Yatra Online, Inc. Announces Results For The Three Months Ended December 31, 2020
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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