EX-99.1 2 ex99-1.htm

 

Exhibit 99.1

 

YATRA ONLINE, INC. ANNOUNCES RESULTS FOR

THE THREE MONTHS ENDED DECEMBER 31, 2021

 

Gurugram, India and New York April 1, 2022— 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, 2021.

 

“We witnessed a strong recovery in travel in the fiscal third quarter as leisure travel picked up heading into the key holiday season and business travel also came back strongly on the back of lower covid case counts in the early part of the third quarter. Revenue for the quarter ended December 31, 2021 was INR 627.1 million (USD 8.4 million), representing an increase of 39.2% QoQ, while Adjusted Revenue for the quarter ended December 31, 2021 came in at INR 1,044.9 million (USD 14.0 million) up 33% QoQ and 72% YoY. This was the highest quarterly Adjusted Revenue for the Company since the onset of COVID-19. Adjusted EBITDA also improved 89% sequentially on account of the overall business recovery. While there was some disruption on account of Omicron in the months of December and January, we are seeing a sharp rebound post January in both leisure and business travel. Our Indian subsidiary, Yatra Online Limited, recently filed a Draft Red Herring Prospectus (‘DRHP’) with the Securities and Exchange Board of India (‘SEBI’) which is the main stock market regulatory body in India for a potential initial public offering and listing of its equity shares on the Indian stock exchanges. We expect this offering, if completed, to strengthen our balance sheet and better position us to take advantage of the rapidly recovering leisure and business market travel in India. Business travel is trending to exceed 70% of its pre-covid volumes in the month of March 2022 and we remain optimistic that business travel should get back close to pre-covid volumes in the June quarter of 2022.” - Dhruv Shringi, Co-founder and CEO.

 

Financial and operating highlights for the three months ended December 31, 2021:

 

● Revenue of INR 627.1 million (USD 8.4 million).
● Adjusted Revenue(1) of INR 1,044.9 million (USD 14.0 million), representing an increase of 32.5% quarter-over-quarter basis (“QoQ”) and an increase of 72.3% on year over year basis (“YoY”).
● Adjusted Revenue(1) from Air Ticketing of INR 726.5 million (USD 9.8 million), representing an increase of 42.8% QoQ and an increase of 69.5% YoY.
● Adjusted Revenue(1) from Hotels and Packages of INR 210.8 million (USD 2.8 million), representing an increase of 28.9% QoQ and an increase of 92.2% YoY.
● Total Gross Bookings (Air Ticketing, Hotels and Packages and others) (3) of INR 11,848.7 million (USD 159.3 million), representing an increase of INR 3,412.0 million (USD 45.9 million) QoQ and an increase of INR 5,723.8 million (USD 76.9 million) YoY.
● Loss for the period was INR 144.7 million (USD 1.9 million) versus a loss of INR 140.2 million (USD 1.9 million) for the three months ended September 30, 2021, reflecting an increase of loss of INR 4.5 million (USD 0.1 million) QoQ and a decrease of loss of INR 72.2 million (USD 1.0 million) YoY.
● Result from operations was a loss of INR 151.3 million (USD 2.0 million) versus a loss of INR 140.0 million (USD 1.9 million) for the three months ended September 30, 2021.
● Adjusted EBITDA (2) Profit was INR 44.0 million (USD 0.6 million) reflecting an increase of INR 20.7 million (USD 0.3 million) QoQ versus a profit of INR 23.3 million (USD 0.3 million) for the three months ended September 30, 2021.

 

 

 

 

   Three months ended     
   September 30, 2021   December 31, 2021   December 31, 2021    
   Unaudited   Unaudited   Unaudited   QoQ Change 
(In thousands except percentages)  INR   INR   USD   % 
Financial Summary as per IFRS                    
Revenue   450,459    627,097    8,429    39.2%
Results from operations   (140,022)   (151,258)   (2,034)   (8.0)%
Loss for the period   (140,197)   (144,677)   (1,945)   (3.2)%
Financial Summary as per non-IFRS measures                    
Adjusted Revenue (1)   788,710    1,044,948    14,047    32.5%
Air Ticketing   508,616    726,462    9,766    42.8%
Hotels and Packages   163,492    210,763    2,833    28.9%
Other Services   38,962    47,447    638    21.8%
Others (Including Other Income)   77,640    60,276    810    (22.4)%
Adjusted EBITDA (2)   23,286    43,991    591    88.9%
Operating Metrics                    
Gross Bookings (3)   8,436,702    11,848,711    159,278    40.4%
Air Ticketing   6,624,473    9,691,893    130,285    46.3%
Hotels and Packages   988,658    1,221,492    16,420    23.6%
Other Services (7)   823,571    935,326    12,573    13.6%
Net Revenue Margin% (4)                    
Air Ticketing   7.7%   7.5%          
Hotels and Packages   16.5%   17.3%          
Other Services   4.7%   5.1%          
Quantitative details (5)                    
Air Passengers Booked   896    1,267         41.4%
Stand-alone Hotel Room Nights Booked   289    342         18.5%
Packages Passengers Travelled   1    4         292.4%

 

 

 

 

   Three months ended December 31,     
   2020   2021   2021    
   Unaudited   Unaudited   Unaudited   YoY Change 
(In thousands except percentages)  INR   INR   USD   % 
Financial Summary as per IFRS                    
Revenue   309,102    627,097    8,429    102.9%
Results from operations   (197,548)   (151,258)   (2,034)   23.4%
Loss for the period   (216,914)   (144,677)   (1,945)   33.3%
Financial Summary as per non-IFRS measures                    
Adjusted Revenue (1)   606,614    1,044,948    14,047    72.3%
Air Ticketing   428,537    726,462    9,766    69.5%
Hotels and Packages   109,641    210,763    2,833    92.2%
Other Services   18,115    47,447    638    161.9%
Others (Including Other Income)   50,321    60,276    810    19.8%
Adjusted EBITDA (2)   (36,388)   43,991    591    220.9%
Operating Metrics                    
Gross Bookings (3)   6,124,937    11,848,711    159,278    93.5%
Air Ticketing   5,140,396    9,691,893    130,285    88.5%
Hotels and Packages   617,744    1,221,492    16,420    97.7%
Other Services (7)   366,797    935,326    12,573    155.0%
Net Revenue Margin% (4)                    
Air Ticketing   8.3%   7.5%          
Hotels and Packages   17.7%   17.3%          
Other Services   4.9%   5.1%          
Quantitative details (5)                    
Air Passengers Booked   910    1,267         39.2%
Stand-alone Hotel Room Nights Booked   199    342         72.0%
Packages Passengers Travelled   1    4         292.4%

 

Note:

 

  (1) Adjusted Revenue represents Revenue and other income after deducting Service costs and adding back expenses related to consumer promotions and loyalty program costs that has been reduced from Revenue. See section “Certain Non-IFRS Measures.”
  (2) See the section below titled “Certain Non-IFRS Measures.”
  (3) 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.
  (4) Net Revenue Margin is defined as Adjusted Revenue as a percentage of Gross Bookings.
  (5) Quantitative details are considered on a gross basis.
  (6) Net Revenue Margin is defined as Adjusted Revenue as a percentage of Gross Bookings.
  (7) Other Services primarily consists of Yatra Freight, our recently launched freight business, bus, rail bookings, cab and others services.

 

As of December 31, 2021, 62,474,016 ordinary shares (on an as-converted basis), par value $0.0001 per share, of the Company (the “Ordinary Shares”) were issued and outstanding.

 

Convenience Translation

 

The unaudited condensed consolidated financial statements are stated in INR. However, solely for the convenience of readers, the unaudited interim condensed consolidated statement of profit or loss and other comprehensive loss for the three and nine months ended December 31, 2021, the unaudited interim condensed consolidated statement of financial position as of December 31, 2021, the unaudited interim condensed consolidated statement of changes in equity for the nine months ended December 31, 2021, the unaudited interim condensed consolidated statement of cash flows for the nine months ended December 31, 2021 and discussion of the results of the three months ended December 31, 2021 compared with three months ended December 31, 2020 and compared with three months ended September 30, 2021, were converted into U.S. dollars at the exchange rate of 74.39 INR per USD, which is based on the noon buying rate as at December 31, 2021, in The City of New York for cable transfers of Indian rupees as certified for customs purposes by the Federal Reserve Bank of New York. This arithmetic conversion should not be construed as representation that the amounts expressed in INR may be converted into USD at that or any other exchange rate as well as that such numbers are in compliance as per the requirements of the International Financial Reporting Standards (“IFRS”).

 

 

 

 

Recent Developments

 

Initial Public Offering of Yatra Online Limited

 

Yatra Online Limited (“Yatra India”), currently our controlled subsidiary, is contemplating an initial public offering (the “Indian IPO”) of its equity shares (“Equity Shares”) in India and has filed a Draft Red Herring Prospectus with the Securities and Exchange Board of India (“SEBI”). The Equity Shares will not be interchangeable with the Ordinary Shares. The Ordinary Shares will continue to trade on the Nasdaq Capital Market and, after the contemplated listing, the Equity Shares are expected to trade on the Indian stock exchanges. The timing and completion of the Indian IPO is subject to various risks and uncertainties, including clearing comments from SEBI.

 

Conflict between Russia and Ukraine

 

Russia has typically accounted for approximately 2% of India’s foreign tourist arrivals from 2015 to pre-pandemic 2019. Escalating tensions between Russia and Ukraine and any further military incursion of Russia into Ukraine could impact macroeconomic conditions, give rise to regional instability and result in heightened economic sanctions from the U.S. and the international community in a manner that adversely affects our business. This could cause significant disruption in the travel industry, result in lower tourist arrivals, lower bookings, and delays and flight cancellations, any of which could materially and adversely affect our business.

 

COVID-19 Pandemic

 

Toward the end of the fourth quarter of fiscal year 2021, a severe second wave of COVID-19 infections emerged in India that was more severe than the first wave that occurred in 2020. Further, on November 26, 2021, WHO designated a new variant B.1.1.529, as a variant of concern, named Omicron, which due to its wide-spread in India resulted in the third wave of COVID-19 infections. This led to reimposition of states-wide travel restrictions, lock downs and curfews across India. As a result, the Indian travel industry is experiencing a delayed recovery of business and international travel to pre-pandemic levels. It is difficult for us to predict how long the pandemic will continue and what impact this may have on the travel sector and our business. The extent of the effects of the COVID-19 pandemic on our business, results of operations, cash flows and growth prospects remain uncertain and would be dependent on future developments. These include, but are not limited to, the severity, extent and duration of the pandemic, its impact on the travel industries and consumer spending, rates of vaccination and the effectiveness of vaccinations against various mutations or variants of the COVID-19 pandemic.

 

We continue to remain nimble in implementing certain measures and policies in light of the COVID-19 pandemic. For example, we have largely automated re-scheduling and cancellation of bookings and provided customers greater flexibility to defer or cancel their travel plans. In addition, we have also undertaken certain cost reduction initiatives, including implementing salary reductions and freezes and work from home policies, renegotiating fixed costs such as rent, deferring non-critical capital expenditures, reducing marketing expenses and renegotiating supplier payments and contracts. We believe these cost control measures have helped mitigate the economic impact of the COVID-19 pandemic on our business. We expect to continue to adapt our policies and cost reduction initiatives as the situation evolves.

 

Ebix Litigation update

 

On June 5, 2020, we delivered to Ebix Inc. (“Ebix”) our notice of termination of the merger agreement with Ebix and filed litigation in the Court of Chancery of the State of Delaware based upon Ebix’s breaches of the merger agreement and an ancillary extension agreement. In addition, we also sued Ebix for fraud and sued Ebix’s consortium of lenders for tortious interference with contractual relations. On August 30, 2021, the court granted Ebix’s motions to dismiss and dismissed the complaint in its entirety. On September 17, 2021, we filed a notice of appeal of the dismissal to the Supreme Court of the State of Delaware. The matter was heard by the Supreme Court on March 23, 2022 and the court is expected to declare its verdict within the next 90 days. Litigation and related matters are costly and may divert the attention of our management and other employee resources that would otherwise be engaged in other activities, which could adversely impact our business. If any claims are brought against us and result in a finding of legal liability or if we were unable to prevail on appeal in our claims in this litigation, our business, results of operations, liquidity and financial condition could be adversely affected. In addition, allegations of wrongful conduct by Ebix, regardless of veracity, may harm our reputation, which may also adversely impact our business and growth prospects.

 

 

 

 

Results of Three Months Ended December 31, 2021

 

Revenue. We generated Revenue of INR 627.1 million (USD 8.4 million) in the three months ended December 31, 2021, an increase of 102.9% compared with INR 309.1 million (USD 4.2 million) in three months ended December 31, 2020. The increase in Revenue was primarily due to recovery in domestic travel demand relative to the quarter ended December 31, 2020.

 

Our Revenue in the current reported quarter increased from INR 450.5 million (USD 6.1 million) in the three months ended September 30, 2021; an increase of INR 176.6 million (USD 2.4 million) quarter-over-quarter due to a continued recovery in domestic travel demand in the quarter ended December 31, 2021.

 

Service cost. Our Service cost increased to INR 79.8 million (USD 1.1 million) in the three months ended December 31, 2021 , compared to Service cost of INR 5.9 (USD 0.1) in the three months ended December 31, 2020, primarily due to increased sales of holiday packages on account of strong recovery in domestic travel demand in India in the quarter ended December 31, 2021.

 

On a sequential basis, Service cost increased by INR 56.4 million (USD 0.8 million), or 240.9% quarter-over-quarter, compared to Service cost of INR 23.4 million (USD 0.3 million) in the three months ended September 30, 2021, due to increased sales of holiday packages on account of continued recovery in domestic travel demand in the quarter ended December 31, 2021.

 

Adjusted Revenue(1) Our Adjusted Revenue increased by 72.3% to INR 1,044.9 million (USD 14.0 million) in the three months ended December 31, 2021 from INR 606.6 million (USD 8.2 million) in the three months ended December 31, 2020. In the three months ended December 31, 2021, Adjusted Revenue includes the add-back of expenses in the nature of consumer promotion and certain loyalty program costs reduced from Revenue of INR 489.8 million (USD 6.6 million) in the three months ended December 31, 2021 compared to an add-back of INR 287.6 million (USD 3.9 million) in the three months ended December 31, 2020. These expenses have been added back to calculate Adjusted Revenue, with the accompanying increase in marketing and sales promotions expenses, to more accurately reflect the way we view our ongoing business. Under IFRS 15, these expenses are required to be reduced from Revenue, an IFRS measure. The increase in Adjusted Revenue resulted mainly from an increase of 69.5% in our Adjusted Revenue from Air Ticketing along with an increase of 92.2% in our Adjusted Revenue from Hotels and Packages, an increase of 161.9% in Other Services and increase of 19.8% in Others (Including Other Income) which primarily consists of advertisement income, facilitation fees and income on liabilities no longer required to be paid.

 

On a sequential basis Adjusted Revenue increased by INR 256.2 million (USD 3.4 million), or 32.5%, quarter-over-quarter, compared to Adjusted Revenue of INR 788.7 million (USD 10.6 million) for the three months ended September 30, 2021 due to a continued recovery in domestic travel demand in the quarter ended December 31, 2021.

 

The following table reconciles our Revenue (an IFRS measure) to Adjusted Revenue (a non-IFRS measure), for further details, see section below titled “Certain Non-IFRS Measures.”

 

Reconciliation of Revenue (an IFRS measure) to Adjusted Revenue (a non-IFRS measure)
                                      
      Hotels and          
   Air Ticketing   Packages   Other Services   Others   Total 
  Three months ended December 31, 
Amount in INR thousands (Unaudited)  2020   2021   2020   2021   2020   2021   2020   2021   2020   2021 
Revenue   217,721    324,041    44,220    207,146    12,649    43,436    34,512    52,474    309,102    627,097 
Add: Customer promotional expenses   210,816    402,421    71,337    83,406    5,466    4,011    -         287,619    489,838 
Service cost   -    -    (5,916)   (79,789)             -    -    (5,916)   (79,789)
Other income   -    -    -    -              -    -    15,809    7,802 
Adjusted Revenue   428,537    726,462    109,641    210,763    18,115    47,447    34,512    52,474    606,614    1,044,948 

 

   Air Ticketing   Hotels and Packages   Other Services   Others   Total 
   Three months ended September 30, 
Amount in INR    

thousands (Unaudited)

  2021   2021   2021   2021   2021 
Revenue   284,949    98,985    35,399    31,126    450,459 
Add: Customer promotional expenses   223,667    87,912    3,563    -    315,142 
Service cost   -    (23,405)        -    (23,405)
Other income   -    -         -    46,514 
Adjusted Revenue   508,616    163,492    38,962    31,126    788,710 

 

 

 

 

Air Ticketing. Revenue from our Air Ticketing business was INR 324.0 million (USD 4.4 million) in the three months ended December 31, 2021 as compared to INR 217.7 million (USD 2.9 million) in the three months ended December 31, 2020, reflecting an increase of 48.8% .

 

On a sequential basis, Revenue from our Air Ticketing business increased by INR 39.1 million (USD 0.5 million), or 13.7% QoQ, compared to Revenue of INR 284.9 million (USD 3.8 million) in the three months ended September 30, 2021 due to a continued recovery in domestic travel demand in the quarter ended December 31, 2021.

 

Adjusted Revenue (1) from our Air Ticketing business increased to INR 726.5 million (USD 9.8 million) in the three months ended December 31, 2021 as compared to INR 428.5 million (USD 5.8 million) in the three months ended December 31, 2020. In the three months ended December 31, 2021 , Adjusted Revenue (1) for Air Ticketing includes the add-back of INR 402.4 million (USD 5.4 million) of consumer promotion and loyalty program costs, which reduced Revenue as per IFRS 15, against an add-back of INR 210.8 million (USD 2.8 million) in the three months ended December 31, 2020. The increase in Revenue was primarily due to recovery in domestic travel demand relative to the quarter ended December 31, 2020.

 

On a sequential basis, Adjusted Revenue for Air Ticketing increased by INR 217.8 million (USD 2.9 million), or 42.8% QoQ, compared to Adjusted Revenue for Air Ticketing of INR 508.6 million (USD 6.8 million) in the three months ended September 30, 2021 due to a continued recovery in domestic travel demand in the quarter ended December 31, 2021.

 

Hotels and Packages. Revenue from our Hotels and Packages business was INR 207.1 million (USD 2.8 million) in the three months ended December 31, 2021 as compared to INR 44.2 million (USD 0.6 million) in the three months ended December 31, 2020.

 

On a sequential basis, Revenue from our Hotel and Packages business increased by INR 108.2 million (USD 1.5 million), or 109.3% QoQ, as compared to Revenue from our Hotel and Packages business of INR 99.0 million (USD 1.3 million) in the three months ended September 30, 2021.

 

Adjusted Revenue (1) for this segment increased by 92.2% to INR 210.8 million (USD 2.8 million) in the three months ended December 31, 2021 from INR 109.6 million (USD 1.5 million) in the three months ended December 31, 2020. In the three months ended December 31, 2021, Adjusted Revenue (1) for Hotels & Packages includes the add-back of customer promotional expenses, which had been reduced from Revenue as per IFRS 15 of INR 83.4 million (USD 1.1 million) against an add-back of INR 71.3 million (USD 1.0 million) in the three months ended December 31, 2020. The increase in adjusted Revenue from Hotels & Packages is due to recovery in domestic travel demand relative to the period quarter ended December 31, 2020.

 

On a sequential basis, Adjusted Revenue for this segment increased by INR 47.3 million (USD 0.6 million), or 28.9%, QoQ, compared to Adjusted Revenue for this segment of INR 163.5 million (USD 2.2 million) in the three months ended September 30, 2021.

 

Other Services. Our Other Revenue was INR 43.4 million (USD 0.6 million) in the three months ended December 31, 2021, an increase from INR 12.6 million (USD 0.2 million) in the three months ended December 31, 2020.

 

On a sequential basis, Other Revenue increased by INR 8.0 million (USD 0.1 million), or 22.7% QoQ, compared to Other Services of INR 35.4 million (USD 0.5 million) in the three months ended September 30, 2021.

 

Adjusted Revenue for this segment increased by 161.9% to INR 47.4 million (USD 0.6 million) in the three months ended December 31, 2021 from INR 18.1 million (USD 0.2 million) in the three months ended December 31, 2020. In the three months ended December 31, 2021, Adjusted Revenue includes the add-back of consumer promotion expenses, which had been reduced from Revenue of INR 4.0 million (USD 0.1 million) against an add-back of INR 5.5 million (USD 0.1 million) in the three months ended December 31, 2020 pursuant to IFRS 15. This increase in Adjusted Revenue is primarily due to increase in freight business revenue.

 

 

(1) See the section titled “Certain Non-IFRS Measures.”

 

 

 

 

Other Revenue. Our Other Revenue was INR 52.5 million (USD 0.7 million) in the three months ended December 31, 2021, an increase from INR 34.5 million (USD 0.5 million) in the three months ended December 31, 2020.

 

On a sequential basis, Other Revenue increased by INR 21.3 million (USD 0.3 million), or 68.6% QoQ, compared to Other Revenue of INR 31.1 million (USD 0.4 million) in the three months ended September 30, 2021.

 

Other Income. Our Other income decreased to INR 7.8 million (USD 0.1 million) in the three months ended December 31, 2021 from INR 15.8 million (USD 0.2 million) in the three months ended December 31, 2020 due to the impact of write back of liabilities no longer required to be paid and reduction in government grants.

 

Personnel Expenses. Our personnel expenses increased by 40.6% to INR 253.4 million (USD 3.4 million) in the three months ended December 31, 2021 from INR 180.3 million (USD 2.4 million) in the three months ended December 31, 2020 due to the impact of the addition of personnel in the Yatra Freight business and the gradual reinstatement of salaries for mid and junior level employees to pre-pandemic levels. Excluding employee share-based compensation costs of INR 49.6 million (USD 0.7 million) in the three months ended December 31, 2021, compared to INR 19.0 million (USD 0.3 million) in the three months ended December 31, 2020, personnel expenses increased by 26.3% in the three months ended December 31, 2021.

 

Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses increased by 73.0% to INR 46.1 million (USD 0.6 million) in the three months ended December 31, 2021 from INR 26.7 million (USD 0.4 million) in the three months ended December 31, 2020. Adding back the expenses for consumer promotions and loyalty program costs, which have been reduced from Revenue per IFRS 15, our marketing spend would have been INR 536.0 million (USD 7.2 million) against INR 314.3 million (USD 4.2 million) in the three months ended December 31, 2020, up 70.5% YoY.

 

Other Operating Expenses. Other operating expenses increased by 56.0% to INR 261.2 million (USD 3.5 million) in the three months ended December 31, 2021 from INR 167.4 million (USD 2.3 million) in the three months ended December 31, 2020 primarily due to increases in commission, communication, legal and professional charges and payment gateway charges which is partially offset by decrease in provision for doubtful debts and rates and taxes.

 

Adjusted EBITDA profit / (loss)(1). Due to the foregoing factors, Adjusted EBITDA profit(1) increased to INR 44.0 million (USD 0.6 million) in the three months ended December 31, 2021 from an Adjusted EBITDA loss(1) of INR (36.4) million (USD (0.5) million) in the three months ended December 31, 2020.

 

Depreciation and Amortization. Our depreciation and amortization expenses decreased by 48.0% to INR 73.9 million (USD 1.0 million) in the three months ended December 31, 2021 from INR 142.2 million (USD 1.9 million) in the three months ended December 31, 2020 primarily as a result of reduction in block of the assets as compared to the three months ended December 31, 2020.

 

Impairment of loan to joint venture. On September 28, 2012, we entered into a joint venture agreement with respect to a company that operates in adventure travel activities. This pertains to the impairment of the outstanding loan amount of INR 71.7 million (USD 1.0 million) to the joint venture (including interest) as at December 31, 2021.

 

Results from Operations. As a result of the foregoing factors, our Results from Operations was a loss of INR 151.3 million (USD 2.0 million) in the three months ended December 31, 2021. Our loss for the three months ended December 31, 2020 was INR 197.5 million (USD 2.7 million). Excluding the employee share-based compensation costs and impairment of loan to the joint venture, Adjusted Results from Operations(1) would have been a loss of INR 29.9 million (USD 0.4 million) for three months ended December 31, 2021 as compared to a loss of INR 178.6 million (USD 2.4 million) for three months ended December 31, 2020.

 

Share of Loss of Joint Venture. This amount pertains to reversal of cumulative loss contribution relating to a joint venture investment that operates in adventure travel activities and represents true-up of provision created by the Company as per the joint venture agreement post-impairment of a loan to the joint venture. During the three months ended December 31, 2021, we have reversed the liability on account of obligation arising due to contribution towards losses of the joint venture amounting to INR 43.7 million (USD 0.6 million) compared to loss of INR 1.7 million (USD 0.02 million) in the three months ended December 31, 2020.

 

 

(1) See the section titled “Certain Non-IFRS Measures.”

 

 

 

 

Finance Income. Our finance income decreased to INR 6.9 million (USD 0.1 million) in the three months ended December 31, 2021 from INR 13.5 million (USD 0.2 million) in the three months ended December 31, 2020. The decrease was primarily due to a decrease in the interest income earned from our bank deposits.

 

Finance Costs. Our finance costs of INR 22.5 million (USD 0.3 million) in the three months ended December 31, 2021 which includes interest on the lease liability of INR 10.3 million (USD 0.1 million) decreased by INR 6.0 million (USD 0.1 million) from finance cost of INR 28.5 million (USD 0.4 million) in the three months ended December 31, 2020, which includes interest on the lease liability of INR 18.0 million (USD 0.2 million). The decrease was due to a loss on account of foreign exchange fluctuation which offset by interest expense.

 

Listing and related expenses. Listing and related expenses amounting to INR 21.9 million (USD 0.3 million) relate to the expenses incurred in connection with the Indian IPO.

 

Change in fair value of warrants. On December 16, 2021, at 5:00 p.m., New York time, outstanding warrants to purchase an aggregate of 17,337,500 Ordinary Shares expired by their original terms. Each of the warrants became void upon expiration This resulted in a gain of INR 7.7 million (USD 0.1 million) during the three months ended December 31, 2021 as compared to a loss of INR 10.3 million (USD 0.1 million) in the three months ended December 31, 2020.

 

Income Tax Expense. Our income tax expense during the three months ended December 31, 2021 was INR 7.4 million (USD 0.1 million) compared to a tax benefit of INR 7.7 million (USD 0.1 million) during the three months ended December 31, 2020.

 

Loss for the Period. As a result of the foregoing factors, our loss in the three months ended December 31, 2021 was INR 144.7 million (USD 1.9 million) as compared to a loss of INR 216.9 million (USD 2.9 million) in the three months ended December 31, 2020. Excluding the employee share based compensation costs, impairment of loan to joint venture, listing and related expenses and net change in fair value of warrants, the Adjusted Loss(1) would have been INR 9.1 million (USD 0.1 million) for the three months ended December 31, 2021 and INR 187.6 million (USD 2.5 million) for the three months ended December 31, 2020.

 

Basic Loss per Share. Basic Loss per share was INR 2.30 (USD 0.03) in the three months ended December 31, 2021 as compared to Basic Loss per share of INR 3.52 (USD 0.05) in the three months ended December 31, 2020. After excluding the employee share-based compensation costs, impairment of loan to joint venture, listing and related expenses and net change in fair value of warrants Adjusted Basic Loss per Share(1) would have been INR 0.14 (USD 0.01) in the three months ended December 31, 2021, as compared to Adjusted Basic Loss INR 3.04 (USD 0.04) in the three months ended December 31, 2020.

 

Diluted Loss per Share. Diluted Loss per share was INR 2.30 (USD 0.03) in the three months ended December 31, 2021 as compared to Diluted Loss per share of INR 3.52 (USD 0.05) in the three months ended December 31, 2020. After excluding the employee share-based compensation costs, impairment of loan to joint venture, listing and related expenses and net change in fair value of warrants, Adjusted Diluted Loss per Share(1) would have been INR 0.14 (USD 0.01) in the three months ended December 31, 2021 as compared to Adjusted Diluted Loss INR 3.04 (USD 0.04) in the three months ended December 31, 2020.

 

Liquidity. As of December 31, 2021 , the balance of cash and cash equivalents and term deposits on our balance sheet was INR 1,533.9 million (USD 20.6 million). The decrease in cash balance from the previous quarter is primarily on account of increase in working capital deployment due to the recovery of the corporate travel business.

 

 

(1) See the section titled “Certain Non-IFRS Measures.”

 

 

 

 

Conference Call

 

The Company will host a conference call to discuss its unaudited results for the three months ended December 31, 2021 beginning at 8:30 AM Eastern Daylight Time (or 6:00 PM India Standard Time) on April 1, 2022. Dial in details for the conference call is as follows: US/International dial-in number: +1 856-344-9221. Confirmation Code: 6176351 (Callers should dial in 5-10 minutes prior to the start time and provide the operator with the Confirmation Code).

 

Certain Non-IFRS Measures

 

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 Revenue, which is a non-IFRS measure.

 

We believe that Adjusted Revenue provides investors with useful supplemental information about the financial performance of our business and more accurately reflects the value addition of the travel services that we provide to our customers. The presentation of this non-IFRS information is not meant to be considered in isolation or as a substitute for our unaudited condensed consolidated financial results prepared in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”). Our Adjusted Revenue may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.

 

In addition to referring to Adjusted Revenue, we also refer to Adjusted EBITDA profit/ (loss), Adjusted Results from Operations, Adjusted Loss for the Period and Adjusted Basic and Adjusted Diluted Loss Per Share which are also non-IFRS measures. For our internal management reporting, budgeting and decision making purposes, including comparing our operating results to that of our competitors, these non-IFRS financial measures exclude employee share-based compensation cost and change in fair value of warrants. Our non-IFRS financial measures reflect adjustments based on the following:

 

  ● Employee share-based compensation cost - The compensation cost to be recorded is dependent on varying available valuation methodologies and subjective assumptions that companies can use while valuing these expenses especially when adopting IFRS 2 “Share-based Payment”. Thus, the management believes that providing non-IFRS financial measures that exclude such expenses allows investors to make additional comparisons between our operating results and those of other companies.

 

  ● Change in fair value of warrants - Consequent to consummation of the business combination, the Company assumed 34.67 million warrants having a right to subscribe for 17.33 million Ordinary Shares and the warrants issued to Macquarie Corporate Holdings PTY Limited. The accounting guidance requires that we record any change in the fair value of these warrants in consolidated statement of profit or loss and other comprehensive loss. We have excluded the effect of the implied fair value changes in calculating our non-IFRS financial measures.
     
  ● Impairment of loan to joint venture - The impairment cost to be recorded is dependent on varying available valuation methodologies and subjective assumptions that companies can use while valuing the fair value of the assets on the balance sheet date. Thus, the management believes that providing non-IFRS financial measures that exclude such expenses allows investors to make additional comparisons between our operating results and those of other companies.
     
  ● Listing and related expenses - These primarily reflect the non-recurring expenses incurred on the IPO process of Yatra Online Limited (India subsidiary).

 

We evaluate the performance of our business after excluding the impact of above measures and believe it is useful to understand the effects of these items on our results from operations, Profit for the period and basic and diluted loss per share. The presentation of these non-IFRS measures is not meant to be considered in isolation or as a substitute for our unaudited condensed consolidated financial results prepared in accordance with IFRS as issued by the IASB. These non-IFRS measures may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.

 

 

(1) See the section titled “Certain Non-IFRS Measures.”

 

 

 

 

A limitation of using Adjusted EBITDA profit / (loss), Adjusted Results from Operations, Adjusted Loss for the Period and Adjusted Basic and Adjusted Diluted loss Per Share as against using the measures in accordance with IFRS as issued by the IASB are that these non-IFRS financial measures exclude share-based compensation cost, change in fair value of warrants and depreciation and amortization in case of Adjusted EBITDA profit / (loss). Management compensates for this limitation by providing specific information on the IFRS amounts excluded from Adjusted EBITDA profit /(loss), Adjusted Results from Operations, Adjusted Loss for the Period and Adjusted Basic and Adjusted Diluted Loss Per Share.

 

The following table reconciles our Profit/ (Loss) for the periods (an IFRS measure) to Adjusted EBITDA (a non-IFRS measure) for the periods indicated:

 

Reconciliation of Adjusted EBITDA Profit/ (Loss) (unaudited)  Three months ended   Nine months ended 
Amount in INR thousands  December 31, 2020   December 31, 2021   December 31, 2020   December 31, 2021 
Loss for the period as per IFRS   (216,914)   (144,677)   (596,990)   (365,275)
Employee share-based compensation costs   18,953    49,632    46,680    177,917 
Depreciation and amortization   142,207    73,898    437,955    234,522 
Impairment of loan to joint venture   -    71,719    -    71,719 
Share of loss of joint venture   1,709    (43,747)   3,206    (41,616)
Finance income   (13,517)   (6,891)   (67,478)   (42,922)
Finance costs   28,547    22,511    98,664    71,012 
Change in fair value of warrants   10,326    (7,715)   (384,279)   (32,756)
Listing and related expenses   -    21,905    -    21,905 
Tax expense   (7,699)   7,356    (8,533)   11,554 
Adjusted EBITDA Profit/ (Loss)   (36,388)   43,991    (470,775)   106,060 

 

The following table reconciles our Results from Operations (an IFRS measure) to Adjusted Results from Operations (a non-IFRS measure) for the periods indicated:

 

Reconciliation of Adjusted Results from Operations (unaudited)  Three months ended   Nine months ended 
Amount in INR thousands  December 31, 2020   December 31, 2021   December 31, 2020   December 31, 2021 
Results from operations (as per IFRS)   (197,548)   (151,258)   (955,410)   (378,098)
Employee share-based compensation costs   18,953    49,632    46,680    177,917 
Impairment of loan to joint venture   -    71,719    -    71,719 
Adjusted Results from Operations   (178,595)   (29,907)   (908,730)   (128,462)

 

The following table reconciles Loss for the periods (an IFRS measure) to Adjusted Loss (a non-IFRS measure) for the periods indicated:

Reconciliation of Adjusted Loss (unaudited)  Three months ended   Nine months ended 
Amount in INR thousands  December 31, 2020   December 31, 2021   December 31, 2020   December 31, 2021 
Loss for the period (as per IFRS)   (216,914)   (144,677)   (596,990)   (365,275)
Employee share-based compensation costs   18,953    49,632    46,680    177,917 
Change in fair value of warrants   10,326    (7,715)   (384,279)   (32,756)
Impairment of loan to joint venture   -    71,719    -    71,719 
Listing and related expenses   -    21,905    -    21,905 
Adjusted Loss for the Period   (187,635)   (9,136)   (934,589)   (126,490)

 

The following tables reconcile Basic and Diluted Loss per share (an IFRS measure) to Adjusted Basic and Adjusted Diluted loss per share (a non-IFRS measure) for the periods indicated:

 

   Three months ended   Nine months ended 
Reconciliation of Adjusted Basic Loss (Per Share) (unaudited)  December 31, 2020   December 31, 2021   December 31, 2020   December 31, 2021 
Basic loss per share (as per IFRS)   (3.52)   (2.30)   (10.39)   (5.81)
Employee share-based compensation costs   0.31    0.78    0.82    2.82 
Change in fair value of warrants   0.17    (0.12)   (6.79)   (0.53)
Impairment of loan to joint venture   -    1.15    -    1.15 
Listing and related expenses   -    0.35    -    0.35 
Adjusted Basic Loss Per Share   (3.04)   (0.14)   (16.36)   (2.02)

 

 

 

 

   Three months ended   Nine months ended 
Reconciliation of Adjusted Diluted Loss (Per Share) (unaudited)  December 31, 2020   December 31, 2021   December 31, 2020   December 31, 2021 
Diluted loss per share (as per IFRS)   (3.52)   (2.30)   (10.42)   (5.81)
Employee share-based compensation costs   0.31    0.78    0.82    2.82 
Change in fair value of warrants   0.17    (0.12)   (6.71)   (0.53)
Impairment of loan to Joint venture   -    1.15    -    1.15 
Listing and related expenses   -    0.35    -    0.35 
Adjusted Diluted Loss Per Share   (3.04)   (0.14)   (16.31)   (2.02)

 

The following table reconciles our Revenue (an IFRS measure), to Adjusted Revenue (a non-IFRS measure):

 

Reconciliation of Revenue (an IFRS measure) to Adjusted Revenue (a non-IFRS measure)

 

   Air Ticketing   Hotels and Packages   Other Services   Others   Total 
   Three months ended December 31, 
Amount in INR thousands (Unaudited)  2020   2021   2020   2021   2020   2021   2020   2021   2020   2021 
Revenue   217,721    324,041    44,220    207,146    12,649    43,436    34,512    52,474    309,102    627,097 
Add: Customer promotional expenses   210,816    402,421    71,337    83,406    5,466    4,011    -         287,619    489,838 
Service cost   -    -    (5,916)   (79,789)             -    -    (5,916)   (79,789)
Other income   -    -    -    -              -    -    15,809    7,802 
Adjusted Revenue   428,537    726,462    109,641    210,763    18,115    47,447    34,512    52,474    606,614    1,044,948 

 

   Air Ticketing   Hotels and Packages   Other Services   Others   Total 
   Nine months ended December 31, 
Amount in INR thousands  2020   2021   2020   2021   2020   2021   2020   2021   2020   2021 
Revenue   556,554    828,859    90,412    340,219    17,471    95,663    99,969    119,743    764,406    1,384,484 
Add: Customer promotional expenses   295,366    714,733    85,146    191,793    8,974    10,691    -    -    389,486    917,217 
Service cost   -    -    (8,474)   (112,625)             -    -    (8,474)   (112,625)
Other income   -    -    -    -              -    -    75,141    133,243 
Adjusted Revenue   851,920    1,543,591    167,084    419,387    26,445    106,354    99,969    119,743    1,220,559    2,322,319 

 

   Air Ticketing   Hotels and Packages   Other Services   Others   Total 
   Three months ended September 30, 
Amount in INR thousands (Unaudited)  2021   2021   2021   2021   2021 
Revenue   284,949    98,985    35,399    31,126    450,459 
Add: Customer promotional expenses   223,667    87,912    3,563    -    315,142 
Service cost   -    (23,405)        -    (23,405)
Other income   -    -         -    46,514 
Adjusted Revenue   508,616    163,492    38,962    31,126    788,710 

 

 

 

 

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. 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, management’s beliefs as well as our strategic and operational plans. 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, Yatra India’s ability to consummate the Indian IPO, the outcome of the legal proceedings we have instituted against Ebix and any other legal proceedings that may be initiated against us and others, in connection with the termination of the pending merger agreement between us and Ebix; the effect that the termination of the Ebix merger agreement may have on the price of the Ordinary Shares, and our business, financial condition and results of operations; the impact of the COVID-19 pandemic; our ability to generate positive cash flow and the sufficiency of our operating cash flow to meet our liquidity needs; our future financial performance, including our Revenue, cost of Revenue, operating expenses and our ability to achieve and maintain profitability; 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), 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 (Formerly known as Yatra Online Private Limited) whose corporate office is based in Gurugram, India and is India’s leading corporate travel services provider with approximately 700 large corporate customers and one of India’s leading online travel companies and operates the website https://www.yatra.com/. The company provides information, pricing, availability, and booking facility for domestic and international air travel, domestic and international hotel bookings, holiday packages, buses, trains, in city activities, inter-city and point-to-point cabs, homestays and cruises. With approximately 93,500 hotels and homestays contracted in approximately 1,400 cities across India as well as approximately 2 million hotels around the world, the company is India’s largest platform for domestic hotels.

 

For more information, please contact:

Manish Hemrajani

Yatra Online, Inc.

VP, Head of Corporate Development and Investor Relations

ir@yatra.com

 

 

 

 

Yatra Online, Inc.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE LOSS FOR THREE MONTHS AND NINE MONTHS ENDED DECEMBER 31, 2021

(Amount in thousands, except per share data and number of shares)

 

   Three months ended December 31,   Nine months ended December 31, 
   2020   2021   2020   2021 
   INR   INR   USD   INR   INR   USD 
   Unaudited   Unaudited 
Revenue                              
Rendering of services   274,590    574,623    7,724    664,436    1,264,741    17,001 
Other revenue   34,512    52,474    705    99,969    119,743    1,610 
Total revenue   309,102    627,097    8,429    764,405    1,384,484    18,611 
Other income   15,809    7,802    105    75,141    133,243    1,791 
                               
Service cost   5,916    79,789    1,073    8,474    112,625    1,514 
Personnel expenses   180,282    253,443    3,407    576,407    767,615    10,319 
Marketing and sales promotion expenses   26,662    46,116    620    47,198    90,291    1,214 
Other operating expenses   167,392    261,192    3,511    724,922    619,053    8,322 
Depreciation and amortization   142,207    73,898    993    437,955    234,522    3,153 
Impairment of loan to Joint venture   -    71,719    964         71,719    964 
Results from operations   (197,548)   (151,258)   (2,034)   (955,410)   (378,098)   (5,084)
                               
Share of loss of joint venture   (1,709)   43,747    588    (3,206)   41,616    559 
Finance income   13,517    6,891    93    67,478    42,922    577 
Finance costs   (28,547)   (22,511)   (303)   (98,664)   (71,012)   (955)
Listing and related expenses   -    (21,905)   (294)   -    (21,905)   (294)
Change in fair value of warrants - (loss)/gain   (10,326)   7,715    104    384,279    32,756    440 
Loss before taxes   (224,613)   (137,321)   (1,846)   (605,523)   (353,721)   (4,757)
Tax expense   7,699    (7,356)   (99)   8,533    (11,554)   (155)
Loss for the period   (216,914)   (144,677)   (1,945)   (596,990)   (365,275)   (4,912)
                               
Other comprehensive income/ (loss)                              
Items not to be reclassified to profit or loss in subsequent periods (net of taxes)                              
Remeasurement gain on defined benefit plan   1,495    2,765    36    403    2,866    40 
Items that are or may be reclassified subsequently to profit or loss (net of taxes)                              
Foreign currency translation differences (loss)/gain   4,430    (753)   (11)   (5,782)   (961)   (12)
Other comprehensive income / (loss) for the period, net of tax   5,925    2,012    25    (5,379)   1,905    28 
Total comprehensive loss for the period, net of tax   (210,989)   (142,665)   (1,920)   (602,369)   (363,370)   (4,884)
                               
Loss attributable to :                              
Owners of the Parent Company   (214,672)   (143,281)   (1,926)   (587,349)   (361,831)   (4,866)
Non-Controlling interest   (2,242)   (1,396)   (19)   (9,641)   (3,444)   (46)
Loss for the period   (216,914)   (144,677)   (1,945)   (596,990)   (365,275)   (4,912)
                               
Total comprehensive loss attributable to :                              
Owners of the Parent Company   (208,767)   (141,307)   (1,901)   (592,732)   (359,965)   (4,838)
Non-Controlling interest   (2,222)   (1,358)   (19)   (9,637)   (3,405)   (46)
Total comprehensive loss for the period   (210,989)   (142,665)   (1,920)   (602,369)   (363,370)   (4,884)
                               
Loss per share                              
Basic                           (3.52)                          (2.30)                       (0.03)    (10.39)   (5.81)   (0.08)
Diluted                           (3.52)                          (2.30)                       (0.03)    (10.42)   (5.81)   (0.08)
                               
Weighted average no. of shares                              
Basic   60,951,843    62,415,613    62,415,613    56,553,777    62,295,095    62,295,095 
Diluted   60,951,843    62,415,613    62,415,613    57,296,179    62,295,095    62,295,095 

 

 

 

 

Yatra Online, Inc.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL

POSITION AS AT DECEMBER 31, 2021

(Amounts in thousands, except per share data and number of shares)

 

   March 31, 2021   December 31, 2021   December 31, 2021 
   INR   INR   USD 
   Audited   Unaudited 
Assets               
Non-current assets               
Property, plant and equipment   24,345    23,306    313 
Right-of-use assets   449,840    246,700    3,316 
Intangible assets and goodwill   890,037    784,310    10,543 
Prepayments and other assets   4,206    286    4 
Other financial assets   23,838    17,922    241 
Term deposits   21,346    21,520    289 
Other non financial assets   223,618    216,231    2,907 
Deferred tax asset   15,398    12,837    173 
Total non-current assets   1,652,628    1,323,112    17,786 
                
Current assets               
Inventories   1,480    1,099    15 
Trade and other receivables   870,452    1,371,149    18,432 
Prepayments and other assets   616,393    527,072    7,085 
Income tax recoverable   249,332    179,407    2,412 
Other financial assets   114,634    98,651    1,326 
Term deposits   530,783    370,343    4,978 
Cash and cash equivalents   1,711,589    1,142,039    15,352 
Total current assets   4,094,663    3,689,760    49,600 
                
Total assets   5,747,291    5,012,872    67,386 
                
Equity and liabilities               
Equity               
Share capital   838    841    11 
Share premium   20,240,055    20,275,249    272,553 
Treasury shares   (11,219)   (11,219)   (151)
Other capital reserve   122,109    264,829    3,560 
Accumulated deficit   (19,167,316)   (19,519,755)   (262,398)
Foreign currency translation reserve   (26,639)   (27,600)   (371)
Total equity attributable to equity holders of the Company   1,157,828    982,345    13,204 
Total Non-controlling interest   5,247    3,232    43 
Total equity   1,163,075    985,577    13,247 
                
Non-current liabilities               
Borrowings   3,177    3,418    46 
Trade and other payables   34,938    38,607    519 
Deferred tax liability   14,413    12,213    164 
Employee benefits   52,137    49,479    665 
Deferred revenue   266,920    25,884    348 
Lease liability   427,786    243,464    3,273 
Other financial liabilities   270,280    298,630    4,014 
Other non-financial liability   44,453    10,271    138 
Total non-current liabilities   1,114,104    681,966    9,167 
                
Current liabilities               
Borrowings   127,878    206,218    2,772 
Trade and other payables   2,215,425    2,000,289    26,889 
Employee benefits   54,760    53,655    721 
Deferred revenue   120,129    260,608    3,503 
Income taxes payable   263    6,270    84 
Lease liability   75,182    40,046    538 
Other financial liabilities   94,185    72,300    972 
Other current liabilities   782,290    705,943    9,493 
Total current liabilities   3,470,112    3,345,329    44,972 
Total liabilities   4,584,216    4,027,295    54,139 
Total equity and liabilities   5,747,291    5,012,872    67,386 

 

 

 

 

Yatra Online, Inc.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR NINE MONTHS ENDED DECEMBER 31, 2021

(Amount in INR thousands, except per share data and number of shares)

 

   Attributable to shareholders of the Parent Company 
   Equity share capital   Equity share premium   Treasury shares   Accumulated deficit   Other capital reserve   Foreign currency translation reserve   Total   Non controlling interest   Total Equity 
Balance as at April 1, 2021   838    20,240,055    (11,219)   (19,167,316)   122,109    (26,639)   1,157,828    5,247    1,163,075 
                                              
Loss for the period                  (361,831)             (361,831)   (3,444)   (365,275)
                                              
Other comprehensive loss                                             
Foreign currency translation differences                  -         (961)   (961)   -    (961)
Re-measurement gain on defined benefit plan                  2,827         -    2,827    39    2,866 
Total other comprehensive loss   -    -    -    2,827    -    (961)   1,866    39    1,905 
                                              
Total comprehensive loss   -    -    -    (359,004)   -    (961)   (359,965)   (3,405)   (363,370)
                                              
Share based payments   -    -    -    -    177,917    -    177,917    -    177,917 
Exercise of options   3    35,194    -    -    (35,197)   -    -    -    - 
Change in non-controlling interest   -    -    -    6,565    -    -    6,565    1,390    7,955 
                                              
Total contribution by owners   3    35,194    -    6,565    142,720    -    184,482    1,390    185,872 
                                              
Balance as at December 31, 2021   841    20,275,249    (11,219)   (19,519,755)   264,829    (27,600)   982,345    3,232    985,577 

 

 

 

 

Yatra Online, Inc.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR NINE MONTHS ENDED DECEMBER 31, 2021

(Amount in thousands, except per share data and number of shares)

 

   Nine months ended December 31, 
   2020   2021   2021 
   INR   INR   USD 
             
Loss before tax   (605,523)   (353,721)   (4,757)
Adjustments for non-cash and non-operating items   221,432    275,864    3,708 
Change in working capital   1,225,969    (681,991)   (9,168)
Direct taxes paid (net of refunds)   235,530    60,002    807 
Net cash flows from/(used in) operating activities   1,077,408    (699,846)   (9,407)
Net cash flows from/(used in) investing activities   (270,166)   106,741    1,435 
Net cash flows from financing activities   427,421    13,636    183 
Net increase/ (decrease) in cash and cash equivalents   1,234,663    (579,469)   (7,790)
Cash and cash equivalents at the beginning of the period   646,229    1,711,589    23,007 
Effect of exchange differences on cash and cash equivalents   (15,218)   9,919    133 
Cash and cash equivalents at the end of the period   1,865,674    1,142,039    15,352 

 

 

 

 

Yatra Online, Inc.

OPERATING DATA

The following table sets forth certain selected unaudited condensed consolidated financial and other data for the periods indicated:

 

   For the three months ended December 31,   For the nine months ended December 31, 
(In thousands except percentages)  2020   2021   2020   2021 
Quantitative details *                    
Air Passengers Booked   910    1,267    1,527    2,578 
Stand-alone Hotel Room Nights Booked   199    342    253    701 
Packages Passengers Travelled   1    4    2    6 
Gross Bookings                    
Air Ticketing   5,140,396    9,691,893    6,508,746    18,209,350 
Hotels and Packages   617,744    1,221,492    732,078    2,437,061 
Other Services   366,797    935,326    575,014    2,225,545 
Total   6,124,937    11,848,711    7,815,838    22,871,956 
Adjusted Revenue                    
Air Ticketing   428,537    726,462    851,920    1,543,591 
Hotels and Packages   109,641    210,763    167,084    419,387 
Other Services   18,115    47,447    26,445    106,354 
Others (Including Other Income)   50,321    60,276    175,110    252,986 
Total   606,614    1,044,948    1,220,559    2,322,318 
Net Revenue Margin%**                    
Air Ticketing   8.3%   7.5%   13.1%   8.5%
Hotels and Packages   17.7%   17.3%   22.8%   17.2%
Other Services   4.9%   5.1%   4.6%   4.8%

 

 

* Quantitative details are considered on Gross basis

** Net Revenue Margin is defined as Adjusted Revenue as a percentage of Gross Booking.