1,487,465		2,211,074		350,530			599,151			47,177		161,504		173,406		171,984		2,190,623			3,302,361

	Air Ticketing		Hotels and Packages			Other Services		Others		Total
	Three months ended December 31,
Amount in INR thousands (Unaudited)	2021		2021			2021		2021		2021
Revenue		324,041		207,146			43,436		52,474		627,097
Add: Customer promotional expenses		402,421		83,406			4,011		-		489,838
Service cost		-		(79,789	)				-		(79,789	)
Other income		-		-					-		7,802
Adjusted Revenue		726,462		210,763			47,447		52,474		1,044,948

Safe Harbor Statement

This earnings release contains certain statements concerning the Company’s future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company’s current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,” “project,” “seek,” “should” similar expressions and the negative forms of such expressions. Such statements include, among other things, management’s beliefs as well as our strategic and operational plans. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, Yatra India’s ability to consummate the Indian IPO, the outcome of any legal proceedings that may be initiated against us and others, in connection with the termination of the pending merger agreement between us and Ebix; the impact of the COVID-19 pandemic; our ability to generate positive cash flow and the sufficiency of our operating cash flow to meet our liquidity needs; our future financial performance, including our Revenue, cost of Revenue, operating expenses and our ability to achieve and maintain profitability; the impact of increasing competition in the Indian travel industry and our expectations regarding the development of our industry and the competitive environment in which we operate; the slowdown in Indian economic growth and other declines or disruptions in the Indian economy in general and travel industry in particular, including disruptions caused by safety concerns, terrorist attacks, regional conflicts (including the ongoing conflict between Ukraine and Russia), pandemics and natural calamities, our ability to successfully negotiate our contracts with airline suppliers and global distribution system service providers and mitigate any negative impacts on our Revenue that result from reduced commissions, incentive payments and fees we receive; the risk that airline suppliers (including our GDS service providers) may reduce or eliminate the commission and other fees they pay to us for the sale of air tickets; our ability to pursue strategic partnerships and the risks associated with our business partners; the potential impact of recent developments in the Indian travel industry on our profitability and financial condition; political and economic stability in and around India and other key travel destinations; our ability to maintain and increase our brand awareness; our ability to realize the anticipated benefits of any past or future acquisitions; our ability to successfully implement our growth strategy; our ability to attract, train and retain executives and other qualified employees, including suitable replacements for any members of our senior management team or other employees who may seek other employment opportunities as a result of the certain cost reduction initiatives that we have taken in response to the COVID-19 pandemic; and our ability to successfully implement any new business initiatives. These and other factors are discussed in our reports filed with the U.S. Securities and Exchange Commission. All information provided in this earnings release is provided as of the date of issuance of this earnings release, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Yatra Online, Inc.

Yatra Online, Inc. is the ultimate parent company of Yatra Online Limited (Formerly known as Yatra Online Private Limited) whose corporate office is based in Gurugram, India and is India’s leading corporate travel services provider with approximately 700 large corporate customers and one of India’s leading online travel companies and operates the website https://www.yatra.com/. The company provides information, pricing, availability, and booking facility for domestic and international air travel, domestic and international hotel bookings, holiday packages, buses, trains, in city activities, inter-city and point-to-point cabs, homestays and cruises. With approximately 93,500 hotels and homestays contracted in approximately 1,400 cities across India as well as approximately 2 million hotels around the world, the company is India’s largest platform for domestic hotels. The company recently launched a freight forwarding business called Yatra Freight to further expand its corporate service offerings. 

For more information, please contact:

Manish Hemrajani

Yatra Online, Inc.

VP, Head of Corporate Development and Investor Relations

ir@yatra.com

Yatra Online, Inc.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE LOSS FOR THREE MONTHS AND YEAR ENDED MARCH 31, 2022

(Amount in thousands, except per share data and number of shares)

	Three months ended March 31,									Year ended March 31,
	2021			2022						2021			2022
	INR			INR			USD			INR			INR			USD
	Unaudited			Unaudited			Unaudited			Audited			Unaudited			Unaudited
Revenue
Rendering of services		433,425			552,651			7,284			1,097,862			1,817,392			23,954
Other revenue		73,437			52,241			689			173,406			171,984			2,267
Total revenue		506,862			604,892			7,973			1,271,268			1,989,376			26,221
Other income		56,904			25,405			335			132,045			158,648			2,091
Service cost		13,802			46,659			615			22,276			159,284			2,099
Personnel expenses		202,508			254,266			3,351			778,915			1,021,881			13,469
Marketing and sales promotion expenses		32,386			33,856			446			79,584			124,147			1,636
Other operating expenses		253,393			274,260			3,615			978,315			893,313			11,774
Depreciation and amortization		311,525			73,631			970			749,480			308,153			4,062
Impairment of goodwill		264,909			-			-			264,909			-			-
Impairment of loan to Joint venture		-			1,000			13			-			72,719			958
Results from operations		(514,757	)		(53,375	)		(702	)		(1,470,166	)		(431,473	)		(5,686	)
Share of loss of joint venture		(756	)		-			-			(3,962	)		41,616			549
Finance income		14,126			4,895			65			81,604			47,816			630
Finance costs		(18,589	)		(29,441	)		(388	)		(117,252	)		(100,453	)		(1,324	)
Listing and related expenses		-			(33,913	)		(447	)		-			(55,818	)		(736	)
Change in fair value of warrants - (loss)/gain		(5,284	)		-			-			378,994			32,756			432
Loss before taxes		(525,260	)		(111,834	)		(1,472	)		(1,130,782	)		(465,556	)		(6,135	)
Tax expense		(72,627	)		(5,352	)		(71	)		(64,096	)		(16,906	)		(223	)
Loss for the period		(597,887	)		(117,186	)		(1,543	)		(1,194,878	)		(482,462	)		(6,358	)
Other comprehensive income/ (loss)
Items not to be reclassified to profit or loss in subsequent periods (net of taxes)
Remeasurement gain on defined benefit plan		1,820			(3,113	)		(42	)		2,224			(247	)		(2	)
Items that are or may be reclassified subsequently to profit or loss (net of taxes)
Foreign currency translation differences (loss)/gain		1,230			(4,679	)		(63	)		(4,552	)		(5,640	)		(73	)
Other comprehensive income / (loss) for the period, net of tax		3,050			(7,792	)		(105	)		(2,328	)		(5,887	)		(75	)
Total comprehensive loss for the period, net of tax		(594,837	)		(124,978	)		(1,648	)		(1,197,206	)		(488,349	)		(6,433	)
Loss attributable to :
Owners of the Parent Company		(589,994	)		(116,018	)		(1,528	)		(1,177,343	)		(477,850	)		(6,297	)
Non-Controlling interest		(7,893	)		(1,168	)		(15	)		(17,535	)		(4,612	)		(61	)
Loss for the period		(597,887	)		(117,186	)		(1,543	)		(1,194,878	)		(482,462	)		(6,358	)
Total comprehensive loss attributable to :
Owners of the Parent Company		(586,971	)		(123,768	)		(1,632	)		(1,179,702	)		(483,733	)		(6,372	)
Non-Controlling interest		(7,866	)		(1,210	)		(16	)		(17,504	)		(4,616	)		(61	)
Total comprehensive loss for the period		(594,837	)		(124,978	)		(1,648	)		(1,197,206	)		(488,349	)		(6,433	)
Loss per share
Basic		(9.59)			(1.86)			(0.02)			(20.38	)		(7.66	)		(0.10	)
Diluted		(9.61)			(1.86)			(0.02)			(20.42	)		(7.66	)		(0.10	)
Weighted average no. of shares
Basic		61,493,137			62,527,920			62,527,920			57,771,701			62,352,494			62,352,494
Diluted		62,235,539			62,527,920			62,527,920			58,514,103			62,352,494			62,352,494

Yatra Online, Inc.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2022

(Amounts in thousands, except per share data and number of shares)

	March 31, 2021			March 31, 2022			March 31, 2022
	INR			INR			USD
	Audited			Unaudited
Assets
Non-current assets
Property, plant and equipment		24,345			21,997			290
Right-of-use assets		449,840			229,710			3,028
Intangible assets and goodwill		890,037			752,260			9,915
Prepayments and other assets		4,206			922			12
Other financial assets		23,838			48,320			637
Term deposits		21,346			-			-
Other non financial assets		223,618			216,231			2,850
Deferred tax asset		15,398			9,996			132
Total non-current assets		1,652,628			1,279,436			16,864
Current assets
Inventories		1,480			235			3
Trade and other receivables		870,452			1,934,713			25,500
Prepayments and other assets		616,393			607,731			8,010
Income tax recoverable		249,332			205,557			2,709
Other financial assets		114,634			68,356			901
Term deposits		530,783			568,264			7,490
Cash and cash equivalents		1,711,589			800,282			10,548
Total current assets		4,094,663			4,185,138			55,161
Total assets		5,747,291			5,464,574			72,025
Equity and liabilities
Equity
Share capital		838			842			11
Share premium		20,240,055			20,286,474			267,385
Treasury shares		(11,219	)		(11,219	)		(148	)
Other capital reserve		122,109			263,531			3,473
Accumulated deficit		(19,167,316	)		(19,617,091	)		(258,562	)
Foreign currency translation reserve		(26,639	)		(32,279	)		(425	)
Total equity attributable to equity holders of the Company		1,157,828			890,258			11,734
Total Non-controlling interest		5,247			1,983			26
Total equity		1,163,075			892,241			11,760
Non-current liabilities
Borrowings		3,177			4,204			55
Trade and other payables		34,938			42,605			562
Deferred tax liability		14,413			11,513			152
Employee benefits		52,137			38,791			511
Deferred revenue		266,920			64,965			856
Lease liability		427,786			230,668			3,040
Other financial liabilities		270,280			-			-
Other non-financial liability		44,453			-			-
Total non-current liabilities		1,114,104			392,746			5,176
Current liabilities
Borrowings		127,878			354,376			4,671
Trade and other payables		2,215,425			2,394,712			31,563
Employee benefits		54,760			64,162			846
Deferred revenue		120,129			183,212			2,415
Income taxes payable		263			4,052			53
Lease liability		75,182			38,991			514
Other financial liabilities		94,185			429,457			5,660
Other current liabilities		782,290			710,625			9,367
Total current liabilities		3,470,112			4,179,587			55,089
Total liabilities		4,584,216			4,572,333			60,265
Total equity and liabilities		5,747,291			5,464,574			72,025

Yatra Online, Inc.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR YEAR ENDED MARCH 31, 2022

(Amount in INR thousands, except per share data and number of shares)

	Attributable to shareholders of the Parent Company
	Equity share capital		Equity share premium		Treasury shares			Accumulated deficit			Other capital reserve			Foreign currency translation reserve			Total			Non controlling interest			Total Equity
Balance as at April 1, 2021		838		20,240,055		(11,219	)		(19,167,316	)		122,109			(26,639	)		1,157,828			5,247			1,163,075
Loss for the period									(477,850	)								(477,850	)		(4,612	)		(482,462	)
Other comprehensive loss
Foreign currency translation differences									-						(5,640	)		(5,640	)		-			(5,640	)
Re-measurement gain on defined benefit plan									(243	)					-			(243	)		(4	)		(247	)
Total other comprehensive loss		-		-		-			(243	)		-			(5,640	)		(5,883	)		(4	)		(5,887	)
Total comprehensive loss		-		-		-			(478,093	)		-			(5,640	)		(483,733	)		(4,616	)		(488,349	)
Share based payments		-		-		-			21,712			187,845			-			209,557			-			209,557
Exercise of options		4		46,419		-			-			(46,423	)		-			-			-			-
Change in non-controlling interest		-		-		-			6,606			-			-			6,606			1,352			7,958
Total contribution by owners		4		46,419		-			28,318			141,422			-			216,163			1,352			217,515
Balance as at March 31, 2022		842		20,286,474		(11,219	)		(19,617,091	)		263,531			(32,279	)		890,258			1,983			892,241

Yatra Online, Inc.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR YEAR ENDED MARCH 31, 2022

(Amount in thousands, except per share data and number of shares)

	Year ended March 31,
	2021			2022			2022
	INR			INR			USD
Loss before tax		(1,130,782	)		(465,556	)		(6,135	)
Adjustments for non-cash and non-operating items		795,612			417,178			5,499
Change in working capital*		871,039			(952,243	)		(12,551	)
Direct taxes paid (net of refunds)		229,574			28,418			375
Net cash flows from/(used in) operating activities		765,443			(972,203	)		(12,812	)
Net cash flows from/(used in) investing activities		(230,365	)		(86,536	)		(1,141	)
Net cash flows from financing activities		535,283			135,264			1,783
Net increase/ (decrease) in cash and cash equivalents		1,070,361			(923,475	)		(12,170	)
Cash and cash equivalents at the beginning of the period		646,229			1,711,589			22,558
Effect of exchange differences on cash and cash equivalents		(5,001	)		12,168			160
Cash and cash equivalents at the end of the period		1,711,589			800,282			10,548

*Includes INR 389,617 paid on account of ATB settlement during the year ended March 31, 2021.

Yatra Online, Inc.

OPERATING DATA

The following table sets forth certain selected unaudited condensed consolidated financial and other data for the periods indicated:

	For the three months ended March 31,						For the year ended March 31,
(In thousands except percentages)	2021			2022			2021			2022
Quantitative details *
Air Passengers Booked		1,096			986			2,623			3,564
Stand-alone Hotel Room Nights Booked		294			317			547			1,018
Packages Passengers Travelled		2			4			4			10
Gross Bookings
Air Ticketing		6,493,037			9,439,494			13,001,783			27,648,844
Hotels and Packages		973,522			1,050,215			1,705,600			3,487,276
Other Services		534,543			936,702			1,109,558			3,162,247
Total		8,001,102			11,426,411			15,816,941			34,298,367
Adjusted Revenue
Air Ticketing		635,545			667,482			1,487,465			2,211,074
Hotels and Packages		183,446			179,764			350,530			599,151
Other Services		20,733			55,150			47,177			161,504
Others (Including Other Income)		130,341			77,646			305,451			330,632
Total		970,065			980,042			2,190,623			3,302,361
Net Revenue Margin%**
Air Ticketing		9.8	%		7.1	%		11.4	%		8.0	%
Hotels and Packages		18.8	%		17.1	%		20.6	%		17.2	%
Other Services		3.9	%		5.9	%		4.3	%		5.1	%

* Quantitative details are considered on Gross basis

** Net Revenue Margin is defined as Adjusted Revenue as a percentage of Gross Bookings.