Yatra Online, Inc. announced its unaudited financial and operating results for the three months ended September 30, 2024, reporting a revenue of INR 2,363.3 million (USD 28.2 million). This represents a substantial year-over-year increase of 149.4%. The growth was primarily fueled by the Hotels and Packages business, particularly its Meetings, Incentives, Conferences, and Exhibitions (MICE) segment.
Adjusted EBITDA for the quarter surged by 91.2% year-over-year to INR 66.7 million (USD 0.8 million). The company also significantly reduced its loss for the period to INR 0.3 million (USD 0.1 million), compared to a loss of INR 272.9 million (USD 3.3 million) in the prior year quarter. This improvement highlights effective cost management and a strategic pivot towards higher-margin segments.
The Adjusted Hotels and Packages margins improved significantly by 43.8% year-over-year, demonstrating the success of the company's focus on this high-growth area. In contrast, Adjusted Air Ticketing Margins saw a 13.0% decline, attributed to reduced volumes in the B2C segment due to strategic discount adjustments amid intensified price competition. The diversified revenue mix helped offset these challenges.
Yatra successfully secured 29 new corporate clients during the second quarter of FY25, adding an annual billing potential of INR 1,213.0 million (USD 14.5 million). This expansion reinforces its leadership in India's corporate travel sector. The company also noted ongoing progress in its corporate restructuring efforts, aiming to reduce administrative overhead and rationalize costs.
The results for the quarter included a contribution from the acquisition of Globe All India Services (Globe Travels) for 20 days, from September 11, 2024, to September 30, 2024. This acquisition, completed on September 11, 2024, for INR 1,280.0 million (USD 15.3 million) in cash, added approximately 360 new corporate clients. Globe Travels' expertise in MICE complements Yatra's strategy, positioning it as a major player in this segment.
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