Yatra Online's Q2 net loss widens 11x YoY, expenses surge 8% amid declining revenue
The company saw its expenses rise by almost 8% to Rs 113.5 crore for the quarter ended September 30, 2023. Employee benefit accounted for the steepest jump in expenses with an almost 40% Y-o-Y surge from Rs 26.18 crore to Rs 36.6 crore.
Travel booking platform Online has reported a net loss of Rs 17.1 crore in the second quarter of financial year 2023-24. Its net loss widened 11x YoY from Rs 1.56 crore in the corresponding period of the previous fiscal year.
The travel firm had posted a net profit of Rs 5.9 crore in the preceding quarter ended June 2023.
Yatra Online's consolidated revenue from operations came in at Rs 94.13 crore, a 14.2% decline compared to Rs 82.4 crore in the year ago period.
The company saw its expenses rise by almost 8% to Rs 113.5 crore for the quarter ended September 30, 2023, as per financials disclosed with the Bombay Stock Exchange.
Employee benefit expenses emerged as the biggest cost centre at Rs 36.6 crore in the second quarter of FY24. It accounted for the steepest jump in expenses with an almost 40% surge from Rs 26.18 crore in the corresponding quarter last year.
In September 2023, Yatra Online set the price band for its IPO at Rs 135-142 per equity share, with the subscription period from September 15 to September 20. The IPO comprises a fresh issuance of equity shares worth Rs 602 crore and an offer for sale of up to 12,183,099 shares.
The company had previously undertaken a pre-IPO placement of Rs 62.01 crore in December 2022. Yatra Online said it plans to utilise the proceeds for strategic investments, acquisitions, customer acquisition, technology, and general corporate purposes.
Ahead of its Rs 775-crore initial public offering, Yatra Online successfully raised Rs 348.75 crore from anchor investors. The company allocated 2.45 crore equity shares to 33 entities at Rs 142 per share. Its notable anchor 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.
Edited by Megha Reddy