Online travel aggregator Yatra reported a 3% year-on-year (YoY) increase in its consolidated net profit to INR 6 Cr in the June quarter (Q1) of the financial year 2023-24 (FY24) on the back of strong air travel demand.
Yatra had reported a profit of INR 5.8 Cr in the corresponding quarter of last year.
However, the company’s Q1 FY24 profit declined over 33% sequentially from almost INR 9 Cr reported in the prior quarter – Q4 FY23.
On the other hand, Yatra’s operating revenue jumped almost 24% to INR 110.2 Cr in the quarter under review from INR 89 Cr in Q1 FY23. However, it declined 7.5% sequentially.
Yatra said Q1 FY24 was its strongest quarter on the air front since the advent of the Covid-19 pandemic, with the highest number of air passengers booked since pre-Covid in December 2019.
Yatra’s domestic passenger traffic grew 6% sequentially, at 2X the pace of India’s domestic passenger traffic, reflecting strong market share gains for both consumer and corporate businesses, the company said.
“We started FY24 on a strong footing on the air front with the highest number of air passengers booked since pre-Covid, up 41.5% YoY, far outpacing India’s domestic air passenger industry growth of 14.8% YoY, clearly demonstrating our ability to gain market share,” said Dhruv Shringi, Yatra’s whole time director and CEO.
Shringi said Yatra further bolstered its position in the corporate travel sector by signing 19 new corporate customer accounts in the June quarter with an annual billing potential of INR 151 Cr.
Meanwhile, Yatra said its revenue from hotels and packages stood at INR 44.8 Cr as against INR 38.1 Cr in the year-ago quarter, an increase of 17.6%. The growth was helped by a recovery in domestic travel and the addition of new distribution partners.
On the expenditure front, the company’s total spending jumped almost 24% to INR 105.3 Cr in Q1 FY24 from INR 85.1 Cr in the prior year’s quarter, with employee benefit expenses being the highest cost.
Yatra spent INR 26.2 Cr on employee benefits as against INR 25.7 Cr spent in Q1 FY23.
Meanwhile, its service cost surged over 56% YoY to INR 21.6 Cr in Q1 FY24.
Shares of Yatra made a muted debut on the Indian stock exchanges last month. The stock listed at INR 127.50 on the NSE and INR 130 on the BSE, compared to its issue price of INR 142.
Shares of Yatra slumped after the announcement of its Q1 FY24 results, ending Monday’s trading session 4% lower at INR 146.1 on the BSE.
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