YATRA ONLINE, INC. ANNOUNCES RESULTS FOR THE THREE MONTHS ENDED JUNE 30, 2020
Gurugram, India and New York September 9, 2020— Yatra Online, Inc. (NASDAQ: YTRA, OTCQX: YTROF), India’s leading corporate travel services provider and one of India’s leading online travel companies, today announced its unaudited financial and operating results for the three months ended June 30, 2020.
“We are starting to see a gradual recovery in travel after the reopening of domestic aviation towards the end of May 2020 post India’s nationwide lockdown in March and April earlier this year. During the quarter we focused our efforts on restructuring our costs and significantly brought down our fixed cost run rate from approximately INR 203.9 million (USD 2.7 million) a month in March 2020 to approximately INR 90.6 million (USD 1.2 million) a month in May 2020 through a combination of salary cuts ranging from 25% to 75% and renegotiation of contracts with our various service providers. There was an adverse impact of INR 168.4 million (USD 2.2 million) on our operating performance in the current quarter due to legal and professional fees related to the merger transaction with Ebix, Inc. Excluding such fees, our Adjusted EBITDA loss would have been INR 141.0 million (USD 1.9 million) for the quarter versus an Adjusted EBITDA loss of INR 205.8 million (USD 2.7 million) for the same quarter last year. We believe our current liquidity position and cost restructuring efforts will provide us with enough capital to withstand a prolonged slowdown in the travel industry should that occur.” Dhruv Shringi, Co-founder and CEO.
Financial and operating highlights for the three months ended June 30, 2020:
- Revenue of INR 192.0 million (USD 2.5 million).
- Adjusted Revenue of INR 236.2 million (USD 3.1 million ), representing a decrease of 86.2% YOY.
- Adjusted Revenue from Air Ticketing of INR 170.2 million (USD 2.3 million), representing a decrease of YOY 85.2%.
- Adjusted Revenue from Hotels and Packages of INR 11.9 million (USD 0.2 million), representing a decrease of 94.9% YOY.
- Total Gross Bookings (Air Ticketing and Hotels and Packages) of negative INR 205.0 million (negative USD 2.7 million).
- Loss for the period of INR 79.5 million (USD 1.1 million).
- Adjusted EBITDA Loss of INR 309.4 million (USD 4.1 million) representing an increase of 50.3% YOY.