Gurugram, India and New York, New York--(Newsfile Corp. - June 8, 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 and year ended March 31, 2021.
"I am pleased to report that Yatra had a robust March quarter driven by the continued recovery in domestic flight travel, which averaged 60% of pre-COVID levels during the quarter. Adjusted Revenue of USD 13.3 million was up 60% sequentially and a combination of revenue growth and tight cost management helped us achieve positive Adjusted EBITDA of USD 1.3 million, well ahead of plan and we ended the quarter with a solid balance sheet with a cash balance of approximately USD 31 million.
As we are all well aware, subsequent to the closing of our March quarter, India suffered a severe setback as a second COVID wave hit India with case counts peaking in the 400K /day range and many regions once again began to curb travel. Thankfully, since peaking on May 6, case counts have sharply declined and today are at about a third of their peak and India has managed to administer over 230 million vaccine doses.
While travel demand was subdued due to high case counts and partial lockdowns across the country, we have begun to see early signs of recovery in the past few days. We believe travel should recover strongly as evidenced by the strong recovery post the first wave. As demonstrated by our solid March quarter results, we believe that given our liquidity, strong brand and large customer base, we are well poised to capitalize on a recovery in the travel industry," Dhruv Shringi, Co-Founder and CEO.
Financial and operating highlights for the three months ended March 31, 2021:
- Revenue of INR 506.9 million (USD 6.9 million).
- Adjusted Revenue(1) improved to INR 970.1 million (USD 13.3 million), representing an increase of 59.9% quarter over quarter ("QoQ") versus a decrease of 16.9% year over year ("YoY").
- Adjusted Revenue(1) from Air Ticketing improved to INR 635.5 million (USD 8.7 million), representing an increase of 48.3% QoQ versus a decrease of YoY (16.3)% .
- Adjusted Revenue(1) from Hotels and Packages improved to INR 183.4 million (USD 2.5 million), representing an increase of 67.3% QoQ and an increase of 8.3% YoY.
- Total Gross Bookings (Air Ticketing and Hotels and Packages) (3) reached INR 7,466.6 million (USD 102.1 million) as compared to INR 16,654.3million (USD 227.7 million) in the year ago quarter.
- Loss for the period was INR 597.9 million (USD 8.2 million) versus a loss of INR 216.9 million (USD 3 million) in F3Q21.
- Adjusted EBITDA (2) Profit/(Loss) was INR 92.1 million (USD 1.3 million) versus a loss of INR 36.4 million (USD 0.5 million) in F3Q21.
Financial and operating highlights for the year ended March 31, 2021:
- Revenue of INR 1,271.3 million (USD 17.4 million).
- Adjusted Revenue(1) decreased to INR 2,190.6 million (USD 30 million), representing a decrease of 63.4% YoY.
- Adjusted Revenue(1) from Air Ticketing decreased to INR 1,487.5 million (USD 20.3 million), representing a decrease of 62.4% YoY.
- Adjusted Revenue(1) from Hotels and Packages decreased to INR 350.5 million (USD 4.8 million), representing a decrease of 55.3% YoY.
- Total Gross Bookings (Air Ticketing and Hotels and Packages) (3) of INR 14,707.4 million (USD 201.1 million) representing YoY decline of 82.8%.
- Loss for the year was INR 1,194.9 million (USD 16.3 million) versus a loss of INR 840.2 million (USD 11.5 million) YoY.
- Adjusted EBITDA (2) Loss was INR 378.7 million (USD 5.2 million) reflecting an increase of INR 257.1 million (USD 3.5 million).
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 94,000 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.
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.
For more information, please contact:
Manish Hemrajani
Yatra Online, Inc.
VP, Head of Investor Relations
ir@yatra.com
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