Business Context and Reporting Period
This Form 6-K filing by Yatra Online, Inc. is dated June 20, 2024. The document primarily serves as a corrigendum to the earnings release issued on May 30, 2024, correcting inadvertent errors in the unaudited financial results for the three months and year ended March 31, 2024. Additionally, the filing announces the appointment of a new independent registered public accounting firm and the initiation of a strategic review regarding the company's corporate structure.
Key Financial Metrics
The filing provides corrected per-share data for the fiscal year ended March 31, 2024, and the three months ended March 31, 2024. The document does not provide total revenue, total profit, cash flow, debt, or liquidity figures in this specific text.
| Metric | Year Ended March 31, 2024 (INR) | Year Ended March 31, 2024 (USD) | Three Months Ended March 31, 2024 (INR) |
|---|---|---|---|
| Basic Loss per Share | (5.07) | (0.06) | 0.08 |
| Diluted Loss per Share | (5.07) | (0.06) | 0.08 |
| Adjusted Basic Loss per Share | (2.03) | (0.02) | 0.63 |
| Adjusted Diluted Loss per Share | (2.03) | (0.02) | 0.63 |
Weighted Average Shares Outstanding:
- Year Ended March 31, 2024: 62,672,527 (Basic and Diluted)
- Three Months Ended March 31, 2024: 63,313,377 (Basic); 63,853,577 (Diluted)
Material Changes Versus Prior Period
The filing corrects previously reported figures for the year ended March 31, 2024, showing a deterioration in loss per share compared to the prior year:
- Basic Loss per Share: Increased from INR 4.59 in FY2023 to INR 5.07 in FY2024.
- Adjusted Basic Loss per Share: Increased from INR 1.81 in FY2023 to INR 2.03 in FY2024.
- Key Adjustments: The adjusted loss figures exclude employee share-based compensation costs, impairment of a loan to a joint venture, and listing-related expenses.
Guidance, Outlook, and Management Commentary
Corporate Restructuring: The Board of Directors has established an independent committee to explore strategic options for simplifying the company's multi-jurisdictional corporate structure. The committee aims to reduce administrative overhead and rationalize costs. Management explicitly states there is no assurance that any near-term course of action will be taken.
Auditor Appointment: The Audit Committee approved the appointment of BDO India LLP as the independent registered public accounting firm for the fiscal year ending March 31, 2025, subject to shareholder ratification. This replaces Ernst & Young (EY), which served as the auditor for the fiscal year ended March 31, 2024. EY's reports for FY2022 and FY2023 were unqualified, and there were no disagreements regarding accounting principles, except for previously disclosed material weaknesses in internal controls.
Investor Verification Checklist
- Corrected Financials: Verify the updated loss per share figures (INR 5.07 basic loss for FY2024) against the original May 30, 2024 earnings release.
- Auditor Transition: Confirm the ratification of BDO India LLP at the upcoming 2024 Annual General Meeting.
- Restructuring Progress: Monitor future disclosures for specific recommendations from the independent committee regarding corporate structure simplification.
- Internal Controls: Review the Annual Report on Form 20-F for details on the material weaknesses in internal controls over financial reporting previously disclosed.