Gurugram, India and New York, New York--(Newsfile Corp. - November 29, 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 September 30, 2022.
"We delivered strong sequential growth of 21% in Adjusted Revenue in what is typically our weakest quarter due to seasonality, as a result of growth in both our corporate and consumer travel businesses. Our Revenue and Adjusted Revenue for the quarter came in at INR 831.4 million (USD 10.2 million), and INR 1,515.9 million (USD 18.6 million), respectively. Adjusted Revenue was a post-COVID high up 92.2% YoY, as recovery in the travel industry continued across both consumer and corporate travel sectors. Adjusted EBITDA for the quarter came in at INR 77.7 million (~ USD 1 million). India's domestic passenger traffic in September 2022 reached 90% of pre-COVID levels and business travel gross bookings for Yatra reached 100% of pre-Covid levels in the quarter ended September 30, 2022. International travel also continued to improve gradually during the quarter ended September 30, 2022 following the easing of international travel restrictions, reaching 70% of pre-covid levels. Corporate travel trends are highly encouraging and this was reflected in yet another record customer signings in the September quarter with 30 large to medium enterprise contracts signed during the quarter, which exceeded last quarter's 27 signings.
As you may recall, our 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 ("Equity Shares") on the Indian stock exchanges (the "Indian IPO"). We are pleased to announce that SEBI issued the final observation letter dated November 17, 2022, which means Yatra India's proposed initial public offering can open for subscription within 12 months. We expect to commence marketing activities shortly. Aside from strengthening our balance sheet, we expect this offering to allow us to pursue new corporate business more aggressively." - Dhruv Shringi, Co-founder and CEO.
Financial and operating highlights for the three months ended September 30, 2022::
|
●
|
Revenue of INR 831.4 million (USD 10.2 million), representing an increase of 84.6% year-over-year basis (“YoY”).
|
|
●
|
Adjusted Revenue(1) of INR 1,515.9 million (USD 18.6 million), representing an increase of 92.2% YoY.
|
|
●
|
Adjusted Revenue(1) from Air Ticketing from Air Ticketing of INR 1,069.7 million (USD 13.1 million), representing an increase of 110.3% YoY.
|
|
●
|
Adjusted Revenue(1) from Hotels and Packages of INR 240.7 million (USD 3.0 million), representing an increase of 47.2% YoY.
|
|
●
|
Total Gross Bookings (Air Ticketing, Hotels and Packages and others) (3) of INR 15,893.6 million (USD 195.3 million), representing an increase of 88.4% YoY.
|
|
●
|
Loss for the period was INR 71.2 million (USD 0.9 million) versus a loss of INR 140.2 million (USD 1.7 million) for the three months ended September 30, 2021, reflecting a decrease of loss of INR 69.0 million (USD 0.8 million) YoY.
|
|
●
|
Results from operations were a loss of INR 5.8 million (USD 0.1 million) versus a loss of INR 140.0 million (USD 1.7 million) for the three months ended September 30, 2021.
|
|
●
|
Adjusted EBITDA (2) was INR 77.7 million (~USD 1.0 million) reflecting an increase of 233.8% YOY.
|