Gurugram, India and New York, New York--(Newsfile Corp. - April 1, 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 December 31, 2021.
"We witnessed a strong recovery in travel in the fiscal third quarter as leisure travel picked up heading into the key holiday season and business travel also came back strongly on the back of lower covid case counts in the early part of the third quarter. Revenue for the quarter ended December 31, 2021 was INR 627.1 million (USD 8.4 million), representing an increase of 39.2% QoQ, while Adjusted Revenue for the quarter ended December 31, 2021 came in at INR 1,044.9 million (USD 14.0 million) up 33% QoQ and 72% YoY. This was the highest quarterly Adjusted Revenue for the Company since the onset of COVID-19. Adjusted EBITDA also improved 89% sequentially on account of the overall business recovery. While there was some disruption on account of Omicron in the months of December and January, we are seeing a sharp rebound post January in both leisure and business travel. Our Indian subsidiary, Yatra Online Limited, recently filed a Draft Red Herring Prospectus ('DRHP') 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 expect this offering, if completed, to strengthen our balance sheet and better position us to take advantage of the rapidly recovering leisure and business market travel in India. Business travel is trending to exceed 70% of its pre-covid volumes in the month of March 2022 and we remain optimistic that business travel should get back close to pre-covid volumes in the June quarter of 2022." - Dhruv Shringi, Co-founder and CEO.
Financial and operating highlights for the three months ended December 31, 2021:
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Revenue of INR 627.1 million (USD 8.4 million).
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Adjusted Revenue
(1) of INR 1,044.9 million (USD 14.0 million), representing an increase of 32.5% quarter-over-quarter basis (“QoQ”) and an increase of 72.3% on year over year basis (“YoY”).
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Adjusted Revenue(1) from Air Ticketing of INR 726.5 million (USD 9.8 million), representing an increase of 42.8% QoQ and an increase of 69.5% YoY.
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Adjusted Revenue(1) from Hotels and Packages of INR 210.8 million (USD 2.8 million), representing an increase of 28.9% QoQ and an increase of 92.2% YoY.
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Total Gross Bookings (Air Ticketing, Hotels and Packages and others)(3) of INR 11,848.7 million (USD 159.3 million), representing an increase of INR 3,412.0 million (USD 45.9 million) QoQ and an increase of INR 5,723.8 million (USD 76.9 million) YoY.
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Loss for the period was INR 144.7 million (USD 1.9 million) versus a loss of INR 140.2 million (USD 1.9 million) for the three months ended September 30, 2021, reflecting an increase of loss of INR 4.5 million (USD 0.1 million) QoQ and a decrease of loss of INR 72.2 million (USD 1.0 million) YoY.
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Result from operations was a loss of INR 151.3 million (USD 2.0 million) versus a loss of INR 140.0 million (USD 1.9 million) for the three months ended September 30, 2021.
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Adjusted EBITDA(2) Profit was INR 44.0 million (USD 0.6 million) reflecting an increase of INR 20.7 million (USD 0.3 million) QoQ versus a profit of INR 23.3 million (USD 0.3 million) for the three months ended September 30, 2021.