Exhibit 99.1

YATRA ONLINE, INC. ANNOUNCES RESULTS FOR

THE THREE MONTHS DECEMBER 31, 2023

Gurugram, India and New York February 14, 2024— 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 ended December 31, 2023.

“We are proud to report strong December quarter results. Yatra’s Air Passenger segment recorded a robust 26% year-over-year growth, nearly tripling the industry benchmark of 9%. This reflects our strong brand recognition and our successful strategies in capturing market share.

For the quarter ended on December 31, 2023, we reported revenue of INR 1112.0 million (USD 13.4 million), marking a substantial increase of 23.2% over the last year. Our adjusted margin from air ticketing rose to USD 13.4 million, a 10.2% year-over-year growth. Furthermore, our Adjusted EBITDA saw a significant improvement of 23.7% YoY, reaching INR 44.5 million (USD 0.5 million).

We further fortified our market leadership in the Corporate travel sector by signing 26 new corporate customer accounts in the December quarter in our Corporate business with an annual billing potential of INR 2,237 million (~USD 27 million) underlining the capabilities of our Corporate Travel SaaS platform.

In alignment with our commitment to shareholder returns, we are also pleased to report the repurchase of approximately 280,000 shares as of December 31, 2023 under the share repurchase program authorized by our Board and we continue to be active on the buyback front in the current quarter. This move underlines our confidence in Yatra’s promising future and our unwavering dedication to maximizing shareholder value.

As we steer through the dynamic market landscape, we stay resolutely committed to seizing growth opportunities and ensuring the continued upward trajectory of Yatra.” - Dhruv Shringi, Co-founder and CEO

Financial and operating highlights for the three months ended December 31, 2023:

Note:

As of December 31, 2023, 64,368,762  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 interim 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 nine months ended December 31, 2023, the unaudited interim condensed consolidated statement of financial position as at December 31, 2023, the unaudited interim condensed consolidated statement of cash flows for the nine months ended December 31, 2023 and discussion of the results of the three months ended December 31, 2023 compared with three months ended December 31, 2022, were converted into U.S. dollars at the exchange rate of 83.19 INR per USD, which is based on the noon buying rate as at December 31, 2023, 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”).

Results of Three Months Ended December 31, 2023

Revenue. We generated Revenue of INR 1,112.0 million (USD 13.4 million) in the three months ended December 31, 2023, an increase of 23.2% compared with INR 902.6 million (USD 10.8 million) in three months ended December 31, 2022.

The increase in revenue was primarily due to the sustained elevated travel demand in India in the quarter ended December 31, 2023 as compared to the quarter ended December 31, 2022, and an accrual of threshold bonus for Global Distribution System (“GDS”) contracts and an accrual of income from IT services comprising software development and related services in the three months ended December 31, 2023.

Service cost. Our Service cost increased to INR 273.6 million (USD 3.3 million) in the three months ended December 31, 2023, compared to Service cost of INR 200.0 million (USD 2.4 million) in the three months ended December 31, 2022, primarily due to higher package sales in the three months ended December 31, 2023 on account of recovery in consumer travel markets and an accrual of cost against the IT services comprising software development and related services.

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

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

Air Ticketing. Revenue from our Air Ticketing business was INR 415.5 million (USD 5.0 million) in the three months ended December 31, 2023 as compared to INR 350.1 million (USD 4.2 million) in the three months ended December 31, 2022, reflecting an increase of 18.7%.

Adjusted Margin (1) from our Air Ticketing business increased to INR 1,114.4 million (USD 13.4 million) in the three months ended December 31, 2023, as compared to INR 1,011.1 million (USD 12.2 million) in the three months ended December 31, 2022. In the three months ended December 31, 2023, Adjusted Margin (1) for Air Ticketing includes the add-back of INR 698.9 million (USD 8.4 million) of consumer promotion and loyalty program costs, which reduced Revenue as per IFRS 15, against an add-back of INR 661.0 million (USD 7.9 million) in the three months ended December 31, 2022 The increase in Adjusted Margin – Air ticketing was primarily due to an increase in gross bookings of 21.5% primarily driven by a 25.7% increase in the number of air ticketing flight segments year over year, primarily due to the sustained elevated travel demand in India in the quarter ended December 31, 2023 as compared to the quarter ended December 31, 2022. Further, our Adjusted Margin %(1) – Air ticketing decreased marginally to 6.9% in the quarter ended December 31, 2023 as compared to 7.6% in the quarter ended December 31, 2022.

Hotels and Packages. Revenue from our Hotels and Packages business was INR 449.6 million (USD 5.4 million) in the three months ended December 31, 2023, as compared to INR 383.8 million (USD 4.6 million) in the three months ended December 31, 2022, reflecting an increase of 17.1%.

Adjusted Margin (1) for this segment increased by 3.9% to INR 264.1 million (USD 3.2 million) in the three months ended December 31, 2023 from INR 254.2 million (USD 3.1 million) in the three months ended December 31, 2022. In the three months ended December 31, 2023, Adjusted Margin (1)l for Hotels and Packages includes the add-back of customer promotional expenses, which had been reduced from Revenue as per IFRS 15 of INR 76.0 million (USD 0.9 million) against an add-back of INR 70.4 million (USD 0.8 million) in the three months ended December 31, 2022. The increase in Revenue and Adjusted Margin in the three months ended December 31, 2023 is on account of increase in gross bookings by 3% due to higher yield which grew because of higher mix of corporate business.

Other Services. Our Revenue from Other Services was INR 77.8 million (USD 0.9 million) in the three months ended December 31, 2023, an increase from INR 39.4 million (USD 0.5 million) in the three months ended December 31, 2022.

Adjusted Margin for this segment increased by 48.6% to INR 69.9 million (USD 0.8 million) in the three months ended December 31, 2023, from INR 47.1 million (USD 0.6 million) in the three months ended December 31, 2022. In the three months ended December 31, 2023, Adjusted Margin includes the add-back of consumer promotion expenses, which had been reduced from Revenue of INR 4.4 million (USD 0.1 million) against an add-back of INR 7.7 million (USD 0.1 million) in the three months ended December 31, 2022 pursuant to IFRS 15. This increase in Adjusted Margin is primarily due to an increase in revenue from our B2C other services and accrual of income from IT services.

Other Revenue. Our  Other Revenue was INR 169.3 million (USD 2.0 million) in the three months ended December 31, 2023, an increase from INR 129.3 million (USD 1.6 million) in the three months ended December 31, 2022 due to an increase in advertising revenue.

Other Income. Our Other Income decreased to INR 11.3 million (USD 0.1 million) in the three months ended December 31, 2023 from INR 47.1 million (USD 0.6 million) in the three months ended December 31, 2022 due to due to decrease in write back of liabilities no longer required to be paid.

Personnel Expenses. Our personnel expenses increased by 7.4% to INR 334.4 million (USD 4.0 million) in the three months ended December 31, 2023 from INR 311.6 million (USD 3.7 million) in the three months ended December 31, 2022. Excluding employee share-based compensation costs of INR 55.8 million (USD 0.7 million) in the three months ended December 31, 2023, compared to INR 54.5 million (USD 0.7 million) in the three months ended December 31, 2022, personnel expenses increased by 8.4% in the three months ended December 31, 2023 due to the impact of our annual appraisal cycle.

Marketing and Sales Promotion Expenses. Marketing and Sales Promotion Expenses increased by 27.4% to INR 104.3 million (USD 1.3 million) in the three months ended December 31, 2023 from INR 81.8 million (USD 1.0 million) in the three months ended December 31, 2022. Adding back the expenses for consumer promotions and loyalty program costs, which have been deducted from Revenue per IFRS 15, our marketing spend would have been INR 883.6 million (USD 10.6 million) in the three months ended December 31, 2023 against INR 820.9 million (USD 9.9 million) in the three months ended December 31, 2022, increased by 7.6% on a YoY.

Other Operating Expenses. Other operating expenses increased by 12.7% to INR 422.3 million (USD 5.1 million) in the three months ended December 31, 2023 from INR 374.8 million (USD 4.5 million) in the three months ended December 31, 2022, primarily due to increase in in commission, legal and professional charges, payment gateway charges, communication, insurance, which is partially offset by decrease in provision for doubtful receivables, rates and taxes and insurance cost.

Depreciation and Amortization. Our depreciation and amortization expenses increased by 5.5% to INR 46.9 million (USD 0.6 million) in the three months ended December 31, 2023 from INR 44.4 million (USD 0.5 million) in the three months ended December 31, 2022 primarily due to an increase in amortization, which is partially offset by assets fully amortized/depreciated in previous period in the three months ended December 31, 2023.

Results from Operations. As a result of the foregoing factors, our Results from Operations were a loss of INR 58.2 million (USD 0.7 million) in the three months ended December 31, 2023. Our loss for the three months ended December 31, 2022 was INR 63.0 million (USD 0.8 million). Excluding the employee share-based compensation costs, Adjusted Results from Operations(1) would have been a loss of INR 2.4 million (USD 0.1 million) for three months ended December 31, 2023 as compared to a loss of INR 8.5 million (USD 0.1 million) for three months ended December 31, 2022.

Finance Income. Our finance income increased to INR 86.8 million (USD 1.0 million) in the three months ended December 31, 2023 from INR 4.7 million (USD 0.1 million) in the three months ended December 31, 2022. This was primarily due to an increase in interest income earned from our bank deposits.

Finance Costs. Our finance costs of INR 56.0 million (USD 0.7 million) in the three months ended December 31, 2023 which includes interest on the lease liability of INR 7.8 million (USD 0.1 million) decreased by INR 73.6 million (USD 0.9 million) from finance cost of INR 142.6 million (USD 1.7 million) in the three months ended December 31, 2022, which includes interest on the lease liability of INR 8.7 million (USD 0.1 million). The decrease was due to decrease in interest on borrowings and decrease in borrowings facilities which includes invoice discounting/working capital facilities and non-convertible debenture.

Listing and related expenses. Listing and related expenses relate to the expenses incurred in connection with the initial public offering of Yatra Online Limited, our Indian subsidiary (“Indian IPO”),. During the three month ended December 31, 2023, the Company has incurred INR Nil (USD Nil) compared to an expense of INR 3.2 million (USD 0.1 million) during the three months ended December 31, 2022 is charged to the profit and loss.

Income Tax Expense. Our income tax expense during the three months ended December 31, 2023 was INR 12.0 million (USD 0.1 million) compared to INR 13.4 million (USD 0.2 million) during the three months ended December 31, 2022.

Loss for the Period. As a result of the foregoing factors, our loss in the three months ended December 31, 2023 was INR 39.5 million (USD 0.5 million) as compared to a loss of INR 217.5 million (USD 2.6 million) in the three months ended December 31, 2022. Excluding the employee share based compensation costs and listing and related expenses, the Adjusted Profit(1) would have been INR 16.4 million (USD 0.2 million) for the three months ended December 31, 2023 against an Adjusted loss(1) of INR 159.7 million (USD 1.9 million) for the three months ended December 31, 2022.

Adjusted EBITDA(1). Due to the foregoing factors, Adjusted EBITDA Profit(1) increased to INR 44.5 million (USD 0.5 million) in the three months ended December 31, 2023 from an Adjusted EBITDA Profit(1) of INR 36.0 million (USD 0.4 million) in the three months ended December 31, 2022.

Basic Loss per Share. Basic Loss per Share was INR 0.45 (USD 0.01) in the three months ended December 31, 2023 as compared to Basic Loss per share of INR 3.44 (USD 0.04) in the three months ended December 31, 2022. After excluding the employee share-based compensation costs and listing and related expenses, Adjusted Basic Earnings per Share(1) would have been INR 0.13 (USD 0.01) in the three months ended December 31, 2023, as compared to Adjusted Basic Loss per share of INR 2.53 (USD 0.03) in the three months ended December 31, 2022.

Diluted Loss per Share. Diluted Loss per Share was INR 0.45 (USD 0.01) in the three months ended December 31, 2023 as compared to Diluted Loss per share of INR 3.44 (USD 0.04) in the three months ended December 31, 2022. After excluding the employee share-based compensation costs and listing and related expenses, Adjusted Diluted Loss per Share(1) would have been INR 0.13 (USD 0.01) in the three months ended December 31, 2023 as compared to Adjusted Diluted Earnings of INR 2.53 (USD 0.03) in the three months ended September 30, 2022.

Liquidity. As of December 31, 2023, the balance of cash and cash equivalents and term deposits on our balance sheet was INR 5,052.3 million (USD 60.7 million).

Conference Call

The Company will host a conference call to discuss its unaudited results for the three months ended December 31, 2023 beginning at 8:00 AM Eastern Daylight Time (or 6:30 PM India Standard Time) on February 14, 2024. Dial in details for the conference call is as follows: US/International dial-in number: +1 404 975 4839. Confirmation Code: 951150 (Callers should dial in 5-10 minutes prior to the start time and provide the operator with the Confirmation Code). The conference call will also be available via webcast at https://events.q4inc.com/attendee/967061181.

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 Margin, which is a non-IFRS measure.

We believe that Adjusted Margin 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 Margin 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 Margin, we also refer to Adjusted EBITDA Profit, Adjusted Results from Operations, Adjusted Profit/(Loss) for the Period and Adjusted Basic and Adjusted Diluted Earnings/(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 loan to joint venture and listing and related expenses. Our non-IFRS financial measures reflect adjustments based on the following:

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/(Loss) 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, Adjusted Results from Operations, Adjusted Profit/(Loss) for the period and Adjusted Basic and Adjusted Diluted Earnings/(Loss) Per Share as against using measures in accordance with IFRS as issued by the IASB are that these non-IFRS financial measures exclude share-based compensation cost, listing and related expenses, impairment of loan to joint venture and depreciation and amortization in case of Adjusted EBITDA profit. Management compensates for this limitation by providing specific information on the IFRS amounts excluded from Adjusted EBITDA profit, Adjusted Results from Operations, Adjusted Profit/(Loss) for the Period and Adjusted Basic and Adjusted Diluted Earnings/(Loss) Per Share.

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

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)

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, as amended. 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, statements regarding the long-term growth trajectory for the Indian travel market, statements concerning management’s beliefs as well as our strategic and operational plans; the anticipated benefits of the Indian IPO; the degree to which and how we will utilize debt facilities or the proceeds from the Indian IPO and the results we anticipate from how such funds are utilized; expected buyback activity with respect to our share repurchase program; and our future financial performance. 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, 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 and the evolving events in Israel, Gaza and the Middle East), 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, a public listed company on the NSE and BSE (Formerly known as Yatra Online Private Limited, hereinafter referred to as “Yatra India”), whose corporate office is based in Gurugram, India. Yatra India is India’s largest corporate travel services provider in terms of number of corporate clients with approximately 800 large corporate customers and approximately 50,000 registered SME customers and the third largest online travel company (OTC) in India among key OTA players in terms of gross booking revenue and operating revenue for Fiscal 2023 (Source: CRISIL Report). Leisure and business travelers use Yatra India’s mobile applications, its website, www.yatra.com, and its other offerings and services to explore, research, compare prices and book a wide range of travel-related services. These services include domestic and international air ticketing on nearly all Indian and international airlines, as well as bus ticketing, rail ticketing, cab bookings and ancillary services within India. With approximately 105,600 hotels in approximately 1,490 cities and towns in India as well as more than 2 million hotels around the world, Yatra India has the largest hotel inventory amongst key Indian online travel agency (OTA) players (Source: CRISIL Report).

For more information, please contact:

Manish Hemrajani

Yatra Online, Inc./

VP, Head of Corporate Development and Investor Relations

ir@yatra.com

* Pursuant to fresh issue of shares by Indian subsidiary and sale of shares of Indian subsidiary by THCL as part of the Indian IPO, non-controlling interest share has increased from 1.41% to 35.54%. The Company has opted to allocate the transaction cost incurred to non-controlling interest, in accordance with IFRS 10.

Yatra Online, Inc.

OPERATING DATA

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

* Quantitative details are considered on Gross basis.

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