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 CEO.
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 86.2% YOY.
- 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 50.3% YOY.
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.
Safe Harbor Statement
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 law.
SOURCE Yatra Online, Inc.