Business
Yatra Online, Inc. Announces Results for the Three Months Ended June 30, 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
About this update from Yatra Online, Inc.
[{"type":"text","content":"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.\n\"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.\nFortunately, 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.\nWe 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.\nFinancial and operating highlights for the three months ended June 30, 2021:\n\nRevenue of INR 306.9 million (USD 4.1 million).\nAdjusted 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\").\nAdjusted Revenue(1) from Air Ticketing of INR 308.5 million (USD 4.2 million), repre...