India-based online travel agency Yatra has announced results for the three months ended March 31, revealing a loss of $8 million compared with $3 million in the previous quarter.
The company says adjusted revenue improved to $13 million, an increase of almost 60% on the previous quarter.
EBITDA for the three months was reported as $1.3 million compared with a loss of $500,000 in the previous quarter.
Adjusted air ticketing revenue was up to almost $9 million, an increase of 48% on the previous quarter while hotels and packages adjusted revenue also improved to $2.5 million, up 67% on the previous quarter.
Total gross bookings for the three months hit $102 million versus $228 million year-on-year.
Dhruv Shringi, chief executive of Yatra, says EBITDA was “well ahead of plan,” adding that the company “ended the quarter with a solid balance sheet and a cash balance of approximately $31 million.”
He says India is beginning to see early signs of recovery after the peak of the recent second COVID-19 wave.
“We believe travel should recover strongly as evidenced by the strong recovery post the first wave. As demonstrated by our solid March quarter results, we believe that given our liquidity, strong brand and large customer base, we are well poised to capitalize on a recovery in the travel industry.”
Yatra reported adjusted revenue of $30 million for the 2021 financial year with a loss of $16 million for the year compared with a loss of $12 million the previous year.
Adjusted EBITDA came in at $5 million.
Adjusted revenue from air ticketing for the 2021 financial year was down 62% to $20 million year-on-year.
Hotels and packages adjusted revenue was down 55% to $4.8 million year-on-year.
Total gross bookings for 2021 slumped by 83% to $201 million.