Travel platform Yatra Online reports Q1 net profit of Rs 5.99 crore

Yatra Online Ltd, an online travel platform, reported a modest 2.7 per cent increase in net profit to Rs 5.99 crore for the quarter ended 30 June 2023, compared to Rs 5.82 crore in the corresponding period last year.

Revenue from operations for the first quarter rose by 24 per cent to Rs 110.17 crore, up from Rs 88.96 crore in the same period last year. The company highlighted its strongest performance in air travel since the onset of the Covid-19 pandemic, registering a 41.5 per cent year-on-year increase in the number of air passengers booked. This figure far exceeded the domestic air passenger industry growth rate of 14.8 per cent year-on-year.

Yatra Online also added 19 new corporate customer accounts during the quarter, boasting an annual billing potential value of Rs 151 crore.

In the hotels segment, revenue from hotels and packages increased by 17.6 per cent to Rs 44.8 crore, supported by a recovery in domestic travel and the addition of new distribution partners. The segment had generated Rs 38.1 crore in revenue during the same quarter of the previous year.

Dhruv Shringi, whole time director and chief executive officer of Yatra Online, said, “As we move forward, we remain optimistic and committed to leveraging these positive trends to drive further growth and success.”