Why did YTRA's Q4 2024 earnings fall short of forecasts?

Yatra Online's (YTRA) Q4 2024 earnings fell short of forecasts due to several factors impacting its financial performance: 1. **Strategic Adjustments in Discounts**: Yatra made strategic adjustments to discounts in its B2C air segment to address intensified price competition, resulting in a 13.0% decline in Adjusted Air Ticketing Margins. This decision had an adverse effect on revenue and profitability. 2. **Reduced Volumes in B2C Segment**: The reduction in volumes in the B2C segment significantly impacted revenue, as this segment was a major contributor to the company's overall sales. The decline in volumes led to a decrease in revenue from air ticketing, which in turn affected the company's financial performance. 3. **Globe Acquisition Impact**: Although the acquisition of Globe All India Services (Globe Travels) brought in 360 new corporate clients and added an annual billing potential of INR 1,213.0 million (USD 14.5 million), the integration of this acquisition might have caused some operational inefficiencies and costs that affected short-term profitability. In summary, Yatra's Q4 2024 earnings fell short of forecasts due to strategic adjustments in discounts, reduced volumes in the B2C segment, and the impact of the Globe acquisition. These factors combined to affect the company's financial performance, leading to an earnings shortfall.