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Business News/ Companies / News/  Cleartrip reports net loss of 25.4 crore in FY 2020-21
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Cleartrip reports net loss of ₹25.4 crore in FY 2020-21

This is a 77% increase from the previous financial year

Cleartrip's operating revenue plunged during the covid-19 pandemic from ₹273.5 crore in FY20 to ₹79.1 crore in the current year, said business research platform Tofler in a detailed report.Premium
Cleartrip's operating revenue plunged during the covid-19 pandemic from 273.5 crore in FY20 to 79.1 crore in the current year, said business research platform Tofler in a detailed report.

NEW DELHI : Online travel company Cleartrip, which has offices in Mumbai and Dubai, has reported declining revenues for financial year 2020-21 at 106 crore, a steep 67% fall compared with the last financial year.

The company reported a further net loss of 25.4 crore. This is a 77% increase from the previous financial year. Cleartrip's total expenses for the fiscal were reported as 132 crore. The company's operating revenue plunged during the covid-19 pandemic from 273.5 crore in FY20 to 79.1 crore in the current year, said business research platform Tofler in a detailed report.

Cleartrip said in its registrar of company filings to the ministry of corporate affairs in FY21 that its Ebitda, or earnings before interest, taxes, depreciation, and amortization, though, had narrowed marginally from minus 3,26.9 crore to minus 3,109.21 in FY21.

Cleartrip competes with the likes of MakeMyTrip and Yatra. According to a Mordor Intelligence report, most growth in the Indian online travel market would come from the increasing penetration of international flight and hotel bookings offered by online portals such as Cleartrip, MakeMyTrip, Yatra, and others.

However, this segment has been heavily impacted by the covid-19 pandemic. Prior to this, the tourism sector in India, according to data by World Travel and Tourism Council (WTTC) in 2019, contributed 194 billion to India’s GDP.

But due to the impact of the pandemic on the global economy, the WTTC is estimating losses of up to $2.7 trillion with up to 100 million jobs at risk. The travel and tourism industry in India is looking at up to 40 million job losses (both direct and indirect) and about $17 billion in revenue loss in the next one year.

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ABOUT THE AUTHOR
Varuni Khosla
Varuni is an Assistant Editor at Mint. She writes engaging and informative stories on luxury brands, hospitality news, business of sports, business of advertising and marketing, gaming, tourism and travel, and the business of alcohol. She is skilled in communication, research, and analysis. Varuni is passionate about covering the latest trends and developments in the lifestyle and business sectors.
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Published: 12 Oct 2021, 05:00 PM IST
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