Hello all, and welcome to Yatra Online, Inc. 1Q full year 2024 earnings conference call. My name is Lydia, and I'll be your operator today. If you'd like to ask a question during the call, you can do so by pressing star, followed by the number 1 on your telephone keypad. If you change your mind and wish to withdraw your question, it's star followed by 2. It's my pleasure to now hand you over to your host, Manish Hemrajani, Head of Investor Relations. Please go ahead. Thank you, Lydia. Good morning, everyone. Welcome to Yatra's fiscal first quarter 2024 financial results. We have on the call today Yatra's CEO and Co-founder, Dhruv Shringi, and CFO, Rohan Mittal. Following discussion in response to your questions, management views as of today, October 16, 2023. We don't undertake any obligation to update or revise the information. Before we begin our formal remarks, let me remind you that certain statements made on today's call may constitute forward-looking statements, which are based on management's current expectations and are subject to several risks and uncertainties that could cause actual results to differ materially. For a description of these risks, please refer to our filings with the SEC and our press release filed earlier this morning. These are also available on our investor relations site. With that, let me turn the call over to Dhruv. Dhruv, please go ahead. Thank you, Manish. Good morning to all, and I appreciate your presence on our Q1 earnings call for fiscal 2024. I'm delighted to announce a significant milestone for Yatra Online Limited. We successfully concluded our Indian IPO of INR 7.75 billion, which is approximately $93 million, and proudly made our debut on the Indian stock exchanges on the 28th of September. This achievement holds special significance for all of us at Yatra. The funds generated from the IPO are earmarked for strategic investments, acquisitions, inorganic growth, technology advancement, bolstering customer acquisition and retention, and other initiatives pivotal to our organic growth and corporate endeavors. Furthermore, Yatra Online, Inc. also benefited from an additional capital of approximately $21 million, as the selling shareholder, THCL, which is a wholly owned subsidiary of Yatra Online, Inc., right, sold these many shares in the open market. The capital not only enables us to settle the MAK debt, but also provides us the flexibility to potentially allocate a part of the residual funds for future Yatra share buybacks. The recent IPO, in tandem with these developments, offers us strategic leverage, enhancing our market visibility, diversifying our shareholder base, and consequently strengthening the Yatra brand. The IPO was based on a pre-money valuation of INR 16 billion, which is approximately $193 million, which equates to, again, approximately $3.03 per YTRA share that trades on Nasdaq. This is based on a share count of 63.6 million shares outstanding currently. The current market cap of the India entity is approximately INR 23.15 billion, which is approximately $280 million, and post the IPO, Yatra Online, Inc. owned about 65% of its Indian subsidiary, which on a consolidated basis, as I mentioned above, equates to an approximate share price of YTRA shares of $3.03. Now moving on to the June quarter results. I'm pleased to report that we had our strongest quarter on the air front since the advent of COVID, with the highest number of air passengers booked since pre-COVID in December 2019. This was up 41.5% year-over-year, far outpacing the domestic air passenger industry growth of 14.8%. Moreover, our sequential growth has been twice the pace of the industry, faster than our peers, demonstrating our ability to gain share and the inherent strength of the Yatra brand. International travel has also shown a steady improvement during the quarter, reaching approximately 90% of pre-COVID levels. As we move forward, we remain optimistic and committed to leveraging these positive trends to drive further growth and success. We further fortified our leadership in the corporate travel sector by signing 19 new corporate customers in the June quarter. These customers have an annual billing potential of INR 1.5 billion, which is approximately $18.2 million. This underlines the capabilities and leadership of our corporate travel SaaS platform. As for the IMF, India's economic growth remains robust, driven by a large public capital expenditure push and the resilient domestic demand. The economy is expected to grow by 6.3% in both 2023 and 2024. As it relates to Yatra, looking at how the travel industry has unfolded over the last several years, we see that travel tends to grow at a multiple of 1.5-2x of GDP. We believe that we should be able to achieve growth rates above market rates as we continue to take share in the corporate travel market and as the consumer market continues to remain robust. Both the expansion of the travel industry and the macro conditions continuing to be favorable allow us to do so. The Indian aviation industry is witnessing unprecedented expansion of its fleet. The fleet is expected to almost double over the next 5 years, and the Aviation Ministry is forecasting more than doubling in air passengers to approximately 400 million annual air passengers in the next decade. Regarding inflation, again, India is faring relatively well. CPI-based inflation stood at 5.02% in September, as compared with 6.83% in August, according to data from the Ministry of Statistics. Core inflation fell to 4.6% in September from 4.8% in August, and this was the lowest since April 2020. Now, let me provide you with some more details on our first quarter results. Our revenue for the quarter ended 30th June 2023, was reported at INR 1.106 billion, which is approximately $13.5 million. This was up 23% year-over-year. Adjusted EBITDA for the quarter reached INR 115.4 million, which is approximately $1.4 million, marginally lower versus the June 2022 quarter at about $1.5 million. India's domestic passenger traffic saw a sequential growth of 3% in the quarter ended June 30th, 2023. Compared to this, our domestic passenger traffic grew 6%, faster than peers, reflecting strong market share gains for both our consumer and corporate businesses. This positive momentum has carried over into subsequent months as well, with the recently concluded September month up 18.3% year-over-year and up 7% versus pre-COVID, marking 7 consecutive months of above pre-COVID levels on the domestic air passenger traffic front. So the market has firmly recovered from the pre-COVID levels. Year to date, from January to September 2023, Indian domestic market has registered a growth of 29.1%, with 112.8 million passengers flying during this period. International travel has also continued to show resiliency and steady improvement during the quarter, and has now surpassed 90% of its pre-COVID levels. As we move forward, we remain optimistic and committed to leveraging these positive trends to drive further growth and success. Moving on to further details of the quarter, our consumer business gained further traction on the back of strong brand recall that the Yatra.com brand continues to enjoy in the market. We launched our Yatra Prime offering during the quarter, and the initial sign-ups have been encouraging, with positive response to this offering continuing in the subsequent months. During the quarter, we closed 19 new corporate customer accounts. While the number is lower Q-on-Q, partly due to seasonality, what was encouraging was that the average billing potential of the customers that we closed during this quarter tended higher than in the past. International travel also continues to improve gradually, and we are optimistic in the outlook for a sustained recovery in nearshore international travel. On the hotels front, revenue from our hotels and packages business was INR 452.6 million, which is approximately $5.5 million, in the three months ended June 30th, 2023, as compared to INR 390.7 million, or $4.8 million in the three months ended June 30th, 2022, reflecting an increase of almost 16%. The increase in revenue is on account of recovery in domestic travel, along with additions of new distribution partners. From a competitive standpoint, the intensity has remained stable from last quarter and remains manageable overall. From a macro standpoint, the Indian government remains strongly committed to the growth of airport infrastructure in India. An investment of almost $12 billion has been earmarked for the enhancement of 41 existing airports in India. Additionally, under the Greenfield Airport Policy, out of the 21 new airports that were sanctioned, 12 have already come online. So with a positive macro backdrop, and given the ongoing recovery in corporate and leisure travel, and our continued success in signing new large and medium-sized enterprise customers, and now a significantly bolstered balance sheet, we believe we are poised for strong back half of FY 2024. Aside from seasonality, we expect our results to benefit from accelerating growth in both our corporate business and consumer business as we continue to add to our formidable blue-chip customer base and leverage the strength of our brand. Just to reiterate, today, Yatra India serves one of four of the-- one out of every four of the top 100 listed companies in India. It also services three out of the Big Four accounting firms and three of the top five technology companies in India. Finally, I would like to express my deepest appreciation of our dedicated employees and the shareholders for their unwavering support. With that, let me hand it over to Rohan to walk you through the details of the financial performance. Rohan, over to you. Thank you, Dhruv. I will now review our quarter one numbers for the quarter ended June 30th, 2023. For the June quarter, we continued to witness strong tailwinds, and we were able to grow our gross bookings to INR 19.8 billion, which is about $241 million in quarter one, registering a YoY growth of 11%. The revenue from the air ticketing business increased by 30% year-on-year to INR 490 million, which is about $6 million. The adjusted margin also increased by almost 46% YoY to INR 1.2 billion, which is roughly $14 million. The strong growth was driven by sustained travel demand in the country, as well as an accrual of threshold bonus of previous contracts. Revenue from the hotel and packages business increased by almost 16% year-over-year to INR 452 million, which translates into about $5.5 million. The adjusted margin increased by 1.6% year-over-year to INR 307 million, which is roughly $4.8 million. The increase in revenue and adjusted margin is on account of recovery in domestic travel, as well as addition of new distribution partners. Revenue from the other services decreased by 43.8% year-over-year to INR 26.7 million. The decrease was primarily due to a relook at the freight business. The total adjusted margin from all the segments combined increased by 30.5% year-over-year to INR 1.5 billion, which is roughly $18.3 million. The total income increased by 22.6% year-over-year to INR 1.1 billion, approximately $13.5 million. Moving on to the expenses. Our quarter one marketing, sales promotion, consumer promotion, loyalty program costs increased by 72% on a year-over-year basis to INR 880 million, which is roughly $10.7 million dollars. Our personnel expenses increased by 2.2% year-over-year to INR 275 million. Excluding share-based expenses, the personnel expense cost increased by 11%, which is in line with the increase in headcount as well as appraisals. Other operating expenses increased by 3.6% to INR 396 million, which is roughly $4.8 million, primarily due to increase in commission, legal, professional charges, payment gateway charges, et cetera. Due to all of the above factors, our Adjusted EBITDA profit for the quarter ended June 2023 stands at INR 115.4 million, which translates into about $1.4 million, as compared to 123.5 million in quarter ended June 2022. Our gross debt increased by INR 43 million from the March quarter to the June quarter, and we ended the quarter at a gross debt of INR 2.4 billion, which translates into about $29 million. Lastly, as of June 30th, we were carrying cash and cash equivalents and term deposits on a balance sheet worth INR 1.1 billion, which is $13.5 million. With this, we conclude our prepared remarks and hand it back to the organizers, to the moderator. Thank you. Thank you. If you'd like to ask a question, please press Star followed by the number one on your telephone keypad now. When preparing to speak, please ensure your device is unmuted locally. Our first question today comes from Scott Buck of H.C. Wainwright. Your line is open. Hi, everybody. Thank you for taking my questions, and congratulations on the IPO. Dhruv, my first question, could you give us a little more color on the acquisition environment and maybe what could potentially make sense for you guys from a strategic perspective? Sure. Hi, good morning, Scott. Scott, in terms of the acquisitions, you know, we've looked at a couple of areas in the past, and I think those areas will continue to remain areas of interest for us. One is offline businesses on the corporate travel side, where we can acquire entities at a reasonably low price and then take out costs from those businesses by putting in place our technology solution and improve the operating margin significantly. So that would be one area that we would look at. The other area is also, again, in the corporate space, where we would look at other products and services, especially SaaS-based technology solutions, like an expense management, for example, that can be cross-sold to our existing large corporate customer base. So it's about, you know, our thought processes, how do we either grow our base on the corporate side or add more products and services to leverage the existing base? So those would be the key areas that we would look at. Great, that's helpful. Second, can you give us an indication of where your market share position is today in corporate travel versus where it was pre-COVID? So versus pre-COVID, you know, obviously we've expanded our, our customer base by about, close to 15%. So, my sense is that in terms of market share, because the number of companies in that top segment would not have grown by a 15%, right? It would have grown by a much smaller number. So we would only have gained market share over the course of the last year and a half. Yeah, that's, that's helpful. And then last one for me, just on how we should be thinking about operating expenses moving forward. Do you have a meaningful amount of kind of catch up that you need to do on, on OpEx now that you have some additional cash to, to play with? Or should we expect, you know, OpEx levels to remain, you know, kind of largely consistent with what we've seen in the past few quarters? Yeah, so OpEx levels will not change very significantly, right? We would see maybe low single digit to mid single digit kind of increase, but nothing significantly beyond that. At least on the fixed cost. Right. That's perfect. Well, I appreciate the time, guys. Thank you very much. Not at all. Thank you, Scott. Thank you. As a reminder, if you'd like to ask a question, it's star followed by one on your telephone keypad. We have a question from Cobb Sadler of Catamount. Your line is open. Yeah. Hey, guys, thanks for taking the question. I just had a question on the new corporate customers. I think, believe you said it was... Do I have the number right? I don't have it in front of me. $18 million incremental associated with those accounts. When do you think you might hit that run rate with those accounts? And what? That seems to be bigger than a traditional customers that you've added. So are they bigger? Why? And when will you hit the 18, if that's the right number? Thanks. One more question. Sure. Sure, Scott. Sorry. Sure, Cobb. So in terms of getting to that run rate, Cobb- Sure. We're looking at a six-month kind of timeline to get to that full run rate by the time the new customers- Okay G et implemented. So if you look at from where we were, right, this is numbers as of 30th of June. So we would expect the full thing to come into play by the January to March quarter of 2024, right? So that's what we are looking at with regards to these customers. They should all be live in that kind of time frame. In terms of why are they or are they larger? Yes, you know, we've had some good wins in this quarter, which have pulled up the average. There are a couple of customers who are larger than the traditional average customer that we would sign, and that's part of the reason why the average has gone up per customer. There are some other conversations like this also, which are going on, and we remain very positive about the strength of our value proposition to our large corporate customers. And Cobb, the number of- Okay, and so in that, so roughly. Yes. Not 18. Okay, 19. The number- So, $4.5 million-$5 million a quarter, and. I'm sorry, Manish, go ahead. No, I was just saying that the number- Actually, I lost you. Can you hear me? Yes. Okay. Okay, did you... Oh, okay, got you. 19 customers signed. Did you give an amount of which those might contribute? Like, the revenue associated with the 19? Yeah. So, Cobb, the $18 million number that you were referring to—Sorry, Manish, let me just address that. So, Cobb, it's 19 customers— Yeah W ith an annual billing potential of $18 million. So which is the $4.5 million a quarter that you were working with. Got you. That's what I- Yeah. Okay, got you. And that, you think that, you know, no crystal ball, you think that might happen six months out. May, you know, if for, you know, some things take longer than expected, like six to nine months out, probably, that $4.5 million is incremental- That's right T o the current revenue base. That's 4.5 a quarter. Okay. Okay, and then the other question was on, No, Cobb, Cobb. Go ahead. Sorry, Cobb, can I just interrupt you? This is gross bookings- Yep P otential, not revenue potential, right? So the revenue number will be approximately 5%-6% of this. Okay, got you. So I don't want you to- Okay, so it's okay- $4.5 million of revenue a quarter. Yeah. That's right, yeah. Okay. Okay, that makes more sense. It sounded abnormally big. So but still, and you've got 800 customers, so this is another 19, and that sounds about right. Okay, the other thing was on your buybacks. What are the parameters by which you might buy back stock? I mean, is there a valuation level? I guess you're trading, I mean, the shares are trading at a 50% discount now, or they're yeah, 50% discount now, roughly. And so you know, when might you start buying back shares? Have you— Do you have— What do you have to do to do that? Do you have to have a board meeting, or could you do it now if you wanted to? I guess I'm looking for timing, and then what are the triggers for you? So, Cobb, this is something that the board is carefully considering with counsel. And, you know, we'll go through this process, and in the relatively near term, we'll come back and update our shareholders with our thought process around this. Okay. All right. Sounds good. Thank you. Congrats on the IPO. Sure. Thank you so much. Thank you. We have no further questions in the queue, so I'll turn the call back to Manish Hemrajani for any closing remarks. Thank you, Lydia. Thank you all for joining the call today. As always, we are available for follow-up. Please, please feel free to reach out to us. Thank you. Thanks, everyone. This concludes today's call. Thank you for joining. You may now disconnect your line.