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Yatra Online, inc. Announces Results for the Three Months Ended September 30, 2018

Nov 1, 2018

GURUGRAM, India and NEW YORK, Nov. 1, 2018 /PRNewswire/ --

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, 2018.

Yatra Online Logo

"Our multi channel approach enabled us to deliver another quarter of strong growth with a reduction in our Adjusted EBITDA(2) loss in the quarter. Our consumer business and our business travel platform both continue to deliver strong Adjusted Revenue(1) growth while a combination of improved efficiency on our marketing spends and optimisation of our cost base helped us reduce our Adjusted EBITDA(2) loss.  The integration of the Air Travel Bureau Limited ("ATB") acquisition continues on track and we expect about half of ATB's customers to migrate onto the Yatra platform by the end of the year.  We remain confident of our ability to meet our fiscal year growth objectives and deliver a meaningful year over year reduction in our Adjusted EBITDA(2) loss." — Dhruv Shringi, Co-founder and CEO.

Yatra Online, Inc.'s financial and operating results for the three months ended September 30, 2018 include 100% of the financial and operating results of ATB, in which we acquired a majority stake on August 4, 2017.

Financial and operating highlights for the three months ended September 30, 2018:

  • Revenue reached INR 2,055.7 million (USD 28.3 million).
  • Adjusted Revenue(1) increased to INR 2,096.1 million (USD 28.9 million), representing an increase of 23.7% YOY.
  • Adjusted Revenue(1) from Hotels and Packages increased to INR 428.2 million (USD 5.9 million), representing an increase of 33.8% YOY.
  • Adjusted Revenue(1) from Air Ticketing increased to INR 1,373.2 million (USD 18.9 million), representing an increase of 14.4% YOY.
  • Total Gross Bookings (Air Ticketing and Hotels and Packages)(3) reached INR 27.1 billion (USD 0.4 billion), representing YOY growth of 23.8%.
  • Standalone Hotel Room Nights Booked during the quarter were 0.6 million, representing an increase of 30.2% YOY.
  • Gross Air Passengers booked were 2.7 million, representing YOY growth of 22.1%.
  • Adjusted EBITDA(2) Loss of INR 233.6 million (USD 3.2 million) representing a 19.0% improvement YOY.
  • Loss for the period of INR 160.1 million (USD 2.2 million).


Three months ended September 30,






2017


2018


2018


YOY Change


(in thousands except percentages)


INR


INR


USD


%


Financial Summary as per IFRS










Revenue


2,575,327


2,055,726


28,339


(20.2)

%

Results from operations


(575,357)


(935,171)


(12,892)


62.5


Loss for the period


(777,431)


(160,112)


(2,207)




Financial Summary as per non-IFRS measures










Adjusted Revenue (1)


1,694,184


2,096,059


28,895


23.7

%

Air Ticketing


1,200,146


1,373,172


18,930


14.4

%

Hotels and Packages


320,076


428,166


5,902


33.8

%

Others (Including Other Income)


173,962


294,721


4,063


69.4

%

Adjusted EBITDA(2)


(288,471)


(233,556)


(3,220)


19.0

%

Operating Metrics










Gross Bookings (3)


21,905,259


27,122,997


373,904


23.8

%

Air Ticketing


19,149,305


23,993,224


330,759


25.3

%

Hotels and Packages


2,755,954


3,129,773


43,145


13.6

%

Net Revenue Margin%(4)










Air Ticketing


6.3

%

5.7

%





Hotels and Packages


11.6

%

13.7

%





Quantitative details (5)










Air Passengers Booked


2,187


2,671




22.1

%

Stand-alone Hotel Room Nights Booked


443


577




30.2

%

Packages Passengers Travelled


32


27




(15.6)

%

 


Note:

(1) Adjusted Revenue represents revenue and other income after deducting service costs and adding back expenses related to consumer promotions and loyalty program costs that had been reduced from revenue due to the adoption of new accounting standard, IFRS 15, effective from April 1, 2018. See the section in the results titled "Certain Non-IFRS Measures."

(2) See the section in the results titled "Certain Non-IFRS Measures."

(3) 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.

(4) Net Revenue Margin is defined as Adjusted Revenue as a percentage of Gross Booking.

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

As of September 30, 2018, 45,133,753 shares (on an as-converted basis), par value $0.0001 per share were issued and outstanding.

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 96,000 hotels in India and over 10,00,000 hotels around the world.

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 award for 'First Prize - Domestic Tour Operator (Rest of India)' at the India Tourism Awards held in July 2016.

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.

For further information, please contact: 
Manish Hemrajani
Yatra Online, Inc.
VP, Head Investor Relations
manish.hemrajani@yatra.com

 

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SOURCE Yatra Online, Inc.

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