Gurugram, India and New York August 30, 2022— Yatra Online, Inc. (NASDAQ: YTRA) (the “Company”), 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, 2022.
“We posted our best quarter yet since the onset of COVID, witnessing a strong recovery in both corporate and consumer businesses following the impact of Omicron in the quarter ended March 31, 2022. Both our Revenue and Adjusted Revenue for the quarter came in at a post-COVID high of INR 899.0 million (USD 11.4 million), and INR 1,253.7 million (USD 15.9 million), respectively. Adjusted Revenue was up 27.9% sequentially as travel recovered strongly across the board in the quarter. Adjusted EBITDA for the quarter was a very healthy INR 123.5 million (USD 1.6 million) which reflects the investments we are making in our Freight business. India’s domestic passenger traffic in June 2022 was at 83% of pre-COVID levels and business travel gross bookings for Yatra are currently trending at approximately 90% of pre-Covid levels. International travel has also begun to recover strongly post the easing of international travel restrictions towards the start of June. Corporate travel trends are highly encouraging and this was reflected in record customer signings in the June quarter with 27 large to medium enterprise contracts signed during the quarter.
As you may recall, our controlled Indian subsidiary, Yatra Online Limited (“Yatra India”), filed a Draft Red Herring Prospectus (“DRHP”) on March 25, 2022, with the Securities and Exchange Board of India (‘SEBI’), which is the main stock market regulatory body in India, for a potential initial public offering and listing of its equity shares on the Indian stock exchanges. We are continuing to work with the regulator to obtain the necessary clearances for the offering. We expect this offering, if completed in the future, to strengthen our balance sheet and better position us to take advantage of the rapidly recovering leisure and business travel market in India.” - Dhruv Shringi, Co-founder and CEO.
Financial and operating highlights for the three months ended June 30, 2022:
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Revenue of INR 899.0 million (USD 11.4 million), representing an increase of 48.6% quarter-over-quarter (“QoQ”) and an increase of 192.9% year-over-year (“YoY”).
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Adjusted Revenue(1) of INR 1,253.7 million (USD 15.9 million), representing an increase of 27.9% QoQ and an increase of 156.6% YoY.
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Adjusted Revenue(1) from Air Ticketing of INR 794.9 million (USD 10.1 million), representing an increase of 19.1% QoQ and an increase of 157.6% YoY.
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Adjusted Revenue(1) from Hotels and Packages of INR 302.7 million (USD 3.8 million), representing an increase of 68.4% QoQ and an increase of 570.6% YoY.
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Total Gross Bookings (Air Ticketing, Hotels and Packages and others) (3) of INR 17,867.2 million (USD 226.1 million), representing an increase of 56.4% QoQ and an increase of 590.8% YoY.
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Loss for the period was INR 7.0 million (USD 0.1 million) versus a loss of INR 117.2 million (USD 1.5 million) for the three months ended March 31, 2022, reflecting a decrease of loss of INR 110.2 million (USD 1.4 million) QoQ and a decrease of loss of INR 73.4 million (USD 0.9 million) YoY.
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Results from operations were a profit of INR 32.9 million (USD 0.4 million) versus a loss of INR 53.4 million (USD 0.7 million) for the three months ended March 31, 2022.
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Adjusted EBITDA (2) was INR 123.5 million (USD 1.6 million) reflecting an increase of INR 70.6 million (USD 0.9 million) QoQ versus a profit of INR 52.9 million (USD 0.7 million) for the three months ended March 31, 2022.
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