Gurugram, India and New York, New York--(Newsfile Corp. - March 11, 2024) - Yatra Online, Inc. (NASDAQ: YTRA) ("Company" or "Yatra") today provided an update on its ongoing share buyback program, affirming its commitment to maximizing shareholder value.
In the current March quarter since Jan 2, 2024 and up to and including Mar 7, 2024, Yatra Online, Inc. has strategically repurchased 797,704 shares at an average price of $1.64/share. This follows the Company's announcement of repurchasing 280,384 shares at an average share price of $1.56/share in Fiscal 3Q24 (Dec quarter). This takes the total shares repurchased since the announcement of the $5 million share buyback authorization by the board to 1,044,638 at an average price of $1.63/share.
The Company continues to actively repurchase its shares and is periodically transferring them to its registrar for cancellation, thereby reducing the outstanding share count.
Yatra's share repurchase program is not expected to have a fixed expiration date and is not expected to obligate the Company to acquire any specific number of shares. Under the program, shares may be repurchased from time to time in the open market or in privately negotiated transactions. The timing, manner, price and amount of any repurchases will be subject to the discretion of the Company and depend on a variety of factors, including the market price of the Ordinary Shares, general market and economic conditions, regulatory requirements, and other business considerations.
Forward-Looking Statements
This press release contains certain forward-looking statements as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are based on management's current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate," "believe," "estimate," "expect," "intend," "will," "project," "seek," "should," "poised," similar expressions and the negative forms of such expressions. Such statements include, among other things, statements regarding management's expectations of value creation, enhanced profitability and margin growth and management's expectations regarding the timing and terms of the share repurchase program. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the impact of increasing competition in the Indian travel industry and our expectations regarding the development of our industry and the competitive environment in which we operate; the slowdown in Indian economic growth and other declines or disruptions in the Indian economy in general and travel industry in particular, including disruptions caused by safety concerns, terrorist attacks, regional conflicts (including the ongoing conflict between Ukraine and Russia), pandemics and natural calamities, our ability to successfully negotiate our contracts with airline suppliers and global distribution system service providers and mitigate any negative impacts on our Revenue that result from reduced commissions, incentive payments and fees we receive; the risk that airline suppliers (including our GDS service providers) may reduce or eliminate the commission and other fees they pay to us for the sale of air tickets; our ability to pursue strategic partnerships and the risks associated with our business partners; the potential impact of recent developments in the Indian travel industry on our profitability and financial condition; political and economic stability in and around India and other key travel destinations; our ability to maintain and increase our brand awareness; our ability to realize the anticipated benefits of any past or future acquisitions; our ability to successfully implement our growth strategy; our ability to attract, train and retain executives and other qualified employees, including suitable replacements for any members of our senior management team or other employees who may seek other employment opportunities as a result of the certain cost reduction initiatives that we have taken in response to the COVID-19 pandemic; and our ability to successfully implement any new business initiatives. These and other factors are discussed in our reports filed with the U.S. Securities and Exchange Commission. All information provided in this press release is provided as of the date of issuance of this press release, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law.
About Yatra Online, Inc.
Yatra Online, Inc. is the ultimate parent company of Yatra Online Limited, India's leading corporate travel services provider with approximately 800 large corporate customers and one of India's leading online travel companies. The company provides information, pricing, availability and booking facility for domestic and international air travel, domestic and international hotel bookings, holiday packages, buses, trains, in city activities, inter-city and point-to-point cabs, homestays and cruises. With approximately 105,600 hotels and homestays contracted in approximately 1,490 cities across India, as well as approximately 2 million hotels around the world, the company is India's largest platform for domestic hotels.
For more information, please contact:
Manish Hemrajani
Yatra Online, Inc.
VP, Head of Corporate Development and Investor Relations
ir@yatra.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/201222
SOURCE: Yatra Online Inc.
