Yatra Online, Inc. (NASDAQ:YTRA) Q2 2023 Earnings Call Transcript

Dhruv Shringi: Good morning, Lisa. Lisa, I’ve been in the travel industry now in India for the last 15, 16 years and honestly I haven’t seen this kind of demand ever in my 15 years in India in the travel industry. So demand still continues to be at extremely elevated levels, especially for leisure travel and that too during peak holiday periods. Now, we are seeing very strong forward booking numbers at this point looking into the December holiday season, the Christmas and New Year holiday season. And we’ve also seen similarly, the Diwali, Dussehra break being fairly strong. So demand continues to be at high levels and we expect that this to be the new norm rather than this being just pent-up demand, which is tapering off.

Lisa Thompson: Okay, interesting. So you haven’t seen any pullback at all because everyone I talked to over here in North America is saying, all of a sudden demand is getting weaker and things like that, but not in India and not in travel.

Dhruv Shringi: No, not, not as of now. Because, what’s also happening is that in India wage inflation right is hovering in the early double digits, right? People are seeing between 10% and 15% kind of wage inflation, especially at the mid and lower levels. And that provides enough and more, capital in the hands of consumers to continue to spend. We’ve seen saving rates also come down, historically saving rates in India where in the mid to late 30s. We are seeing them taper off to as low as, 28% to 30%. So overall in the economy, we are continuing to see enough headroom from a consumption standpoint.

Lisa Thompson: That’s great. That’s good to hear. I look forward to see, how the December quarter looks and best of luck with a successful IPO. Thank you.

Dhruv Shringi: Sure. Thank you.

Operator: Thank you, Lisa. We have no further questions on the line. I will now hand back to Manish.

Manish Hemrajani: Thank you, Glenn. Thanks everyone for joining the call today. As always we are available to follow up, so please feel free to reach out. That concludes our call for today. Thank you.

Operator: Thank you. Ladies and gentlemen, this conclude today’s call. Thank you for joining. You may now disconnect your line.