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Yatra Online Inc. (NASDAQ: YTRA) Q1 2023 earnings call dated Aug. 30, 2022
Manish Hemrajani — Vice President, Corporate Development and Investor Relations
Dhruv Shringi — Co-Founder & Chief Executive Officer
Scott Buck — H.C. Wainwright & Co. — Analyst
Lisa Thompson — Zacks Small Cap Research — Analyst
Anja Soderstrom — Sidoti & Company — Analyst
Jeff — — Analyst
Operator
Good day ladies and gentlemen, and thank you for standing by. Welcome to Yatra Fiscal First Quarter 2023 Earnings Conference Call. My name is Irene and I’ll be the coordinator of today’s event. [Operator Instructions]
I would now like to turn the conference call over to Manish Hemrajani, Head of IR. Manish, please go ahead.
Manish Hemrajani — Vice President, Corporate Development and Investor Relations
Thank you, Irene. Good morning, everyone. Welcome to Yatra’s Fiscal First Quarter 2023 Financial Results for the period ended June 30th, 2022. 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, August 30th, 2020. We don’t undertake any obligation to update or revise the information.
Before we begin our formal remarks, allow me to remind you that certain statements made on today’s call may constitute forward-looking statements, which are based on management’s current expectations and beliefs and are subject to several risks and uncertainties that could cause actual results to differ materially. For a description of these risks, please refer to our filings with the SEC and our press release filed earlier this month. Copies of this and other filings are available from the SEC and also on the IR section of our website.
With that, let me turn the call over to Dhruv. Dhruv, please go ahead.
Dhruv Shringi — Co-Founder & Chief Executive Officer
Thank you, Manish. Good morning everyone, and thank you for joining us today for our first quarter earnings call of fiscal ’23. I’m pleased to report that we had our best quarter yet since the advent of COVID with gross bookings growing 56% sequentially, demonstrating a strong recovery post Omicron. Revenue of INR899 million also reflected accelerating growth of 49% Q-on-Q. Adjusted revenue of INR1.25 billion, which is approximately $15.9 million, increased 28% Q-on-Q.
Adjusted EBITDA for the quarter also came in at a post pandemic high of INR123.5 million which is approximately $1.6 million for the quarter. This included our investments behind the Freight initiatives. This was a very strong start to fiscal ’23, especially in corporate travel exited the June quarter at approximately 90% of pre-COVID levels as office started to reverse back to levels seen prior to the pandemic.
Consumer business was also strong, domestic travel reaching the quarter at approximately 100% of pre-COVID levels, what’s particularly heartening was that we had our best quarter in terms of new corporate customer signings with a record 27 large to medium-sized enterprises chose the Yatra platform for their travel needs. This clearly underscores the value and robustness of our proprietary platform, as well as the superior service levels that we provide to our customer base.
International travel has also continued to recover. It’s recovering strongly since the easing of international travel restrictions towards the end of March ’22 is trending at approximately 60% of pre-COVID levels. India’s GDP growth was a strong 8.3% fiscal year ’22, the IMF expects India’s GDP to grow at about 7.2% in 2023. As it relates to Yatra, looking at how the travel industry has unfolded through history, we see that travel trends to grow at approximately 2 times GDP in developing markets versus a 1.5 times multiple in developed markets.
We believe we should be able to achieve growth above market rates as we continue to take share in the corporate travel market and as the consumer market continues the secular shift offline to online. Both the expansion of the travel industry and the macro conditions continue to be favorable. As aircraft fleet size is expected to almost double over the next 5 years, the Aviation Ministry recently forecasted almost 3 times increase in air passengers, and 400 million in the next decade.
Let me give you an example here on our demand is driving fleet expansion in India. Air India, which will recently bought by the Tata Group with aggressive expansion plan. Near term, and this is as early as October of this year, it is looking to add 6 wide-body and 25 narrow-body aircrafts to its fleet. They also have 200 planes on order, fleet expansion over the longer term. This is on a base of about 600 aircrafts currently operating in India.
As you can see from here on, we’ve got almost 5% capacity expansion happening in the near-term just by Air India. In addition to Air India, we’ve got a new airline Akasa Air, which was launched in August. We’ve got Jet Airways also coming out of bankruptcy, expected to start flying again later this year. The incremental capacity on the airline front, along with the increased airport infrastructure, should drive the continued expansion of the travel industry.
I think inflation, which seems to be a hot topic globally off late, India is fairing relatively well. India’s inflation rate in the month of July was 6.7% and with long-term averages and down from the peak of 7.8% in April of this year. We believe that demand and consumer confidence in India is relatively high, we don’t expect growth to slow down in India as we are seeing in more developed market. Which is perhaps one of the reason why the benchmark stock index in India, the NIFTY, is only down less than 5% in term of the year-to-date peak, trading at levels similar now this part of the year and the Nasdaq is down almost 20% — 24% year-to-date. IPO market in India also seems to be opening up, We had an IPO after almost four months last week, and the offer was about 35 times oversubscribed and listed at a 41% premium.
We’ll provide you some updates on our India filings as well. You may recall, our Indian subsidiary Yatra Online Limited filed a Draft Red Herring Prospectus, the DRHP, on March 25th to the Securities and Exchange Board of India, SEBI, which is the main regulatory body in India for a potential stock market offering. We are continuing to work with the regulator to obtain the necessary clearances for the DRHP. We expect this offering if completed to strengthen our balance sheet, better position us to take advantage of the rapidly recovering leisure and business travel market in India.
The faster than anticipated recovery that we are witnessing in corporate travel, with strong resurgence in business travel on the leisure side bodes very well for us and our IPO plans later this year. We believe there is significant demand for online travel stocks in India and the IPO should be well received. While there are worries about recession in the U.S. and Europe, India’s economy is growing at a brisk pace as it continues its journey from a developing to a developed nation. The Indian IPO structure also opens up an opportunity for us to explore strategic alliances with partners who might not have been comfortable with an overseas structure.
Now coming to our June quarter results. I’ll focus largely on sequential Q-on-Q comparisons, financials, as it doesn’t really make sense for us to compare year-over-year and that last year’s numbers were extremely depressed on account of the disruption caused by the Delta variant. Adjusted revenue for the quarter ended 30th of June, 2022 came in at INR1.25 billion, which is approximately $15.9 million, up 28% quarter-on-quarter. Sequentially air gross bookings grew 57%, largely on account of an increase in use for domestic flights, along with the increase in mix of international travel to ease, visibly high due to the various international factors that we’ve been talking about. Adjusted Revenue, however, grew 19% that’s for air and this was largely on account of fixed nature of our earnings along with the higher mix of corporate business.
Hotels continue to outpace overall growth with sequential hotel gross bookings and room nights, up 110% and 85% respectively. Sold 585,000 room nights in the quarter, so the highest number of room nights we have reported since the December 2018 quarter. We continue to take market share, as the back of supply continues to stand out in a more benign competitive environment.
Adjusted EBITDA of INR123.5 million also improved by 219% year-over-year and 134% Q-on-Q. This was driven largely by the increase in mix of corporate business that I referred to earlier. As of 30th of June, 2022, the balance of cash and cash equivalents and term deposits on our balance INR978.7 million, USD12.4 million. The decrease in cash balance from the previous quarter is primarily on account of increase in working capital deployment, with a strong recovery of the corporate travel business. Subsequent to quarter end, we have drawn down on INR440 million, USD5.5 million against receivable financing facilities from our bank. We expect the banks to continue to expand these working capital limits as the corporate business recovers.
Gross bookings for business travel, where we are the market leaders, finished [Phonetic] the June quarter approximately at 90% pre-COVID levels, the highest level since February 2020. We remain optimistic that we should pass pre-COVID levels in the very near term. It means that the stronger than anticipated recovery in business travel that we have witnessed put to rest any lingering doubts that people may have had about the future of business travels. It’s very evident, human beings are social animals and while online tools are great enablers, human being still prefer in-person interactions.
We see improving inbound interest and continue to sign new customers on an increasing pace on to our corporate platform. June quarter was the best quarter yet in terms of customer signings, 27 large and medium enterprise customers signing up for our service. In the highly fragmented nature of the market, we believe we will continue to take market share going forward. Our corporate business should accelerate growth to levels higher than they were pre-pandemic, as you see an accelerated shift towards online bookings, especially as contracts come up for their end of life renewal and rebidding.
On the hotels front, our strategic partnership with Flipkart owned Cleartrip, of course domestic hotel content from Yatra, which went live in the latter half of the March quarter, has witnessed a very strong uptake in the subsequent months. We believe that this partnership has the potential to more than double our hotel volumes over the next 12 months. We believe that the incremental volume that we drive through this partnership not only be accretive from an EBITDA perspective, it will also help strengthen our relationship with our existing hotel partners, ways to better long-term value creation.
The competitive intensity has risen modestly since the last quarter. Overall competitive levels remain manageable on the hotels front. Our brand continues to resonate positively with Indian travellers. As you may recall, India opened up international travel on a full schedule from March 27th onwards and we are seeing good traction on the international front as borders continue to open up globally, the airlines deploy incremental capacity towards international travel.
Let me now give you an update on our Freight initiatives. We look towards digitizing the logistics space. Our corporate travel relationships with both airlines and enterprise customers, together with our technology capabilities give us a significant head start. We rapidly scaled up this business over the past few months and we believe this results longer term has the potential to be even larger than our corporate travel business. I think with successful Indian IPO, we believe we will be in a position to accelerate growth in Freight, which is receiving increasing interest because of the freight and logistics challenges the world is facing.
Optimistic about Yatra’s continued growth and recovery. Based on the trends that we are witnessing, we believe that our well recognized brand and healthy balance sheet put us in a strong position to capitalize as the recovery continues to gain momentum. We believe the opportunity ahead for Yatra is massive. We believe Indian Internet travel will hit an inflection point in the coming years, we are past COVID. We believe corporate travel business, where we are the leaders will recover very quickly. In relation [Phonetic], I also want to highlight that the efforts that we made during the pandemic to improve operational efficiency, already begun towards significantly higher levels of profitability. I want to thank our shareholders who have stood by Yatra through these trying times, hopeful and honestly believe its only a matter of time before your patience and understanding are rewarded.
I’d like to thank everyone for joining the call today and as always, we are available for follow-ups. With that, let me hand it back to you.
Manish Hemrajani — Vice President, Corporate Development and Investor Relations
Thanks, Dhruv. Irene, we can now open up the call for questions. Thank you.
Dhruv Shringi — Co-Founder & Chief Executive Officer
Thank you. [Operator Instructions] Our first question comes from Scott Buck from H.C. Wainwright. Scott, your line is open.
Scott Buck — H.C. Wainwright & Co. — Analyst
Hi, good morning guys. Thank you for taking my questions. I guess the first, Dhruv, for me, could you give us a little bit more color. Now that you’re back to essentially pre-COVID levels, where is the incremental revenue going to come from in 2023 and 2024?
Dhruv Shringi — Co-Founder & Chief Executive Officer
Hi, good morning, Scott. So when we think about the incremental revenues going forward, Scott, at this point, the first factor, which is there is international travel. International travel is still only at about 60% of its pre-COVID levels. We expect that to continue to scale up and led to the pre-COVID kind of numbers by the end of this calendar year. In addition, we are seeing very secular growth happening in travel in general in India. So the kind of things that people are talking about in the more developed markets is inflation, our consumers holding back spending, it doesn’t seem to be the case like that in India. [Indecipherable] is recovering very strongly in India and we anticipate this demand for travel as disposable income growth in the hands of consumers, if you need to be there.
Income levels are rising. We’ve got a growing middle-class population. Secular trends are all pointing towards the very strong travel industry. As I mentioned in my opening remarks, we expect travel to grow at almost 2 times of GDP growth rates. There is a very strong secular trend that’s happening with this growth in travel at a more general, specifically for Yatra, the two factors that I think are happening really well for us. I said on the corporate travel side, we are seeing very strong inbound demand, our conversion ratio on new customer is looking extremely healthy, as more and more companies want to adopt technology. The companies have been through a significant amount of disruption due to COVID, going forward, people have realized that they want to work in a more digitized environment as opposed to an offline environment, so that’s leading to a very strong amount of inbound interest on our corporate travel side, the one leader for us that will drive, we believe, tremendous amount of growth going forward.
The other is the more secular trend in terms of just online adoption that we’re seeing play out on the travel side — on the leisure travel side. What’s happening in Tier 2 markets in India? These markets are typically serviced by the offline agents. The offline agencies, a large number of them shut shop during COVID, some temporary, some permanently. So we are seeing tremendous amount of uplift happening over there, customers moving online from these markets as well. So that all these customers has recognized and done everything signed in the past two years, right.
People who’ve been stuck indoors or under lockdowns, had a grocery home delivery, e-commerce everything online. So there is hardly anyone in these markets today who can also turn out and say, we’re not tech savvy. So the online adoption we are seeing on the consumer side also has not significantly accelerated post COVID. These two factors I think will drive a tremendous amount of growth for us. Then there is obviously new business lines like Freight, which we’ve initiated, will add-on to growth from here on.
Scott Buck — H.C. Wainwright & Co. — Analyst
Great, that’s very helpful. And then my second, on the corporate travel side, you signed 27 large and medium sized customers during the quarter. What’s the pipeline look like for fiscal 2023 with the first quarter, just particularly strong, or should we expect these elevated levels to continue through the year?
Dhruv Shringi — Co-Founder & Chief Executive Officer
See, the way we are seeing the pipeline at this point in time, we expect this pipeline to continue and we would like to actually see acceleration happening in the second half of this year. So as more and more contracts come up for renewal, they come up for rebidding. Companies have just had begun to come back to a full-time working environment only largely in this quarter, right. Till January, February we had Omicron, so only been post April as we’ve seen companies come back to full time working. This quarter is the first real quarter where we’ve had companies come back and work full time. I think the traction should continue and only accelerate going forward from here.
Scott Buck — H.C. Wainwright & Co. — Analyst
Great, that’s helpful. Do you guys need a meaningful ramp in opex to support the top-line growth or are you pretty comfortable with the cost infrastructure you have in place?
Dhruv Shringi — Co-Founder & Chief Executive Officer
The cost infrastructure should not change drastically from here. As we’ve been talking through COVID, we spent a significant amount of time and effort during COVID in automating our back-end processes, and this ramping up the technology stack and that’s putting us in really good state at this point. The other change which we are also seeing is, just in terms of sheer consumer behavior, the corporate travel side as well, the adoption of the Self Book platform has gone up meaningfully, the higher the adoption on the Self Book side, the lower is the manpower cost that we need at our end. Here, now just to give you a sense on the corporate travel side, I think 9% of pre-COVID volumes, about 60% of the staff.
Scott Buck — H.C. Wainwright & Co. — Analyst
Okay, that’s helpful. And then last one for me, just on the potential Indian IPO. What should we be thinking about in terms of timing and reading the release, it seems like the language, there might be a little bit of hedging that’s actually gets completed. So is there a real risk that this doesn’t happen?
Dhruv Shringi — Co-Founder & Chief Executive Officer
I don’t think they trying to hedge. And I don’t think the language should in any way suggest that we are trying to hedge and we continue to work, work for the IPO and I in fact want to say that, the market is looking much better than what it has over the last four months, at any point over the last four months. A recent example that we saw of the IPO that got subscribed, it got subscribed 35 times, it’s trading at a 41% premium, it does definitely show that the markets in India are looking up. I do agree that one summer doesn’t make a swallow, but I feel that, there is enough and more tailwinds behind the India markets after we have a successful IPO in the near-term.
Scott Buck — H.C. Wainwright & Co. — Analyst
Great, that’s helpful. I appreciate you guys taking my questions and congrats on the quarter.
Dhruv Shringi — Co-Founder & Chief Executive Officer
Thank you so much, Scott.
Operator
Thank you. Our next question comes from Lisa Thompson from Zacks Investment Research. Lisa, your line is open.
Lisa Thompson — Zacks Small Cap Research — Analyst
Thank you. Good morning. I have two questions for you. First is, given current situation, what’s your feeling about the next few quarters? Are you going to see normal seasonality or is pent-up demand changing things? How should we look at it?
Dhruv Shringi — Co-Founder & Chief Executive Officer
Good morning, Lisa. In terms of seasonality, firstly, as you know there will be some effect of seasonality now coming into play as we are nearing our pre-COVID levels from a volume perspective. But it should not be a very significant impact as yet, because we are beginning to see still some pent-up demand, stocks of retail travel will continue to be there. The seasonality effect, while the seasonality effect is beginning to play, it’s still at a relatively modest level.
Lisa Thompson — Zacks Small Cap Research — Analyst
All right. That sounds good. And then my other question is, where you are now when you look back at pre-COVID, your business model, how is it going to be going forward, after everything that’s happened. What is your feeling about gross margins compared to back then and EBITDA margins, how has the world changed for you?
Dhruv Shringi — Co-Founder & Chief Executive Officer
See, for us the one big difference which has happened is happening on the EBITDA margin. Then we are seeing meaningful improvement happening to the EBITDA margins as we go forward. This is largely on account of — this change in consumer behavior, both on the corporate side and on the leisure side where customers are getting much more comfortable doing it themselves and needing much lesser support, so that’s definitely one thing which is there.
The other thing, which we are seeing very good traction on is the adoption of the hotel program, both the consumers side and the corporates side. Hotels, as we all recall, have better long-term margins. We do expect, as we continue to scale up the hotel business, [Indecipherable] should further enhance from there. On the whole, we expect our operating margins to continue to improve as we go forward.
Lisa Thompson — Zacks Small Cap Research — Analyst
Do you have some sort of number in mind of where you think you can go ultimately?
Dhruv Shringi — Co-Founder & Chief Executive Officer
See, the near-term, mid-term margins that we’ve been talking about in the high teens. And we think that — if I was to — just about the investment that we are making behind the Freight business, for our core travel business, that’s the kind of margin number that we are working towards in the near-to-mid term.
Lisa Thompson — Zacks Small Cap Research — Analyst
Great, thank you. That’s all my questions.
Dhruv Shringi — Co-Founder & Chief Executive Officer
Thank you, Lisa.
Operator
Thank you. Our next question comes from Anja Soderstrom from Sidoti & Company. Anja, your line is open.
Anja Soderstrom — Sidoti & Company — Analyst
Okay, great. Thank you for taking my questions. I want to start off with a follow-up on the Indian IPO. Do you have any more color on the timing of that? I think you’ve talked before about that happening towards the end of the summer and we are there no so, and what’s the time frame for that?
Dhruv Shringi — Co-Founder & Chief Executive Officer
So Anja, we continue to work with the regulator in India and we are working very closely with them. And the timing, as I said, the markets are beginning to look up, so we’ve seen the first IPO happened in almost four months now. For the period four months, there was real — no IPO that happened in the market. We’ve had one that’s happened. We have another couple which we believe are lined up in the near-term. That will give us a good indication of the kind of secular trend markets are projecting. Then, based on market conditions, we expect that we should be looking at this, and we had always said this, that [Indecipherable] on the September-October kind of timeline, what we had initially anticipated and we continue to work towards those.
Anja Soderstrom — Sidoti & Company — Analyst
Okay, thank you. [Speech Overlap] Okay, thank you, we are looking forward to that. And pardon me, I missed part of your prepared remarks, I don’t know if you have touched on this, but in terms of the air passenger traffic, that sort of picked up to 83% of the COVID levels, pre-COVID levels. How has that been trending since June for you?
Dhruv Shringi — Co-Founder & Chief Executive Officer
Since June, there is some seasonality impact which is there in the air passenger traffic numbers, these are published by the government and the Aviation Authority in India. So there is some impact of seasonality, but it’s not a stark as what one would have expected pre-COVID. There is still, I think, some pent-up demand, which is there on the travel side, so it’s helping maintain volumes.
Anja Soderstrom — Sidoti & Company — Analyst
Okay, thank you. And I think during the COVID, you sort of reduced the salaries during the pandemic, has that pulled back or what can we expect in terms of that?
Dhruv Shringi — Co-Founder & Chief Executive Officer
So there is some rationalization that’s happening on the salaries as the market is really hot for talent in India, like most of the parts of the world, there is an ongoing war for talent, so to speak. So salary levels are back in most cases to pre-COVID levels. But, we’ve also been able to rationalize our headcount quite significantly in technology. As I mentioned in response to Scott’s question, look at the corporate travel side of things, we are now trending towards 90% of pre-COVID levels, about 60% of the workforce. So while there might be individual salary cuts which have gone up, on a collective level, we’re able to keep our cost in check.
Anja Soderstrom — Sidoti & Company — Analyst
Okay. And you just said the corporate travel is picking up. Is there any sort of — do you have any correlation or sort of any quantification there on that, how much of a pull that is for also the leisure travel then to pick up with you, in tandem with the corporate?
Dhruv Shringi — Co-Founder & Chief Executive Officer
See, typically we’ve seen leisure come back faster than business travel. Leisure travel will come back and recover faster and that’s a pattern out here. Business travel, I think recover with a one quarter to two quarter kind of lag, which is what we are seeing. So while leisure travel has been at elevated levels, it’s October, November of last year, business travel has only begun to really gain traction since March, April of this year. So there is a — maybe a one quarter to two quarter kind of lag in consumer travel and corporate travel, that’s why I would suggest that by the end of this year or early part of next year we’ll have corporate travel also touch pre-COVID levels.
Anja Soderstrom — Sidoti & Company — Analyst
Okay, thank you. And the last one is, in terms of the competitive landscape. Has that changed at all for you?
Dhruv Shringi — Co-Founder & Chief Executive Officer
See, we’ve seen the competitive landscape be a bit more benign at this point in time, compared to the COVID levels. Some of the disruptors like — we had PayTM, OYO, all of these guys has scaled back competitive intensity, that’s creating a more level playing field, so to speak of.
Anja Soderstrom — Sidoti & Company — Analyst
Okay, thank you. That was all from me.
Dhruv Shringi — Co-Founder & Chief Executive Officer
Sure. Thank you for your questions.
Operator
Thank you. Our next question comes from Jeff [Technical Issues]. Jeff, your line is open.
Jeff — — Analyst
Great, thanks. Thanks for taking my questions guys. Just a few from me if I could. First on the balance sheet, just thoughts on cash flow and cash balance over the next couple of quarters, you commented on working capital and I think credit drawdown, but just talk about what you’re seeing and expecting with respect to cash flow, cash balance for the next two quarters? Maybe start there and I have a couple of follow-ups.
Dhruv Shringi — Co-Founder & Chief Executive Officer
Sure. So, on the cash balance side, there is deployment of working capital that’s happening as the corporate travel business is recovering. Given that now we’ve reached 90% of pre-COVID levels, we are expecting some growth from here on. There will be some cash consumption that happen on the working capital side of things, that’s largely coming in from the drawdown that we’ve done, the receivable financing facilities that we have, that’s where the cash will come in. And we also expect these facilities to increase in size, the business continues to recover.
Just to give you a comparative, pre-COVID, facilities were about $25 million, at this point in time, about $5.5 million. So as the business continues to scale up, we expect these facilities to also continue to go up and help finance the working capital requirements.
Jeff — — Analyst
Okay, that’s helpful. And then on the Freight side, just a refresh, already clear on that answer, I think, you gave to the earlier question about high teens target near-term margins on the EBITDA side, and then you talked a bit about, I think that was pre the investments for Freight. So can you just touch on Freight again and help us understand expectations around both revenue and investments there?
Dhruv Shringi — Co-Founder & Chief Executive Officer
So the investment that is happening on Freight is in the range of USD200,000 to USD300,000 a quarter, that’s the kind of investments level that we are looking at, at the operating side. And there is some working capital deployment also about USD2 million to USD3 million which is there on the Freight side.
In terms of revenue expectation, revenue expectations actually to be in the range of about USD3 billion to USD4 billion, as we had spoken about earlier. The Freight business from that perspective, as we’ve said, we are investing behind it, but it’s not investments we got an earth-shattering amount, right. So it’s only to the tune of USD200,000 to USD300,000 a quarter. We expect this investment to happen another two quarters to three quarters at max and then we should start seeing credibility come through from the Freight side as well.
Jeff — — Analyst
Okay and last one on the 2017 corporate — even large businesses signed in the quarter. Is there anyway to put some value around those signings and give us an anchor point to compare that to just to get a sense of bookings momentum?
Dhruv Shringi — Co-Founder & Chief Executive Officer
We, obviously we track that very closely, but it’s not something that we publicly disclose and at this point we need to keep our disclosures consistent with what we are disclosing in India in the DRHP and what we are disclosing in the U.S. So we have to just maintain parity. But this is something going forward that we can consider sharing.
Jeff — — Analyst
Okay, and then on the DRHP, just to get one point of clarification on the IPO. So when the DRHP gets approved. What is in your understanding the typical timeline from approval to actual completion of the IPO?
Dhruv Shringi — Co-Founder & Chief Executive Officer
So from approval to completion, it can be a four week to six week kind of time frame. It then depends on market conditions as those, Scott — sorry, Jeff, as you well know. So it will be a function of that, but the markets are conducive and happen in a six-week time frame.
Jeff — — Analyst
Got it. Okay, thanks so much for taking my question. I Appreciate it.
Dhruv Shringi — Co-Founder & Chief Executive Officer
Thank you.
Operator
Thank you. Currently, we have no further questions. Therefore, I would like to hand back to Manish for any closing remarks.
Manish Hemrajani — Vice President, Corporate Development and Investor Relations
Thank you, Irene. Thanks everyone for joining the call today. As always, we are available for follow-up questions. Thank you so much. Take care.
Dhruv Shringi — Co-Founder & Chief Executive Officer
Thank you. [Operator Closing Remarks]
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