Yatra Online, Inc. (NASDAQ:YTRA) Q1 2021 Earnings Conference Call - Final Transcript
Sep 09, 2020 • 08:30 am ET
Good day and welcome to the Yatra's First Quarter 2021 Earnings Conference call. Today's conference is being recorded. As a reminder, we will not be taking any questions from the press today. At this time, I would like to turn the conference over to Mr. Manish Hemrajani. Please go ahead, sir.
Thank you, Holly. Good morning, everyone. Welcome to Yatra's fiscal first quarter 2021 financial results for the period ended June 30, 2020. I'm pleased to be joined on the call today by Yatra's CEO and Co-Founder, Dhruv Shringi.
The following discussion, including responses to your questions, reflects management's views as of today, September 9, 2020. We do not undertake any obligation to update or revise the information.
Before we begin our formal remarks, allow me to remind you that certain statements made during the course of the discussion may constitute forward-looking statements, which are based on management's current expectations and beliefs, and are subject to a number of risks and uncertainties that could cause actual results to materially differ, including factors that maybe beyond the company's control. These include expectations and assumptions related to the impact of the COVID-19 pandemic. For a description of these risks, please refer to our filings with the SEC and our press release. Copies of this and other filings are available from the SEC and on the Investor Relations section of our website.
With that, let me turn the call over to Dhruv. Dhruv?
Thank you, Manish. Good morning, everyone, and thank you for joining us. I hope you and your families are all safe and in good health. This is the first earnings call that we are doing in a little over a year, given that we were involved with the Ebix merger. In the meantime, the global COVID-19 pandemic has hit us, requiring the cessation of all non-essential air travel in India.
While the situation is what we had -- is not what we had expected, it is the situation that we face. During this time of extraordinary changes and challenges, I'm proud of the way our teams have responded to these and executed against factors which are not directly within our control. This is also not the first time that we are facing a challenging situation as a company. From the financial crisis back in 2008, to the bankruptcy of Kingfisher Airlines and the subsequent collapse of domestic aviation in India in 2012, we've been through difficult periods before and each time we have come out stronger. And I feel confident that the same will be the case this time as well.
We are starting to see a gradual recovery in travel after the reopening of domestic aviation towards the end of May, post India's nationwide lockdown in the month of March, April earlier this year.
We believe the worst is behind us now. We've made all the essential changes to the operations to cut costs to the bare minimum. And after a capital raise in June earlier this year, we believe