GURUGRAM, India and
NEW YORK, Sept. 9, 2020 /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
June 30, 2020.
"We are starting to see a gradual recovery in travel after the
reopening of domestic aviation towards the end of May 2020 post India's nationwide lockdown in March and April
earlier this year. During the quarter we focused our efforts on
restructuring our costs and significantly brought down our fixed
cost run rate from approximately INR 203.9 million (USD 2.7 million) a month in March 2020 to approximately INR 90.6 million
(USD 1.2 million) a month in
May 2020 through a combination
of salary cuts ranging from 25% to 75% and renegotiation of
contracts with our various service providers. There was an adverse
impact of INR 168.4 million (USD 2.2
million) on our operating performance in the current quarter
due to legal and professional fees related to the merger
transaction with Ebix, Inc. Excluding such fees, our Adjusted
EBITDA loss would have been INR 141.0 million (USD 1.9 million) for the quarter versus an
Adjusted EBITDA loss of INR 205.8 million (USD 2.7 million) for the same quarter last year.
We believe our current liquidity position and cost restructuring
efforts will provide us with enough capital to withstand a
prolonged slowdown in the travel industry should that occur."
Dhruv Shringi, Co-founder and
Financial and operating highlights for the three
months ended June 30, 2020:
- Revenue of INR 192.0 million (USD 2.5 million).
- Adjusted Revenue of INR 236.2 million (USD 3.1 million ), representing a decrease of
- Adjusted Revenue from Air Ticketing of INR
170.2 million (USD 2.3 million),
representing a decrease of YOY 85.2%.
- Adjusted Revenue from Hotels and Packages of INR
11.9 million (USD 0.2 million),
representing a decrease of 94.9% YOY.
- Total Gross Bookings (Air Ticketing and Hotels and
Packages) of negative INR 205.0 million (negative USD 2.7 million).
- Loss for the period of INR 79.5 million
(USD 1.1 million).
- Adjusted EBITDA Loss of INR 309.4 million (USD 4.1 million) representing an increase of
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 108,000 hotels
in India and over 1,500,000 hotels around the world.
Statements contained in this press release that relate to future
results and events may constitute "forward-looking statements"
within the meaning of safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. 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," "seem," "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 slow-down of economic growth
in India and the global economic
downturn, general declines or disruptions in the travel industry,
volatility in the trading price of our shares, our reliance on our
relationships with travel suppliers and strategic alliances,
failure to further increase our brand recognition to obtain new
business partners and consumers, failure to compete against new and
existing competitors, failure to successfully manage current growth
and potential future growth, risks associated with any strategic
investments or acquisitions, seasonality in the travel industry in
India and overseas, failure to
successfully develop our corporate travel business, damage to or
failure of our infrastructure and technology, loss of services of
our key executives, and inflation in India and in other countries. 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
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SOURCE Yatra Online, Inc.