Yatra Online Inc Reports Financial Results for Q2 2024
Intellectia.AI Updated: 2024-08-13
Yatra Online, Inc. Reports Financial Results for Q2 2024
Yatra Online, Inc. (NASDAQ:YTRA), India's leading corporate travel services provider, announced its unaudited financial and operating results for the three months ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|
| Revenue | USD 12.6M | USD 13.2M | -5.0% | USD 22.2M |
| Adjusted EBITDA | USD 0.8M | USD 1.4M | -43.2% | - |
| Loss for the Period | USD 0.1M | USD 0.3M | -66.7% | - |
| EPS | - | - | - | USD 0.01 |
Interpretation: Yatra's revenue for the second quarter of 2024 decreased by 5.0% year-over-year to USD 12.6 million, falling short of the consensus estimate of USD 22.2 million. Adjusted EBITDA showed a significant decline of 43.2% year-over-year. Losses for the period improved, with a decline to USD 0.1 million from USD 0.3 million year-over-year.
Revenue Breakdown by Segments
| Segment | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Adjusted Margin from Air Ticketing | USD 11.0M | USD 13.8M | -20.7% |
| Adjusted Margin from Hotels and Packages | USD 3.3M | USD 3.7M | -9.9% |
| Total Gross Bookings (Air Ticketing, Hotels, and Other Services) | USD 198.6M | USD 238.1M | -16.6% |
Interpretation: Air ticketing continues to face significant pressure, with a 20.7% year-over-year decrease in adjusted margins due to lower volumes and intensified price competition in the B2C segment. Margins from Hotels and Packages also saw a decline of 9.9% from the same period last year. Total gross bookings dropped by 16.6% year-over-year.
Operational Highlights
| Metric | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Corporate Customer Accounts Secured | 34 | - | - |
| Annual Billing Potential from New Accounts | INR 2,028M | - | - |
| Loss from Operations | USD 0.4M | USD 0.6M | -66.7% |
Interpretation: The corporate travel segment demonstrated robust growth, securing 34 new corporate accounts with an annual billing potential of INR 2,028 million. This signifies strong customer acquisition rates, especially as compared to industry benchmarks.
Comments from Company Leadership
Dhruv Shringi, Co-founder and CEO:
"The June quarter posed challenges for our B2C segment; however, we are encouraged by the strong momentum we are witnessing in our Corporate Travel business. The growth in new corporate accounts and the exciting developments in our MICE business underscore our commitment to driving long-term value for our stakeholders. As we navigate the evolving landscape, we remain focused on our strategic priorities to further strengthen our market leadership."
Stock Price Movement
Following the earnings release, Yatra Online, Inc.'s stock saw an impressive increase of 12.16%.
Yatra Online, Inc. continues to focus on its Corporate Travel and MICE segments, aiming to enhance long-term stakeholder value despite the existing challenges in the B2C segment.
