Business
Yatra Online, Inc. Announces Results for the Three Months and Year Ended March 31, 2021
Gurugram, India and New York, New York--(Newsfile Corp. - June 8, 2021) - Yatra Online, Inc. (NASDAQ: YTRA) (OTC Pink: YTROF), India's leading corporate
About this update from Yatra Online, Inc.
[{"type":"text","content":"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.\n\"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.\nAs 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.\nWhile 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.\nFinancial and operating highlights for the three months ended March 31, 2021:\n\nRevenue of INR 506.9 million (USD 6.9 million).\nAdjusted 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\").\nAdjusted 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)% .\nAdjusted Revenue(1) from Hotels and Packages improved to INR 183.4 million (USD 2.5 million), representing an increase of 67.3% Qo...