Yatra Online, leading corporate travel services provider and a prominent player in the online travel sector, has announced robust financial results for the third quarter of the fiscal year 2023-24. With a 23 per cent year-on-year increase in revenue, the company continues to strengthen its position in the market despite facing certain operational challenges.
The consolidated financial performance for Q3-FY24 reveals a significant growth in revenue from operations, amounting to INR 1,103 million, marking a 23 per cent increase compared to the same period last year. However, the Earnings Before Interest, Taxes, Depreciation, and Amortization (EBIDTA) showed a decline of 25 per cent year-on-year, standing at INR 48 million. Adjusted EBIDTA also experienced a decrease of 11 per cent, amounting to INR 100 million. Nonetheless, the net profit surged impressively by 119 per cent year-on-year, reaching INR 11 million.
Operational highlights for the quarter indicate a robust performance in Yatra‘s domestic air passenger segment, witnessing a remarkable growth of 26 per cent year-on-year, outpacing industry growth by a significant margin. This growth underscores the company’s effective strategies in capturing market share and solid brand recognition. Gross bookings also saw a healthy increase of 18 per cent year-on-year, totaling INR 18,605 million.
Despite challenges posed by muted business travel spends across certain sectors, Yatra continued to expand its corporate client base. The quarter saw the addition of 26 new corporate accounts, with a total annual billing potential of INR 2,237 million. Notably, subsequent to the quarter’s end, Yatra secured partnerships with prominent entities, including one of India’s largest banks and a leading pharmaceutical company.
Company’s EBITDA reached INR 653.7 million, up by 10.9 per cent year-on-year. Also, there were 3.8 Lacs hotel night bookings and 7.7 Lacs in the other bookings. Following a successful quarter, EaseMyTrip also acquired a stake of approximately 13 per cent in ECO Hotels and Resorts and signed a Memorandum of Understanding with the Government of Uttarakhand.
Dhruv Shringi, Whole Time Director & Chief Executive Officer, Yatra Online, expressed pride in the company’s strong performance during the December quarter. He attributed the robust growth in the air passenger segment to Yatra’s brand recognition and effective market strategies. Additionally, Shringi highlighted the company’s continued focus on expanding its corporate clientele and enhancing shareholder value.In a bid to fortify its market position and express gratitude to shareholders, Yatra recently launched the Yatra Prime membership initiative. This program aims to enhance travel experiences for shareholders by offering value-added benefits and convenience.
Despite certain headwinds in the operating environment, Yatra said it remains committed to seizing growth opportunities and ensuring sustained upward momentum.
