Business
Yatra Online, Inc. Announces Results for the Three Months and Year Ended March 31, 2023
Gurugram, India and New York, New York--(Newsfile Corp. - May 30, 2023) - Yatra Online, Inc. (NASDAQ: YTRA) (the "Company"), India's leading corporate travel
About this update from Yatra Online, Inc.
[{"type":"text","content":"Gurugram, India and New York, New York--(Newsfile Corp. - May 30, 2023) - Yatra Online, Inc. (NASDAQ: YTRA) (the \"Company\"), 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, 2023.\n\"We wrapped up Fiscal Year 2023, with our strongest quarter yet since the onset of COVID, registering an exceptional YoY growth of 97.4% in Revenue and 93.3% in Adjusted Revenue. This strong performance is attributed to the marked recovery and market share gains in recent quarters in both our consumer and corporate travel businesses which enabled us to achieve the highest payout slabs for our year end incentives with GDS and airlines. Additionally, the successful onboarding of new corporate customers in our business travel segment further bolstered our growth trajectory. Notably, we signed a record number of 97 medium to large corporate customers in the year ended March 31, 2023, a testament to our corporate leadership and capabilities and the continued recovery in the travel sector. Our revenue and adjusted revenue for the quarter ended March 31, 2023, were reported at INR 1,194.3 million (USD 14.5 million) and INR 1,894.9 million (USD 23.1 million) respectively, well exceeding our projected guidance range of $19.5-20.5 million in adjusted revenue issued last quarter. In a stark contrast to the INR 53.4 million loss in the corresponding quarter in the prior year, we delivered a profit of INR 7.5 million (USD 0.1 million) in the three months ended March 31, 2023. Adjusted EBITDA for the quarter reached INR 185.6 million (USD 2.3 million), marking a significant increase of 251% YoY. India's domestic passenger traffic grew by 4.6% in the three months ended March 31, 2023, compared to the prior quarter. Our domestic passenger traffic grew 33% compared to the prior quarter, reflecting strong underlining momentum in the business.\nThe domestic aviation industry in India grew 51% YoY reflecting a swift recovery from the lows of COVID and the long-term growth trajectory for the Indian travel market remains very positive. This positive momentum carried over into the new fiscal year as well with April 2023, traffic rising 17% YoY to 12.9 million passengers. International travel has also shown a ste...