Business
Yatra Online, Inc. Announces Results for the Three Months Ended December 31, 2022
Gurugram, India and New York, New York--(Newsfile Corp. - March 28, 2023) - Yatra Online, Inc. (NASDAQ: YTRA) (the "Company"), India's leading corporate
About this update from Yatra Online, Inc.
[{"type":"text","content":"Gurugram, India and New York, New York--(Newsfile Corp. - March 28, 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 ended December 31, 2022.\n\"We delivered strong YoY growth of 43.9% in Revenue and 42.5% in Adjusted Revenue driven by recovery in both our consumer and corporate travel business. The recovery was on account of the domestic travel market in India rebounding back to pre-covid levels, along with the on-boarding of new corporate customers in our corporate travel business. We signed a record number of 72 medium to large Corporate customers in the first 9-months of financial year 2022-23 as travel recovery gained momentum. Our Revenue and Adjusted Revenue for the quarter came in at INR 902.6 million (USD 10.9 million), and INR 1,488.7 million (USD 18 million), respectively. Marginal decline in Adjusted Revenue by 1.7% sequentially was on account of seasonality in our Corporate business with lower number of working days in the quarter on account of year-end holidays and festive season in India. Loss for the period was INR 217.5 million (USD 2.6 million) and Adjusted EBITDA Profit for the quarter came in at INR 36 million (USD 0.4 million). India's domestic passenger traffic in the December 2022 quarter grew by 17% YoY, indicating the long-term growth trajectory for the Indian travel market. International travel also continued to improve gradually during the quarter ended December 31, 2022 following the easing of international travel restrictions, reaching approximately 88% of pre-covid levels. Corporate travel continues to be driver of growth for the company with gross bookings doubling YoY.\nAs you may recall, our Indian subsidiary, Yatra Online Limited (\"Yatra India\"), filed a Draft Red Herring Prospectus ('DRHP') about a year ago on March 25, 2022, with the Securities and Exchange Board of India (\"SEBI\"), which is the main stock market regulatory body in India for a potential initial public offering (\"IPO\") and listing of its equity shares (\"Equity Shares\") on the Indian stock exchanges (the \"Indian IPO\"). SEBI had issued the final observation letter dated November 17, 2022, which meant that Yatra India's propose...