Yatra's Q3 Revenue Up 23% Amid Travel Surge

Yatra Online Soars with 23% Revenue Growth in Q3

By Author

Published on February 18, 2024

Yatra Online, a leading name in corporate travel and online travel booking, has unveiled impressive financial results for the third quarter of the fiscal year 2023-24, marking a significant 23% increase in revenue year-on-year. This growth streak places Yatra in a strong market position, highlighting its successful strategies in capturing market share and establishing solid brand recognition.

The company's revenue from operations reached INR 1,103 million, a 23% increase from the same quarter last year. However, the journey wasn't without its hurdles. The Earnings Before Interest, Taxes, Depreciation, and Amortization (EBIDTA) saw a 25% decline, standing at INR 48 million. Similarly, adjusted EBIDTA decreased by 11% to INR 100 million. But the spotlight shines on the net profit, which impressively doubled, recording a 119% increase year-on-year to reach INR 11 million.

A closer look at the operational highlights reveals a standout performance in the domestic air passenger segment, which saw a remarkable 26% growth year-on-year, significantly outpacing the industry. This growth is a testament to Yatra's effectiveness in navigating the market and enhancing its brand appeal. The company's gross bookings also witnessed an 18% increase, totaling INR 18,605 million.

Despite facing muted business travel spends in certain sectors, Yatra's strategic moves have paid off, especially in expanding its corporate client base. The addition of 26 new corporate accounts, boasting a total annual billing potential of INR 2,237 million, underscores Yatra's continued momentum. Notably, partnerships with one of India's largest banks and a leading pharmaceutical company were secured, adding to Yatra's expanding portfolio of corporate clients.

Dhruv Shringi, Yatra Online's Whole Time Director & Chief Executive Officer, expressed pride in the company's performance, attributing the success to strong brand recognition and effective market strategies. "Our focus remains on expanding our corporate client base and enhancing shareholder value," Shringi emphasized.

In response to its robust performance and as a token of appreciation to its shareholders, Yatra launched the Yatra Prime membership initiative. This program is designed to elevate travel experiences for shareholders through exclusive benefits and conveniences, showcasing Yatra's commitment to rewarding loyalty and ensuring customer satisfaction.

Despite some challenges in the operating environment, Yatra remains bullish on its growth prospects, ready to navigate headwinds and capitalize on opportunities to maintain its upward trajectory.

ITC Increases Stake in Oberoi Group and Leela Mumbai Ahead of Hotel Arm Demerger

By Nishang Narayan

Published on December 20, 2024

In a strategic move ahead of the January 1, 2025, demerger of its hotel business, ITC has increased its stakes in two major players in the Indian hospitality industry. ITC has raised its shareholding in EIH Ltd, the parent company of Oberoi Hotels, to 16.13%, and in HLV Ltd, which owns The Leela Mumbai, to 8.11%.

As of September 2024, ITC held a 13.69% stake in EIH. By acquiring an additional 2.44%, equivalent to 1,52,32,129 equity shares, ITC now commands a 16.13% stake in the company. Similarly, ITC’s stake in HLV Ltd has increased from 7.58% to 8.11%, following the purchase of 34,60,829 equity shares.

In a regulatory filing, ITC announced, “...the company today has acquired 2.44 percent of the share capital (comprising 1,52,32,129 equity shares of INR 2 each) of EIH Ltd and 0.53 percent of the share capital (comprising 34,60,829 equity shares of INR 2 each) of HLV Ltd, from Russell Credit Ltd, a wholly owned subsidiary of the company.”

This move is seen as a part of ITC’s preparation for the demerger of its hotel business, ITC Hotels, from its parent group. The demerger, set to take effect from January 1, 2025, is expected to unlock greater value for ITC’s stakeholders and enhance its focus on core operations.

With the increased stakes, ITC is cementing its presence in the premium and luxury hospitality segments, strengthening its relationship with iconic brands like Oberoi Hotels and The Leela Mumbai.

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Bangkok’s Funk Meets Bangalore: FunkyTown x Muro Collaboration

By Author

Published on November 27, 2024

Mark your calendars for November 29th and 30th, 2024, as FunkyTown, Bangkok’s culinary sensation, teams up with Muro, Bangalore, for two nights of bold, boundary-pushing flavors. Led by the talented team of Pae Ketumarn, Earth Pirwkram, and Theo from FunkyTown and Sarnies Thailand, the event promises an extraordinary menu of innovative small bites and cocktails exploring the depth of Thai cuisine with a unique "funk level" scale, ranging from mild to daringly intense.

Guests can indulge in creations like Scallop Crudo Tart, Beef Tartare Cone, and Duck & Apple Snail Tsukune, paired with signature drinks such as the Durian Colada, Mango Martini, and the adventurous Green Curry Cocktail. Each dish and drink combines creative flair, sustainability, and locally rooted ingredients to offer a one-of-a-kind sensory experience.

Whether you prefer subtle tastes or are ready for the ultimate funky adventure, this exclusive collaboration is a must-attend for food and cocktail enthusiasts. Limited seats available—book now for an unforgettable celebration of Thai-inspired innovation and artistry!