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Yatra Online Inc, the NASDAQ-listed parent company of travel-booking website Yatra Online Pvt, has reported a loss of Rs 27.28 crore for the Q2 FY23. Its net loss widened 3.8X year-over-year from Rs 7.12 crore loss in the quarter ended September 2022.

For the July-September quarter of this year, the travel company recorded revenue of Rs 94.75 crore, up 13.9% Q2 FY23 when it earned Rs 83.13 crore, as per filings with the US Securities and Exchange Commission.

The company’s personnel expenses surged by 34.3% to Rs 38.63 crore in the three months ended September 30, 2023, compared to Rs 28.76 crore for the same period in 2022. Meanwhile, its marketing and sales promotion expenses surged by 51.7% YoY to Rs 12.33 crore.

“We delivered strong growth of air passengers booked up 31.2% YoY far outpacing domestic air passenger industry growth of 22.7% YoY, clearly demonstrating our ability to gain market share and the strength of the YATRA brand. Our revenue for the quarter ended September 30, 2023, was reported at INR 947.6 million ($11.4 million) up 14.0% YoY,” said Dhruv Shringi, Co-founder and CEO of Yatra Online, in a letter to investors.

In the first quarter of FY24, Yatra Online Inc disclosed revenue of Rs 110 crore, indicating a 23% increase compared to the comparable quarter in the previous year. Concurrently, the company achieved an adjusted EBITDA margin of 10.4% during the same period.

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Yatra Online’s Q2 net loss widens 11x YoY, expenses surge 8% amid declining revenue

The company also approved a plan to buy back its own shares, spending up to $5 million and accounting for about 5% of the company’s total value. The repurchase can happen either from the open market or through private deals.

Earlier this week, Yatra Online’s India-listed arm reported a net loss of Rs 17.1 crore in the second quarter of the financial year 2023-24. The net loss widened by 11X YoY from Rs 1.56 crore in the corresponding period of the previous fiscal year. In the preceding quarter ending June 2023, the travel firm had posted a net profit of Rs 5.9 crore.

Yatra Online India’s consolidated revenue from operations stood at Rs 94.13 crore, reflecting a 14.2% decline compared to Rs 82.4 crore in the year-ago period. The company experienced an almost 8% increase in expenses, totalling Rs 113.5 crore for the quarter ended September 30, 2023, according to financials disclosed with the Bombay Stock Exchange.

Notably, employee benefit expenses emerged as the most significant cost centre at Rs 36.6 crore in the second quarter of FY24, marking an almost 40% surge from Rs 26.18 crore in the corresponding quarter of the previous year.