YTRA Yatra Online Inc

GURUGRAM, India and NEW YORK, Nov. 17, 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 ended September 30, 2023.

"We delivered strong growth of Air Passengers booked up 31.2% YoY far outpacing domestic air passenger industry growth of 22.7% YoY, clearly demonstrating our ability to gain market share and the strength of the YATRA brand. Our revenue for the quarter ended September 30, 2023, was reported at INR 947.6 million (USD 11.4 million) up 14.0% YoY. Adjusted Margin from Air Ticketing of USD 12.3 million was down by 4.8% YoY largely on account of a 14.7% YoY softening in Air ticket prices. Adjusted EBITDA for the quarter reached INR 34.9 million (USD 0.4 million), lower vs. the September 2022 quarter at INR 77.7 million (USD 0.9 million).

Yatra 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.

We believe the IPO will also be beneficial to the consolidated company on several fronts as it provides a liquid stock that can be used for M&A in India. In addition, the transaction expands the shareholder base of the consolidated company by adding retail and institutional investors in India already familiar with Yatra's business and brand while increasing its visibility through a larger pool of equity analysts.

Additionally, I would also like to share that the Board has authorized a share repurchase of up to $5 million of our NASDAQ listed YTRA shares, underscoring our confidence in Yatra's future and our steadfast commitment to delivering shareholder value. This authorization represents approximately 5% of Yatra Online, Inc's market capitalization based on the current share price.

In conclusion, as we navigate the evolving landscape, our commitment remains unwavering — to leverage growth opportunities and ensure Yatra's continued ascent," said Dhruv Shringi, Co-founder and CEO.

Financial and operating highlights for the three months ended September 30, 2023:

Note:

As of September 30, 2023, 64,183,695 ordinary shares (on an as-converted basis), par value $0.0001 per share, of the Company (the "Ordinary Shares") were issued and outstanding.

Convenience Translation

The interim unaudited condensed consolidated financial statements are stated in INR. However, solely for the convenience of readers, the unaudited interim condensed consolidated statement of profit or loss and other comprehensive loss for the three months and six months ended September 30, 2023, the unaudited interim condensed consolidated statement of financial position as at September 30, 2023, the unaudited interim condensed consolidated statement of cash flows for the six months ended September 30, 2023 and discussion of the results of the three months ended September 30, 2023 compared with three months ended September 30, 2022, were converted into U.S. dollars at the exchange rate of 83.08 INR per USD, which is based on the noon buying rate as at September 30, 2023, in The City of New York for cable transfers of Indian rupees as certified for customs purposes by the Federal Reserve Bank of New York. This arithmetic conversion should not be construed as representation that the amounts expressed in INR may be converted into USD at that or any other exchange rate as well as that such numbers are in compliance as per the requirements of the International Financial Reporting Standards ("IFRS").

Recent developments

On November 17, 2023 the Company announced that its Board of Directors has approved a share repurchase program, pursuant to which the Company is authorized to purchase up to $5 million of its outstanding ordinary shares listed on NASDAQ, par value $0.0001 per share ("Ordinary Shares"), over an unlimited time period.

Conference Call

The Company will host a conference call to discuss its unaudited results for the three months ended September 30, 2023 beginning at 8:30 AM Eastern Daylight Time (or 7:00 PM India Standard Time) on November 17, 2023. Dial in details for the conference call is as follows: US/International dial-in number: +1 404 975 4839. Confirmation Code: 182496 (Callers should dial in 5-10 minutes prior to the start time and provide the operator with the Confirmation Code). The conference call will also be available via webcast at https://events.q4inc.com/attendee/513072489.

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, 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," "should" similar expressions and the negative forms of such expressions. Such statements include, among other things, statements regarding the long-term growth trajectory for the Indian travel market, statements concerning management's beliefs as well as our strategic and operational plans; the anticipated benefits of the IPO; the degree to which and how we will utilize debt facilities or the proceeds from the Indian IPO and the results we anticipate from how such funds are utilized; and our future financial performance, including statements about our Revenue, cost of Revenue, operating expenses and our ability to achieve and maintain profitability, strengthen our balance sheet or take advantage of the rapidly recovering leisure and business travel market in India. 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 impact of the COVID-19 pandemic; 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 (including the ongoing conflict between Ukraine and Russia), 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.

About Yatra Online, Inc.

Yatra Online, Inc. is the ultimate parent company of Yatra Online Limited, a public listed company on the NSE and BSE (Formerly known as Yatra Online Private Limited, hereinafter referred to as "Yatra India"), whose corporate office is based in Gurugram, India. Yatra India is India's largest corporate travel services provider in terms of number of corporate clients with approximately 813 large corporate customers and approximately 50,000 registered SME customers and the third largest online travel company (OTC) in India among key OTA players in terms of gross booking revenue and operating revenue for Fiscal 2023 (Source: CRISIL Report). Leisure and business travelers use Yatra India's mobile applications, its website, www.yatra.com, and its other offerings and services to explore, research, compare prices and book a wide range of travel-related services. These services include domestic and international air ticketing on nearly all Indian and international airlines, as well as bus ticketing, rail ticketing, cab bookings and ancillary services within India. With approximately 105,600 hotels in approximately 1,490 cities and towns in India as well as more than 2 million hotels around the world, Yatra India has the largest hotel inventory amongst key Indian online travel agency (OTA) players (Source: CRISIL Report).

Logo: https://mma.prnewswire.com/media/2223055/Yatra_Online_Inc_Logo.jpg

View original content:https://www.prnewswire.com/news-releases/yatra-online-inc-announces-results-for-the-three-months-september-30-2023-301992074.html

SOURCE Yatra Online, Inc.