Yatra Online, Inc. Announces Results for the Three Months December 31, 2023

GURUGRAM, India & NEW YORK--()--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 December 31, 2023.

“We are proud to report strong December quarter results. Yatra's Air Passenger segment recorded a robust 26% year-over-year growth, nearly tripling the industry benchmark of 9%. This reflects our strong brand recognition and our successful strategies in capturing market share.

For the quarter ended on December 31, 2023, we reported revenue of INR 1112.0 million (USD 13.4 million), marking a substantial increase of 23.2% over the last year. Our adjusted margin from air ticketing rose to USD 13.4 million, a 10.2% year-over-year growth. Furthermore, our Adjusted EBITDA saw a significant improvement of 23.7% YoY, reaching INR 44.5 million (USD 0.5 million).

We further fortified our market leadership in the Corporate travel sector by signing 26 new corporate customer accounts in the December quarter in our Corporate business with an annual billing potential of INR 2,237 million (~USD 27 million) underlining the capabilities of our Corporate Travel SaaS platform.

In alignment with our commitment to shareholder returns, we are also pleased to report the repurchase of approximately 280,000 shares as of December 31, 2023 under the share repurchase program authorized by our Board and we continue to be active on the buyback front in the current quarter. This move underlines our confidence in Yatra’s promising future and our unwavering dedication to maximizing shareholder value.

As we steer through the dynamic market landscape, we stay resolutely committed to seizing growth opportunities and ensuring the continued upward trajectory of Yatra.” - Dhruv Shringi, Co-founder and CEO

Financial and operating highlights for the three months ended December 31, 2023:

  • Revenue of INR 1,112.0 million (USD 13.4 million), representing an increase of 23.2% year-over-year basis (“YoY”).
  • Adjusted Margin (1) from Air Ticketing of INR 1,114.4 million (USD 13.4 million), representing an increase of 10.2% YoY.
  • Adjusted Margin (1) from Hotels and Packages of INR 264.1 million (USD 3.2 million), representing an increase of 3.9% YoY.
  • Total Gross Bookings (Air Ticketing, Hotels and Packages and Other Services)(3) of INR 18,631.8 million (USD 224.0 million), representing an increase of 17.9% YoY.
  • Loss for the period was INR 39.5 million (USD 0.5 million) versus a loss of INR 217.5 million (USD 2.6 million) for the three months ended December 31, 2022, reflecting a decrease in loss by INR 178.1 million (USD 2.1 million) YoY.
  • Result from operations were a loss of INR 58.2 million (USD 0.7 million) versus a loss of INR 63.0 million (USD 0.8 million) for the three months ended December 31, 2022, reflecting a decrease in loss by INR 4.8 million (USD 0.1 million) YoY.
  • Adjusted EBITDA(2) Profit was INR 44.5 million (USD 0.5 million) reflecting an increase by 23.7% YOY.

Three months ended December 31,




YoY Change






(In thousands except percentages)





Financial Summary as per IFRS










Results from operations









Loss for the period









Financial Summary as per non-IFRS measures

Adjusted Margin (1)

Adjusted Margin - Air Ticketing









Adjusted Margin - Hotels and Packages









Adjusted Margin - Other Services









Others (Including Other Income)









Adjusted EBITDA (2)









Operating Metrics

Gross Bookings (3)









Air Ticketing









Hotels and Packages









Other Services (6)









Adjusted Margin %*(4)


Air Ticketing





Hotels and Packages





Other Services





Quantitative details (5)


Air Passengers Booked







Stand-alone Hotel Room Nights Booked







Packages Passengers Travelled









As certain parts of our revenue are recognized on a “net” basis and other parts of our revenue are recognized on a “gross” basis, we evaluate our financial performance based on Adjusted Margin, which is a non-IFRS measure.


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.


Adjusted Margin % is defined as Adjusted Margin as a percentage of Gross Bookings.


Quantitative details are considered on a gross basis.


Other Services primarily consists of freight business, IT services, bus, rail and cab and others services.

As of December 31, 2023, 64,368,762 ordinary shares (on an as-converted basis), par value $0.0001 per share, of the Company (the “Ordinary Shares”) were issued and outstanding.

Conference Call

The Company will host a conference call to discuss its unaudited results for the three months ended December 31, 2023 beginning at 8:00 AM Eastern Daylight Time (or 6:30 PM India Standard Time) on February 14, 2024. Dial in details for the conference call is as follows: US/International dial-in number: +1 404 975 4839. Confirmation Code: 951150 (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/967061181.

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 Indian 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; expected buyback activity with respect to our share repurchase program; and our future financial performance.. 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 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 and the evolving events in Israel, Gaza and the Middle East), 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 800 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).


For more information, please contact:

Manish Hemrajani
Yatra Online, Inc.
VP, Head of Corporate Development and IR

Release Summary

Yatra Online, Inc. today announced its unaudited financial and operating results for the three months ended December 31, 2023.



For more information, please contact:

Manish Hemrajani
Yatra Online, Inc.
VP, Head of Corporate Development and IR