Business
Yatra Online, Inc. Announces Results for the Three Months Ended June 30, 2024
GURUGRAM, India & NEW YORK--(BUSINESS WIRE)-- Yatra Online, Inc. (NASDAQ: YTRA) (the “Company”), India’s leading corporate travel services provider and one
About this update from Yatra Online, Inc.
[{"type":"text","content":" GURUGRAM, India & NEW YORK--(BUSINESS WIRE)--\nYatra 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 June 30, 2024.\n\n\n“For the three months ended June 30, 2024, we reported revenue of INR 1,050.7 million (USD 12.6 million), representing a decline of 5.0% year-over-year. Adjusted Air Ticketing Margins were impacted by a 20.7% decrease driven by lower volumes. The decline was primarily driven by reduced volumes in the B2C segment, as we optimized discounts amid intensifying price competition in the market. Adjusted EBITDA came in at INR 65.6 million (USD 0.8 million), a decrease from INR 115.4 million in the same period last year, reflecting the impact of lower volumes.\n\n\nDespite challenges in the B2C segment during the June quarter, the Corporate Travel segment showed robust growth across all key metrics. We successfully secured 34 new corporate customer accounts, representing an annual billing potential of INR 2,028 million, with average billing potential up 77% sequentially. As the leader in Corporate Travel services in India, our customer acquisition rates remain strong, consistently outperforming industry benchmarks. We are currently exploring strategic M&A opportunities to further bolster our Corporate Travel segment, with a promising pipeline of prospects under evaluation.\n\n\nIn addition, we made significant strides in our Meetings, Incentives, Conferences, and Exhibitions (MICE) business. During the quarter, a newly onboarded team began ramping up operations. While MICE contributions were muted for the June quarter, early indicators for the current quarter are positive, with meaningful business already secured. We anticipate this business will become a significant growth driver in the near future.\n\n\nProgress continues toward simplifying our corporate structure, with the Board-appointed restructuring committee actively engaging with all relevant stakeholders. The committee is diligently working on developing a comprehensive proposal to streamline our operations and enhance shareholder value.\n\n\nThe June quarter posed challenges for our B2C segment; however, we are encouraged by the strong momentum we are witnessing in our Co...