Yatra clocks 25% rise in adjusted revenue for June quarter; EBITDA loss narrows
Yatra Online Inc., which owns and operates online travel portal Yatra.com, registered a 25% year-on-year increase in adjusted revenue for the June quarter at Rs 204 crore and a decrease in adjusted EBITDA loss at Rs 40.7 crore from 54 crore a year before. Loss narrowed owing to a 11.3% reduction in marketing and sales promotion expenses.
Despite aviation headwinds on account of rising oil prices and weakening currency, the firm remained confident that its multi-channel approach would deliver over 20% growth in adjusted revenue in the current year as well, with a meaningful improvement in adjusted Ebitda.
Under International Financial Reporting Standard (IFRS), the firm registered a 6.2% year-on-year decrease in revenue at Rs 208 crore. IFRS involves deduction from revenue of upfront cash incentives, loyalty programme costs for customers, and acquisition expenses. Previously, these were recorded as marketing and sales promotion costs.
Other operating expenses increased 25.9% to Rs 80.37 crore due to the integration of corporate ticketing platform Air Travel Bureau Ltd bought last year, increase in payment gateway expenses and commission payouts.
“The integration of Air Travel Bureau continues and we are beginning to realise the initial cost synergies, the full impact of which will be reflected in the subsequent quarters,” said Dhruv Shringi, co-founder and chief executive.
The company nearly doubled its losses from a joint venture investment in Adventure Nation with Snow Leopard Adventures to Rs 36 lakh for the June quarter.