Gurugram, India and New York, New York--(Newsfile Corp. - May 30, 2023) -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 and year ended March 31, 2023.
"We wrapped up Fiscal Year 2023, with our strongest quarter yet since the onset of COVID, registering an exceptional YoY growth of 97.4% in Revenue and 93.3% in Adjusted Revenue. This strong performance is attributed to the marked recovery and market share gains in recent quarters in both our consumer and corporate travel businesses which enabled us to achieve the highest payout slabs for our year end incentives with GDS and airlines. Additionally, the successful onboarding of new corporate customers in our business travel segment further bolstered our growth trajectory. Notably, we signed a record number of 97 medium to large corporate customers in the year ended March 31, 2023, a testament to our corporate leadership and capabilities and the continued recovery in the travel sector. Our revenue and adjusted revenue for the quarter ended March 31, 2023, were reported at INR 1,194.3 million (USD 14.5 million) and INR 1,894.9 million (USD 23.1 million) respectively, well exceeding our projected guidance range of $19.5-20.5 million in adjusted revenue issued last quarter. In a stark contrast to the INR 53.4 million loss in the corresponding quarter in the prior year, we delivered a profit of INR 7.5 million (USD 0.1 million) in the three months ended March 31, 2023. Adjusted EBITDA for the quarter reached INR 185.6 million (USD 2.3 million), marking a significant increase of 251% YoY. India's domestic passenger traffic grew by 4.6% in the three months ended March 31, 2023, compared to the prior quarter. Our domestic passenger traffic grew 33% compared to the prior quarter, reflecting strong underlining momentum in the business.
The domestic aviation industry in India grew 51% YoY reflecting a swift recovery from the lows of COVID and the long-term growth trajectory for the Indian travel market remains very positive. This positive momentum carried over into the new fiscal year as well with April 2023, traffic rising 17% YoY to 12.9 million passengers. International travel has also shown a steady improvement during the quarter ended March 31, 2023, reaching approximately 90% of pre-COVID levels. As we move forward, we remain optimistic and committed to leveraging these positive trends to drive further growth and success.
Yatra Online Limited, our Indian subsidiary, or "Yatra India," filed a Draft Red Herring Prospectus (DRHP) on March 25, 2022. This was submitted to the Securities and Exchange Board of India (SEBI), the primary regulatory body for the stock market in India, in preparation for a potential Initial Public Offering (IPO). The plan includes listing Yatra India's equity shares on the Indian stock exchanges, hence referred to as the "Indian IPO".
On November 17, 2022, we received the final observation letter from SEBI, indicating that the IPO can open for subscription within a year from the said date. In light of this, we embarked on our India investor outreach (IPO roadshow) in the early part of the March quarter. This involved engaging with prominent investors in India, including leading domestic mutual funds, family offices, and hedge funds in the Indian market. The feedback has been overwhelmingly positive due to our strong performance, the evident recovery of both consumer and corporate travel in India, and favorable macro trends that suggest a potential for sustained growth in the sector. However, due to the broader macro environment in the global market, the investor feedback process has been lengthier than we anticipated. Despite this, we have noted that key investors continue to express interest and engagement. This gives us confidence in our prospects for a successful IPO. Aside from bolstering our financial position, we believe that this offering will provide us with the opportunity to more assertively pursue new corporate business. Additionally, it will enable us to explore strategic alliances with partners who may have been hesitant to engage with an overseas structure in the past." - Dhruv Shringi, Co-founder and CEO.
Financial and operating highlights for the three months ended December 31, 2022:
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Revenue of INR 1,194.3 million (USD 14.5 million), representing an increase of 97.4% year-over-year basis ("YoY").
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Adjusted Revenue(1) of INR 1,894.9 million (USD 23.1 million), representing an increase of 93.3% YoY.
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Adjusted Revenue(1) from Air Ticketing of INR 1,459.6 million (USD 17.8 million), representing an increase of 118.7% YoY.
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Adjusted Revenue(1) from Hotels and Packages of INR 268.4 million (USD 3.3 million), representing an increase of 49.3% YoY.
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Total Gross Bookings (Air Ticketing, Hotels and Packages and other Services) (3) of INR 17,832.7 million (USD 217.0 million), representing an increase of 56.1% YoY.
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Profit for the period was INR 7.5 million (USD 0.1 million) versus a loss of INR 117.2 million (USD 1.4 million) for the three months ended March 31, 2022, reflecting a decrease in loss by INR 124.7 million (USD 1.5 million) YoY.
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Results from operations were a profit of INR 115.5 million (USD 1.4 million) versus a loss of INR 53.4 million (USD 0.6 million) for the three months ended March 31, 2022, reflecting an improvement of 316.5% YoY.
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Adjusted EBITDA (2) was INR 185.6 million (USD 2.3 million) reflecting an increase of 251.0% YOY.
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