Yatra Online Ltd reports strong revenue growth of 23% YOY

Yatra Online Limited (BSE: 543992 & NSE: YATRA), India's largest corporate travel services provider and the third largest online travel company in India among key OTA players* announces its results for the third quarter of financial year 2023-24.

Q3-FY24 Financial Highlights:

- Net Profit of INR 11 Million increased by 119% YoY resulting in a Diluted EPS of INR 0.07.

- Gross debt reduced by 51% on QoQ basis.

Q3-FY24 Operational Highlights:

- Yatra domestic air passenger growth of 26% YoY outpaced industry growth of 9% YoY as we continue to gain market share.

- Gross bookings grew 18% YoY to INR 18,605 Mn.

- Corporate business continued to be impacted by muted business travel spends across IT/ITES clients

- We continue to expand our corporate client base and closed 26 new corporate accounts during the quarter with total annual billing potential of INR 2,237 Million. Subsequent to the end of the quarter we have closed a few large accounts including one of the largest banks in India and a marquee pharma company.

Commenting on the results, Whole Time Director & Chief Executive Officer, Mr. Dhruv Shringi stated: "We are proud to report strong December quarter results. Yatra's Air Passenger segment recorded a robust growth, nearly tripling the industry benchmark of 9%. This reflects our strong brand recognition and our successful strategies in capturing market share. We further fortified our market leadership in the Corporate travel sector by onboarding 26 new corporate customer accounts in the December quarter in our Corporate business. In gratitude to our India shareholders and in a bid to further fortify our market position, we recently launched a complimentary Yatra Prime membership initiative. This program, which commenced last week, is our way of enhancing value and convenience in travel experiences for our shareholders. As we steer through the dynamic market landscape, we stay resolutely committed to seizing growth opportunities and ensuring the continued upward trajectory of Yatra."

Shares of Yatra Online Limited was last trading in BSE at Rs. 174.15 as compared to the previous close of Rs. 168.45. The total number of shares traded during the day was 37855 in over 735 trades.

The stock hit an intraday high of Rs. 176.20 and intraday low of 166.00. The net turnover during the day was Rs. 6537106.00.

Source : Equity Bulls

Keywords

INE0JR601024 YatraOnline Tour Travel Q3FY24 9MFY24 ResultUpdate