EX-99.1 2 c21106exv99w1.htm EXHIBIT 99.1 Exhibit 99.1
Exhibit 99.1
MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2012 FIRST QUARTER RESULTS
Financial Highlights
•  
Gross bookings(1) for Air ticketing and Hotels and packages combined increased by $89.5 million to $264.1 million, representing growth of 51.2% year over year (yoy).
•  
Number of Transactions for Air ticketing and Hotels and packages combined increased 54.4% yoy.
•  
Revenue rose 54.3% yoy to $52.0 million.
•  
Revenue less service costs(2) increased 52.3% yoy to $21.1 million.
•  
Net revenue margin(3) for Air ticketing and Hotels and packages combined increased marginally to 7.7% yoy.
•  
Results from operating activities improved yoy to $1.8 million, an increase of $0.5 million from the prior year’s fiscal first quarter. Adjusted operating profit(4) improved to $1.6 million, versus $1.4 million in the prior year’s fiscal first quarter.
•  
Profit for the period was $0.8 million versus $1.3 million in prior year’s fiscal first quarter. Adjusted net income(5) was $1.5 million versus $1.7 million in prior year’s fiscal first quarter.
Gurgaon, India and New York, August 10, 2011 — MakeMyTrip Limited (Nasdaq: MMYT), India’s leading online travel company, today announced its unaudited financial and operating results for its fiscal quarter ended June 30, 2011.
“MakeMyTrip was able to maintain strong growth in the quarter despite uncertain global and domestic economic conditions.” said Deep Kalra, Chairman and CEO. “Our success and market leadership was driven by offering customers great value for innovative travel products and by continuously improving their entire experience with MakeMyTrip. Additionally, our strategic marketing investment this quarter has resulted in very robust growth in transactions and expansion of margins in our Hotels & Packages business, as we worked to further differentiate ourselves from our competitors.”
                         
    3 months Ended     3 months Ended     YoY  
(in thousands except EPS)   June 30, 2010     June 30, 2011     Change  
Financial Summary as per IFRS
                        
Revenue
   $ 33,722.8     $ 52,047.7       54.3 %
Revenue Less Service Costs(2)
   $ 13,859.2     $ 21,104.8       52.3 %
Air Ticketing
   $ 9,989.5     $ 14,408.6       44.2 %
Hotels and Packages
   $ 3,358.7     $ 5,915.5       76.1 %
Other
   $ 510.9     $ 780.7       52.8 %
Results from Operating Activities
   $ 1,259.3     $ 1,791.8       42.3 %
Adjusted Operating Profit(4)
   $ 1,412.3     $ 1,647.9       16.7 %
Profit for the period
   $ 1,310.2     $ 750.9          
Adjusted Net Income (5)
   $ 1,708.3     $ 1,517.6          
Diluted earnings per share
   $ 0.05     $ 0.02          
Adjusted Diluted earnings per share(5)
   $ 0.05     $ 0.04          
 
                        
Operating Metrics
                        
Gross Bookings
   $ 174,644.0     $ 264,116.0       51.2 %
Air Ticketing
   $ 146,479.9     $ 218,819.6       49.4 %
Hotels and Packages
   $ 28,164.1     $ 45,296.4       60.8 %
Number of Transactions
                        
Air Ticketing
     590.5       904.1       53.1 %
Hotels and Packages
     42.6       73.3       72.1 %
     
(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, Cost related to follow-on public offering, interest expense on the liability portion of preference shares, interest accretion on financial liability related to business combination, changes in the fair market value of embedded derivatives in the preference shares and income tax benefit (expense).
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 IFRS financial measures to non-IFRS operating results are included at the end of this release.

 

 

 

Recent Developments
Investment in Le Travenues Technology Private Limited
On July 4, 2011, we entered into a share purchase agreement to acquire 19.9% of Le Travenues Technology Private Limited, which owns and operates www.ixigo.com, an online travel meta search engine. We have agreed to pay cash consideration of $4.8 million for the purchase of new shares as well as existing shares. SAIF, our largest shareholder, has also agreed to acquire 56.7% of Le Travenues Technology Private Limited for $13.7 million. We expect to complete this share acquisition in August 2011. We believe this investment has synergies with and benefits our online travel business.
Acquisition of majority stake in Luxury Tours & Travel Pte Ltd
On May 9, 2011, we acquired approximately 79% equity stake in Luxury Tours & Travel Pte Ltd (LTT), a Singapore-based travel agency that provides hotel reservations, excursion tours and other related services to inbound and outbound travelers in Singapore and the region, in accordance with the terms of the share purchase agreement dated February 9, 2011 entered into with LTT and its existing shareholders. We paid cash consideration of approximately $3.0 million, subject to working capital adjustment in accordance with the terms of the share purchase agreement. We plan to invest approximately $0.8 million in one or more tranches until June 2012 for the subscription of new equity shares to be issued by LTT. Accordingly, in June 2011, we invested approximately $0.4 million pending the allotment of shares.
We have also agreed to acquire the remaining shares of LTT from the existing shareholders in cash, in three tranches, over a three year earn-out period ending June 2014. The earn-out will be based on a valuation linked to future profitability of LTT. We intend to leverage this acquisition to build a position of strength in Southeast Asia through relationships with local hotels and vendors.
The operations of LTT have been consolidated in the financial statements of the Company from May 9, 2011.

 

 

 

Fiscal 2012 First Quarter Financial Results
Revenue. We generated revenue of $52.0 million in the quarter ended June 30, 2011, an increase of 54.3% over revenue of $33.7 million in the quarter ended June 30, 2010.
Air Ticketing. Revenue from our air ticketing business increased by 46.9% to $14.7 million in the quarter ended June 30, 2011 from $10.0 million in the quarter ended June 30, 2010. Our Revenue less service cost increased by 44.2% to $14.4 million in the quarter ended June 30, 2011 from $10.0 million in the quarter ended June 30, 2010. This was due to increase in gross bookings of 49.4% partially offset by a decrease in net revenue margin from 6.8% in the quarter ended June 30, 2010 to 6.6% in the quarter ended June 30, 2011.
Hotels and Packages. Revenue from our hotels and packages business increased by 57.6% to $36.6 million in the quarter ended June 30, 2011 from $23.2 million in the quarter ended June 30, 2010. Our Revenue less service cost increased by 76.1% to $5.9 million in the quarter ended June 30, 2011 from $3.4 million in the quarter ended June 30, 2010. This was due to an increase in gross bookings by 60.8%, partially contributed by increase in net revenue margin from 11.9% in the quarter ended June 30, 2010 to 13.1% in the quarter ended June 30, 2011. Hotels and packages net revenue margins increased from the previous quarter’s margin of 11.6%.
Other Revenue. Our other revenue increased to $0.8 million in the quarter ended June 30, 2011 from $0.5 million in the quarter ended June 30, 2010, primarily due to increase in sale of rail tickets and bus tickets and other miscellaneous income.
Total Revenue less Service Cost. Our total revenue less service cost increased by 52.3% to $21.1 million in the quarter ended June 30, 2011 from $13.9 million in the quarter ended June 30, 2010 as a result of a 44.2% increase in our air ticketing revenue less service cost, as well as a 76.1% increase in our hotels and packages revenue less service cost.
Personnel Expenses. Personnel expenses increased to $4.3 million in the quarter ended June 30, 2011 from $3.5 million in the quarter ended June 30, 2010, mainly as a result of increases in annual wages and in average employee headcount year over year in the quarter ended June 30, 2011. This growth reflects an overall increase in business partially offset by employee share-based compensation costs of $(0.14) million in quarter ended June 30, 2011 as against $0.15 million in quarter ended June 30, 2010. Excluding employee share-based compensation costs, personnel expenses as a percentage of net revenue decreased by 292 basis points year over year and by 47 basis points quarter to quarter to 20.9%.
Other Operating Expenses. Other operating expenses increased by 66.5% to $14.5 million in the quarter ended June 30, 2011 from $8.7 million in the quarter ended June 30, 2010, primarily as a result of an increase in advertising and business promotion expenses primarily due to our planned brand awareness initiative “Memories Unlimited” campaign, payment gateway charges, and outsourcing fees expenses in line with the growth in our business. Other Operating Expenses as a percentage of net revenue increased by 5.9% year over year to 68.6%.
Results from Operating Activities. As a result of the foregoing factors, our results from operating activities improved to a profit of $1.8 million in the quarter ended June 30, 2011 from a profit of $1.3 million in the quarter ended June 30, 2010. Excluding the effects of our employee share-based compensation costs for both quarters ended June 30, 2011 and 2010, we would have recorded an operating profit of $1.6 million in the quarter ended June 30, 2011 and an operating profit of $1.4 million in the quarter ended June 30, 2010.
Net Finance Income (Costs). Our net finance income (cost) increased to $(1.0) million in the quarter ended June 30, 2011 from $0.05 million in the quarter ended June 30, 2010, primarily due to follow-on public offering costs of $0.9 million in the current quarter, higher forex loss of $(0.3) million in the quarter ended June 30, 2011 partially offset by ($0.3) million interest accrued on the liability portion of our preference shares in the quarter ended June 30, 2010.
Profit 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 June 30, 2011 was $0.8 million as compared to a profit of $1.3 million in the quarter ended June 30, 2010. Excluding the effects of employee share-based compensation costs for both fiscal first quarter of 2011-12 and 2010-11, follow-on public offering costs of $0.9 million in the current quarter, interest accrued on the liability portion of preference shares, interest accretion on financial liability related to business combination and changes in fair market value of embedded derivatives in the preference shares, we would have recorded a net profit of $1.5 million in the quarter ended June 30, 2011 and a net profit of $1.7 million in the quarter ended June 30, 2010.
Earnings per share. Diluted earnings per share were $0.02 for the quarter ended June 30, 2011 as compared to earnings per share of $0.05 in the prior fiscal year’s corresponding quarter. Adjusted for follow-on public offering cost, interest accrued on the liability portion of preference shares, interest accretion on financial liability related to business combination and employee share-based compensation costs as mentioned in the preceding paragraph, diluted earnings per share were $0.04 in the quarter ended June 30, 2011, compared to diluted earnings per share of $0.05 in the quarter ended June 30, 2010.

 

 

 

Fiscal Year 2011-12 Outlook
The Company continues to be optimistic of its long term growth prospects as the travel industry continues to increase capacity to accommodate the demands for travel by the fast growing middle class and Internet population in India. The company is currently maintaining its Fiscal 2012 full year guidance range for Revenue less service costs at $86 to $89 million as global economic uncertainties persists.
Conference Call
MakeMyTrip will host a conference call to discuss the company’s results for the quarter ended June 30, 2011 beginning at 7:30 a.m. EDT on August 10, 2011. To participate, please dial 1-866-405-2350 from within the U.S. or +65-6723-9388 from any other country. Thereafter, callers will be prompted to enter the participant passcode 84373270. 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 two 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 84373270. 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, expenses such as Follow-on public offering costs, gain or loss in fair market value of the embedded options within preference stock, interest accretion on financial liability related to business combination and income tax benefit (expense)) 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 F-1 dated May 26, 2011, 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, MakeMyTrip.com Inc. and Luxury Tours & Travel Pte Ltd, Singapore. 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 4,700 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 June 30,  
    2011     2011  
    (in USD)  
Assets
                
Property, plant and equipment
     3,762,598       5,463,554  
Intangible assets
     2,796,840       7,156,338  
Trade and other receivables, net
     600,067       568,118  
Term deposits
     706,873       700,938  
Other non-current assets
     219,021       204,832  
Deferred tax assets
     2,924,308       2,921,122  
 
            
Total non-current assets
     11,009,707       17,014,902  
 
                
Inventories
     —       1,914,379  
Current tax assets
     3,855,431       4,332,243  
Trade and other receivables, net
     12,257,102       15,908,831  
Term deposits
     16,235,047       38,462,565  
Other current assets
     17,852,029       18,753,435  
Cash and cash equivalents
     51,730,321       63,615,805  
 
            
Total current assets
     101,929,930       142,987,258  
 
            
Total assets
     112,939,637       160,002,160  
 
            
 
                
Equity
                
Share capital
     17,546       18,423  
Share premium
     111,541,661       148,799,464  
Accumulated deficit
     (38,024,060 )     (38,121,728 )
Share based payment reserve
     3,914,844       3,041,386  
Foreign currency translation reserve
     (1,174,111 )     (1,231,177 )
 
            
Total equity attributable to equity holders of the Company
     76,275,880       112,506,368  
Non-controlling interest
     —       75,080  
 
            
Total equity
     76,275,880       112,581,448  
 
            
 
                
Liabilities
                
Loans and borrowings
     148,923       312,852  
Employee benefits
     667,050       726,147  
Deferred tax liabilities
     —       93,128  
Other non-current liabilities
     503,320       1,448,988  
 
            
Total non-current liabilities
     1,319,293       2,581,115  
 
                
Bank overdraft
     3,855,977       4,220,801  
Loans and borrowings
     60,634       155,427  
Trade and other payables
     29,694,702       38,896,076  
Deferred income
     26,533       26,504  
Other current liabilities
     1,706,618       1,540,789  
 
            
Total current liabilities
     35,344,464       44,839,597  
 
            
Total liabilities
     36,663,757       47,420,712  
 
            
Total equity and liabilities
     112,939,637       160,002,160  
 
            

 

 

 

MAKEMYTRIP LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                 
    For the three months ended June 30  
    2010     2011  
    (in USD)  
Revenue
                
Air ticketing
     9,989,526       14,677,637  
Hotels and packages
     23,222,344       36,589,345  
Other revenue
     510,913       780,698  
 
            
Total revenue
     33,722,783       52,047,680  
 
                
Service cost
                
Procurement cost of hotel and packages services
     19,863,618       30,673,822  
Purchase of air tickets coupon
     —       269,035  
Personnel expenses
     3,455,602       4,268,650  
Other operating expenses
     8,695,247       14,476,584  
Depreciation and amortization
     449,000       567,818  
 
            
Result from operating activities
     1,259,316       1,791,771  
 
                
Finance income
     435,854       461,833  
Finance costs
     383,766       1,504,484  
 
            
Net finance income (costs)
     52,088       (1,042,651 )
 
            
 
                
Profit before tax
     1,311,404       749,120  
Income tax benefit (expense)
     (1,209 )     1,796  
 
            
Profit for the period
     1,310,195       750,916  
 
                
Other comprehensive income (loss)
                
Foreign currency translation differences on foreign operations
     (455,990 )     (60,419 )
 
            
Other comprehensive loss for the period, net of tax
     (455,990 )     (60,419 )
 
            
Total comprehensive income for the period
     854,205       690,497  
 
            
 
                
Profit (Loss) attributable to:
                
Owners of the Company
     1,309,899       756,849  
Non-controlling interest
     296       (5,933 )
 
            
Profit for the period
     1,310,195       750,916  
 
            
 
                
Total comprehensive income (loss) attributable to:
                
Owners of the Company
     853,987       699,783  
Non-controlling interest
     218       (9,286 )
 
            
Total comprehensive income for the period
     854,205       690,497  
 
            
 
                
Earnings per share
                
Basic
     0.07       0.02  
Diluted
     0.05       0.02  
 
                
Weighted average number of shares
                
Basic
     17,556,560       35,688,911  
Diluted
     31,838,562       36,933,491  

 

 

 

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        
    capital     premium     deficit     reserve     reserve     Total     interest     Total equity  
    (In USD)  
Balance as at April 1, 2011
     17,546       111,541,661       (38,024,060 )     3,914,844       (1,174,111 )     76,275,880       —       76,275,880  
Total comprehensive income (loss) for the period
                                                                
Profit (loss) for the period
     —       —       756,849       —       —       756,849       (5,933 )     750,916  
 
                                                                
Other comprehensive income (loss)
                                                                
Foreign currency translation differences
     —       —       —       —       (57,066 )     (57,066 )     (3,353 )     (60,419 )
 
                                                
Total other comprehensive loss
     —       —       —       —       (57,066 )     (57,066 )     (3,353 )     (60,419 )
 
                                                
Total comprehensive income (loss) for the period
     —       —       756,849       —       (57,066 )     699,783       (9,286 )     690,497  
 
                                                
 
                                                                
Transactions with owners, recorded directly in equity Contributions by owners
                                                                
Share-based payment
     —       —       —       (143,911 )     —       (143,911 )     —       (143,911 )
Issue of ordinary shares on exercise of share options
     104       981,362       —       (713,130 )     —       268,336       —       268,336  
Transfer to accumulated defecit on expiry of share options
     —       —       16,417       (16,417 )     —       —       —       —  
Issue of ordinary shares through follow-on public offering, net of issuance costs
     773       36,276,441       —       —       —       36,277,214       —       36,277,214  
 
                                                
Total contributions by owners
     877       37,257,803       16,417       (873,458 )     —       36,401,639       —       36,401,639  
 
                                                
 
                                                                
Changes in ownership interests in subsidiaries
                                                                
Financial liability for acquisition of non-controlling interest
     —       —       (870,934 )     —       —       (870,934 )     —       (870,934 )
Acquisition of subsidiary with non-controlling interests
     —       —       —       —       —       —       84,366       84,366  
 
                                                
Total changes in ownership interest in subsidiaries
     —       —       (870,934 )     —       —       (870,934 )     84,366       (786,568 )
 
                                                
Total transactions with owners
     877       37,257,803       (854,517 )     (873,458 )     —       35,530,705       84,366       35,615,071  
 
                                                
Balance as at June 30, 2011
     18,423       148,799,464       (38,121,728 )     3,041,386       (1,231,177 )     112,506,368       75,080       112,581,448  
 
                                                

 

 

 

MAKEMYTRIP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
                 
    For the three months ended June 30,  
    2010     2011  
    (in USD)  
Profit for the period
     1,310,195       750,916  
Adjustments for Non Cash Items
     557,098       1,521,723  
Change in working capital
     596,201       562,339  
 
            
Net cash from operating activities
     2,463,494       2,834,978  
 
            
Net cash used in investing activities
     (317,825 )     (27,440,212 )
 
            
Net cash from (used in) financing activities
     (32,585 )     36,403,020  
 
            
Increase in cash and cash equivalents
     2,113,084       11,797,786  
 
                
Cash and cash equivalents at beginning of the period
     5,345,460       47,874,344  
Effect of exchange rate fluctuations on cash held
     (95,808 )     (277,125 )
 
            
Cash and cash equivalents at end of the period
     7,362,736       59,395,004  
 
            

 

 

 

MAKEMYTRIP LIMITED
RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES
                                                                 
    Three months ended June 30  
    Air ticketing     Hotels and packages     Others     Total  
    2010     2011     2010     2011     2010     2011     2010     2011  
                            (in USD)                          
Revenue
     9,989,526       14,677,637       23,222,344       36,589,345       510,913       780,698       33,722,783       52,047,680  
 
                                                                
Less:
                                                                
Service cost
     —       269,035       19,863,618       30,673,822       —       —       19,863,618       30,942,857  
 
                                                
Revenue less service cost
     9,989,526       14,408,602       3,358,726       5,915,523       510,913       780,698       13,859,165       21,104,823  
 
                                                
                 
Reconciliation of Adjusted Operating Profit   For the three months ended June 30  
(Unaudited)   2010     2011  
    (in USD)  
Result from operating activities as per IFRS
     1,259,316       1,791,771  
Add: Employee share-based compensation costs
     152,951       (143,911 )
 
            
Adjusted Operating Profit
     1,412,267       1,647,860  
 
            
                 
Reconciliation of Adjusted Net Income   For the three months ended June 30  
(Unaudited)   2010     2011  
    (in USD)  
Income for the period as per IFRS
     1,310,195       750,916  
Add: Employee share-based compensation costs
     152,951       (143,911 )
Add: Cost related to follow-on public offerings
     —       879,994  
Less: Gain on change in fair market value of derivatives
     (36,701 )     —  
Add: Interest accretion on preference stock
     280,634       —  
Add: Interest accretion on financial liability related to business combination
     —       32,374  
Add: Income tax (benefit) expense
     1,209       (1,796 )
 
            
Adjusted Net Income
     1,708,288       1,517,577  
 
            
 
                
Adjusted Earning per share
                
Diluted
     0.05       0.04  

 

 

 

MAKEMYTRIP LIMITED
OPERATING DATA
                 
    For the three months ended June 30  
    2010     2011  
    (in thousands, except percentages)  
Number of transactions
                
Air ticketing
     590.5       904.1  
Hotels and packages
     42.6       73.3  
 
                
Revenue less service cost:
                
Air ticketing
     9,989.5       14,408.6  
Hotels and packages
     3,358.7       5,915.5  
Other revenue
     510.9       780.7  
 
            
 
   $ 13,859.2     $ 21,104.8  
 
            
 
                
Gross Bookings
                
Air ticketing
     146,479.9       218,819.6  
Hotels and packages
     28,164.1       45,296.4  
 
            
 
   $ 174,644.0     $ 264,116.0  
 
            
 
                
Net revenue margins
                
Air ticketing
     6.8 %     6.6 %
Hotels and packages
     11.9 %     13.1 %
 
                
Combines net revenue margin for air ticketing and hotels and packages
     7.6 %     7.7 %