Le Travenues Technology Ltd

Financial Performance

• GTV: INR 5,524.33 cr; up 19% YoY.
• Revenue from operations: INR 356.75 cr; up 13% YoY.
• Contribution margin: INR 144.94 cr; CM% 40.6% (40.5% prior year).
• Adjusted EBITDA: INR 29.24 cr; down 7% YoY.
• PAT: INR 34.24 cr.

Segment Update

• Trains: GTV 2,138.86 cr; Revenue 141.04 cr; CM 52.74 cr; CM% 37%.
• Flights: GTV 2,341.84 cr; Revenue 104.56 cr; CM 41.04 cr; CM% 39%.
• Buses: GTV 947.43 cr; Revenue 102.55 cr; CM 54.22 cr; CM% 53%.
• Hotels/Other: Hotels CM negative 3.06 cr vs +1.86 cr last year.
• MAU 8.5 cr; MTU 0.42 cr; MTU/MAU ~ 4.9%.
• App downloads: 3.27 cr; AI chatbot resolved 92% of queries.

AI & Hotels Investment (Projects & Capex)

• Hotels: 0.5 million beds; direct partnerships >10,000 hotels across ~700 towns.
• Brevistay: 54.66% stake acquired to accelerate hotel supply.
• ixigo NEXT and TARA: AI-native experiences to boost discovery and personalization.
• AI investments are front-loaded; costs visible now, moderating as productivity and revenue scale.
• Aiming to build specialized AI harnesses; costs per task and output gains guide spend.
• Hotels to have longer gestation; expansion driven by direct supply and Peace of Mind products.

Outlook and Guidance

• Aviation near-term: cautious due to capacity reductions by carriers; expect volatility.
• Festive period in Q3 may help capacity restoration; near-term outlook remains guarded.
• Hotels: target to become leading mid-market/budget discovery and booking platform in 4–5 years.

Q&A Highlights

• Brand spend guidance around 4% of GTV; quarters may vary; Indicate brand inducement mix.
• AI/hotel investments front-loaded; EBITDA margins to improve as scale materializes.
• Flight pricing: ATV up ~22% domestic, ~38% international; capacity cuts weigh near term.
• Trains: CM improvement partial; train segment early-stage; long-run potential under review.
• Hotel ticket size higher than 1,700–1,800; management to share more details later.
• TARA: no disclosed conversion numbers; live product shows better performance than prior version.

GST appeal outcome

• Order-in-Appeal rejects six appeals against Jan 31, 2025 GST order.
• GST demand remains ₹89,80,778 plus interest and ₹89,80,778 penalty.
• Period covered: July 01, 2017 to March 31, 2023.
• Dispute: overseas services classified as intermediary, not export of services.
• Intends to file further appeal before GST Appellate Tribunal.
• No material quantum change; legal expenses only.

Investment and loan details

• Le Travenues approved €219,200 investment in IXIGO PTE via 219,200 shares at €1 each.
• IXIGO PTE approved an optional convertible loan of €219,200 to Sqaas.
• Conversion of the loan may occur in future per terms; no conversion or equity issued yet.
• Disclosures are voluntary as the transaction value remains below materiality threshold.
• No change in Sqaas's shareholding or control to date.
• Regulatory or corporate approvals remain prerequisite.
• Disclosure will be updated if conversion occurs or conditions change.

Meeting Details

• Date: August 6, 2026; time not disclosed
• Type: Earnings Call; Mode: audio recording (group call)
• Organiser: Le Travenues Technology Limited

Participants

• Key company participants: Management representatives (roles not detailed)

Purpose

• Discussion of quarterly results for the quarter ended June 30, 2026

Additional Notes

• Recording will be available on the company website; no transcript indicated

Issue Overview

• IPO: equity shares; net proceeds revised upward due to lower expenses.
• IPO objectives: working capital, technology/data science, inorganic growth, and general corporate purposes.
• Preferential issue: equity shares; four monitored objects including general corporate purposes.
• MA notes: IPO proceeds fully utilised; preferential issue shows no material deviation.

Utilisation of Proceeds

• Utilisation largely per offer document; no material deviation observed.
• IPO progress: working capital funded and end-quarter allocation complete.
• IPO progress: technology/data science funded; inorganic growth/general corporate purposes funded.
• Changes in allocation: none; net proceeds revised upward due to lower expenses.
• Unutilised funds: nil.
• PI utilisation: per certificates; no deviation; means of finance unchanged.
• PI unutilised proceeds parked in fixed deposits and mutual funds.
• Delays noted: GCP and other objects ongoing to 2028.
• GCP usage (PI): 23.21 crore used for employee expenses.
• GCP board approvals: not detailed.

Governance and Compliance

• Deviations: nil for IPO and preferential issue.
• Approvals: shareholder approvals not required; statutory approvals obtained.
• Material events: none disclosed.

GCP Utilisation

• GCP in IPO: included within object 3; no separate sub-head breakdown.
• GCP approvals for IPO: not disclosed.
• GCP usage in preferential issue: 23.21 crore used for employee expenses.

Financial Highlights

• GTV reached Rs 5,524.33 Cr in Q1 FY27, up 19% YoY.
• Revenue from operations Rs 356.75 Cr, up 13% YoY.
• Contribution margin Rs 144.94 Cr, up 13% YoY.
• EBITDA Rs 53.52 Cr, up 65% YoY.
• PAT Rs 34.24 Cr, up 81% YoY (all-time high).

Business Developments

• Hotels expansion via Brevistay acquisition: 54.66% majority stake.
• Direct hotel footprint reaches 10,000+ properties across 700 Indian towns.
• Bus GTV up 39% YoY; revenue up 34%.
• Flights became largest vertical by GTV, up 27% YoY.
• Roadside Assistance feature and BUSGDS.AI to create new channels.

Outlook and Management

• Management notes volatility due to Iran conflict; remains optimistic on long-term trajectory.
• Focus remains on core growth, hotels expansion, and AI-native future investments.

Key highlights

• Subject: Earnings Release for Q1 FY27; unaudited consolidated and standalone results for quarter ended June 30, 2026.
• Revenue from operations increased 13% YoY to ₹356.75 Cr in Q1 FY27.
• GTV rose 19% YoY to ₹5,524.33 Cr in Q1 FY27.
• Brevistay stake acquired at 54.66%; consolidation expected from Q2 FY27.
• Hotels contribution margin turned negative ₹3.06 Cr in Q1 FY27 due to growth investments.
• Presentation currency changed to INR Crores from INR Millions effective Apr 1, 2026.

Meeting Details

• Date: 06 August 2026; Time: 07:00 PM IST.
• Type: conference call; Mode: virtual.
• Organizer: Le Travenues Technology Limited.
• Purpose: discuss Q1 FY27 unaudited results.
• Key company participants: Chairman, MD & Group CEO; Director & Group Co-CEO; CFO.
• Other presenters: Group General Counsel & Company Secretary; COO; CEO, ixigo Trains & ConfirmTkt.
• Availability: Presentation will be available on the company's website.