GURUGRAM, India and
NEW YORK, Feb. 4, 2021 /PRNewswire/
-- Yatra Online, Inc. (NASDAQ: YTRA) (OTCQX:
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 December 31, 2020.
"India continues to make good
progress in its fight against Covid. The number of cases in
India in January 2021 is trending at about 12,000 a day
down from the peak of 90,000 a day, based on data from Indian
Health Ministry. We believe this steady decline in cases over the
past few months is giving consumers the confidence to travel
domestically. We have seen airline capacity and loads improving,
with domestic December traffic averaging approximately 230,000
passengers a day, up from 125,000 a day in September. December
2020 passenger traffic now stands at 56.3% of December 2019 levels based on data from
'Directorate General of Civil Aviation India'."
"This recovery in domestic travel led to a sequential quarterly
growth of 60% in our Adjusted Revenue to INR 606.6 million
(USD 8.3 million). This growth
in revenue further combined with strong cost control enabled us to
reduce our adjusted EBITDA loss sequentially from INR 125.0
million (USD 1.7 million) in the
September 2020 quarter
to INR 36.4 million (USD 0.5 million) in
the December 2020 quarter. We
continue to make strong progress towards our stated goal of
achieving Adjusted EBITDA break even in the first half of 2021 and
believe our current liquidity position and cost optimization
efforts provide us with enough capital to withstand a prolonged
slowdown in the travel industry should that occur." -
Dhruv Shringi, Co-founder and
CEO.
Financial and operating highlights for the three
months ended December 31,
2020:
- Revenue of INR 309.1 million (USD
4.2 million).
- Adjusted Revenue improved to INR 606.6 million
(USD 8.3 million), representing an
increase of 60.6% quarter over quarter ("QoQ") versus a decrease of
61.8% YOY.
- Adjusted Revenue from Air Ticketing improved to INR
428.5 million (USD 5.9 million),
representing an increase of 69.2% QoQ versus a decrease of YOY
58.1%.
- Adjusted Revenue from Hotels and Packages improved to
INR 109.6 million (USD 1.5 million),
representing an increase of 140.8% QoQ verses a decrease of 48.8%
YOY.
- Total Gross Bookings (Air Ticketing and Hotels and
Packages) improved to INR 5,758.1 million (USD 78.9 million) QoQ versus decrease of INR
15,344 million (USD 210.2 million)
YOY.
- Loss for the period was INR 216.9 million (USD 3.0 million) versus a loss of INR 300.6
million (USD 4.1 million) reflecting
an improvement of INR 83.7 million (USD 1.1
million) QoQ.
- Adjusted EBITDA Loss was INR 36.4 million (USD 0.50 million) reflecting an improvement of
INR 88.6 million (USD 1.2 million)
QoQ versus a loss of INR 125.0 million (USD
1.7 million).
About Yatra Online, Inc.
Yatra Online, Inc. is the parent company of Yatra Online Pvt.
Ltd. which is based in Gurugram, India and
is India's leading corporate travel services provider
with over 700 corporate customers and one
of India's leading online travel companies and operates
the website https://www.yatra.com/. The company provides
information, pricing, availability, and booking facility for
domestic and international air travel, domestic and international
hotel bookings, holiday packages, buses, trains, in city
activities, inter-city and point-to-point cabs, homestays and
cruises. As a leading platform of accommodation options, Yatra
provides real-time bookings for more than 103,000 hotels
in India and over 1,500,000 hotels around the world. Through
its website, www.yatra.com, mobile application and other associated
platforms, leisure and business travelers can explore, research,
compare prices and book a wide range of services catering to their
travel needs.
Safe Harbor Statement
This earnings release contains certain statements concerning the
Company's future growth prospects and forward-looking statements,
as defined in the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are based on the Company's current expectations,
assumptions, estimates and projections about the Company and its
industry. These forward-looking statements are subject to various
risks and uncertainties. Generally, these forward-looking
statements can be identified by the use of forward-looking
terminology such as "anticipate," "believe," "estimate," "expect,"
"intend," "will," "project," "seek," "should" and similar
expressions. Such statements include, among other things,
management's beliefs as well as our strategic and operational
plans. Forward-looking statements involve inherent risks and
uncertainties. A number of important factors could cause actual
results to differ materially from those contained in any
forward-looking statement. Potential risks and uncertainties
include, but are not limited to, the outcome of the legal
proceedings we have instituted against Ebix and any other legal
proceedings that may be initiated against us and others, in
connection with the termination of the pending merger agreement
between us and Ebix; the effect that the termination of the merger
agreement may have on the price of our ordinary shares, and our
business, financial condition and results of operations; the impact
of the COVID-19 pandemic; our ability to generate positive cash
flow and the sufficiency of our operating cash flow to meet our
liquidity needs; our future financial performance, including our
revenue, cost of revenue, operating expenses and our ability to
achieve and maintain profitability; the impact of increasing
competition in the Indian travel industry and our expectations
regarding the development of our industry and the competitive
environment in which we operate; the slowdown in Indian economic
growth and other declines or disruptions in the Indian economy in
general and travel industry in particular, including disruptions
caused by safety concerns, terrorist attacks, regional conflicts,
pandemics and natural calamities, our ability to successfully
negotiate our contracts with airline suppliers and global
distribution system service providers and mitigate any negative
impacts on our revenue that result from reduced commissions,
incentive payments and fees we receive; the risk that airline
suppliers (including our GDS service providers) may reduce or
eliminate the commission and other fees they pay to us for the sale
of air tickets; our ability to pursue strategic partnerships and
the risks associated with our business partners; the potential
impact of recent developments in the Indian travel industry on our
profitability and financial condition; political and economic
stability in and around India and
other key travel destinations; our ability to maintain and increase
our brand awareness; our ability to realize the anticipated
benefits of any past or future acquisitions; our ability to
successfully implement our growth strategy; our ability to attract,
train and retain executives and other qualified employees,
including suitable replacements for any members of our senior
management team or other employees who may seek other employment
opportunities as a result of the certain cost reduction initiatives
that we have taken in response to the COVID-19 pandemic; and our
ability to successfully implement any new business initiatives.
These and other factors are discussed in our reports filed with the
U.S. Securities and Exchange Commission. All information provided
in this earnings release is provided as of the date of issuance of
this earnings release, and we do not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
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SOURCE Yatra Online, Inc.