Yatra Online, Inc. Announces Results for the Three Months Ended June 30, 2021

Aug 19, 2021

Gurugram, India and New York, New York--(Newsfile Corp. - August 19, 2021) - Yatra Online, Inc. (NASDAQ: YTRA) (OTC Pink: YTROF), 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 June 30, 2021.

"India was particularly severely hit by the second wave of COVID-19 experiencing daily case counts of over 400,000 during the quarter. The impact was widespread and touched most of us personally as well with family and friends being impacted. Despite such challenging conditions, we continued to execute strongly and though our Adjusted Revenue dropped by 49.6% sequentially to INR 488.7 million, our stringent cost control measures enabled up to deliver positive Adjusted EBITDA of INR 38.8 million.

Fortunately, India appears to have managed to bring the second wave under control through a combination of a tight lockdowns and mass vaccinations. Over 500 million people in India have now received at least one dose of the COVID-19 vaccine and India is currently administering approximately 5 million doses a day. We are beginning to see demand also re-emerge strongly on account of the low case counts and vaccination drive in India. In the month of July 2021, industry air passenger numbers grew 61% as compared to June 2021 and we are beginning to see signs of recovery in corporate travel as well, as more and more employees get fully vaccinated. During the month of July 2021, gross booking for corporates grew 268% as compared to June 2021 and August 2021 is currently trending at 316% growth as compared to June 2021.

We are optimistic about the growth and recovery based on the trends that we are witnessing in the months of July and August and believe that our healthy balance sheet puts us in a strong position to capitalize as the recovery continues to gain momentum," - Dhruv Shringi, Co-founder and CEO.

Financial and operating highlights for the three months ended June 30, 2021:

  • Revenue of INR 306.9 million (USD 4.1 million).
  • Adjusted Revenue (1) of INR 488.7 million (USD 6.6 million), representing a decrease of 49.6% quarter-over-quarter basis ("QoQ") versus an increase of 106.9% on year over year basis ("YoY").
  • Adjusted Revenue (1) from Air Ticketing of INR 308.5 million (USD 4.2 million), representing a decrease of 51.5% QoQ versus an increase of 81.3% YoY.
  • Adjusted Revenue (1) from Hotels and Packages of INR 45.1 million (USD 0.6 million), representing a decrease of 75.4% QoQ verses an increase of 279.1% YoY.
  • Total Gross Bookings (Air Ticketing and Hotels and Packages) (3) of INR 2,119.9 million (USD 28.5 million), representing a decrease of INR 5,346.7 million (USD 71.9 million) QoQ versus an increase of INR 2,324.9 million (USD 31.3 million) YoY.
  • Loss for the period was INR 80.4 million (USD 1.1 million) versus a loss of INR 597.9 million (USD 8.0 million) for the three months ended March 31, 2021, reflecting a decrease of loss of INR 517.5 million (USD 7.0 million) QoQ.
  • Adjusted EBITDA (2) Profit was INR 38.8 million (USD 0.5 million) reflecting a decline of INR 53.3 million (USD 0.7 million) QoQ versus a profit of INR 92.1 million (USD 1.2 million) for the three months ended March 31, 2021.
Three months ended QoQ Change
March 31, 2021 June 30, 2021 June 30, 2021
(In thousands except percentages) INR INR USD %
Financial Summary as per IFRS      
Revenue 506,862 306,928 4,129 (39.4)%
Results from operations (514,757 ) (86,817 ) (1,169 ) 83.1%
Loss for the period (597,887 ) (80,402 ) (1,082 ) 86.6%
Financial Summary as per non-IFRS measures      
Adjusted Revenue (1) 970,065 488,661 6,574 (49.6)%
Air Ticketing 635,545 308,513 4,151 (51.5)%
Hotels and Packages 183,446 45,133 607 (75.4)%
Others (Including Other Income) 151,074 135,015 1,816 (10.6)%
Adjusted EBITDA (2) 92,097 38,785 522 (57.9)%
Operating Metrics      
Gross Bookings (3) 7,466,559 2,119,895 28,520 (71.6)%
Air Ticketing 6,493,037 1,892,984 25,467 (70.8)%
Hotels and Packages 973,522 226,911 3,053 (76.7)%
Net Revenue Margin% (4)      
Air Ticketing 9.8% 16.3%  
Hotels and Packages 18.8% 19.9%  
Quantitative details (5)      
Air Passengers Booked 1,096 415   (62.1)%
Stand-alone Hotel Room Nights Booked 294 70   (76.0)%
Packages Passengers Travelled 2 1   (49.0)%


Three months ended June 30,
2020 2021 2021 YoY Change
(In thousands except percentages) INR INR USD %
Financial Summary as per IFRS        
Revenue 192,009 306,928 4,129 59.9%
Results from operations (469,201 ) (86,817 ) (1,169 ) 81.5%
Loss for the period (79,462 ) (80,402 ) (1,082 ) (1.2)%
Financial Summary as per non-IFRS measures        
Adjusted Revenue (1) 236,230 488,661 6,574 106.9%
Air Ticketing 170,183 308,513 4,151 81.3%
Hotels and Packages 11,906 45,133 607 279.1%
Others (Including Other Income) 54,141 135,015 1,816 149.4%
Adjusted EBITDA (2) (309,363 ) 38,785 522 112.5%
Operating Metrics        
Gross Bookings (3) (205,028 ) 2,119,895 28,520 1134.0%
Air Ticketing (209,259 ) 1,892,984 25,467 1004.6%
Hotels and Packages 4,231 226,911 3,053 5263.1%
Net Revenue Margin% (6)        
Air Ticketing - 16.3%    
Hotels and Packages - 19.9%    
Quantitative details (5)        
Air Passengers Booked 153 415   170.4%
Stand-alone Hotel Room Nights Booked 15 70   367.9%
Packages Passengers Travelled - 1   100.0%



Adjusted Revenue represents Revenue and other income after deducting Service costs and adding back expenses related to consumer promotions and loyalty program costs that has been reduced from Revenue. See section "Certain Non-IFRS Measures."

See the section below titled "Certain Non-IFRS Measures."

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. Due to the cancellation of all flights and closure of hotels post implementation of a national wide lockdown in India, the cancellation in the previous period far exceeded new bookings for the three months ended June 30, 2020 thereby resulting in negative Gross Bookings for the previous period.

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

Quantitative details are considered on a gross basis.

Net Revenue Margin is defined as Adjusted Revenue as a percentage of Gross Booking. Given the negative Gross Bookings for the three months ended June 30, 2020, the Net Revenue margin number is not applicable for the previous period.

As of June 30, 2021, 62,200,279 shares (on an as-converted basis), par value $0.0001 per share were issued and outstanding.

Safe Harbor Statement

This earnings 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 outcome of the legal proceedings we have instituted against Ebix and any other legal proceedings that may be initiated against us and others, in connection with the termination of the pending merger agreement between us and Ebix; the effect that the termination of the merger agreement may have on the price of our ordinary shares, and our business, financial condition and results of operations; the impact of the COVID-19 pandemic; our ability to generate positive cash flow and the sufficiency of our operating cash flow to meet our liquidity needs; our future financial performance, including our Revenue, cost of Revenue, operating expenses and our ability to achieve and maintain profitability; the impact of increasing competition in the Indian travel industry and our expectations regarding the development of our industry and the competitive environment in which we operate; the slowdown in Indian economic growth and other declines or disruptions in the Indian economy in general and travel industry in particular, including disruptions caused by safety concerns, terrorist attacks, regional conflicts, pandemics and natural calamities, our ability to successfully negotiate our contracts with airline suppliers and global distribution system service providers and mitigate any negative impacts on our Revenue that result from reduced commissions, incentive payments and fees we receive; the risk that airline suppliers (including our GDS service providers) may reduce or eliminate the commission and other fees they pay to us for the sale of air tickets; our ability to pursue strategic partnerships and the risks associated with our business partners; the potential impact of recent developments in the Indian travel industry on our profitability and financial condition; political and economic stability in and around India and other key travel destinations; our ability to maintain and increase our brand awareness; our ability to realize the anticipated benefits of any past or future acquisitions; our ability to successfully implement our growth strategy; our ability to attract, train and retain executives and other qualified employees, including suitable replacements for any members of our senior management team or other employees who may seek other employment opportunities as a result of the certain cost reduction initiatives that we have taken in response to the COVID-19 pandemic; and our ability to successfully implement any new business initiatives. These and other factors are discussed in our reports filed with the U.S. Securities and Exchange Commission. All information provided in this earnings release is provided as of the date of issuance of this earnings release, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Yatra Online, Inc.

Yatra Online, Inc. is the parent company of Yatra Online Pvt. Ltd. which is based in Gurugram, India and is India's leading corporate travel services provider with over 700 corporate customers and one of India's leading online travel companies and operates the website https://www.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 92,000 hotels in India and over 2,000,000 hotels around the world. Through its website, www.yatra.com, mobile application and other associated platforms, leisure and business travelers can explore, research, compare prices and book a wide range of services catering to their travel needs.

For more information, please contact:
Manish Hemrajani
Yatra Online, Inc.
VP, Head of Investor Relations

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/93707

SOURCE Yatra Online Inc.