Online travel aggregator Yatra Online saw its consolidated net losses surge nearly 11X year-on-year (YoY) to INR 17.1 Cr in the second quarter (Q2) of the financial year 2023-24 (FY24) on the back of a fall in revenues. In contrast, the company reported a net loss of INR 1.56 Cr in the year-ago period. Sequentially, the company posted a net profit of nearly INR 6 Cr in Q1 FY24.
Revenues from operations jumped 14% YoY to INR 94.1 Cr in Q2 FY24 compared to INR 82.4 Cr in Q2 FY23. On a quarter-on-quarter (QoQ) basis, operating revenue declined 14.5% from INR 110.1 Cr in Q1 FY24.
Including other income, total income rose 8% YoY to INR 97.3 Cr in the quarter ended September 2023.
Meanwhile, expenses continued to drag the company down. In Q2 FY24, total expenses zoomed more than 25% YoY to INR 113.5 Cr, up from INR 90.5 Cr in the year-ago period.
Employee benefit expenses emerged as the biggest cost centre and contributed INR 36.6 Cr to the total expenses in Q2 FY24. Other expenses stood at INR 18.6 Cr and service costs accounted for nearly INR 16 Cr in Q2 FY24.
Yatra claims to be one of the country’s largest online travel companies in terms of gross booking revenues and competes with the likes of players such as MakeMyTrip and EaseMyTrip. Yatra also claims to cater to more than 700 corporate customers and offer hotel bookings, holiday packages and homestays.
The online travel aggregator claims to have more than 1.03 Lakh hotels in India and over 15 Lakh hotels available on its platform for booking. The Indian arm of the Nasdaq-listed Yatra Inc. made a muted debut on the Indian bourses in September this year.
The stock got listed at INR 127.50 per share on the NSE and INR 130 on the BSE against the issue price of INR 142. Since then, the company has been hovering around the same range. Yatra closed 0.32% lower at INR 138.60 on the BSE on Tuesday (November 11).
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