Yatra Online Inc. (NASDAQ: YTRA) has releases its operating and unaudited financial results of the March quarter, in which the company reported revenue of $6.9 million.
Yatra register a 59.9% QoQ increase in adjusted revenue
The company reported a 59.9% QoQ increase in adjusted revenue, but YoY revenue dropped 16.9%. Air ticketing adjusted revenue was $8.7 million, a 47.3% QoQ increase and a 16.2% YoY decline. On the other hand, hotels and packages adjusted revenue were $2.5 million, a 67.3% QoQ increases and an 8.3% YoY increase. Yatra realized total gross bookings of $102.1 million relative to $227.7 million in the same quarter a year ago.
For the full year ending March 31, 2021, the company had revenue of 17.4 million with an adjusted revenue of 420 million, a 63.4% YoY decline. Additionally, adjusted air ticketing revenue was down 62.4% YoY, with hotels and packages adjusted revenue also dropping 55.3% YoY.
CEO and founder Dhruv Shringi said, “I am pleased to report that Yatra had a robust March quarter driven by the continued recovery in domestic flight travel, which averaged 60% of pre-COVID levels during the quarter. Adjusted Revenue of USD 13.3 million was up 60% sequentially and a combination of revenue growth and tight cost management helped us achieve positive Adjusted EBITDA of USD 1.3 million, well ahead of plan and we ended the quarter with a solid balance sheet with a cash balance of approximately USD 31 million.”
Pandemic impacted travel demand
Shringi explained that after the closing of the March quarter, India had a setback with the coronavirus’s second wave, with cases reaching 400,000 range as regions restricted traveling. However, by May 6, cases had started subsiding, and currently, they are around a third of the pick as India has vaccinated more than 230 people. Although travel demand was restrained because of the partial lockdowns because of many cases, the company has started witnessing recovery signs in recent weeks.