Revenue from tourism in Kenya jumped nearly a third in 2023 over the previous year beating the pre-pandemic numbers, according to the tourism ministry.
Kenya has been a major tourist destination in East Africa traditionally attracting visitors from across the world to its wildlife parks and Indian Ocean beaches.
A ministry report seen by AFP on Sunday said revenue rose 31.5 percent last year to hit 352.5 billion shillings (nearly USD2.7 billion).
But per capita spending in dollar terms by the 1.95 million visitors fell.
“Despite the increase in the number of visitors in 2023 as compared to 2022, the average per capita expenditure in US dollars decreased significantly,” the report said.
The airline, whose biggest shareholder is the Kenyan government, also said in a statement that its loss after tax had reduced to almost 23 billion shillings from more than 38 billion shillings the year before. Total revenue for the year surged by 53 per cent to 178 billion shillings, which the airline attributed mainly to a 35 per cent growth in passenger numbers to 5.04 million, according to its audited results statement.
“This is partly attributed to the sustained depreciation of the Kenya shilling against the major currencies.”Before the coronavirus pandemic, tourism brought in about USD2.24 billion in 2019 from two million visitors, or about 10 percent of GDP.
Americans accounted for the largest number of 2023 arrivals at 265,310, followed by Ugandans (201,623), Tanzanians (157,818) and 156,700 from the United Kingdom.
The ministry hopes to welcome 2.4 million tourists this year.
In January, Kenya’s immigration services said the first batch of foreign tourists had arrived under a simplified “visa-free” entry system it hoped would encourage more visitors.
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Hotel industry in India is slated for a healthy revenue growth of 11-13 per cent in the next fiscal after a strong 15-17 per cent growth in the current fiscal, backed by steady domestic demand and ramp up in foreign traveller demand, stated a CRISIL Ratings analysis. The strong demand dynamics along with modest new supply will keep the operating performance of the industry healthy over the near term.
The healthy operating performance will augur well for the industry profitability where the earnings before interest, taxes and depreciation (EBITDA) will continue the strong momentum over the current and the next fiscal. This, along with limited capital expenditure, will keep the credit profiles strong. The analysis of branded hotel companies with 70,000 rooms across categories, indicates as much.
“The domestic travel demand, which remained a key driver this fiscal, will sustain next fiscal as well. This momentum will be supported by healthy economic activity which drives business demand and continuing leisure travel demand which reinvigorated post the pandemic. While the demand will remain strong, the growth rate is expected to taper off next fiscal due to high base. Consequently, the average room rates (ARRs) are expected to grow 5-7 per cent next fiscal against 10-12 per cent this fiscal and the occupancy is expected to remain healthy at current levels of 73-74 per cent,” stated Anand Kulkarni, Director, CRISIL Ratings.On the other hand, the foreign tourist arrivals in India, despite a growth this fiscal, are estimated to remain 10 per cent below pre-pandemic level and pick-up in the same will provide fillip to the hotel demand next fiscal. Foreign tourist arrivals are expected to be at 9.5-9.8 million persons this fiscal against 7.9 million last fiscal and 10.6 million in fiscal 2019, as per CRISIL.
Looking ahead to 2024, Sodhi predicts a resurgence in corporate travel, with business travellers displaying increased confidence and planning trips to foster business growth and strengthen professional relationships. Notably, major global airlines are expected to exceed pre-pandemic capacity levels, with two percent more seats offered in 2024 compared to 2019, albeit with a six percent reduction in the number of flights.
Apart from the aforementioned factors, demand in the MICE (meetings, incentives, conventions and events) segment is also expected to remain healthy as corporates have resumed their activities post the pandemic induced hiatus.In addition to demand, favourable supply situation is one of the critical drivers of the strong performance of the industry.
“Greenfield capex is expected to remain muted with the new room addition remaining at 4-5 per cent per fiscal over the next couple of years. While the demand rebound has boosted the industry sentiments, the cost dynamics still remain a constraining factor for new capex. High land costs, sizable increase in construction costs, long gestation period coupled with cyclicality in the sector is resulting in cautious new capex in the sector. Therefore, brands may keep adding rooms through management contracts, which will limit their upfront capital costs,” added Nitin Kansal, Director, CRISIL Ratings.
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Yatra Online, leading corporate travel services provider and a prominent player in the online travel sector, has announced robust financial results for the third quarter of the fiscal year 2023-24. With a 23 per cent year-on-year increase in revenue, the company continues to strengthen its position in the market despite facing certain operational challenges.
The consolidated financial performance for Q3-FY24 reveals a significant growth in revenue from operations, amounting to INR 1,103 million, marking a 23 per cent increase compared to the same period last year. However, the Earnings Before Interest, Taxes, Depreciation, and Amortization (EBIDTA) showed a decline of 25 per cent year-on-year, standing at INR 48 million. Adjusted EBIDTA also experienced a decrease of 11 per cent, amounting to INR 100 million. Nonetheless, the net profit surged impressively by 119 per cent year-on-year, reaching INR 11 million.
Operational highlights for the quarter indicate a robust performance in Yatra‘s domestic air passenger segment, witnessing a remarkable growth of 26 per cent year-on-year, outpacing industry growth by a significant margin. This growth underscores the company’s effective strategies in capturing market share and solid brand recognition. Gross bookings also saw a healthy increase of 18 per cent year-on-year, totaling INR 18,605 million.
Despite challenges posed by muted business travel spends across certain sectors, Yatra continued to expand its corporate client base. The quarter saw the addition of 26 new corporate accounts, with a total annual billing potential of INR 2,237 million. Notably, subsequent to the quarter’s end, Yatra secured partnerships with prominent entities, including one of India’s largest banks and a leading pharmaceutical company.
Company’s EBITDA reached INR 653.7 million, up by 10.9 per cent year-on-year. Also, there were 3.8 Lacs hotel night bookings and 7.7 Lacs in the other bookings. Following a successful quarter, EaseMyTrip also acquired a stake of approximately 13 per cent in ECO Hotels and Resorts and signed a Memorandum of Understanding with the Government of Uttarakhand.
Dhruv Shringi, Whole Time Director & Chief Executive Officer, Yatra Online, expressed pride in the company’s strong performance during the December quarter. He attributed the robust growth in the air passenger segment to Yatra’s brand recognition and effective market strategies. Additionally, Shringi highlighted the company’s continued focus on expanding its corporate clientele and enhancing shareholder value.In a bid to fortify its market position and express gratitude to shareholders, Yatra recently launched the Yatra Prime membership initiative. This program aims to enhance travel experiences for shareholders by offering value-added benefits and convenience.
Despite certain headwinds in the operating environment, Yatra said it remains committed to seizing growth opportunities and ensuring sustained upward momentum.
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EaseMyTrip.com, a leading online travel platform in India, continues its strong financial performance, reporting INR 1,607.9 million in revenue for Q3FY24, marking an 18.1 per cent year-on-year increase. EBITDA reached INR 653.7 million, up by 10.9 per cent year-on-year, with a Profit After Tax (PAT) of INR 456.6 million, reflecting a 9.5 per cent year-on-year growth. Gross Booking Revenue (GBR) for Q3FY24 stands at 20,260.7 million.
Highlighting financial performance, for FY24, the Revenue from Operations was INR 4,265.3, growth of 28.4 per cent Y-o-Y. The EBITDA stood at INR 1,705.2 million, a 17.9 per cent of Y-o-Y growth and the reported Profit After Tax of INR 1,188.6 million, growth of 15.3 per cent Y-o-Y. This strong performance underscores EaseMyTrip’s continued momentum and further strengthens its position as one of the few profitable new-age tech companies in the industry.
Additionally, the company recorded a GBR of INR 64,226.0 million in 9MFY24, further strengthening its market position. The total number of air bookings (net of cancellations) in Q3FY24 reached 22.6 Lacs. Similarly, hotel night bookings and the other bookings were 91,915 and 2.7 Lacs, respectively. For 9MFY24, air ticket sales (net of cancellations) were 83.7 Lacs.
Furthermore, there were 3.8 Lacs hotel night bookings and 7.7 Lacs in the other bookings.
Following a successful quarter, EaseMyTrip acquired a stake of approximately 13 per cent in ECO Hotels and Resorts, diversifying its portfolio beyond online travel services. This move aligns with the company’s commitment towards organic and in-organic growth and sustainability by promoting environmentally friendly practices within the travel and hospitality sector.
In another significant milestone, EaseMyTrip and the Government of Uttarakhand have signed a landmark Memorandum of Understanding (MOU) during the Global Investors Summit in London. This partnership aims to elevate Uttarakhand’s global tourism appeal. The MOU includes joint marketing campaigns targeting key markets like the UK/Europe, Middle East, Asia, USA/Canada, leveraging EaseMyTrip’s global reach to bolster Uttarakhand’s tourism sector. EaseMyTrip also introduced EasyDarshan, providing curated pilgrimage packages across India. These packages offer hassle-free journeys, encompassing transportation, accommodation, guided tours, and special pujas, prioritizing safety and convenience. Additionally, the launch of “Explore Bharat – Discover the Soul of India” showcased the nation’s rich heritage, culture, and landscapes, targeting overseas travellers.
Notable growth in November 2023, with 136 trips, showcases a positive trend, though the customer numbers were still behind 2019 by 23 per cent. Rama Mahendru, GM- India at Intrepid Travel, foresees matching 2019 revenue, driven by new offerings. Plans on agenda to enhance female tour leadership initiatives as well as new services in MP and north-east.
Furthermore, EaseMyTrip introduced an exclusive subscription program, the EaseMyTrip Platinum, Gold, and Silver Cards, offering luxury travel experiences to High-Net-Worth Individuals (HNI). These cards feature specialized services, benefits, and privileges, enhancing the travel experience for subscribers. EaseMyTrip has been actively cultivating partnerships with various entities to bolster its marketing and collaboration efforts.
Alongside becoming the Principal Sponsors of UP Yoddhas in Kabaddi, the company has extended its reach to the world of tennis as the Official Associate Partner of World Tennis League Season 2. Additionally, EaseMyTrip has entered into a significant collaboration with Vi to extend exclusive propositions related to travel and international roaming, further enhancing its range of services for customers.
Moreover, in this quarter, EaseMyTrip successfully concluded three major sales – the Winter Carnival Sale, Travel Utsav Sale, and Dussehra Travel Sale. These sales offered significant discounts on flights, hotels, holidays, buses, cabs, and more, allowing the company to provide better value to its customers.
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IntrCity SmartBus, a leading player in the intercity bus travel sector, has reported an impressive growth trajectory in 2023, showcasing a resilient performance despite challenges posed by the pandemic. In an exclusive interview with ETTravelWorld, Kapil Raizada, Co-founder, IntrCity SmartBus, shared insights into the company’s achievements, technological advancements, and the evolving trends in the travel industry.
Significant Growth Trajectory in 2023
Raizada highlighted IntrCity SmartBus’s exceptional growth, revealing, “Our network has demonstrated rapidly growing consumer adoption, with annual revenues in FY23 growing 6.5x compared to FY21. This growth has been accompanied by a continuous increase in margins, even during the pandemic interruptions, with the gross profits increasing 9.0x over the same period.”
He emphasised the company’s financial performance, stating, “In the first half of the current fiscal year, we have achieved a revenue of INR 178 crore with an EBITDA profit of INR 2.9 crore. Annual revenues are expected to cross INR 350 crore this year, along with the first full year EBITDA profits.”
In terms of operational scale, Raizada reported, “The IntrCity SmartBus network now reaches 2.5 lakh seats per month with over 100 million passenger-seat-kilometers. The brand is now the market leader across several routes in both North and South India, commanding a 15-20 per cent market share in a traditionally highly fragmented industry.”
Key Drivers and Consumer Experience
Discussing the key drivers for SmartBus’s success, Raizada highlighted, “IntrCity SmartBus functions as a mobility platform, revolutionizing the perception of bus travel and positioning it as a convenient alternative to overnight long distance trains.”
He detailed the unique selling points that set IntrCity SmartBus apart, stating, “Travellers can experience the comfort of private cabins with flat beds for enhanced privacy. Additionally, boarding points with Wi-Fi-enabled AC lounges provide a space to unwind and recharge, complete with in-built washrooms, and on-table food service to ensure hygiene and convenience.”
Raizada emphasised the company’s commitment to safety, mentioning, “IntrCity SmartBus has implemented various measures acknowledging the safety concerns people face, especially women and older individuals, face while traveling on buses. To address these concerns, the platform provides buses equipped with CCTV and WiFi, real-time bus tracking, and secure boarding areas.”
Technological Innovations for Efficiency and Safety
IntrCity SmartBus leverages advanced technology for tasks such as route optimisation, real-time tracking, and enhancing passenger safety. Raizada explained, “The IntrCity Mobility System incorporates several applications including the Consumer Platform, Operator Dashboard, Crew App, IOT-based Fleet Analytics, and a 24/7 Command Centre. This complete platform caters to all aspects of organizing intercity bus services, offering travelers a seamless and exceptional journey experience.”
Uber India has released highlights of its annual data report – How India Ubered – encapsulating the key trends from how India moved this year. The analysis from the trips in 2023 revealed some very interesting trends about cities with the highest number of trips, the total number of kilometres covered in Uber rides, popular travel trends in intercity travel, the city with the most late-night trips, and also several rider preferences.
He detailed the use of IoT fleet analytics, stating, “The platform employs IoT fleet analytics to establish a network of ‘connected buses,’ ensuring seamless, on-the-go monitoring and efficient operations. This technology allows real-time performance monitoring and analytics for each vehicle, contributing to overall smooth performance.”
Addressing Urban Congestion and Intercity Connectivity
Raizada discussed SmartBus’s role in addressing urban congestion and enhancing intercity connectivity, saying, “SmartBus strategically tackles urban congestion and enhances intercity connectivity through innovative measures. IntrCity SmartBus network provides an affordable & reliable shared public transport, which is the core of creating a greener, de-congested mobility ecosystem.”
He detailed the routing strategy, mentioning, “Our network routing is designed so as to ensure that each bus addresses a specific geographic segment of a city, so as to minimize the distance that travelers have to commute to reach the nearest boarding point of their IntrCity SmartBus.”
Speaking about the diverse demographics of IntrCity SmartBus travellers, Raizada stated, “IntrCity SmartBus caters to a diverse demographic of travellers, influenced by evolving trends and preferences.” He highlighted shifts in travel patterns, saying, “During the Diwali break, there was a significant uptick in travel in and around Goa. Tourist destinations such as Tirupati, Goa, and Manali are projected to experience more than a twofold growth compared to the previous year.”
Raizada also emphasised the platform’s adaptability, noting, “These observations suggest a dynamic and diverse traveler base for IntrCity SmartBus, with preferences spanning both leisure and functional routes. The platform remains adaptable to evolving demographics and travel trends, ensuring a comprehensive and responsive service to meet the diverse needs of its passengers.”
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The revenue earned from tourism increased to 205.3 million dollrs in November 2023, which is over twice the revenue in November 2022, according to the latest data.
Minister of Foreign Affairs Ali Sabry told parliament on Thursday that the tourist arrivals will spike in 2024 with more airlines coming into the country, Xinhua news agency reported.
Sri Lanka welcomed 151,496 international tourists in November, the highest monthly number of visitors it received in 2023, official data showed.
Sri Lanka’s cumulative tourist arrivals for the first 11 months of the year stand at 1.27 million, according to the Sri Lanka Tourism Development Authority.
Tourism is one of Sri Lanka’s top foreign revenue generators. In late November, the government waived visa fees for nationals from China, India, Indonesia, Russia, Thailand, Malaysia, and Japan to boost tourism in the coming season.
Sri Lanka welcomed 151,496 international tourists in November, the highest monthly number of visitors it received in 2023, according to the latest data released by the tourism authority. The island nation’s cumulative tourist arrivals for the first 11 months of the year stand at 1.27 million, according to the SLTDA.
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BLS International Services Ltd, a global tech-enabled services partner, has reported its unaudited consolidated financial results for the quarter and six-month period ending on September 30, 2023.
In the quarter ending September 30, 2023, BLS International recorded a 14.3 per cent year-on-year growth in consolidated revenue, reaching INR 407.7 crore. Notably, the company’s operating EBITDA also saw substantial growth, increasing by 52.7 per cent to INR 86.7 crore.
The company has attributed this strong financial performance to a more favourable business mix, especially within the Visa & Consular services segment, which has consistently contributed to EBITDA margins exceeding 20 per cent.
The company’s consolidated Profit Before Tax (PBT) also witnessed an upswing. In Q2 FY24, the PBT surged over 16 times, reaching INR 766 million, as compared to a mere INR 49 million in Q2 FY23. The upward trajectory extended over the first half of the fiscal year, with the Group’s consolidated PBT for H1 FY24 reaching INR 1,774 million, compared to INR 26 million in H1 FY23.
Additionally, several key growth drivers contribute to the company’s success, including the reopening of travel and tourism destinations, securing new contracts and tenders in the pipeline, increasing demand for value-added services, and potential opportunities in Visa and Consular and Digital Services segments, stated BLS. In a year-over-year comparison for Q2FY24 and Q2FY23, BLS International reported a 14.26 per cent increase in operational revenue, reaching INR 407.74 crores, driven by growth in both Visa & Consular services and the digital business.
For the first half of FY24 compared to H1FY23, operational revenue saw a substantial growth of 25.66 per cent, reaching INR 791.22 crores, up from INR 629.66 crores in the prior year. EBITDA reached INR 166.79 crores in H1FY24, up by 88.90 per cent from INR 88.30 crores in H1FY23. PBT for H1FY24 amounted to INR 167.62 crores, representing an 89.11 per cent increase compared to INR 88.63 crores in H1FY23. The PAT for the first half of the fiscal year reached INR 152.99 crores, showing an impressive 87.28 per cent year-on-year growth compared to INR 81.69 crores in H1FY23.
The company said it maintains a debt-free status with approximately INR 687 crore in cash reserves. Additionally, the asset-light nature of the business has enabled impressive returns for shareholders, with a Return on Capital Employed (ROCE) at 35.5 per cent and a Return on Equity (ROE) at 34.6 per cent based on the annualised financials of the first half of FY24.
In Q2 FY24, traditionally the weakest quarter, the airline reported a profit of INR 8,061 million, excluding foreign exchange loss. Even after considering the foreign exchange loss of INR 6,171 million, the net profit for the quarter aggregated to INR 1,889 million. Compared to the same period last year, the airline saw a significant increase in capacity, with a surge of 27.7 per cent.
As per the current data, BLS International Services Ltd is one of the world’s top three Visa & Consular Services companies, processing Visa applications for numerous countries, including Spain, Italy, Portugal, Germany, Thailand, Hungary, Morocco, India, Vietnam, Malaysia, and Slovakia. The company is pursuing contracts and tenders for visa services worldwide, anticipating growth through new agreements.
In recent developments, BLS International secured a Schengen Global Visa Outsourcing Contract for Slovakia in 18 countries, further expanding its responsibilities to include national visa services in addition to Tourist and Business visa services. The company also partnered with Kotak Mahindra Bank to revolutionise Indian banking, focusing on providing accessible and affordable banking services in underserved areas across multiple states in India.
Additionally, BLS E-Services integrated UMANG Services into its digital platform, offering convenient access to over 500 e-governance services. Also, BLS International extended its Visa outsourcing services to Hungary and Italy Missions in various countries.
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The Indian hotel industry is on the cusp of a remarkable recovery, with strong demand anticipated to drive double-digit revenue growth in FY2024, according to a report by ICRA. The sustained revival in domestic leisure travel, along with demand from meetings, incentives, conferences, and exhibitions (MICE) and business travel, is poised to play a pivotal role in this resurgence. Furthermore, the return of foreign tourist arrivals (FTAs) and the impact of events such as the G20 summit and the ICC World Cup 2023 have bolstered the industry.
Revenue and occupancy projections
ICRA’s report reveals that pan-India premium hotel occupancy is estimated to reach approximately 70-72 per cent in FY2024, following a recovery to 68-70 per cent in FY2023. Additionally, the average room rates (ARRs) for premium hotels are expected to range from INR 6,000-6,200 in FY2024. Although occupancy is projected to reach a decade-high, the Revenue Per Available Room (RevPAR) is predicted to remain at a 20-25 per cent discount to the FY2008 peak.Several factors are contributing to this resurgence. Improvements in infrastructure and air connectivity, favorable demographics, and a rise in large-scale MICE events due to the opening of new convention centers are fostering a robust demand. The report highlights that larger players will benefit from both revenues and profit shares generated through hotel expansions via management contracts and operating leases.
Regional insights
Mumbai and Delhi, being gateway cities, are expected to experience occupancy rates exceeding 75 per cent in FY2024, driven by transient passengers, business travelers, and MICE events. While Pune and Bengaluru might lag behind other markets, they are also expected to witness significant improvements in FY2024 compared to FY2023. ARRs, although trailing the FY2008 peak, are anticipated to see a healthy year-on-year increase in FY2024.
PATA’s forecasts predict that international visitor numbers by the end of 2023 will reach approximately 76 per cent of the pre-pandemic levels in 2019. This trend is anticipated to continue, reaching 107 per cent in 2024 and 116 per cent in 2025. The relaxation of restrictions and the reintroduction of group travel are expected to further improve the situation by the end of 2023.
Operating margins and sustainability measures
The Indian hotel industry has successfully sustained many cost-rationalisation measures adopted during the Covid-19 pandemic, coupled with the benefits of operating leverage. Margins have expanded significantly when compared to pre-Covid levels. Companies have also transitioned to renewable power sources, managed cost inflation, and maintained strict control over fixed costs, bolstering margins. Although ICRA anticipates some moderation in margins from FY2023 levels due to hotels undergoing renovations and maintenance activities, they are expected to remain notably higher than pre-Covid levels.Debt metrics & capital structures
With increased earnings and cash flows, ICRA expects the capital structure of hoteliers to improve. Asset monetization is likely to focus on non-revenue generating assets. Debt metrics for hoteliers are projected to surpass pre-Covid levels in FY2024. The extent of improvement in return on capital employed (RoCE) is contingent on the expansion strategy and may be limited by the high capital cost of new properties due to increased land and construction costs.
Supply dynamics
Although the supply of hotel rooms has witnessed a revival in recent months, the report indicates that the supply is expected to grow at a CAGR of 3.5-4 per cent over the medium term, lagging behind the demand. Land availability constraints in premium micro-markets of metros and larger cities are limiting the addition of new supply, with rebranding or property upgrades and greenfield projects mainly found in suburbs. There has been an increase in per-room construction costs by 20-25 per cent compared to pre-Covid levels due to cost inflation.
ICRA’s report underscores the resilience of the Indian hotel industry and its potential for robust growth in the coming fiscal year. With the ongoing recovery, this sector stands poised to be a key contributor to the nation’s economic revival and a prime destination for travelers from across the globe.
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In a major development for the state, the Government of Uttar Pradesh has earmarked INR 130 crore for the establishment of a Tourism Facilitation Centre in Ayodhya. This investment promises to set in motion a significant economic transformation in the tourism sector, particularly in the eastern region. The primary objective behind this initiative is to enhance international tourism in the sacred city, ultimately reshaping its economic landscape.
According to an initial analysis conducted by myATITHI.global, a community platform dedicated to supporting Micro, Small, and Medium Enterprises (MSMEs) in the hospitality, tourism, and travel industry, the creation of this Tourism Facilitation Centre is anticipated to yield remarkable results. Notably, it is expected to inject hundreds of crores into the state’s revenue and create over a thousand direct job opportunities.
Projections suggest that this strategically positioned Centre will emerge as a major revenue generator for the state. Experts have also estimated that it has the potential to annually contribute hundreds of crores to Uttar Pradesh‘s economic prosperity.
As the Tourism Facilitation Centre takes shape, the state’s revenue streams are poised for a significant upswing, stated the analysis. This boost will not only benefit local businesses but also enrich the state treasury, enabling the government to make critical investments in public services and infrastructure, it added.
The analysis also noted that the exact revenue figures will depend on various factors, including the number of tourists, their spending behaviors, and the operational success of the facility. Nonetheless, it is undeniable that Ayodhya’s strategic location makes it a lucrative hub for tourism revenue.
Beyond the financial forecasts, this initiative holds the promise of unlocking a plethora of employment opportunities. Both the formal and informal sectors are expected to reap significant benefits, with the potential for job creation spanning a wide spectrum of roles.
In a month’s time, the forthcoming Homestay Policy will be launched alongside a Caravan Policy. This aims to promote a more flexible and itinerary-free recreational van experience, complete with dedicated caravan parks with essential facilities and services. Looking ahead, Goa Tourism is also eyeing new initiatives to increase both domestic and international footfalls to the state, shared the Tourism Minister, Rohan Khaunte.
Preliminary estimates indicate the creation of thousands of direct job positions, encompassing roles such as administration, management, and service, along with countless opportunities for local artisans, vendors, and small businesses.The ripple effect of this development is expected to bring about a substantial yearly economic upswing in Ayodhya and its environs, the analysis mentioned.
Given Ayodhya’s cultural and spiritual significance, it stands to be the primary beneficiary of this transformative project. According to the sources, the state government has initiated the project by floating an e-tender and shortlisting potential companies. The final selection will be made following the opening of financial bids.
The Tourism Facilitation Centre, once completed, will offer a range of amenities, including an office, art and crafts center, food court, amphitheater, parking facilities, dormitory, and a shopping complex. The analysis highlighted that this multifaceted facility is poised to become an economic lifeline for the city and its residents.
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Leading corporate travel services provider and online travel company, Yatra Online has reported robust financial results for the first quarter of fiscal year 2023-24. The company said it displayed remarkable growth across various key financial metrics, underscoring its resilience and strength in the travel sector.
The company recorded consolidated revenue from operations totalling INR 1,102 million, reflecting an impressive year-on-year growth of 24 per cent. In addition, Yatra‘s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) reached INR 177 million, signifying a substantial 28 per cent increase compared to the previous year.
The company maintained an EBITDA margin of 16 per cent, demonstrating a noteworthy year-on-year improvement of 47 basis points. Yatra’s net profit for the quarter stood at INR 60 million, marking a 3 per cent year-on-year growth in this key financial metric. These financial highlights underscore Yatra’s strong performance in the travel sector.
Operational highlights:
Yatra achieved the strongest quarter in air travel bookings since the onset of the Covid-19 pandemic, with the highest number of air passengers booked since December 2019. This growth, up 41.5 per cent YoY, significantly outpaced the domestic air passenger industry’s growth of 14.8 per cent YoY. Yatra’s domestic passenger traffic grew by 6 per cent sequentially, which is double the pace of India’s domestic passenger traffic.
San Francisco is one of the top tourism and meeting destinations in the US and received 21.9 million visitors in 2022. Total tourism spending in 2022 also exceeded USD 7.7 billion. The tourism industry is the largest generator of outside revenue into San Francisco’s economy and supports over 53,000 jobs. In 2022, India ranked third among San Francisco’s top overseas visitor markets with 158,000 visitors.
The company reinforced its position in the corporate travel sector by acquiring 19 new corporate customer accounts. These accounts have an annual billing potential of INR 1,510 million, highlighting Yatra’s strength and leadership in corporate travel services.Revenue from the Hotels and Packages business amounted to INR 448 million, a 17.6 per cent increase compared to the previous year. This growth is attributed to the recovery in domestic travel and the addition of new distribution partners. The company introduced “Yatra Prime” in the Consumer business, featuring benefits like zero convenience fees, access to exclusive fares, and priority access to VIP customer support.
Dhruv Shringi, Whole Time Director & Chief Executive Officer, commented on the results, saying, “We started FY24 on a strong footing, demonstrating our ability to gain market share with remarkable growth in air travel bookings. We’ve fortified our leadership in the corporate travel sector with the addition of 19 new corporate customer accounts, highlighting the capabilities and leadership of our Corporate Travel SaaS platform. As we move forward, we remain optimistic and committed to leveraging these positive trends to drive further growth and success.”
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