By Lisa Thompson
READ THE FULL YTRA RESEARCH REPORT
Management Says the Demand for Travel Remains at Unprecedented Levels
While here in North America consumers seem to be pulling back spending as inflation and interest rates take a toll on spending, in India the consumer seems robust. The country still shows pent-up demand for both leisure and corporate travel and according to Yatra’s management, it has not been as strong as this in the past 15 years. In the September quarter adjusted revenues in INR grew 21% sequentially in what is typically a seasonally weak quarter—however, not this year. The company is seeing record revenue days surpassing pre-COVID.
Yatra Online (NASDAQ:YTRA) has seen its business rapidly reaching pre-pandemic levels. By September, India’s domestic passenger traffic reached 90% of pre-COVID levels and business travel gross bookings for Yatra reached 100% of pre-Covid levels. International travel also continued to improve gradually this past quarter reaching 70% of pre-covid levels.
Yatra had record customer signings in the September quarter with 30 large to medium enterprise contracts signed, which exceeded last quarter’s record of 27 signings. These additional 57 customers are in addition to the previous 720 which is an 8% growth in the customer base. This market share gain adds to growth by itself. The company’s IPO in India is still on track for the March ’23 quarter with timing dependent on market conditions.
FYQ2 Ending September 30, 2022
The September quarter was the second full quarter of open travel in India. Yatra reported that FYQ2 non-adjusted revenues grew 68% year over year in dollars and 92% in INR due to the depreciating dollar. Adjusted revenues were $18.6 million versus $10.6 million a year ago in dollars. Air passengers booked increased by 41% for Yatra in the quarter and hotel room nights increased by 43%. Holiday packages increased from 1,000 last year to 5,000 this year. It had an adjusted EBITDA of $955,000 for the quarter compared to $313,000 last year. Yatra also had positive cash flow in the quarter.
Adjusted revenues were $18.6 million versus $10.6 million a year ago in US dollars, up 75% and reaching their highest level since COVID. Air ticketing adjusted revenues increased 110% year over year to $10.7 million, while Hotels and packages adjusted revenue was up 47%. Other services grew 5% and primarily consisted of advertisement income, facilitation fees, and write-back of liabilities no longer required to be paid.
Air Ticketing’s net revenue margin increased to 8.1% both up year-over-year and sequentially.
Hotel & Packages net revenue margin of 12.4% was down year over year from 16.5% last year, as well as sequentially.
Industry traffic numbers were down in the September quarter to about 30.2 million passengers traveled compared to 33.6 million in the June quarter as shown in the graph below. Due to the holidays, Q4 should be higher sequentially as seen from early trends in the October number.
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