Yatra Online Limited announced its results for the third quarter of financial year 2023-24.
Q3-FY24 Financial Highlights:
· Net Profit of Rs 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
Commenting on the results, Whole Time Director & Chief Executive Officer, 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.”