As per reports Online travel aggregator Yatra reported a consolidated net loss of INR 4.5 crore in the financial year 2023-24, marking a sharp contrast from its net profit of INR 7.6 crore in the previous fiscal year. The loss was primarily due to increased spending that surpassed sales during the fiscal period.
Despite an 11% surge in operating revenue to INR 422.3 crore in FY24 from INR 380 crore in FY23, Yatra experienced a 10% year-on-year decline in revenue to INR 107.7 crore during January-March 2024. This dip was attributed to a one-time accrual of threshold bonus of GDS contracts in Q4 FY23.
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) witnessed a decline of more than 48% year-on-year to INR 10.8 crore in Q4 FY24 and a 47% decrease to INR 27.3 crore in FY24.
Yatra, competing with MakeMyTrip and EaseMyTrip, primarily serves B2E and B2B2C customers and has been diversifying its product mix to cater to a wider range of business clients.
In a bid to aid global and domestic enterprises in managing business expenditures efficiently, Yatra recently launched an expense management solution integrating travel bookings with expense tracking.
Despite the financial setback, Yatra CEO Dhruv Shringi highlighted a 12% year-on-year increase in gross bookings in Q4 FY24, driven by a robust rebound in international travel. The company also reported a 24% year-on-year growth in domestic air passengers and added 25 new corporate accounts in the same period.
However, Yatra’s total expenses surged 16% to INR 449.5 crore in FY24, with employee benefit expenses rising nearly 18%, service costs increasing by 34%, and advertisement costs soaring 37% year-on-year.
