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Yatra Online, Inc. Announces Results For The Three Months and Year Ended March 31, 2018

Jun 11, 2018

GURGAON, India and NEW YORK, June 11, 2018 /PRNewswire/ --

Yatra Online, Inc. (NASDAQ: YTRA, OTCQX: YTROF), India’s leading online travel company, today announced its unaudited financial and operating results for three months and audited financial and operating results for the year ended March 31, 2018.

“Our first full year as a public company has been a landmark year for Yatra. The acquisition of ATB earlier during the year has enabled us to consolidate our position in the large business travel segment in India and become the leading player in the segment and the brand refresh campaigns that we had undertaken during the past year have enabled us to drive significant organic growth as well. The combination of these factors has helped us deliver annual Revenue less service cost growth of 41.3%, thereby beating the top end of our guidance of 35%-40% growth in Revenue less service cost. During the past quarter as well, we continued to deliver strong growth with air ticketing transactions up 38% and standalone hotel room nights booked up 54%. We believe that our unique approach of combining business travel and consumer travel in an emerging growth market like India positions us well to capitalize on the fast-growing travel industry in India.” — Dhruv Shringi, Co-founder and CEO.

Financial and operating highlights for the three months ended March 31, 2018:

Revenue increased by 36.4% year-over-year (YOY) to INR 3,285.7 million.

- Revenue Less Service Cost(2) increased to INR 2,038.0 million, representing an increase of 40.0% YOY.

- Revenue Less Service Cost(2) from Hotels and Packages increased to INR 501.6 million, an increase of 62.7% YOY.

- Standalone Hotel Room Nights Booked during the quarter was 0.7 million, representing an increase of 54.5% YOY.

- Revenue Less Service Cost(2) from Air Ticketing increased to INR 1,379.1 million, an increase of 35.7% YOY

- Gross Air Passengers Booked were 2.5 million representing YOY growth of 38.2%.

- Total Gross Bookings (Air Ticketing and Hotels and Packages) (4) reached INR 25.97 billion representing YOY growth of 35.6%.

- Profit for the period of INR 380.9 million and Adjusted EBITDA(3)  Loss of INR 623.2 million.

Financial and operating highlights for the fiscal year ended March 31, 2018:

Revenue increased by 30.9% year-over-year (YOY) to INR 12,248.5 million.

- Revenue Less Service Cost(2) increased to INR 7,317.8 million, representing an increase of 41.3% YOY.

- Revenue Less Service Cost(2) from Hotels and Packages increased to INR 1,697.5 million, an increase of 48.0% YOY.

- Standalone Hotel Room Nights Bookedduring the year was 2.1 million, represented an increase of 51.7% YOY.

- Revenue Less Service Cost(2) from Air Ticketing increased to INR 5,012.9 million, an increase of 37.1% YOY.

- Gross Air Passengers Booked were 8.9 million representing YOY growth of 29.2%.

- Total Gross Bookings (Air Ticketing and Hotels and Packages) (4) reached INR 92.54 billion representing YOY growth of 36.1%.

- Profit for the period of INR 4,052 million and Adjusted EBITDA(3)  Loss of INR 1,910.3 million.

                                    Three months ended March 31,
                                                                                   YOY
                                 2017            2018             2018           YOY Change
                                                       Unaudited
    (in thousands except
    percentages)                  INR             INR             USD               %
    Financial Summary as per
    IFRS

    Revenue                    2,408,475        3,285,672       50,463           36.4 %

    Results from operations    (1,191,086 )        (1,182,446 )        (18,161)         (0.7) %

    Loss for the period             (830,181)               (380,923)         (5,850)        -
    Financial Summary as per
    non-IFRS measures
    Revenue Less Service Costs
    (2)                         1,455,598          2,037,998       31,301           40.0 %

    Air Ticketing               1,016,263          1,379,099        21,181            35.7 %
    Hotels and Packages         308,313             501,601        7,704            62.7 %
    Other                       131,023             157,298        2,416            20.1 %

    Adjusted EBITDA (3)         (558,636)        (623,193)       (9,571)           11.6 %
    Operating Metrics

    Gross Bookings (4)          19,148,086         25,973,514      398,917          35.6 %

    Air Ticketing               16,499,202         22,202,216      340,995          34.6 %

    Hotels and Packages         2,648,884          3,771,298        57,922          42.4 %
    Net Revenue Margin% (5)
    Air Ticketing                   6.2 %                            6.2 %
    Hotels and Packages            11.6 %                           13.3 %
    Quantitative details (6)
    Air Passengers Booked         1,814                            2,507            38.2 %
    Stand-alone Hotel Room
    Nights Booked                   442                              682            54.5 %
    Packages Passengers
    Travelled                        33                               37            12.2 %
                                    Three months ended March 31,
                                                                                   YOY
                                 2017            2018             2018           YOY Change
                                                       Unaudited
    (in thousands except
    percentages)                  INR             INR             USD               %
    Financial Summary as per
    IFRS

    Revenue                    9,356,812        12,248,513        188,120           30.9 %

    Results from operations    (1,863,415 )        (3,360,133 )        (51,607)         80.3 %

    Exceptional Items (1)             (4,242,526)               -         -        (100.0) %
    Loss for the
    period                      (5,936,964)           (4,051,976)         (62,233)         (31.8)%
    Financial Summary as per
    non-IFRS measures
    Revenue Less Service Costs
    (2)                         5,177,327          7,317,756       112,391           41.3 %

    Air Ticketing               3,656,976          5,012,931        76,992            37.1 %
    Hotels and Packages         1,146,928             1,697,479        26,071            48.0 %
    Other                       373,422             607,346        9,328            62.6 %

    Adjusted EBITDA (3)         (1,000,896)        (1,910,269)       (29,339)           90.9 %
    Operating Metrics

    Gross Bookings (4)          67,997,907         92,542,478      1,421,325          36.1 %

    Air Ticketing               57,562,263         79,156,190      1,215,730          37.5 %

    Hotels and Packages         10,435,643          13,386,288        205,595          28.3 %
    Net Revenue Margin% (5)
    Air Ticketing                   6.4 %                            6.3 %
    Hotels and Packages            11.0 %                           12.7 %
    Quantitative details (6)
    Air Passengers Booked         6,869                            8,875            29.2 %
    Stand-alone Hotel Room
    Nights Booked                   1,383                              2,098            51.7 %
    Packages Passengers
    Travelled                        143                               168            17.9 %

Note: 

(1)    The listing and related expenses relate to non-recurring listing related expenses, transaction costs and contingent dividend expense.

(2)    Revenue Less Service Cost represents revenue after deducting service costs. See “Certain Non-IFRS Measures.”

(3)    See section "Certain Non-IFRS Measures."

(4)    Gross Bookings represent the total amount paid by our customers for travel services and products booked through us, including taxes, fees and other charges, and are net of cancellation fees and refunds.

(5)    Net Revenue Margin is defined as Revenue Less Service Cost as a percentage of Gross Booking.

(6)    Quantitative details are considered on a gross basis.

About Yatra Online, Inc and Yatra Online Pvt Ltd 

Yatra Online, Inc is the parent company of Yatra Online Pvt Ltd which is based in Gurugram, India and is one of India's leading online travel companies and operates the website Yatra.com. The company provides information, pricing, availability, and booking facility for domestic and international air travel, domestic and international hotel bookings, holiday packages, buses, trains, in city activities, inter-city and point-to-point cabs, homestays and cruises. As a leading platform of accommodation options, Yatra provides real-time bookings for more than 70,000 hotels in India and over 800,000 hotels around the world.

Customers can access Yatra in multiple ways: through a user-friendly website, mobile optimised WAP site and applications, a multi-lingual call centre, a countrywide network of Holiday Lounges and Yatra Travel Express stores.

Launched in August 2006, Yatra was ranked the Most Trusted e-Commerce Travel Brand in India in the Economic Times Brand Equity Survey 2016 for the second successive year, and has won the National Tourism Award for 'Best Domestic Tour Operator (Rest of India)' at the India Tourism Awards held in September 2017 for the third time in a row.

Safe Harbor Statement:

This press release contains certain statements concerning the Company's future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company's current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate," "believe," "estimate," "expect," "intend," "will," "project," "seek," "should" and similar expressions. Such statements include, among other things, management's beliefs as well as our strategic and operational plans. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the slow-down of economic growth in India and the global economic downturn, general declines or disruptions in the travel industry, volatility in the trading price of our shares, our reliance on our relationships with travel suppliers and strategic alliances, failure to further increase our brand recognition to obtain new business partners and consumers, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in India and overseas, failure to successfully develop our corporate travel business, damage to or failure of our infrastructure and technology, loss of services of our key executives, and inflation in India and in other countries. These and other factors are discussed in our reports filed with the U.S. Securities and Exchange Commission. All information provided in this press release is provided as of the date of issuance of this press release, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law.

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