Business
YATRA ONLINE, INC. ANNOUNCES RESULTS FOR THE THREE MONTHS JUNE 30, 2023
GURUGRAM, India and NEW YORK, Oct. 16, 2023 /PRNewswire/ -- Yatra Online, Inc. (NASDAQ: YTRA) (the "Company"), India's leading corporate travel services
About this update from Yatra Online, Inc.
[{"type":"text","content":"GURUGRAM, India and NEW YORK, Oct. 16, 2023 /PRNewswire/ -- 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 June 30, 2023.\n\n\"We started Fiscal Year 2024, on a strong footing on the Air front with the highest number of Air Passengers booked since pre-COVID in December 2019, up 41.5% YoY far outpacing domestic air passenger industry growth of 14.8% YoY. Our revenue for the quarter ended June 30, 2023, was reported at INR 1,105.8 million (USD 13.5 million) up 23% YoY. Adjusted Margin from Air Ticketing of USD 14.1 million was up 46% YoY. Sequentially as well, we grew at 2x the industry rate in domestic air clearly demonstrating our ability to gain market share and the strength of the YATRA brand. Adjusted EBITDA for the quarter reached INR 115.4 million (USD 1.4 million), marginally lower vs. the June 2022 quarter at INR 123.5 million (USD 1.5 million).\nInternational travel has also shown a steady improvement during the quarter ended June 30, 2023, reaching approximately 90% of pre-COVID levels. As we move forward, we remain optimistic and committed to leveraging these positive trends to drive further growth and success.\nWe further fortified our leadership in the Corporate travel sector by signing 19 new corporate customer accounts in the June quarter in our Corporate business with an annual billing potential of INR 1,510 million (~USD 18.2 million) underlining the capabilities and leadership of our Corporate Travel SaaS platform.\nYatra Online Limited, our Indian subsidiary, was successfully listed on the National Stock Exchange of India Limited and on the Bombay Stock Exchange on September 28, 2023 consummating the IPO of INR 7,750 million. The proceeds from this milestone will predominantly fuel our strategic growth, technology advancements, and customer-centric initiatives.\nFurthermore, we also benefited from an additional inflow of approximately USD 21 million through the sale of shares in this IPO of this amount held by its wholly owned subsidiary THCL, which flowed through to the parent entity Yatra Online, Inc. This capital not only enabled us to repay the MAK debt but has also provided us with the flexibility to po...