Yatra’s Revenue Rumble: How Q1 FY24 is Making Noise

Yatra’s Revenue Rumble: How Q1 FY24 is Making Noise

By Author

Published on October 19, 2023

Travel giant Yatra is painting the town red with its impressive Q1 FY24 numbers, boasting a 24% YoY revenue increase. With an EBITDA margin sitting pretty at 16% and a net profit of INR 60 million, up 3% YoY, it's clear - Yatra is not just in the game; it's leading it.

Operational Highlights

Air travel is taking off, and Yatra is the captain of this ship, reporting its strongest quarter in air bookings since Covid-19 clouded the skies. With a 41.5% YoY increase, outshining the industry's 14.8% growth, Yatra is soaring high. Moreover, the addition of 19 new corporate accounts fortifies its presence in the corporate travel terrain, pushing its annual billing potential to a whopping INR 1,510 million.

Financial Footnotes

A net profit of INR 60 million, marking a 3% YoY growth, has set the stage. Although it witnessed a 33% drop from Q4 FY23, the robust 24% YoY increase in operating revenue overshadows the sequential decline. However, the debut of Yatra’s shares on the Indian stock exchanges remained muted.

A Closer Look at the Numbers

The revenue tally from the Hotels and Packages business hit INR 448 million, up 17.6% compared to last year, echoing the revival of domestic travel and strategic additions of new distribution partners. Yet, a watchful eye on a 24% spike in total spending, with employee benefits and service costs marking the notable upticks, balances the narrative.

CEO's Insight

Dhruv Shringi, the man at the helm, attributes the robust start of FY24 to significant market share acquisition, underscored by the stellar growth in air travel bookings. The addition of new corporate customer accounts underlines the potency and leadership of Yatra’s Corporate Travel SaaS platform, adding another feather to its already embellished cap.

Stock Market Ballet

Yatra's shares, having made a soft landing on the Indian bourses, witnessed a dip post the Q1 FY24 results announcement. However, with a revenue narrative that’s as robust as Yatra’s, every ebb is a prelude to a potential flow.

Unfolding the Next Chapter

As Yatra waltzes into the future, with the echoes of a strong Q1 FY24 playing the background score, the travel maestro is not just hitting the right financial notes but is orchestrating a narrative of resilience, growth, and unyielding ascent. In the dynamic ballet of numbers, profit margins, and share prices, Yatra is not just a performer; it’s the choreographer, composing a symphony of growth, resilience, and unwavering ascendancy in the pulsating world of travel and hospitality.

Taylor Swift's Concerts Drive Record Revenue for Singapore Hotels

Taylor Swift's Concerts Drive Record Revenue for Singapore Hotels

By Nithyakala Neelakandan

Published on April 13, 2024

In March, Singapore's hotel industry experienced a remarkable surge in revenue thanks to six sensational concerts by Taylor Swift. According to preliminary data from CoStar, these concerts led to the highest average daily rate (ADR) and revenue per available room (RevPAR) on record.

Here's a snapshot of the impressive performance in March 2024 compared to the previous year:

Occupancy: 79.1% (+5.1%)

ADR: SGD358.91 (+12.7%)

RevPAR: SGD284.03 (+18.5%)


Typically, occupancy levels are lower in the first and second quarters after the Chinese New Year, but Swift's Eras Tour injected much-needed energy into Singapore's hotel industry. During the concert dates from March 2nd to 4th and March 7th to 9th, daily occupancy rates soared, with peaks reaching 92.7% and 92.5% on Saturday, March 2nd, and Sunday, March 3rd, respectively.

Overall, the market consistently maintained daily occupancy levels above 70%, with Swift's performances driving ADR levels to a high of SGD438.36 on Saturday, March 2nd.


The impact of Swift's concerts extended beyond Singapore, with CoStar highlighting a full analysis of the APAC Eras Tour. For additional insights and data requests, CoStar's world-leading hotel performance sample of 81,000 properties and 10.5 million rooms provides comprehensive information.

Taylor Swift's concerts not only entertained fans but also significantly boosted revenue for Singapore's hotel industry, setting new records in March. For more details about CoStar and its services, visit www.costargroup.com.

Ghost Kitchens India Expands with Acquisition of Shy Tiger Brands in Gujarat

Ghost Kitchens India Expands with Acquisition of Shy Tiger Brands in Gujarat

By Nithyakala Neelakandan

Published on April 13, 2024

Ghost Kitchens India, a leading food-tech platform, has acquired Shy Tiger Brands, a prominent cloud kitchen company headquartered in Ahmedabad. This acquisition follows Ghost Kitchens’ recent successful fundraising round of $5 million USD in February 2024, showcasing the company's financial strength and growth trajectory.

Established in 2018, Shy Tiger operates five multi-brand cloud kitchens across Ahmedabad, boasting an impressive annualized run rate (ARR) of INR 5 crores. Notable brands under its portfolio include KBOB’s and The Black Chimney. Ghost Kitchens’ acquisition of Shy Tiger aims to integrate its own brands into Shy Tiger’s infrastructure, thereby strengthening its foothold in Gujarat.

Commenting on the acquisition, Karan Tanna, Founder & CEO of Ghost Kitchens, expressed optimism about scaling existing brands and expanding into Ahmedabad and the wider Gujarat market. Tanna highlighted the strategic benefits of leveraging brand loyalty and high customer retention rates, anticipating improved unit economics and substantial revenue growth.

Ghost Kitchens has a track record of strategic acquisitions to enhance its operational capabilities. Previous acquisitions include technology firm WTF in 2022, enabling the development of proprietary technology, and Speak Burgers, led by celebrity Chef Vicky Ratnani, in February 2023, with plans for offline retail expansion.

Milapsinh Jadeja, Director of Shy Tiger, expressed confidence in Ghost Kitchens’ operational model and technological prowess, endorsing the partnership and validating Ghost Kitchens’ business strategy.

Founded in 2019, Ghost Kitchens operates over 15 company-owned and operated cloud kitchens in Mumbai and Ahmedabad, along with 1200 internet restaurants across 40 cities in India. With a focus on expanding its company-owned footprint, launching celebrity-endorsed brands, and venturing into retail, Ghost Kitchens aims to achieve an annualized revenue of approximately 200 crores within the next 2 years.

The acquisition of Shy Tiger Brands marks another milestone in Ghost Kitchens’ growth journey, signaling its commitment to delivering innovative dining experiences and expanding its presence across India.

Punjab Grill Teams Up with Venus Industries to Elevate Fine Dining Experience Nationwide

Punjab Grill Teams Up with Venus Industries to Elevate Fine Dining Experience Nationwide

By Nithyakala Neelakandan

Published on April 12, 2024

Punjab Grill has announced its exclusive partnership with Venus Industries, renowned for its premium stainless steel tableware and kitchenware. This collaboration will see Punjab Grill's outlets across India adorned with Venus' exquisite Pristine Gold Collection, adding a touch of opulence to the dining ambiance.

Since its inception in 1998, Punjab Grill has been synonymous with authentic Indian flavors and elevated dining experiences. With over 30 outlets in India and several international locations, Punjab Grill has consistently set the standard for fine dining, blending traditional Punjab cuisine with contemporary culinary techniques.

Venus Industries, led by Managing Director Vicky Khurana, boasts a legacy of excellence in crafting premium stainless steel tableware. Their Pristine Gold Collection, inspired by India's rich cultural heritage, features intricate designs that epitomize luxury and sophistication.

At the heart of this collaboration lies Venus' signature Pristine Gold Collection, a fusion of contemporary aesthetics and traditional Indian craftsmanship. Each piece, meticulously crafted from premium 18/10 stainless steel with brushed gold finishes, exudes elegance and panache, perfectly complementing Punjab Grill's regal ambiance.


The partnership between Punjab Grill and Venus Industries signifies a shared commitment to quality, innovation, and customer satisfaction. With Venus' exquisite tableware gracing Punjab Grill's tables, diners can expect an unparalleled dining experience that celebrates India's culinary heritage and hospitality.

As Punjab Grill and Venus Industries embark on this exciting journey together, they aim to elevate the fine dining landscape in India and beyond. With a focus on sustainability, innovation, and customer-centricity, this partnership promises to set new benchmarks for luxury dining experiences.

The collaboration between Punjab Grill and Venus Industries heralds a new era of fine dining, where craftsmanship meets culinary excellence. With Venus' Pristine Gold Collection adorning its tables, Punjab Grill invites diners on a gastronomic journey that celebrates the artistry, heritage, and luxury of Indian cuisine.

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