Q2 2020 Results
Yatra Online, Inc. (NASDAQ: YTRA, OTCQX: YTROF), India’s leading online travel company, today announced its unaudited financial and operating results for the three months ended September 30, 2019.
“The Indian aviation industry continued to witness a slowdown in the second quarter of the current fiscal year, with the impact exacerbated due to Jet Airways ceasing operations in April 2019 and the continued grounding of some aircraft for technical reasons. Air traffic industry growth in the second quarter of the current fiscal year significantly slowed down to 2.7% YoY as compared to 19% in the same quarter last year. In addition to this macro slowdown impact, we also significantly reduced consumer promotions in our B2C domestic hotels business during the quarter, which contributed to a YOY decline in Adjusted Revenue for the quarter; however its corresponding impact was a meaningful improvement in our Adjusted EBITDA as the discounted B2C hotel business was largely loss making in nature. This reduction in our consumer promotions continues to be a deliberate and conscious effort on our part to reduce our losses and move towards positive Adjusted EBITDA. There was also an adverse impact of INR 82.5 million (USD 1.2 million) on our operating performance in the current quarter due to legal and professional fees related to our previously disclosed merger transaction in process with Ebix, Inc. and the legal proceedings arising out of the ATB transaction. Excluding the aforesaid, our Adjusted EBITDA would have been a positive INR 24.5 million (USD 0.3 million) for the quarter versus an Adjusted EBITDA loss of INR 233.6 million (USD 3.3 million) for the same quarter last year. We expect our air revenue to have bottomed out in the September 2019 quarter and anticipate sequential quarterly growth in air revenues from the December 2019 quarter onwards.” — Dhruv Shringi, Co-founder and CEO.
Yatra Online, Inc.’s financial and operating results for the three months ended September 30, 2019, include 100% of the financial and operating results of Travel.Co.In Limited (TCIL), which we acquired on February 8, 2019.
Financial and operating highlights for the three months ended September 30, 2019:
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Revenue of INR 1,757.8 million (USD 24.9 million).
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Adjusted Revenue of INR 1,521.1 million (USD 21.5 million ), representing a decrease of 27.4% YOY.
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Adjusted Revenue from Air Ticketing of INR 1,029.7 million (USD 14.6 million), representing a decrease of YOY 25.0%.
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Adjusted Revenue from Hotels and Packages of INR 165.8 million (USD 2.3 million), representing a decrease of 61.3% YOY.
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Total Gross Bookings (Air Ticketing and Hotels and Packages) of INR 21.1 billion (USD 0.3 billion) representing YOY decline of 22.2%.
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Adjusted EBITDA
(2) Loss of INR 58.0 million (USD 0.8 million) representing a 75.2% reduction in losses YOY. · Loss for the period of INR 399.2 million (USD 5.7 million).