Yatra says corporate travel driving its growth

Indian online travel agency Yatra has reported a revenue boost for the quarter ending December 31.

The company announced revenue of $10.9 million, up 44% year over year while adjusted revenue was $18 million, up 43% year over year.

Air ticketing revenue increased 39% to $12 million for the quarter while hotels and packages increased 21% to $3 million.

Total gross bookings for the company, including air, hotels and packages and other services was up 33% to $191 million.

Yatra deepened its loss to $2.6 million for the quarter versus a loss of $1.7 million year over year while adjusted EBITDA dipped 18% to $400,000.

The company attributes some of the loss to employee share based compensation costs as well as expenses related to the proposed listing of Indian subsidiary Yatra Online.

Yatra CEO Dhruv Shringi says the revenue growth is due to the recovery in consumer and corporate travel.

“The recovery was on account of the domestic travel market in India rebounding back to pre-COVID levels, along with the onboarding of new corporate customers in our corporate travel business. We signed a record number of 72 medium to large corporate customers in the first nine months of financial year 2022-23 as travel recovery gained momentum.”

He says that international travel continued to improve and reached about 88% of pre-COVID levels during the quarter and that corporate travel is driving growth for Yatra.

Shringi talked of the company’s business travel growth as well as its IPO plans in an interview with PhocusWire last year.