EX-99.1 2 c12019exv99w1.htm EXHIBIT 99.1 Exhibit 99.1
Exhibit 99.1
MAKEMYTRIP LIMITED ANNOUNCES STRONG FISCAL 2011 THIRD QUARTER RESULTS
Financial Highlights
•  
Gross bookings(1) for Air ticketing and Hotels and packages combined increased by $87.2 million to $210.6 million, representing growth of 70.7% year over year.
•  
Number of Transactions for Air ticketing and Hotels and packages combined increased by 58.6% year over year.
•  
Revenue increased by 56.7% year over year to $35.8 million. Revenue less service cost(2) increased by $6.4 million to $17.3 million, representing a growth of 59.2% year over year.
•  
Net revenue margin(3) for Air ticketing and Hotels and packages combined remained steady at 7.8%.
•  
Results from operating activities improved to $1.4 million, an increase of $0.8 million from the prior year’s fiscal third quarter. Adjusted operating profit(4) improved to $1.6 million versus $0.7 million in the prior year’s fiscal third quarter.
•  
Profit for the period was $1.6 million, versus $0.6 million in the prior year’s fiscal third quarter. Adjusted net income(5) was $1.8 million, representing an increase of $1.0 million from the prior year’s fiscal third quarter.
Gurgaon, India (February 10, 2011) & New York, February 9, 2011 — MakeMyTrip Limited (Nasdaq: MMYT), India’s leading online travel company, today announced its unaudited financial and operating results for its third fiscal quarter ended December 31, 2010.
“Our strong financial performance reflects the robust growth in air and holiday travel during the seasonally strong quarter.” said Deep Kalra, Chairman and CEO of MakeMyTrip. “MakeMyTrip was able to deliver value to our customers as they utilized our website and services to plan and book winter holiday journeys for Diwali, Christmas, and the New Year.”
                         
    3 Months Ended   3 Months Ended   YoY
(in thousands except EPS)   December 31, 2009   December 31, 2010   Change
 
                        
Financial Summary as per IFRS
                        
Revenue
   $ 22,846.0     $ 35,792.9       56.7 %
Revenue Less Service Costs(2)
   $ 10,853.7     $ 17,281.4       59.2 %
Air Ticketing
   $ 8,196.1     $ 13,486.4       64.5 %
Hotels & Packages
   $ 2,306.6     $ 2,949.6       27.9 %
Other
   $ 351.0     $ 845.5       140.9 %
Results from Operating Activities
   $ 654.8     $ 1,443.3       120.4 %
Adjusted Operating Profit(4)
   $ 672.9     $ 1,586.5       135.8 %
Income for the period
   $ 635.4     $ 1,628.1       156.3 %
Adjusted Net Income (5)
   $ 763.6     $ 1,771.4       132.0 %
Diluted Earnings per share
   $ 0.02     $ 0.04          
Adjusted Diluted Earnings per share(5)
   $ 0.02     $ 0.05          
 
                        
Operating Metrics
                        
Gross Bookings
   $ 123,405.7     $ 210,605.1       70.7 %
Air Ticketing
   $ 106,964.9     $ 183,390.3       71.4 %
Hotels & Packages
   $ 16,440.8     $ 27,214.8       65.5 %
Number of Transactions
                       
Air Ticketing
     477.3       759.2       59.1 %
Hotels & Packages
     33.3       50.7       52.2 %
     
(1)  
Represent the total amount paid by our customers for the travel services and products booked through us, including taxes, fees and other charges, and are net of cancellations and refunds.
 
(2)  
Represents IFRS revenue after deducting service costs.
 
(3)  
Revenue less service cost as a percentage of gross bookings.
 
(4)  
Results from operating activities excluding employee share-based compensation costs.
 
(5)  
Profit for the period excluding employee share-based compensation costs, one time IPO costs relating to listing of existing shares, interest expense on the liability portion of preference shares and changes in the fair market value of embedded derivatives in the preference shares.
Please see “About Non-IFRS Financial Measures” included within this release to understand the importance of the financial measures set forth in notes (2) to (5) above. Reconciliations of non-IFRS financial measures to IFRS operating results are included at the end of this release.

 

 

Recent Developments
Acquisition of majority stake in Luxury Tours & Travel Pte Limited
On February 9, 2011, MakeMyTrip entered into a Share Purchase Agreement (SPA) with Luxury Tours & Travel Pte Limited (LTT) and its existing shareholders pursuant to which, MakeMyTrip Limited will purchase ordinary shares from the existing shareholders of LTT. The first closing date of the sale and purchase is expected to occur in April 2011, subject to receipt of necessary approvals and other customary closing conditions.
Subject to the terms of the SPA, MakeMyTrip Limited will acquire from the existing shareholders, on the first closing date, an aggregate number of ordinary shares representing approximately 79% of LTT’s fully diluted share capital for an initial purchase cash consideration of approximately US$3 million. MakeMyTrip Limited will also invest approximately US$0.75 million in addition, in one or more tranches until June 2012, for the subscription of new equity shares to be issued by LTT.
Further, MakeMyTrip Limited will acquire from the existing shareholders, their remaining shares in LTT, in three tranches over a three-year earn-out period ending June 2014. The payment under each such tranche will be made in cash, based on valuations linked to actual profitability of LTT.
Luxury Tours & Travel Pte Limited is a Singapore registered and licensed travel agency, engaged in the business of providing hotel reservations, excursion tours and other related services to inbound and outbound travelers in Singapore and the region. LTT has built strong relationships over the years with a large number of hotels and with vendors for other inbound tourism services in the region, in addition to establishing a loyal base of customers.
Deep Kalra, Chairman and CEO of MakeMyTrip Limited, said “The acquisition is a major strategic move for MMYT, since it broadens our presence in other emerging markets beyond India. South East Asia region is a highly popular destination of choice for Indian travelers; and among the biggest and fastest growing markets for our outbound tours and packages business. Through this acquisition, MMYT intends to build a position of strength in the region through strong relationships with local hotels. We also believe a stronger local presence would enable us to deliver greater value and enhanced customer service to our customers”.

 

 

Fiscal 2011 Third Quarter Financial Results
Revenue. We generated revenue of $35.8 million in the quarter ended December 31, 2010, an increase of 56.7% over revenue of $22.8 million in the quarter ended December 31, 2009.
Air Ticketing. Revenue from our air ticketing business increased by 60.9% to $13.5 million in the quarter ended December 31, 2010 from $8.4 million in the quarter ended December 31, 2009. This was due to increase in gross bookings by 71.4% partially offset by a reduction in net revenue margin from 7.7% in the quarter ended December 31, 2009 to 7.4% in the quarter ended December 31, 2010. Air ticketing net revenue margin in the quarter remained at the same level as in the previous quarter.
Hotels and Packages. Revenue from our hotels and packages business increased by 52.0% to $21.5 million in the quarter ended December 31, 2010 from $14.1 million in the quarter ended December 31, 2009. Our Revenue less service cost(2) increased by 27.9% to $2.95 million in the quarter ended December 31, 2010 from $2.31 million in the quarter ended December 31, 2009. This was due to an increase in gross bookings by 65.5%, partially offset by reduction in net revenue margin from 14.0% in the quarter ended December 31, 2009 to 10.8% in the quarter ended December 31, 2010 as net revenue margins normalized from levels experienced in fiscal 2010 when travel suppliers provided us favorable rates during the slowdown in India’s economy. Hotels and packages net revenue margins declined 110 basis points quarter to quarter, reflecting our increased promotion of new holiday packages as we continued to develop new travel destinations.
Other Revenue. Our other revenue increased to $0.8 million in the quarter ended December 31, 2010 from $0.4 million in the quarter ended December 31, 2009, primarily due to increase in sale of rail tickets, bus tickets and travel insurance.
Total Revenue less Service Cost. Our total revenue less service cost increased by 59.2% to $17.3 million in the quarter ended December 31, 2010 from $10.9 million in the quarter ended December 31, 2009 as a result of a 64.5% increase in our air ticketing revenue less service cost, as well as a 27.9% increase in our hotels and packages revenue less service cost.
Personnel Expenses. Personnel expenses increased to $3.9 million in the quarter ended December 31, 2010 from $2.4 million in the quarter ended December 31, 2009, mainly as a result of annual wage increases and increases in average employee headcount year over year in the quarter ended December 31, 2010. This growth reflects an overall increase in business as well as employee share-based compensation costs of $0.14 million in quarter ended December 31, 2010 as against $0.02 million in quarter ended December 31, 2009. Excluding employee share-based compensation costs, Personnel Expenses as a percentage of net revenue improved by 76 basis points year over year and by 337 basis points quarter to quarter to 21.5%.
Other Operating Expenses. Other operating expenses increased by 56.0% to $11.5 million in the quarter ended December 31, 2010 from $7.4 million in the quarter ended December 31, 2009, primarily as a result of an increase in payment gateway charges, advertising and business promotion expenses and outsourcing fees in line with the growth in our business. Other Operating Expenses as a percentage of net revenue improved by 139 basis points year over year and by 143 basis points quarter to quarter to 66.4%.
Results from Operating Activities. As a result of the foregoing factors, our results from operating activities improved to an income of $1.4 million in the quarter ended December 31, 2010 from an income of $0.7 million in the quarter ended December 31, 2009. Excluding the effects of our employee share-based compensation costs for both quarters ended December 31, 2010 and 2009, we would have recorded an operating profit of $1.6 million in the quarter ended December 31, 2010 and $0.7 million in the quarter ended December 31, 2009.
Net Finance Income (Costs). Our finance income increased to $0.2 million in the quarter ended December 31, 2010 from a finance cost of $(0.02) million in the quarter ended December 31, 2009, primarily due to $0.3 million in interest accrued on the liability portion of our preference shares in the quarter ended December 31, 2009.
Profit (Loss) for the period. As a result of the foregoing factors, including the effects of our employee share-based compensation costs, our profit for the quarter ended December 31, 2010 was $1.6 million as compared to a profit of $0.6 million in the quarter ended December 31, 2009. Excluding the effects of employee share-based compensation costs for both fiscal years 2010 and 2009, interest accrued on the liability portion of preference shares and changes in fair market value of embedded derivatives in the preference shares, we would have recorded a net profit of $1.8 million in the quarter ended December 31, 2010 and a net profit of $0.8 million in quarter ended December 31, 2009.
Earnings (loss) per share. Diluted earnings per share were $0.04 for the quarter ended December 31, 2010 as compared to earnings per share of $0.02 in the corresponding quarter in the prior fiscal year. Adjusted for interest accrued on the liability portion of preference shares, employee share-based compensation costs as mentioned in the preceding paragraph, diluted earnings per share were $0.05 in the quarter ended December 31, 2010, compared to $0.02 in the quarter ended December 31, 2009.

 

 

Fiscal Year 2011 Outlook
The Company continues to be optimistic with regards to its long term outlook. With the strong travel demands experienced in the third fiscal quarter, MakeMyTrip expects fiscal year 2011’s revenue less service cost to be between $59 million and $61 million.
Deep Kalra, CEO and Founder, said “MakeMyTrip is the leader in India’s rapidly growing online travel market. We believe our continuous focus on improving our customers’ booking experience, providing innovative travel products and strengthening supplier relationships will continue to make us the Indian online travel portal of choice for the growing middle class population of India.”
Conference Call
MakeMyTrip will host a conference call to discuss the company’s results for the quarter ended December 31, 2010 beginning at 8:30 p.m. EST on February 9, 2011. To participate, please dial 1-866-242-1388 from within the U.S. or +61-2-8823-6760 from any other country. Thereafter, callers will be prompted to enter the participant passcode 39693355. A live webcast of the conference call will also be available through the Investor Relations section of the company’s website at http://investors.makemytrip.com.
A telephonic replay of the conference call will be available for one week by dialing +1-866-214-5335 in the U.S. or by dialing +61-2-8235-5000 from any other country and using passcode 39693355. A one month replay of the live webcast will also be available at http://investors.makemytrip.com, shortly following the conclusion of the call.
About Non-IFRS Financial Measures
As certain parts of our revenues are recognized on a “net” basis and other parts of our revenue are recognized on a “gross” basis, we evaluate our financial performance based on revenue less service costs, which is a non-IFRS measure, as we believe that revenue less service cost reflects more accurately the value addition of the travel services that we provide to our customers. The presentation of this non-IFRS information is not meant to be considered in isolation or as a substitute for our consolidated financial results prepared in accordance with IFRS as issued by the IASB. Our revenue less service costs may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.
The company believes that Adjusted operating profit and Adjusted net income are useful in measuring the results of the company. The IFRS measures most directly comparable to Adjusted operating profit and Adjusted net income are Results from operating activities and Income (Loss) for the period, respectively. The company believes that adjustments to these IFRS measures (including employee stock compensation costs, interest accretion on preference stock, one-time expenses such as IPO listing fees and gain or loss in fair market value of the embedded options within preference stock) provide investors and analysts a more accurate representation of the company’s operating results.
Safe Harbor Statement
This release contains certain statements concerning the Company’s future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the company’s current expectations, assumptions, estimates and projections about the company and its industry. The 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” and similar expressions. Such statements include, among other things, quotations from management as well as MakeMyTrip’s (MMYT) strategic and operational plans. 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 slow-down of economic growth in India and the global economic downturn, general declines or disruptions in the travel industry, volatility in the trading price of MMYT’s shares, MMYT’s reliance on its relationships with travel suppliers and strategic alliances, failure to further increase MMYT’s brand recognition to obtain new business partners and consumers, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in India and overseas, failure to successfully develop MMYT’s corporate travel business, damage to or failure of MMYT’s infrastructure and technology, loss of services of MMYT’s key executives, and inflation in India and in other countries. These and other factors are more fully discussed in the “Risk Factors” section of MMYT’s prospectus dated August 11, 2010, filed with the U.S. Securities and Exchange Commission. All information provided in this release is provided as of the date of issuance of this release, and MMYT does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

 

 

About MakeMyTrip Limited and MakeMyTrip.com
MakeMyTrip Limited is the parent company of MakeMyTrip (India) Private Limited, India’s largest online travel company, and MakeMyTrip.com Inc. The company’s services and products include air tickets, customized holiday packages, hotel bookings, railway tickets, bus tickets, car hire and facilitating access to travel insurance. Through its primary website, www.makemytrip.com, and other technology-enhanced platforms, the company provides access to all major domestic full-service and low-cost airlines operating in India, all major airlines operating to and from India, over 4,000 hotels in India and a wide selection of hotels outside India, Indian Railways and several major Indian bus operators.
For more details, please contact:
INVESTOR RELATIONS
Jonathan Huang
MakeMyTrip.com Inc.
+1 (646) 405-1311
jonathan.huang@makemytrip.com

 

 

MAKEMYTRIP LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
                 
    As at March 31,     As at December 31,  
    2010     2010  
    (in USD)  
Assets
                
Property, plant and equipment
     3,748,180       3,764,215  
Intangible assets
     2,024,059       1,730,244  
Trade and other receivables
     413,488       468,038  
Term deposits
     1,295,489       10,306,062  
Other non-current assets
     124,126       113,234  
 
            
Total non-current assets
     7,605,342       16,381,793  
 
                
Current tax assets
     942,543       2,894,374  
Trade and other receivables, net
     12,036,039       12,818,277  
Term deposits
     13,175,915       7,199,904  
Other current assets
     7,532,087       18,345,303  
Cash and cash equivalents
     9,341,526       49,868,906  
 
            
Total current assets
     43,028,110       91,126,764  
 
            
Total assets
     50,633,452       107,508,557  
 
            
 
                
Equity (Deficit)
                
Share capital
     8,767       17,450  
Share premium
     11,356,522       110,733,264  
Accumulated deficit
     (42,510,416 )     (41,722,219 )
Share based payment reserve
     7,061,910       4,570,860  
Foreign currency translation reserve
     (872,218 )     (1,103,989 )
 
            
Total equity (deficit) attributable to equity holders of the Company
     (24,955,435 )     72,495,366  
Non-controlling interest
     4,390       —  
 
            
Total equity (deficit)
     (24,951,045 )     72,495,366  
 
            
 
                
Liabilities
                
Loans and borrowings
     132,103       150,126  
Employee benefits
     437,444       552,144  
Deferred income
     1,852,679       1,040,523  
Derivatives
     48,382       —  
Other non-current liabilities
     447,295       485,153  
 
            
Total non-current liabilities
     2,917,903       2,227,946  
 
                
Bank overdraft
     3,996,066       4,663,114  
Loans and borrowings
     40,834,795       60,031  
Trade and other payables
     26,467,047       26,524,609  
Deferred income
     814,516       823,306  
Other current liabilities
     554,170       714,185  
 
            
Total current liabilities
     72,666,594       32,785,245  
 
            
Total liabilities
     75,584,497       35,013,191  
 
            
Total equity and liabilities
     50,633,452       107,508,557  
 
            

 

 

MAKEMYTRIP LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
                                 
    For the three months ended     For the nine months ended  
    December 31     December 31  
    2009     2010     2009     2010  
    (in USD)  
Revenue
                                
Air ticketing
     8,380,028       13,486,354       23,535,528       33,756,539  
Hotels and packages
     14,114,980       21,461,034       38,056,930       57,704,099  
Other revenue
     350,956       845,483       844,964       1,883,465  
 
                        
Total revenue
     22,845,964       35,792,871       62,437,422       93,344,103  
 
                                
Service cost
                                
Procurement cost of hotel and packages services
     11,808,345       18,511,481       32,025,742       49,335,663  
Purchase of air tickets coupon
     183,938       —       955,442       —  
Personnel expenses
     2,436,237       3,862,173       13,630,287       10,675,218  
Other operating expenses
     7,360,307       11,479,613       19,471,908       28,906,238  
Depreciation and amortization
     402,304       496,318       1,149,721       1,399,133  
 
                        
 
  
Result from operating activities
     654,833       1,443,286       (4,795,678 )     3,027,851  
 
                                
Finance income
     524,792       373,990       1,504,221       1,077,414  
Finance costs
     544,815       190,372       1,636,971       2,962,619  
 
                        
Net finance income (costs)
     (20,023 )     183,618       (132,750 )     (1,885,205 )
 
                        
 
                                
Profit (Loss) before tax
     634,810       1,626,904       (4,928,428 )     1,142,646  
Income tax benefit (expense)
     547       1,209       (2,838 )     —  
 
                        
Profit (Loss) for the period
     635,357       1,628,113       (4,931,266 )     1,142,646  
 
                                
Other comprehensive income (loss)
                                
Foreign currency translation differences on foreign operations
     396,663       (341,406 )     1,151,027       (231,830 )
Defined benefit plan actuarial losses
     —       —       —       (33,640 )
 
                        
Other comprehensive income (loss) for the period, net of tax
     396,663       (341,406 )     1,151,027       (265,470 )
 
                        
Total comprehensive income (loss) for the period
     1,032,020       1,286,707       (3,780,239 )     877,176  
 
                        
 
                                
Profit (Loss) attributable to:
                                
Owners of the Company
     635,233       1,626,263       (4,930,677 )     1,140,426  
Non-controlling interest
     124       1,850       (589 )     2,220  
 
                        
Profit (Loss) for the period
     635,357       1,628,113       (4,931,266 )     1,142,646  
 
                        
 
                                
Total comprehensive income (loss) attributable to:
                                
Owners of the Company
     1,031,828       1,284,936       (3,779,848 )     875,021  
Non-controlling interest
     192       1,771       (391 )     2,155  
 
                        
Total comprehensive income (loss) for the period
     1,032,020       1,286,707       (3,780,239 )     877,176  
 
                        
 
                                
Earnings (Loss) per share
                                
Basic
     0.04       0.05       (0.28 )     0.04  
Diluted
     0.02       0.04       (0.28 )     0.04  
 
                                
Weighted average number of shares
                                
Basic
     17,542,120       34,869,630       17,514,240       26,137,581  
Diluted
     31,598,040       36,502,278       17,514,240       27,771,648  

 

 

MAKEMYTRIP LIMITED
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                                                                 
    Attributable to equity holders of the Company              
                                    Foreign                      
                            Share based     currency             Non-        
    Share     Share     Accumulated     payment     translation             controlling     Total equity  
    capital     premium     deficit     reserve     reserve     Total     interest     (deficit)  
 
                                                                
Balance as at April 1, 2010
     8,767       11,356,522       (42,510,416 )     7,061,910       (872,218 )     (24,955,435 )     4,390       (24,951,045 )
Total comprehensive income (loss) for the period
                                                                
Profit (Loss) for the period
     —       —       1,140,426       —       —       1,140,426       2,220       1,142,646  
 
                                                                
Other comprehensive income (loss)
                                                                
Foreign currency translation differences
     —       —       —       —       (231,771 )     (231,771 )     (59 )     (231,830 )
Defined benefit plan actuarial gains (losses), net of tax
     —       —       (33,634 )     —       —       (33,634 )     (6 )     (33,640 )
 
                                                
Total other comprehensive income (loss)
     —       —       (33,634 )     —       (231,771 )     (265,405 )     (65 )     (265,470 )
 
                                                
Total comprehensive income (loss) for the period
     —       —       1,106,792       —       (231,771 )     875,021       2,155       877,176  
 
                                                
 
                                                                
Transactions with owners, recorded directly in equity Contributions by owners
                                                                
Share-based payment
     —       —       —       450,316       —       450,316       —       450,316  
Issue of ordinary shares on exercise of share options
     444       4,157,554       —       (2,941,366 )     —       1,216,632       —       1,216,632  
Convertible and redeemable preference shares converted to ordinary shares at initial public offering
     6,162       41,179,783       —       —       —       41,185,945       —       41,185,945  
Issue of ordinary shares through initial public offering, net of issuance costs
     2,077       54,039,405       —       —       —       54,041,482       —       54,041,482  
 
                                                
 
                                                                
Total contributions by owners
     8,683       99,376,742       —       (2,491,050 )     —       96,894,375       —       96,894,375  
 
                                                
 
                                                                
Changes in ownership interests in subsidiaries that do not result in a loss of control
                                                                
Acquisition on non-controlling interest
     —       —       (318,595 )     —       —       (318,595 )     (6,545 )     (325,140 )
 
                                                
Total changes in ownership interest in subsidiaries
     —       —       (318,595 )     —       —       (318,595 )     (6,545 )     (325,140 )
 
                                                
Total transactions with owners
     8,683       99,376,742       (318,595 )     (2,491,050 )     —       96,575,780       (6,545 )     96,569,235  
 
                                                
Balance as at December 31, 2010
     17,450       110,733,264       (41,722,219 )     4,570,860       (1,103,989 )     72,495,366       —       72,495,366  
 
                                                

 

 

 

MAKEMYTRIP LIMITED
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
                 
    For the nine months ended December 31  
    2009     2010  
    (in USD)  
Profit (loss) for the period
     (4,931,266 )     1,142,646  
Adjustments for Non Cash Items
     7,935,846       3,774,390  
Change in working capital
     3,963,795       (14,913,418 )
 
            
Net cash from (used in) operating activities
     6,968,373       (9,996,380 )
 
            
Net cash from (used in) investing activities
     3,784,500       (2,204,721 )
 
            
Net cash from (used in) financing activities
     (119,648 )     52,481,221  
 
            
Increase (Decrease) in cash and cash equivalents
     10,633,224       40,280,120  
Cash and cash equivalents at beginning of the period
     (2,442,385 )     5,345,460  
Effect of exchange rate fluctuations on cash held
     (570,312 )     (419,788 )
 
            
Cash and cash equivalents at end of the period
     7,620,527       45,205,792  
 
            

 

 

 

MAKEMYTRIP LIMITED
RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES
                                                                 
    Three months ended December 31  
    Air ticketing     Hotels and packages     Others     Total  
    2009     2010     2009     2010     2009     2010     2009     2010  
 
                                                                
Revenue
     8,380,028       13,486,354       14,114,980       21,461,034       350,956       845,483       22,845,964       35,792,871  
 
                                                                
Less:
                                                                
Service cost
     183,938       —       11,808,345       18,511,481       —       —       11,992,283       18,511,481  
 
                                                
Revenue less service cost
     8,196,090       13,486,354       2,306,635       2,949,553       350,956       845,483       10,853,681       17,281,390  
 
                                                
 
    Nine months ended December 31  
    Air ticketing     Hotels and packages     Others     Total  
    2009     2010     2009     2010     2009     2010     2009     2010  
 
                                                                
Revenue
     23,535,528       33,756,539       38,056,930       57,704,099       844,964       1,883,465       62,437,422       93,344,103  
 
                                                                
Less:
                                                                
Service cost
     955,442       —       32,025,742       49,335,663       —       —       32,981,184       49,335,663  
 
                                                
Revenue less service cost
     22,580,086       33,756,539       6,031,188       8,368,436       844,964       1,883,465       29,456,238       44,008,440  
 
                                                
                                 
    For the three months ended     For the nine months ended  
Reconciliation of Adjusted Operating Profit (Loss)   December 31     December 31  
(Unaudited)   2009     2010     2009     2010  
    (in USD)  
Result from operating activities as per IFRS
     654,833       1,443,286       (4,795,678 )     3,027,851  
Add: Employee share-based compensation costs
     18,063       143,256       6,624,336       450,316  
 
                        
Adjusted Operating Profit (Loss)
     672,896       1,586,542       1,828,658       3,478,167  
 
                        
 
    For the three months ended     For the nine months ended  
Reconciliation of Adjusted Net Income (Loss)   December 31     December 31  
(Unaudited)   2009     2010     2009     2010  
    (in USD)  
Income (Loss) for the period as per IFRS
     635,357       1,628,113       (4,931,266 )     1,142,646  
Add: Employee share-based compensation costs
     18,063       143,256       6,624,336       450,316  
Add: IPO cost related to listing of existing shares
     —       —       —       2,086,583  
Less: Gain on change in fair market value of derivatives
     (166,862 )     —       (243,558 )     (48,382 )
Add: Interest accretion on preference stock
     277,036       —       819,923       426,291  
 
                        
Adjusted Net Income (Loss)
     763,594       1,771,369       2,269,435       4,057,454  
 
                        
 
                                
Adjusted Earning (Loss) per share
                                
Diluted
     0.02       0.05       0.07       0.15  

 

 

 

MAKEMYTRIP LIMITED
OPERATING DATA
                                 
    For the three months ended     For the nine months ended  
    December 31     December 31  
    2009     2010     2009     2010  
    (in thousands, except percentages)  
Number of transactions
                                
Air ticketing
     477.3       759.2       1288.5       1,970.6  
Hotels and packages
     33.3       50.7       81.6       124.7  
 
                                
Revenue less service cost:
                                
Air ticketing
     8,196.1       13,486.4       22,580.1       33,756.5  
Hotels and packages
     2,306.6       2,949.6       6,031.2       8,368.4  
Other revenue
     351.0       845.5       845.0       1,883.5  
 
                        
 
     10,853.7       17,281.4       29,456.3       44,008.4  
 
                        
 
                                
Gross Bookings
                                
Air ticketing
     106,964.9       183,390.3       290,713.1       468,483.5  
Hotels and packages
     16,440.8       27,214.8       43,152.0       72,753.6  
 
                        
 
     123,405.7       210,605.1       333,865.1       541,237.1  
 
                        
Net revenue margins
                                
Air ticketing
     7.7 %     7.4 %     7.8 %     7.2 %
Hotels and packages
     14.0 %     10.8 %     14.0 %     11.5 %
Combines net revenue margin for air ticketing and hotels and packages
     8.5 %     7.8 %     8.6 %     7.8 %