Hello everyone and welcome to the Yatra 4Q’25 and FY’25 earnings conference call. My name is Ezra and I will be your coordinator today. [Operator Instructions] I will now hand you over to your host Manish Hemrajani, VP, Investor Relations, to begin. Manish, please go ahead.

Thank you. Good morning, everyone, and welcome to our fourth quarter and full year FY’25 earnings conference call for the period ended March 31, 2025. I'm pleased to be joined on the call today by Yatra’s CEO and Co-Founder, Dhruv Shringi; and CFO, Anuj Sethi. Before we begin, I would like to remind you that certain statements made on today's call may constitute forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to various risks and uncertainties that could cause actual results to differ materially. For a detailed discussion of these risks, please refer to our filings with the SEC and the press release we issued yesterday, which is available on the IR section of our website. With that, I'll turn the call over to Dhruv. Dhruv, go ahead.

Thank you, Manish. Good morning, everyone, and welcome to our fourth quarter and full-year fiscal 2025 earnings conference call for the year-ended March 31, 2025. I'm pleased to be joined on the call with my colleague, Anuj Sethi as well, who is our CFO. As we reflect on fiscal year 2025, I'm thrilled to present our performance that demonstrates a story of resilience, strategic growth, and unwavering momentum that solidifies Yatra's position as India's premier corporate travel service provider. For FY’25, we are pleased to report annual revenues of INR7.9 billion, which is approximately USD93.1 million, up 90% year-over-year. Our full year revenue reflects the momentum we have built across our corporate travel and MICE businesses, we have been pivotal in navigating a competitive landscape. Notably, our profitability metrics underscore our disciplined execution. Adjusted EBITDA for the year was up 28% and adjusted profit was up 106.5% year-over-year to INR24 million. On a quarterly basis for the March quarter, we reported revenues of INR2.2 billion, which is approximately USD25.7 million, up 114% year-over-year, driven by the growth in our MICE business and the inorganic contributions from the Globe Travels acquisition. Our revenue less service cost for the quarter came in at INR1.1 billion, approximately $12.8 million, up 34% year-over-year. Adjusted EBITDA of INR90 million, approximately $1.1 million, was up 23% year-over-year. Now let's take a broader view of the landscape in India. India's travel industry is in a transformative stage. IMARC forecast corporate travel in India, which is currently at $42 billion, will hit $80 billion by 2033, driven by globalization of business operations, which has encouraged multinational companies to expand their businesses in India. Add to that rising investments by public and private agencies for improving travel infrastructure and growing online penetration. Other factors include rapid digitization, the rising…

Thank you, Dhruv, and good morning, everyone. Let me brief you on our financial performance for the period under review. For the fourth quarter of financial year 2025, revenue from operations grew 114% year-on-year to INR2,192 million, approximately USD25.7 million driven by a 54% increase in hotels and packages growth in MICE and inorganic growth contributions. More notably, our gross margins, revenue less service costs jumped 34% year-on-year to INR1,094 million, approximately USD12.8 million, driven by our focus on higher-margin areas like Corporate Travel and MICE. Adjusted EBITDA was up 28% year-on-year to INR90 million approximately USD1.1 million, yielding an 8.2% adjusted EBITDA to gross margin. For the annual results of financial year 2025, the revenue from operations grew by 90% year-on-year to INR7,957 million, approximately USD93.1 million, fueled by stellar growth in overall Corporate Travel business. Adjusted EBITDA rose 28% to INR344 million, approximately USD4 million. And net profit turned positive to reaching INR24 million, approximately USD0.3 million, a 106.5% improvement from last year. Looking at liquidity, the cash and cash equivalent and term deposits stands at [INR1,960] (ph) million, approximately USD23 million as on 31st March 2025. While gross debt reduced from INR638 million, approximately USD7.5 million as of 31st March 2024 to INR546 million, approximately USD6.4 million, as of 31st March 2025. This strong financial foundation provides us with ample flexibility to pursue growth initiatives and strategic investments. Dhruv, Handing over back to you.

Thank you, Anuj. And we would now like to open the call for questions.

Thank you very much. [Operator Instructions] Our first question comes from Scott Buck with H.C. Wainwright. Scott, your line is now open. Please go ahead.

Hi, good morning guys. Thanks for taking my questions. Dhruv, if the situation were to further deteriorate along the Pakistan border, how much of the business has historically been tied to that region?

Yes, Scott about -- the northern part of India accounts for almost about 25% to 30% of our overall business volumes. But what ends up happening is why that might be the origination of the business. It is also the travel endpoint for travelers coming into this region. So on an overall basis, I think it's safe to say that 30-plus percent of the business would get impacted if something was to escalate a bit further.

Okay. That's helpful. And then I understand it's a little early given your prepared remarks, what can you tell us about the proposed corporate structure? And what does that mean for share fungibility?

As I put in the remarks, we've got, I think a structure in place that now we think, works given that the structure itself took a bit of time given the multiple jurisdictions involved, I think that in itself is a key achievement that we have a structure that according to all jurisdictions seems to work. Now is the process of just going through and making sure that all the procedures are associated with that structure gets put in place over the course of the next couple of months. The good thing in the positive out of that is that at least there is a defined structure in place now.

Yes. Okay. And we should get even more clarity over the next 2, 3, 4 months.

That's right. Yes.

It sounds like. Yes. Perfect. Perfect. I appreciate that. And then on MICE, you guys have made some really nice progress there. Are there acquisition opportunities out there that could help you even accelerate that further?

Sure. So we continue to evaluate that opportunities. We've done one about six months back, 6, 7 months now, and we are in the process of fully integrating that. I think that should get done in the current quarter itself, and that will then free us up to start looking at other opportunities going forward.

Yes, that's helpful. And then last one for me. the guide for fiscal year '26 suggests some operating leverage, but how much capacity do you have for future revenue growth before you have to make some significant investments in the OpEx? I guess, can you grow the business 50% from here without having to add meaningfully on the cost side?

We think we can at least grow to 30% to -- 40% without needing to change the cost structure significantly. That much growth, we should be able to achieve in the numbers that you see, the escalation in operating cost, which is there is largely due to legal and professional fees, which is associated with the collapse of the structure that we are working on. Otherwise, our cost structure has changed year-over-year only because of the addition of Globe's numbers for the first time in the full fiscal year. Cost otherwise has remained fairly constant.

Yes. Perfect. I appreciate the added color guys. It's very helpful.

Thank you.

Thank you very much. [Operator Instructions] We currently have no further questions. So I will hand back over to Manish for any closing remarks.

Thank you, Ezra. Thank you, everyone for joining the call today. As always, we are available for follow-ups. Thank you.

Thank you.

Thank you.

Thank you very much, Manish, and thank you, Dhruv, and Anuj for being today's speakers. That concludes our conference call. We appreciate everyone for joining. You may now disconnect your lines.