Your Board of Directors (“the Board”/“the Directors”) is pleased to
present the Nineteenth (19^th) Board's Report on the business and
operations of Yatra Online Limited (“the Company” or “Yatra”)
together with the Audited Financial Statements for the financial year
ended March 31, 2025 (“year under review”/ “FY 2024-25”).

COMPANY OVERVIEW

The Company is a leading, full-service online travel company in India
and one of the most well-recognized travel brands in the country,
addressing the needs of both leisure and business travelers.

Our business is based on a common technology platform that serves
our customers through multiple mobile applications as well as our
website www.yatra.com. Our common platform approach provides
us with a scalable, comprehensive, and consistent user experience
across each of our go-to-market channels and helps us innovate
effectively. We believe that this approach drives user familiarity with
our service and encourages cross-selling and repeat usage by our
customers, which further enhances customer loyalty for our business.

Standalone and Consolidated Financial Highlights

The Company recorded an increase of approximately 64.70% and
83.65% in Total Income on standalone and consolidated basis
respectively in the year under review, vis-vis performance in previous
year with an increase by approximately 1.50% in Standalone RLSC
and by approximately 15.37% in Consolidated RLSC, respectively.

PERFORMANCE AND FINANCIAL DETAILS OF
SUBSIDIARIES

The Consolidated Financial Statements of the Company containing
the financial of its subsidiaries as well and a separate statement
containing the salient features of such financial statements in Form
AOC-1, which is forming part of this Annual Report, reflects the
performance and financial details of the subsidiaries.

Our technology platform has been designed to deliver a high level of
reliability, security, scalability, integration and innovation.

During the year under review, in one of its significant moves to grow
inorganically, the Company acquired Globe All India Services Limited
which has enabled the Company to enter new verticals and markets,
enhance market penetration, and integrate additional capabilities into
its existing business operations, thereby accelerating the marketing
of its products and services and broadening its revenue streams.

FINANCIAL SUMMARY AND PERFORMANCE OF THE
COMPANY

In terms of the provisions of the Companies Act, 2013 (“Act”), and
the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (“Listing Regulations”),
the Company has prepared its standalone and consolidated financial
statements as per Indian Accounting Standards (“Ind AS”) for
FY 2024-25. The financial highlights of the Company's operations for
FY 2024-25 on standalone and consolidated basis are summarized
as under:

MATERIAL EVENT

Composite Scheme of Amalgamation under Section 230 and
232 of the Act

On August 12, 2024, the Board of Directors of the Company approved
a Composite Scheme of Amalgamation (“Scheme”) involving the
Company and its six wholly owned subsidiaries (collectively referred
to as the “Amalgamating Companies”). The primary objective of this
amalgamation is to simplify management, operational, and corporate
structures, thereby enhancing efficiencies and generating synergies.
The management of the Company believes that, among other
benefits, the Company will achieve greater operational and economic
efficiency. This will be accomplished through the pooling and more
effective utilization of combined resources, reducing overhead costs

and expenses, achieving economies of scale, eliminating duplication
of work, and rationalizing compliance requirements.

Hon'ble National Company Law Tribunal, Mumbai Bench (“NCLT”)
had delivered an order dated February 07, 2025 allowing the first
motion application.

Subsequently, the second motion application filed by the Company
with NCLT was allowed vide an order dated July 10, 2025. The
Scheme is subject to additional requisite approvals/consents, as may
be required in this regard.

SHARE CAPITAL STRUCTURE

The equity shares of the Company are listed on BSE Limited (“BSE”)
and National Stock Exchange of India Limited (“NSE”) and are
compulsorily tradable in electronic form and the entire share capital
of the Company is in dematerialized form.

a) Authorised Share Capital

As on March 31, 2025 and as on date of this report, the
authorised share capital of the Company is ' 200,000,000/-
(Rupees Two Hundred Million Only) divided into 200,000,000
(Two Hundred Million) equity shares of ' 1/- (Rupee One
Only) each.

b) Issued, Subscribed and Paid-up Share Capital

As on March 31, 2025 and as on date of this report, the
issued, subscribed and paid-up share capital of the Company
is ' 156,916,193 (Rupees One Hundred Fifty-Six Million Nine
Hundred Sixteen Thousand and One Hundred Ninety-Three)
divided into 156,916,193 (One Hundred Fifty-Six Million Nine
Hundred Sixteen Thousand and One Hundred Ninety-Three)
Equity Shares of ' 1/- (Rupee One Only) each.

During the year under review, the Company has not issued any
equity shares or instruments convertible into equity shares of
the Company or with differential voting rights nor has granted
any sweat equity, bonus issue or stock under any scheme.

DEBENTURES

Unlisted Non-Convertible Debentures

During the year under review, 400 (Four Hundred) numbers of
Unlisted, Secured, Redeemable, Non-convertible Debentures (NCDs),
bearing ISIN INE0JR607021 having face value of ' 500,000/-
(Rupees Five Hundred Thousand Only) each, having an Outstanding
Principal Amount of ' 163,636,364/- (Rupees One Hundred Sixty-
Three Million Six Hundred Thirty-Six Thousand Three Hundred Sixty-
Four Only) as on August 20, 2024, were redeemed in full on August
20, 2024, in advance of its maturity date pursuant to the terms of
Debenture Trust and Hypothecation Deed dated August 17, 2023, to
the existing Debenture holders.

UTILIZATION OF PROCEEDS OF INITIAL PUBLIC OFFER

Your Company discloses to the Audit Committee the uses/application
of proceeds/funds raised from the Initial Public Offer (“IPO”) as
part of the quarterly review of financial results. The Company has
appointed ICRA Limited as the Monitoring Agency in terms of

Regulation 41 of the Securities and Exchange Board of India (Issue
of Capital and Disclosure Requirements), Regulations 2018 (“ICDR
Regulations”), as amended from time to time, to monitor the utilization
of IPO proceeds.

The Company has obtained monitoring reports from the Monitoring
Agency on a quarterly basis confirming no deviation or variation
in the utilization of IPO proceeds from the objects stated in the
Prospectus. The Company has submitted the statement(s) and
Monitoring Agency Report as required under Regulation 32 of the
Listing Regulations to both the exchanges where the equity shares
of the Company are listed i.e. NSE and BSE.

UNCLAIMED SUSPENSE ACCOUNT/DEMAT SUSPENSE
ACCOUNT

As on the closure of FY 2024-25, the Company does not have any
shares in unclaimed suspense account/demat suspense account.

DIVIDEND

Pursuant to Regulation 43A of the Listing Regulations, the Company
has adopted the Dividend Distribution Policy, setting out the broad
principles for guiding the Board and the management in matters
relating to declaration and distribution of dividend. The policy is
available on the website of the Company at https://s22.q4cdn.
com/850749348/files/doc downloads/2022/04/Dividend-
Distribution-Policv.pdf .

Your Directors do not recommend any dividend for the financial year
2024-25.

TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR
EDUCATION AND PROTECTION FUND

Since there was no Dividend declared and paid in previous years, the
relevant provisions of Section 125 of the Act are not applicable to the
Company for the year under review.

CHANGE IN THE NATURE OF BUSINESS

There has been no change in the nature of business of the Company
during the year under review.

REVISION OF FINANCIAL STATEMENTS

There was no revision of the financial statements for the year
under review.

AUDITORS AND AUDITORS’ REPORT

a. Statutory Auditors and their Report

Consequent upon the completion of the tenure of M/s. S.R.
Batliboi & Associates LLP in the 18^th AGM held in the calendar
year 2024 M/s. M S K A & Associates were appointed as the
Statutory Auditors of the Company at 18^th Annual General
Meeting (“AGM”) held on September 25, 2024, for a period of
five years i.e. till the conclusion of 23^rd AGM of the Company
to be held in the calendar year 2029.

M/s. M S K A & Associates have confirmed that they are
not disqualified from continuing as Statutory Auditors of
the Company.

Except as disclosed hereinafter, the Auditors' Report for the year under review does not contain any other qualification, reservation or adverse
remark or disclaimer.

b. Secretarial Auditors and their Report

Pursuant to the provisions of Section 204 of the Act read with
Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 and amended Regulation 24A of the
Listing Regulations, the Board, on the recommendations of the
Audit Committee, at their meeting held on August 08, 2025,
approved appointment of M/s. Chandrasekaran Associates, a
Peer-Reviewed firm of Company Secretaries in practice (Firm
Registration Number: P1988DE002500), as the Secretarial
Auditors of the Company, for a period of five consecutive
years commencing from FY 2025-26 to FY 2029-30, subject
to approval of the shareholders at the ensuing AGM of
the Company.

Accordingly, approval of the members will be sought at the
forthcoming 19^th AGM for appointment of Secretarial Auditors.

Further SKP & Co., Company Secretaries, who were appointed
as Secretarial Auditor of the Company for the financial year
ended March 31, 2025, had submitted their report, enclosed
as Annexure A of this Report. The Secretarial Audit Report of
the Company does not contain any qualification, reservation,
observation or adverse remarks.

Additionally, the Secretarial Audit Report of each of its material
subsidiaries for the financial year 2024-25 namely Yatra
TG Stays Private Limited, TSI Yatra Private Limited, Yatra
For Business Private Limited and Globe All India Services
Limited are also forming part of this Report and enclosed as
Annexure-A (colly).

c. Internal Auditors and their Report

Pursuant to the provisions of Section 138 of the Act read with
the Companies (Accounts) Rules, 2014 the Board at its meeting
held on August 08, 2025, approved the re-appointment of
M/s. Ernst & Young LLP, as Internal Auditors of the Company
for the Financial year 2025-26.

Further, the report submitted by M/s. Ernst & Young LLP for the
financial year ending March 31, 2025 has been reviewed by the
Audit Committee.

d. Maintenance of Cost Records and Audit

Maintenance of cost records and requirement of cost audit as
prescribed under the provisions of Section 148(1) of the Act
read with Companies (Cost records and Audit) Rules, 2014 (as
amended from time to time), are not applicable for the business
activities carried out by the Company.

DETAILS OF FRAUDS REPORTED BY AUDITORS UNDER
SECTION 143(12) OF THE ACT

During the year under review, there is no incident of fraud requiring
reporting by the Auditors under Section 143(12) of the Act during
the year.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

As on March 31, 2025, your Company's Board had five Directors with
a combination of Executive and Non-Executive Directors including a
woman director.

The Board of Directors of the Company comprised of one Executive
Director, one Non-Executive Non-Independent Director and three
Non-Executive Independent Directors including one Woman Non¬
Executive Independent Director. The details of Board and Committees
composition, tenure of Directors, areas of expertise and other details
are available in the Corporate Governance Report, which forms part
of this Annual Report.

With effect from the close of business hours of January 20, 2025,
Ms. Neelam Dhawan, a Non-Executive Non-Independent Director
resigned from the Board of Directors resulting in the reduction from
six directors to five directors on the Board of the Company. The
Company is in the process of finding a suitable candidate and is
expected to fill in the vacancy on its Board in the near term.

Details of change in directors during FY 2024-25 and till the date of
this report, are as under:

Appointments, Re-appointments, Retirements and
Resignations

a. Retirement by rotation and subsequent re-appointment
Pursuant to the provisions of the Act, Mr. Murlidhara Kadaba
(DIN: 01435701), Director of the Company, will retire by rotation
at the ensuing AGM and being eligible, has offered himself for
re-appointment. The Board, on the recommendation of the
Nomination and Remuneration Committee, has recommended
his re-appointment at the ensuing AGM.

b. Appointment of Independent Director

Dr. Anup Wadhawan (DIN: 03565167) was appointed as
Independent Director on the Board with effect from April 01,
2024 to hold office for a term of three consecutive years i.e.
from April 01, 2024 to March 31, 2027. His appointment was
approved by the members of the Company through Postal
Ballot on May 07, 2024.

c. Resignation of Non-Executive Director

Ms. Neelam Dhawan (DIN: 00871445) tendered her resignation
as a Non - Executive Director of the Company with effect from
close of business hours on January 20, 2025, due to her other
professional commitments.

d. Resignation of Group Chief Financial Officer

After the closure of financial year ended March 31, 2025,
Mr. Rohan Purshottamdas Mittal resigned from the position of
Group Chief Financial Officer and Key Managerial Personnel of
the Company with effect from close of business hours on April
10, 2025, to explore new opportunities.

e. Appointment of Chief Financial Officer

After the closure of financial year ended March 31, 2025,
Mr. Anuj Kumar Sethi was appointed as interim Chief Financial
Officer and Key Managerial Personnel (“KMP”) of the Company
with effect from April 11, 2025.

Save and except the above, there was no change in the Directors
or Key Managerial Personnel (“KMP”) of the Company during
the year under review and till the date of this report.

As on the date of this report, the Company has the following
KMPs as per section 2(51) and 203 of the Act:

INDEPENDENT DIRECTORS

Pursuant to Section 149(7) of the Act and Regulation 16 of the
Listing Regulations, the Company has received declarations from
all Independent Directors confirming that they meet the criteria of
independence as specified in Section 149(6) of the Act, as amended
from time to time. In terms of Regulation 25(8) of the Listing
Regulations, the Independent Directors have confirmed that they
are not aware of any circumstance or situation which exists or may
be reasonably anticipated that could impair or impact their ability
to discharge their duties with an objective independent judgement
and without any external influence and that they are independent of
the Management.

The Independent Directors have also confirmed that they have
complied with Schedule IV of the Act and the Company's Code of
Conduct and are registered on the databank of Independent Directors
maintained by the Indian Institute of Corporate Affairs. The Directors
have further confirmed that they are not debarred from holding the
office of director under any SEBI order or any other such authority.

The Board is of the opinion that the Independent Directors appointed
during the year possess requisite qualifications, skills, experience
and expertise and they hold highest standards of integrity (including
proficiency) and fulfil the conditions specified in the Act and Listing
Regulations and are independent of the management.

DISCLOSURE UNDER SECTION 197(14) OF ACT

Whole Time Director of the Company is not receiving any commission
from the Company hence the provision of Section 197(14) of the Act
is not applicable to the Company.

COMMITTEES OF BOARD AND NUMBER OF MEETINGS OF
THE BOARD AND BOARD COMMITTEES

In compliance with the statutory requirements, the Company has
constituted the following committees:

i. Audit Committee

ii. Nomination and Remuneration Committee

iii. Stakeholders' Relationship Committee

iv. Risk Management Committee

v. Corporate Social Responsibility Committee

vi. Independent Directors Committee*

vii. IPO Committee*

*The IPO Committee and Independent Directors Committee were
constituted specifically for the purpose of IPO and pursuant to the
consummation of the IPO and listing of equity shares of the Company
on Stock Exchanges, the IPO Committee and Independent Directors
Committee were dissolved w.e.f. May 30, 2024.

In addition to the above, the Borrowing Committee was dissolved by
the Board with effect from May 29, 2025.

During the year under review, Audit Committee of the Board of
Directors of the Company was re-constituted w.e.f. April 01, 2024.
Further, Nomination and Remuneration Committee, Corporate Social
Responsibility Committee and Stakeholders Relationship Committee
of the Board of Directors of the Company were re-constituted w.e.f.
February 11, 2025.

Further, all the recommendations made by the Committees of the
Board, including the Audit Committee, were accepted by the Board.

The Board of Directors met seven times during the FY 2024-25.

A detailed update on the Board, its composition, governance of
committees including detailed charters, terms and reference of various
Board Committees, number of Board and Committee meetings held
during FY 2024-25 and attendance of the Directors and committee
members thereat, is provided in the Report on Corporate Governance,
which forms part of this Annual Report.

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to Section 134(3)(c) of the Act, the Directors, to the best of
their knowledge and belief, confirm that for the financial year ended
March 31, 2025:

a. in preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation
relating to material departures;

b. they had selected such accounting policies and applied them
consistently and made judgements and estimates that are
reasonable and prudent, so as to give a true and fair view of
the state of affairs of the Company at the end of the financial
year and of the profit of the Company for that period;

c. they had taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions
of the Act for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;

d. they had prepared the annual accounts on a going concern basis;

e. the Directors had laid down internal financial controls to be
followed by the company and that such internal financial
controls are adequate and were operating effectively except as
disclosed in this report; and

f. they had devised a proper systems to ensure compliance with
the provisions of all applicable laws and such systems were
adequate and operating effectively.

PARTICULARS OF LOANS, GUARANTEES AND
INVESTMENTS

The particulars of loans, guarantees and investments covered under
section 186 of Act and Listing Regulations have been disclosed in the
standalone financial statements forming part of this Annual Report.

RESERVES

The Company does not propose to transfer any amounts to reserve.

MATERIAL CHANGES AND COMMITMENT, IF ANY,
AFFECTING THE FINANCIAL POSITION OF THE COMPANY
OCCURRED BETWEEN THE END OF THE FINANCIAL
YEAR OF THE COMPANY TO WHICH THE FINANCIAL
STATEMENTS RELATE AND THE DATE OF THE REPORT
There are no other material changes and commitments affecting
the financial position of the Company which have occurred between
the end of the financial year of the Company to which financial
statements relate and the date of the report except as detailed below:

Acquisition

a. During the year under review, Company acquired 49% stake,
through the acquisition of equity shares held by Snow Leopard
Adventures Private Limited (“Snow Leopard”) the other joint
venture partner, in Yatra MICE and Holidays Limited (formerly
known as Adventure and Nature Network Private Limited)
(“Yatra MICE”).

Consequent to completion of this transaction, the Company's
shareholding in Yatra MICE has increased from 50% (pre¬
acquisition) to 99% (post-acquisition) and Yatra MICE has
become a Subsidiary of the Company effective from June
19, 2024.

b. The Company had acquired 100% share capital of Globe All
India Services Limited (“Globe”) on September 10, 2024 which
is inter alia engaged in the business of providing reservation and
booking services relating to tours and travels (corporate, MICE
and leisure and tour planning).

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE
REGULATORS OR COURTS OR TRIBUNALS IMPACTING
GOING CONCERN STATUS OF THE COMPANY’S
OPERATIONS IN FUTURE

During the FY 2024-25, there were no significant and material orders
passed by the regulators or courts or tribunals impacting the going
concern status and the Company's operations in the future.

THE DETAILS OF APPLICATION MADE OR ANY
PROCEEDING PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE
YEAR ALONG WITH THEIR STATUS AS AT THE END OF
THE FINANCIAL YEAR

During the financial year under review, there were no proceedings
that were filed by the Company or against the Company, which are
pending under the IBC, as amended, before the National Company
Law Tribunal or other Courts.

SHIFTING OF REGISTERED OFFICE OF THE COMPANY

After the closure of FY 2024-25, Board at its meeting held on May
29, 2025 approved shifting of the Registered office of the Company
from the state of Maharashtra to the National Capital Territory (NCT)
of Delhi, subject to necessary approvals.

Further, Shareholders of the Company vide special resolution dated
July 03, 2025 accorded their approval to shift the registered office of
the Company, subject to the approval of Central Government.

ONE-TIME SETTLEMENT WITH ANY BANK OR FINANCIAL
INSTITUTION

During the year under review, there was no instance of any one-time
settlement with any bank or financial institution.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION,
FOREIGN EXCHANGE EARNINGS AND OUTGO

The information pertaining to conservation of energy, technology
absorption, Foreign exchange Earnings and outgo as required under
Section 134(3)(m) of the Act read with Rule 8(3) of the Companies
(Accounts) Rules, 2014 is furnished in Annexure B and forms part
of this report.

RISK MANAGEMENT

The Board has constituted a Risk Management Committee which
has been entrusted with the responsibility to assist the Board in
framing policy, guiding implementation, monitoring and reviewing
the effectiveness of the risk management policy and framework.
The composition of Risk Management Committee and number of
meetings held are given in the Corporate Governance Report, forming
part of this Annual Report. Further, pursuant to Section 134(3)(n) of
the Act and Regulation 17(9) of Listing Regulations, the Company
has formulated and adopted the Risk Management Policy inter-alia
providing the details/processes about identification of risk elements,
which in the opinion of the Board may threaten the existence of
the Company.

The objective of this policy, as amended from time to time, is to have
a well-defined approach to risks the Company may be exposed
to. The policy lays down broad guidelines for timely identification,
assessment, and prioritisation of risks affecting the Company in
the short term and in the foreseeable future. The policy suggests
framing an appropriate response action mechanism for the key risks
identified, so as to make sure that the risks are adequately addressed
or mitigated.

The Company relies upon its internal risk assessment and internal
audits conducted from time to time to take appropriate actions and
strategies to address and mitigate the risks identified through such
systems and audits. Further, based on such risk assessments and
audits, the elements of risk threatening the Company's existence are
considered to be minimal.

PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE

Your Company has zero tolerance for sexual harassment at workplace
and has adopted a policy on prevention, prohibition and redressal of
sexual harassment at workplace in line with the provisions of the
Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013 and the rules thereunder for prevention
and redressal of complaints of sexual harassment at workplace. An
Internal Complaints Committee (ICC) has also been set up with which
employees can register their complaint(s) against sexual harassment.

To build awareness in this area, Company has been conducting
induction/ training programmes on a periodical basis. For further
details, please refer to the Report on Corporate Governance, which
forms a part of this Annual Report.

During the year under review, the details of complaints received
under the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 are as follows:

i. Number of Sexual Harassment Complaints received - Nil

ii. Number of Sexual Harassment Complaints disposed off -
Not Applicable

iii. Number of Sexual Harassment Complaints pending beyond 90
days- Not Applicable

COMPLIANCE OF THE MATERNITY BENEFIT ACT, 1961

Your Company has complied with the provisions relating to the
Maternity Benefit Act, 1961.

CORPORATE SOCIAL RESPONSIBILITY (“CSR”)

The provisions of Section 135 of the Act relating to constitution of
CSR committee were not applicable to the Company during the year
under review, however, the Company has voluntary constituted the
Corporate Social Responsibility Committee. The Company was not
required to make any CSR Contribution for the year under review
under Section 135 of the Act.

The annual report on Corporate Social Responsibility under section
135 of the Act is annexed as Annexure C to this Report.

The composition, terms of reference of the CSR Committee and the
salient features of the Corporate Social Responsibility Policy (“CSR
Policy”) is provided in the Corporate Governance Report, which forms
part of this Annual Report. CSR Policy is available on the website
of the Company at https://s22.q4cdn.com/850749348/files/doc
downloads/2022/04/Corporate-Social-Responsibilitv-Policv.pdf .

VIGIL MECHANISM / WHISTLE BLOWER POLICY

Pursuant to section 177(9) of the Act read with rules made thereunder,
the Company has a Vigil Mechanism/Whistle Blower Policy which
has been communicated within the organization to eliminate and
help prevent malpractice, investigate and resolve complaints, to take
appropriate action to safeguard the interests of the Company, and to
ensure that the whistleblower is protected. The Whistle Blower Policy
is available on the website of the Company at https://s22.q4cdn.
com/850749348/files/doc downloads/ir india/2023/whistle-
blower-policy 19-03-2024-final.pdf.

For further details, please refer to the Report on Corporate
Governance, which forms a part of this Annual Report.

NOMINATION AND REMUNERATION POLICY (“NRC
POLICY”)

In terms of the requirement of Section 178 of the Act, the Board
of Directors has adopted a “Nomination and Remuneration Policy”
on appointment and remuneration of Directors, Key Managerial
Personnel, and Senior Management. The Policy inter-alia includes
criteria for appointment of Directors, KMPs, Senior Management and
other employees as may be decided by the Board, their remuneration
structure and disclosures in relation thereto. The Company's NRC
Policy is available at the website of the Company at https://s22.q4cdn.
com/850749348/files/doc downloads/2024/08/nomination-and-
remuneration-policy .pdf.

The remuneration paid to the Directors is as per the terms laid out in
the NRC Policy of the Company.

For further details, please refer to the Report on Corporate
Governance, which forms a part of this Annual Report.

BOARD EVALUATION

The Board has put in place a mechanism for evaluation of its
own performance and the performance of its committees and
individual Directors.

The evaluation of the Board, Committees, Directors and Chairman
of the Board was conducted based on evaluation parameters, such
as Board composition and structure, effectiveness of the Board,
participation at meetings, domain knowledge, awareness and
observance of governance etc.

In a separate meeting of Independent Directors, performance of
Non-Independent Directors, the Board as a whole and Chairman
of the Company was evaluated, taking into account the views of
Executive Directors and Non-Executive Directors and assessed
the quality, quantity and timeliness of flow of information between
the management and the Board that is necessary for the Board to
effectively and reasonably perform their duties.

Performance evaluation of Independent Directors was done by the
entire Board, excluding the Independent Director being evaluated.

A detailed disclosure on the framework of Board Evaluation including
outcome and action plan has been provided in the Report on
Corporate Governance, which forms a part of this Report.

FAMILIARISATION PROGRAMME

Company periodically presents updates at the Board/Committee
meetings to familiarise the Directors with the Company's strategy,
business performance, finance, risk management framework, human
resources and other related matters including one-to-one interactive
sessions with the top management team, business and functional
heads among others to understand the business, operations and
technology of the Company.

The Company has put in place a familiarization programme for all its
Directors including the Independent Directors.

A detailed note on the familiarization programme adopted by the
Company for training of the Directors, is provided in the Report on
Corporate Governance, which forms a part of this Annual Report.

INTERNAL FINANCIAL CONTROLS SYSTEM AND THEIR
ADEQUACY

The Company has in place proper and adequate internal financial
control system, commensurate with the size of its business operations,
which is constantly assessed and strengthened with new/revised
standard operating procedures (SOP) and time-bound action plans
to improve efficiency at all levels.

The Company has in place adequate procedures for ensuring orderly
and effective control of its business. Assurance on the effectiveness
of internal financial controls is ensured through management
reviews, controlled self-assessment and independent testing by the
internal auditor.

During the year under review, except as reported by the statutory
auditors in the Auditors' Report on Standalone and Consolidated
Financial Statements, no other reportable weakness in the operations
and accounting procedures were observed.

Barring the above, adequate internal financial controls with reference
to its financial statements are ensured by the Company

TRANSACTION WITH RELATED PARTIES

All contracts, arrangements and transactions entered by the
Company with related parties during the period under review were
in the ordinary course of business and on an arm's length basis.

During the year, the Company has not entered into any transaction,
contract or arrangement with related parties, which could be
considered material, in accordance with the Company's Policy on
dealing with Related Party Transactions (“RPT Policy”) and Listing
Regulations. Accordingly, the disclosure of related party transactions
in Form AOC-2 is not applicable.

The policy on Materiality of Related Party Transactions is available on
the website of the Company at https://s22.q4cdn.com/850749348/
files/doc downloads/2024/03/policv-on-materialitv-of-related-
party-transactions.pdf .

PUBLIC DEPOSITS

Your Company has not accepted any deposits in terms of Section
73 of the Act read with Companies (Acceptance of Deposit) Rules,
2014 and falling within the meaning of Chapter V of the Act during
the financial year under review.

ANNUAL RETURN

In terms of Section 92(3) read with Section 134(3)(a) of the Act and
rules thereto, the Annual Return of the Company in Form MGT - 7
for the financial year ended on as on March 31, 2025, will be available
on the Company's website at https://investors.yatra.com/Investor-
Relations-India/? ga=2.186110188.477297656.1722839776-
970339802.1722839776.

SUBSIDIARY, ASSOCIATE AND JOINT VENTURE
COMPANIES

As on March 31, 2025, your Company had 10 subsidiaries (direct and
indirect). Further, the Company does not have any associate company

As on March 31, 2025, out of its 10 subsidiaries, the Company had
four material subsidiaries namely Yatra TG Stays Private Limited, TSI
Yatra Private Limited, Yatra For Business Private Limited and Globe
All India Services Limited.

According to Section 129 of the Act, the consolidated financial
statements of the Company and its subsidiaries are prepared in
accordance with the relevant Indian Accounting Standard specified
under the Companies Act, 2013 and the rules thereunder and forms
part of this Annual report.

Further, in accordance with Section 136 of the Act and the
Listing Regulations, copies of the standalone and consolidated
financial statements of the Company and the financial
statements of the subsidiary companies and all other
documents required to be attached thereto, are available on
the Company's website at https://investors.yatra.com/Investor-
Relations-India/? ga=2.186110188.477297656.1722839776-
970339802.1722839776 .

REMUNERATION OF DIRECTORS, KEY MANAGERIAL
PERSONNEL AND PARTICULARS OF EMPLOYEE

Disclosures relating to remuneration of Directors under Section
197(12) of the Act read with Rule 5(1) of Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014 is annexed
as Annexure D of this Report.

Particulars of employee remuneration, as required under Section 197
(12) of the Act and read with Rule 5(2) and Rule 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules,
2014 forms part of this Report. In terms of the provisions of the
first proviso to Section 136(1) of the Act, this Report is being sent
to the shareholders, excluding the aforementioned information. The
information will be available for inspection at the registered office of
the Company on all working days (Monday to Friday) between 11:00
a.m. and 1:00 p.m. up to the date of AGM.

Any shareholder interested in obtaining the copy of the aforesaid
information, may send an email to the Company Secretary &
Compliance Officer at investors@yatra.com.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Pursuant to Regulation 34 of the Listing Regulations, the Management
Discussion and Analysis Report for the FY 2024-25, has been
presented in a separate section forming part of this Annual Report.

BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT

Pursuant to Regulation 34(2)(f) of the Listing Regulations, the
Business Responsibility and Sustainability Report (“BRSR”) on
initiatives taken from an environmental, social and governance
perspective, in the prescribed format is available as a separate section
of this Annual Report.

CORPORATE GOVERNANCE REPORT

Your Company has complied with the Corporate Governance
requirements under the Act and as stipulated under the Listing
Regulations. A separate section on Corporate Governance under
the Listing Regulations, along with the certificate from the Practicing
Company Secretary confirming the compliance, is available as a
separate section of this Annual Report.

CERTIFICATE ON STATUS OF COMPLIANCE WITH
FOREIGN EXCHANGE MANAGEMENT ACT , 1999 (“FEMA”)
PROVISIONS

As per the provisions of the Foreign Exchange Management (Transfer
or Issue of Security by a Person Resident Outside India) Regulations,

2017, the Company has obtained a certificate from the Statutory
Auditors of the Company as regards the status of compliance with
the instructions on downstream investment and compliance with the
FEMA provisions. As per the certificate from the Statutory Auditors,
the Company is in compliance with the applicable regulations as
regards downstream investment and other related FEMA provisions.

SECRETARIAL STANDARDS

The Company has adhered to the applicable Secretarial Standards
with respect to meetings of the Board of Directors (SS-1) and General
Meetings (SS-2) issued by the Institute of Company Secretaries
of India.

ACKNOWLEDGMENTS

Your Board of Directors takes this opportunity to extend their sincere
gratitude to all the employees, customers, banks, business partners,
counsels and other regulatory bodies/authorities for their invaluable
support, cooperation and trust in the Company

Additionally, the Board acknowledges and expresses its deep
gratitude for the continued co-operation and support received from
its valued shareholders.

For and on behalf of Board of Directors
Yatra Online Limited

Date: August 08, 2025 Murlidhara Kadaba Dhruv Shringi

Place: Gurugram DIN: 01435701 DIN: 00334986

Chairman Whole-Time Director
cum CEO