Yatra Online’s Q2 Net Loss Widens 11x YoY, Expenses Surge 8% Amid Declining Revenue

• ByStartupStory     |    November 15, 2023

Travel booking platform Yatra Online has reported a substantial widening of its net loss in the second quarter of the financial year 2023-24. The net loss escalated 11 times year-on-year (YoY), reaching Rs 17.1 crore compared to Rs 1.56 crore in the corresponding period of the previous fiscal year. This marks a significant downturn from the net profit of Rs 5.9 crore posted in the preceding quarter ending June 2023.

Yatra Online’s consolidated revenue from operations stood at Rs 94.13 crore, reflecting a 14.2% decline in comparison to Rs 82.4 crore in the same period last year. The company witnessed a surge of nearly 8% in expenses, amounting to Rs 113.5 crore for the quarter ending September 30, 2023. Employee benefit expenses emerged as the most substantial cost center, reaching Rs 36.6 crore in the second quarter of FY24. This represents an almost 40% increase from Rs 26.18 crore in the corresponding quarter of the previous year.

In September 2023, Yatra Online set the IPO price band at Rs 135-142 per equity share, with the subscription period spanning from September 15 to September 20. The IPO comprises a fresh issuance of equity shares valued at Rs 602 crore and an offer for sale of up to 12,183,099 shares. The company had previously secured Rs 62.01 crore through a pre-IPO placement in December 2022. Yatra Online articulated its intention to use the IPO proceeds for strategic investments, acquisitions, customer acquisition, technology, and general corporate purposes. Prior to its Rs 775-crore initial public offering, the company successfully raised Rs 348.75 crore from anchor investors. Notable investors include ICICI Prudential MF, Mirae Asset MF, Tata MF, Max Life Insurance, and global entities such as Massachusetts Institute of Technology, Morgan Stanley Asia, Goldman Sachs, Societe Generale, and BNP Paribas Arbitrage.

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