YATRA ONLINE, INC. YATRA ONLINE, INC. ANNOUNCES RESULTS FOR
THE THREE MONTHS AND YEAR ENDED MARCH 31, 2022
Gurugram, India and New York June 3, 2022- 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 and year ended March 31, 2022.
"We witnessed a swift recovery in both corporate and consumer businesses following the impact of Omicron, which led to a shut down across parts of India in January. Despite the month of January being severely impacted by Omicron, Revenue for the quarter was INR 604.9 million (USD 8.0 million), only down 3.5% QoQ, while our Adjusted Revenue for the quarter was INR 980 million (USD 12.9 million), down 6.2% QoQ, as travel recovered strongly in February and March as the impact of Omicron began to subside. Adjusted EBITDA for the quarter was INR 52.9 million (USD
0.7 million), adjusting for the effect of our investment in the freight business during the quarter, our Adjusted EBITDA would have been INR 72 million (USD 0.9 million) for the quarter. Business travel and travel in general continues to recover strongly. India's domestic passenger traffic in May 2022 was at 90% of pre-COVID levels and Business travel for Yatra is currently trending at 90% of pre-Covid levels. International travel has also begun to recover strongly post the easing of international travel restrictions towards the end of March 2022.
Our Indian subsidiary, Yatra Online Limited, filed a Draft Red Herring Prospectus ('DRHP') on March 25, 2022, with the Securities and Exchange Board of India ('SEBI'), which is the main stock market regulatory body in India for a potential initial public offering and listing of its equity shares on the Indian stock exchanges. We are working with the regulator to obtain the necessary clearances for DRHP and the offering.We expect this offering, if completed, to strengthen our balance sheet and better position us to take advantage of the rapidly recovering leisure and business market travel in India." - Dhruv Shringi, Co-founder and CEO
Financial and operating highlights for the three months ended March 31, 2022:
- Revenue of INR 604.9 million (USD 8.0 million).
- Adjusted Revenue(1) of INR 980.0 million (USD 12.9 million), representing a decline of 6.2% quarter-over- quarter ("QoQ") and an increase of 1.0% year-over-year basis ("YoY").
- Adjusted Revenue(1) from Air Ticketing of INR 667.5 million (USD 8.8 million), representing a decline of 8.1% QoQ and an increase of 5.0% YoY.
- Adjusted Revenue(1) from Hotels and Packages of INR 179.8 million (USD 2.4 million), representing a decline of 14.7% QoQ and a decline of 2.0% YoY.
- Total Gross Bookings (Air Ticketing, Hotels and Packages and others) (3) of INR 11,426.4 million (USD 150.6 million), representing a decrease of INR 422.3 million (USD 5.6 million) QoQ and an increase of INR 3,425.3 million (USD 45.1 million) YoY.
- Loss for the period was INR 117.2 million (USD 1.5 million) versus a loss of INR 144.7 million (USD 1.9 million) for the three months ended December 31, 2021, reflecting a decrease of loss of INR 27.5 million (USD 0.4 million) on a QoQ and a decrease of loss of INR 480.7 million (USD 6.3 million) on a YoY.
- Result from operations were a loss of INR 53.4 million (USD 0.7 million) versus a loss of INR 151.3 million (USD 2.0 million) for the three months ended December 31, 2021.
- Adjusted EBITDA (2) profit was INR 52.9 million (USD 0.7 million) reflecting an increase of INR 8.9 million (USD 0.1 million) on a QoQ versus a profit of INR 92.1 million (USD 1.2 million) for the three months ended March 31, 2021.
Financial and operating highlights for the year ended March 31, 2022:
- Revenue of INR 1,989.4 million (USD 26.2 million).
- Adjusted Revenue(1) of INR 3,302.4 million (USD 43.5 million), representing an increase of 50.7% on a YoY.
- Adjusted Revenue(1) from Air Ticketing of INR 2,211.1 million (USD 29.1 million), representing an increase of 48.6% YoY.
- Adjusted Revenue(1) from Hotels and Packages of INR 599.2 million (USD 7.9 million), representing an increase of 70.9% YoY.
- Total Gross Bookings (Air Ticketing, Hotels and Packages and others) (3) of INR 34,284.8 million (USD
- million), representing an increase of INR 18,467.9 million (USD 243.4 million) YoY.
- Loss for the period was INR 482.5 million (USD 6.4 million) versus a loss of INR 1,194.9 million (USD
- million) in the year ago period.
- Result from operations were a loss of INR 431.5 million (USD 5.7 million) versus a loss of INR 1,470.2 million (USD 19.4 million) in the year ago period.
- Adjusted EBITDA (2) profit was INR 159.0 million (USD 2.1 million) versus a loss of INR 378.7 million (USD 5.0 million) in the year ago period.
Three months ended | |||||||||||||||
December 31, | March 31, | March 31, | QoQ | ||||||||||||
2021 | 2022 | 2022 | Change | ||||||||||||
Unaudited | Unaudited | Unaudited | |||||||||||||
(In thousands except percentages) | INR | INR | USD | % | |||||||||||
Financial Summary as per IFRS | |||||||||||||||
Revenue | 627,097 | 604,892 | 7,973 | (3.5)% | |||||||||||
Results from operations | (151,258) | (53,375) | (702) | 64.7% | |||||||||||
Loss for the period | (144,677) | (117,186) | (1,543) | 19.0% | |||||||||||
Financial Summary as per non-IFRS measures | |||||||||||||||
Adjusted Revenue (1) | 1,044,948 | 980,042 | 12,917 | (6.2)% | |||||||||||
Air Ticketing | 726,462 | 667,482 | 8,798 | (8.1)% | |||||||||||
Hotels and Packages | 210,763 | 179,764 | 2,369 | (14.7)% | |||||||||||
Other Services | 47,447 | 55,150 | 727 | 16.2% | |||||||||||
Others (Including Other Income) | 60,276 | 77,646 | 1,023 | 28.8% | |||||||||||
Adjusted EBITDA (2) | 43,991 | 52,897 | 697 | 20.2% | |||||||||||
Operating Metrics | |||||||||||||||
Gross Bookings (3) | 11,848,711 | 11,426,411 | 150,605 | (3.6)% | |||||||||||
Air Ticketing | 9,691,893 | 9,439,494 | 124,417 | (2.6)% | |||||||||||
Hotels and Packages | 1,221,492 | 1,050,215 | 13,842 | (14.0)% | |||||||||||
Other Services (6) | 935,326 | 936,702 | 12,346 | 0.1% | |||||||||||
Net Revenue Margin% (4) | |||||||||||||||
Air Ticketing | 7.5% | 7.1% | |||||||||||||
Hotels and Packages | 17.3% | 17.1% | |||||||||||||
Other Services | 5.1% | 5.9% | |||||||||||||
Quantitative details (5) | |||||||||||||||
Air Passengers Booked | 1,267 | 1,128 | (11.0)% | ||||||||||||
Stand-alone Hotel Room Nights Booked | 342 | 317 | (7.2)% | ||||||||||||
Packages Passengers Travelled | 4 | 4 | (9.1)% | ||||||||||||
Three months ended March 31, | |||||||||||||||
YoY | |||||||||||||||
2021 | 2022 | 2022 | Change | ||||||||||||
Unaudited | Unaudited | Unaudited | |||||||||||||
(In thousands except percentages) | INR | INR | USD | % | |||||||||||
Financial Summary as per IFRS | |||||||||||||||
Revenue | 506,862 | 604,892 | 7,973 | 19.3% | |||||||||||
Results from operations | (514,757) | (53,375) | (702) | 89.6% | |||||||||||
Loss for the period | (597,887) | (117,186) | (1,543) | 80.4% | |||||||||||
Financial Summary as per non-IFRS measures | |||||||||||||||
Adjusted Revenue (1) | 970,065 | 980,042 | 12,917 | 1.0% | |||||||||||
Air Ticketing | 635,545 | 667,482 | 8,798 | 5.0% |
Hotels and Packages | 183,446 | 179,764 | 2,369 | (2.0)% | ||
Other Services | 20,733 | 55,150 | 727 | 166.0% | ||
Others (Including Other Income) | 130,341 | 77,646 | 1,023 | (40.4)% | ||
Adjusted EBITDA (2) | 92,097 | 52,897 | 697 | (42.6)% | ||
Operating Metrics | ||||||
Gross Bookings (3) | 8,001,102 | 11,426,411 | 150,605 | 42.8% | ||
Air Ticketing | 6,493,037 | 9,439,494 | 124,417 | 45.4% | ||
Hotels and Packages | 973,522 | 1,050,215 | 13,842 | 7.9% | ||
Other Services (6) | 534,543 | 936,702 | 12,346 | 75.2% | ||
Net Revenue Margin% (4) | ||||||
Air Ticketing | 9.8% | 7.1% | ||||
Hotels and Packages | 18.8% | 17.1% | ||||
Other Services | 3.9% | 5.9% | ||||
Quantitative details (5) | ||||||
Air Passengers Booked | 1,096 | 1,128 | 2.9% | |||
Stand-alone Hotel Room Nights Booked | 294 | 317 | 8.0% | |||
Packages Passengers Travelled | 2 | 4 | 118.3% | |||
Year ended March 31, | |||||||||||
YOY | |||||||||||
2021 | 2022 | 2022 | Change | ||||||||
Unaudited | Unaudited | Unaudited | |||||||||
(In thousands except percentages) | INR | INR | USD | % | |||||||
Financial Summary as per IFRS | |||||||||||
Revenue | 1,271,268 | 1,989,376 | 26,221 | 56.5% | |||||||
Results from operations | (1,470,166) | (431,473) | (5,686) | 70.7% | |||||||
Loss for the period | (1,194,878) | (482,462) | (6,358) | 59.6% | |||||||
Financial Summary as per non-IFRS measures | |||||||||||
Adjusted Revenue (1) | 2,190,623 | 3,302,361 | 43,527 | 50.7% | |||||||
Air Ticketing | 1,487,465 | 2,211,074 | 29,143 | 48.6% | |||||||
Hotels and Packages | 350,530 | 599,151 | 7,897 | 70.9% | |||||||
Other Services | 47,177 | 161,504 | 2,129 | 242.3% | |||||||
Others (Including Other Income) | 305,451 | 330,632 | 4,358 | 8.2% | |||||||
Adjusted EBITDA (2) | (378,677) | 158,957 | 2,095 | 142.0% | |||||||
Operating Metrics | |||||||||||
Gross Bookings (3) | 15,816,941 | 34,298,367 | 452,068 | 116.8% | |||||||
Air Ticketing | 13,001,783 | 27,648,844 | 364,424 | 112.7% | |||||||
Hotels and Packages | 1,705,600 | 3,487,276 | 45,964 | 104.5% | |||||||
Other Services (6) | 1,109,558 | 3,162,247 | 41,680 | 185.0% | |||||||
Net Revenue Margin% (4) | |||||||||||
Air Ticketing | 11.4% | 8.0% | |||||||||
Hotels and Packages | 20.6% | 17.2% | |||||||||
Other Services | 4.3% | 5.1% | |||||||||
Quantitative details (5) | |||||||||||
Air Passengers Booked | 2,623 | 3,706 | 41.3% | ||||||||
Stand-alone Hotel Room Nights Booked | 547 | 1,018 | 86.2% | ||||||||
Packages Passengers Travelled | 4 | 10 | 159.2% |
Note:
-
Adjusted Revenue represents Revenue and other income after deducting service costs and adding back expenses related to consumer promotions and loyalty program costs that has been reduced from Revenue.
See section "Certain Non-IFRS Measures." - See the section below titled "Certain Non-IFRS Measures."
- Gross Bookings represent the total amount paid by our customers for travel services, freight services and products booked through us, including taxes, fees and other charges, and are net of cancellation and refunds.
- Net Revenue Margin is defined as Adjusted Revenue as a percentage of Gross Bookings.
- Quantitative details are considered on a gross basis.
- Other Services primarily consists of Yatra Freight, our recently launched freight business, bus, rail bookings, cab and others services.
As of March 31, 2022, 62,585,836 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 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 year ended March 31, 2022, the unaudited interim condensed consolidated statement of financial position as of March 31, 2022, the unaudited interim condensed consolidated statement of changes in equity for the year ended March 31, 2022, the unaudited interim condensed consolidated statement of cash flows for the year ended March 31, 2022 and discussion of the results of the three months and year ended March 31, 2022 compared with three months and year ended March 31, 2021 and compared with three months ended December 31, 2021, were converted into U.S. dollars at the exchange rate of 75.87 INR per USD, which is based on the noon buying rate as at March 31, 2022, 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").
Initial Public Offering of Yatra Online Limited
Yatra Online Limited ("Yatra India"), currently our controlled subsidiary, is contemplating an initial public offering (the "Indian IPO") of its equity shares ("Equity Shares") in India and has filed a Draft Red Herring Prospectus with the Securities and Exchange Board of India ("SEBI"). The Equity Shares will not be interchangeable with the Ordinary Shares. The Ordinary Shares will continue to trade on the Nasdaq Capital Market and, after the contemplated listing, the Equity Shares are expected to trade on the Indian stock exchanges. The timing and completion of the Indian IPO is subject to various risks and uncertainties, including clearing comments from SEBI.
COVID-19 Pandemic
Toward the end of the fourth quarter of fiscal year 2021, a severe second wave of COVID-19 infections emerged in India that was more severe than the first wave that occurred in 2020. Further, on November 26, 2021, WHO designated a new variant B.1.1.529, as a variant of concern, named Omicron, which due to its wide-spread in India resulted in the third wave of COVID-19 infections. This had led to reimposition of states-wide travel restrictions, lockdowns and curfews across India which of late has started receding, however, Covid-19 continues to be matter of caution and might continue to have an impact on the travel sector. The Indian travel industry has experienced a delayed recovery of business and international travel to pre-pandemic levels. It is difficult for us to predict how long the pandemic will continue and what impact this may continue to have on the travel sector and our business. The extent of the effects of the COVID-19 pandemic on our business, results of operations, cash flows and growth prospects remain uncertain and would be dependent on future developments. These include, but are not limited to, the severity, extent and duration of the pandemic, its impact on the travel industries and consumer spending, rates of vaccination and the effectiveness of vaccinations against various mutations or variants of the COVID-19 pandemic.
We continue to remain nimble in implementing certain measures and policies in light of the COVID-19 pandemic. For example, we have largely automated our re-scheduling and cancellation of bookings and provided customers greater flexibility to defer or cancel their travel plans. In addition, we have also undertaken certain cost reduction initiatives, including implementing salary reductions and freezes and work from home policies, renegotiating fixed costs such as rent, deferring non-critical capital expenditures, reducing marketing expenses and renegotiating supplier payments and contracts. We believe these cost control measures have helped mitigate the economic impact of the COVID-19 pandemic on our business. We expect to continue to adapt our policies and cost reduction initiatives as the situation evolves.
Results of Three Months Ended March 31, 2022
Revenue. We generated Revenue of INR 604.9 million (USD 8.0 million) in the three months ended March 31, 2022, an increase of 19.3% compared with INR 506.9 million (USD 6.7 million) in three months ended March 31, 2021. The increase in Revenue was primarily due to recovery in domestic travel demand relative to the quarter ended March 31, 2022.
Our Revenue in the current reported quarter decreased from INR 627.1 million (USD 8.3 million) in the three months ended December 31, 2021; a decrease of INR 22.2 million (USD 0.3 million) quarter-over-quarter due to a decrease in gross bookings and margins.
Service cost. Our Service cost increased to INR 46.7 million (USD 0.6 million) in the three months ended March 31, 2022 , compared to Service cost of INR 13.8 million (USD 0.2 million) in the three months ended March 31, 2021, primarily due to increased sales of holiday packages on account of strong recovery in domestic travel demand in India in the quarter ended March 31, 2022.
On a sequential basis, service cost decreased by INR 33.1 million (USD 0.4 million), or 41.5% quarter-over-quarter, compared to Service cost of INR 79.8 million (USD 1.1 million) in the three months ended December 31, 2021, due to decrease in sales of holiday packages.
Adjusted Revenue(1) Our Adjusted Revenue increased by 1.0% to INR 980.0 million (USD 12.9 million) in the three months ended March 31, 2022 from INR 970.1 million (USD 12.8 million) in the three months ended March 31, 2021. In the three months ended March 31, 2022, Adjusted Revenue includes the add-back of expenses in the nature of consumer promotion and certain loyalty program costs reduced from Revenue of INR 396.4 million (USD 5.2 million) compared to an add-back of INR 420.1 million (USD 5.5 million) in the three months ended March 31, 2021. These expenses have been added back to calculate Adjusted Revenue, with the accompanying increase in marketing and sales promotions expenses, to more accurately reflect the way we view our ongoing business. Under IFRS 15, these expenses are required to be reduced from Revenue, an IFRS measure. The increase in Adjusted Revenue resulted mainly from an increase of 5.0% in our Adjusted Revenue from Air Ticketing along with a decrease of 2.0% in our Adjusted Revenue from Hotels and Packages, an increase of 166.0% in Other Services and decrease of 40.4% in Others (Including Other Income) which primarily consists of advertisement income, facilitation fees and write back of liabilities no longer required to be paid.
On a sequential basis Adjusted Revenue decreased by INR 64.9 million (USD 0.9 million), or 6.2% quarter-over- quarter, compared to Adjusted Revenue of INR 1,044.9 million (USD 13.8 million) for the three months ended December 31, 2021 due to a decrease in gross bookings and margins.
The following table reconciles our Revenue (an IFRS measure) to Adjusted Revenue (a non-IFRS measure), for further details, see section below titled "Certain Non-IFRS Measures."
Reconciliation of Revenue (an IFRS measure) to Adjusted Revenue (a non-IFRS measure)
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Yatra Online Inc. published this content on 06 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 June 2022 18:31:05 UTC.
