EX-99.1 2 c24344exv99w1.htm EXHIBIT 99.1 Exhibit 99.1
Exhibit 99.1
MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2012 SECOND QUARTER RESULTS
Financial Highlights
•  
Gross bookings(1) for Air ticketing and Hotels and packages combined increased by $89.0 million to $245.0 million, representing growth of 57.0% year over year (yoy).
•  
Number of Transactions for Air ticketing and Hotels and packages combined increased 64.0% yoy.
•  
Revenue rose 83.8% yoy to $43.8 million.
•  
Revenue less service costs(2) increased 65.8% yoy to $21.3 million.
•  
Net revenue margin(3) for Air ticketing and Hotels and packages combined increased by 0.4% to 8.3% yoy.
•  
Results from operating activities improved yoy to $0.9 million, an increase of $0.6 million from the prior year’s fiscal second quarter. Adjusted operating profit(4) improved to $2.3 million, versus $0.5 million in the prior year’s fiscal second quarter.
•  
Profit (Loss) for the period was $0.07 million versus $(1.8) million in the prior year’s fiscal second quarter. Adjusted net income(5) was $1.5 million versus $0.6 million in the prior year’s fiscal second quarter.
Gurgaon, India and New York, November 8, 2011 — MakeMyTrip Limited (Nasdaq: MMYT), India’s leading online travel company, today announced its unaudited financial and operating results for its fiscal quarter ended September 30, 2011.
“MakeMyTrip has performed quite well in the seasonally slow second quarter” said Deep Kalra, Chairman and CEO. “Our success was driven by our relentless focus on delivering a great user experience and unmatched value for MakeMyTrip customers as the travel market in India continues to move online.”
                         
    3 months Ended     3 months Ended     YoY  
(in thousands except EPS)   September 30, 2010     September 30, 2011     Change  
 
Financial Summary as per IFRS
                        
Revenue
   $ 23,828.4     $ 43,790.0       83.8 %
Revenue Less Service Costs(2)
   $ 12,867.9     $ 21,333.2       65.8 %
Air Ticketing
   $ 10,280.7     $ 16,638.0       61.8 %
Hotels and Packages
   $ 2,060.2     $ 3,784.7       83.7 %
Other
   $ 527.1     $ 910.5       72.7 %
Results from Operating Activities
   $ 325.2     $ 932.7       186.8 %
Adjusted Operating Profit(4)
   $ 479.4     $ 2,330.8       386.2 %
Profit (Loss) for the period
   $ (1,795.7 )   $ 74.2          
Adjusted Net Income(5)
   $ 579.0     $ 1,526.0       163.5 %
Diluted earnings (loss) per share
   $ (0.07 )   $ 0.003          
Adjusted Diluted earnings per share(5)
   $ 0.02     $ 0.04          
 
                        
Operating Metrics
                        
Gross Bookings
   $ 155,988.0     $ 244,950.0       57.0 %
Air Ticketing
   $ 138,613.3     $ 213,709.1       54.2 %
Hotels and Packages
   $ 17,374.7     $ 31,240.9       79.8 %
Number of Transactions
                        
Air Ticketing
     620.9       995.9       60.4 %
Hotels and Packages
     31.4       74.2       135.8 %
     
(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. IFRS refers to International Financial Reporting Standards as issued by the International Accounting Standards Board.
 
(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, costs related to initial 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 My Guest House Accommodations Private Limited
On November 8, 2011, we entered into a shareholders’ agreement and share subscription and purchase agreement with My Guest House Accommodations Private Limited (MGH) and its existing shareholders. Pursuant to these agreements, we can acquire 100% of MGH’s ordinary shares through an earn out structure based upon the achievement of various business parameters spread over eight years. We expect the first closing to take place in November 2011, pursuant to which the Company will acquire an approximately 29% stake in MGH against a cash investment of approximately $1.0 million.
MGH is based in New Delhi, India and is engaged in the business of aggregation, sales and distribution of hotel room inventory with a special focus on budget lodging accommodations and serviced apartments. We believe the investment strengthens our presence in the distribution of low budget accommodation inventory. It will also strengthen our connectivity with hotels in India and allow us to improve efficiency in the distribution of hotel room inventories.
Resignation of Mr. Sanjeev Aggarwal from the Board of Directors of the Company
Mr. Sanjeev Aggarwal has on November 1, 2011 tendered his resignation as a director of the Company. The Board, in its meeting held on November 7, 2011, has noted and approved the same effective November 1, 2011. Consequently, the current Board of directors of the Company comprises of 8 directors.

 

 

 

Fiscal 2012 Second Quarter Financial Results(1)
Revenue. We generated revenue of $43.8 million in the quarter ended September 30, 2011, an increase of 83.8% over revenue of $23.8 million in the quarter ended September 30, 2010.
Air Ticketing. Revenue from our air ticketing business increased by 85.1% to $19.0 million in the quarter ended September 30, 2011 from $10.3 million in the quarter ended September 30, 2010. Our Revenue less service costs increased by 61.8% to $16.6 million in the quarter ended September 30, 2011 from $10.3 million in the quarter ended September 30, 2010. This was due to increase in gross bookings of 54.2% as well as an increase in net revenue margin from 7.4% in the quarter ended September 30, 2010 to 7.8% in the quarter ended September 30, 2011.
Hotels and Packages. Revenue from our hotels and packages business increased by 83.2% to $23.8 million in the quarter ended September 30, 2011 from $13.0 million in the quarter ended September 30, 2010. Our Revenue less service costs increased by 83.7% to $3.8 million in the quarter ended September 30, 2011 from $2.1 million in the quarter ended September 30, 2010. This was due to an increase in gross bookings by 79.8% as well as increase in net revenue margin from 11.9% in the quarter ended September 30, 2010 to 12.1% in the quarter ended September 30, 2011.
Other Revenue. Our other revenue increased to $0.9 million in the quarter ended September 30, 2011 from $0.5 million in the quarter ended September 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 65.8% to $21.3 million in the quarter ended September 30, 2011 from $12.9 million in the quarter ended September 30, 2010 as a result of a 61.8% increase in our air ticketing revenue less service cost, as well as a 83.7% increase in our hotels and packages revenue less service cost.
Personnel Expenses. Personnel expenses increased to $6.7 million in the quarter ended September 30, 2011 from $3.4 million in the quarter ended September 30, 2010, mainly as a result of employee share-based compensation costs of $1.4 million on RSU’s granted to employees in the current quarter as well as due to increases in annual wages and average employee headcount year over year in the quarter ended September 30, 2011. Excluding employee share-based compensation costs, personnel expenses as a percentage of net revenue remained at the same level of 24.9% year over year and increased by 4% from 20.9% in the previous quarter.
Other Operating Expenses. Other operating expenses increased by 49.1% to $13.0 million in the quarter ended September 30, 2011 from $8.7 million in the quarter ended September 30, 2010, primarily as a result of an increase in payment gateway charges, advertising and business promotion expenses and outsourcing expenses in line with the growth in our business. Other Operating Expenses as a percentage of net revenue decreased by 6.8% year over year to 61.0% driven primarily by operating leverage from advertising and business promotion expenses.
Results from Operating Activities. As a result of the foregoing factors, our results from operating activities improved to a profit of $0.9 million in the quarter ended September 30, 2011 from a profit of $0.3 million in the quarter ended September 30, 2010. Excluding the effects of our employee share-based compensation costs for both quarters ended September 30, 2011 and 2010, we would have recorded an operating profit of $2.3 million in the quarter ended September 30, 2011 and an operating profit of $0.5 million in the quarter ended September 30, 2010.
Net Finance Income (Cost). Our net finance income (cost) decreased to $(0.9) million in the quarter ended September 30, 2011 from $(2.1) million in the quarter ended September 30, 2010, primarily due to initial public offering costs of $2.1 million in the prior fiscal year’s corresponding quarter, offset by a higher foreign exchange loss of $(0.8) million in the quarter ended September 30, 2011 due to depreciation of the Indian rupee versus US dollar.
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 September 30, 2011 was $0.07 million as compared to a loss of $(1.8) million in the quarter ended September 30, 2010. Excluding the effects of employee share-based compensation costs for both fiscal second quarter of 2011-12 and 2010-11, initial public offering costs, interest accrued on the liability portion of preference shares, changes in fair market value of embedded derivatives in the preference shares in the second quarter of fiscal 2010-11, and interest accretion on financial liability related to business combination in the second quarter of fiscal 2011-12, we would have recorded a net profit of $1.5 million in the quarter ended September 30, 2011 and a net profit of $0.6 million in the quarter ended September 30, 2010.
Earnings per share. Diluted earnings per share were $0.003 for the quarter ended September 30, 2011 as compared to losses per share of $(0.07) in the prior quarter ended September 30, 2010. Adjusted for initial public offering costs, 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 September 30, 2011, compared to diluted earnings per share of $0.02 in the quarter ended September 30, 2010.
 
     
(1)  
Our consolidated operating and financial results for the quarter ended September 30, 2011 include the operating and financial results of LTT, respectively. On May 9, 2011, we acquired approximately 79% of LTT and agreed to acquire the remaining shares in three tranches over a three-year earn-out period.

 

 

 

Fiscal Year 2011-12 Outlook
The Company continues to be optimistic of its long term growth prospects and would like to reaffirm the Fiscal 2012 full year guidance range for Revenue less service costs at $86 to $89 million. It may however be noted that the guidance is being maintained keeping in mind the uncertainties in the operating environment, including high domestic crude oil prices in India and more recently an unexpected weakening of the Indian rupee relative to the U.S. dollar.
Conference Call
MakeMyTrip will host a conference call to discuss the company’s results for the quarter ended September 30, 2011 beginning at 7:30 a.m. EST on November 8, 2011. To participate, please dial 1-855-500-8701 from within the U.S. or + 65-6723-9385 from any other country. Thereafter, callers will be prompted to enter the participant passcode 22581935. 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 weeks by dialing +1-866-214-5335 in the U.S. or by dialing +61-2-8235-5000 from any other country and using passcode 22581935. 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 costs 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 initial public offering costs, 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 20-F dated September 2, 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., Luxury Tours & Travel Pte Ltd, Singapore (LTT) and Luxury Tours (Malaysia) Sdn Bhd. 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 6,000 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 September  
    2011     30, 2011  
    (in USD)  
Assets
                
Property, plant and equipment
     3,762,598       5,136,505  
Intangible assets
     2,796,840       7,053,290  
Trade and other receivables, net
     600,067       894,017  
Other investments
     —       4,845,480  
Term deposits
     706,873       582,335  
Other non-current assets
     219,021       546,208  
Deferred tax assets
     2,924,308       2,669,030  
 
            
Total non-current assets
     11,009,707       21,726,865  
 
                
Inventories
     —       4,134,149  
Current tax assets
     3,855,431       4,995,000  
Trade and other receivables, net
     12,257,102       17,293,552  
Term deposits
     16,235,047       35,758,252  
Other current assets
     17,852,029       35,637,368  
Cash and cash equivalents
     51,730,321       39,646,279  
 
            
Total current assets
     101,929,930       137,464,600  
 
            
Total assets
     112,939,637       159,191,465  
 
            
 
                
Equity
                
Share capital
     17,546       18,463  
Share premium
     111,541,661       149,146,710  
Accumulated deficit
     (38,024,060 )     (37,998,024 )
Share based payment reserve
     3,914,844       4,250,075  
Foreign currency translation reserve
     (1,174,111 )     (6,069,829 )
 
            
Total equity attributable to equity holders of the Company
     76,275,880       109,347,395  
Non-controlling interest
     —       (2,247 )
 
            
Total equity
     76,275,880       109,345,148  
 
            
 
                
Liabilities
                
Loans and borrowings
     148,923       246,033  
Employee benefits
     667,050       689,264  
Deferred tax liabilities
     —       85,890  
Other non-current liabilities
     503,320       1,386,966  
 
            
Total non-current liabilities
     1,319,293       2,408,153  
 
                
Bank overdraft
     3,855,977       9,437,544  
Loans and borrowings
     60,634       140,159  
Trade and other payables
     29,694,702       36,510,277  
Deferred income
     26,533       24,217  
Other current liabilities
     1,706,618       1,325,967  
 
            
Total current liabilities
     35,344,464       47,438,164  
 
            
Total liabilities
     36,663,757       49,846,317  
 
            
Total equity and liabilities
     112,939,637       159,191,465  
 
            

 

 

 

MAKEMYTRIP LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
                                 
    For the three months ended     For the six months ended  
    September 30     September 30  
    2010     2011     2010     2011  
    (in USD)  
Revenue
                                
Air ticketing
     10,280,659       19,030,864       20,270,185       33,708,501  
Hotels and packages
     13,020,721       23,848,605       36,243,065       60,437,950  
Other revenue
     527,069       910,500       1,037,982       1,691,198  
 
                        
Total revenue
     23,828,449       43,789,969       57,551,232       95,837,649  
 
                                
Service cost
                                
Procurement cost of hotel and packages services
     10,960,564       20,063,906       30,824,182       50,737,728  
Cost of air tickets coupon
     —       2,392,904       —       2,661,939  
Personnel expenses
     3,357,443       6,718,390       6,813,045       10,987,040  
Other operating expenses
     8,731,378       13,019,479       17,426,625       27,496,063  
Depreciation and amortization
     453,815       662,611       902,815       1,230,429  
 
                        
Result from operating activities
     325,249       932,679       1,584,565       2,724,450  
 
                                
Finance income
     357,497       428,699       726,718       890,532  
Finance costs
     2,478,408       1,290,262       2,795,541       2,794,746  
 
                        
Net finance costs
     (2,120,911 )     (861,563 )     (2,068,823 )     (1,904,214 )
 
                        
Profit (loss) before tax
     (1,795,662 )     71,116       (484,258 )     820,236  
 
                                
Income tax benefit (expense)
     —       3,124       (1,209 )     4,920  
 
                        
Profit (loss) for the period
     (1,795,662 )     74,240       (485,467 )     825,156  
 
                                
Other comprehensive income (loss)
                                
Foreign currency translation differences on foreign operations
     565,566       (4,869,160 )     109,576       (4,929,579 )
Defined benefit plan actuarial losses
     (33,640 )     2,646       (33,640 )     2,646  
 
                        
Other comprehensive income (loss) for the period, net of tax
     531,926       (4,866,514 )     75,936       (4,926,933 )
 
                        
Total comprehensive loss for the period
     (1,263,736 )     (4,792,274 )     (409,531 )     (4,101,777 )
 
                        
 
                                
Profit (Loss) attributable to:
                                
Owners of the Company
     (1,795,736 )     121,058       (485,837 )     877,907  
Non-controlling interest
     74       (46,818 )     370       (52,751 )
 
                        
Profit (loss) for the period
     (1,795,662 )     74,240       (485,467 )     825,156  
 
                        
Total comprehensive income (loss) attributable to:
                                
Owners of the Company
     (1,263,902 )     (4,714,947 )     (409,915 )     (4,015,164 )
Non-controlling interest
     166       (77,327 )     384       (86,613 )
 
                        
Total comprehensive income (loss) for the period
     (1,263,736 )     (4,792,274 )     (409,531 )     (4,101,777 )
 
                        
 
                                
Earnings (loss) per share
                                
Basic
     (0.07 )     0.003       (0.02 )     0.02  
Diluted
     (0.07 )     0.003       (0.02 )     0.02  
 
                                
Weighted average number of shares
                                
Basic
     25,890,553       36,882,797       21,723,732       36,292,257  
Diluted
     25,890,553       38,146,258       21,723,732       37,724,303  

 

 

 

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
     —       —       877,907       —       —       877,907       (52,751 )     825,156  
 
                                                                
Other comprehensive income (loss)
                                                                
Foreign currency translation differences
     —       —       —       —       (4,895,718 )     (4,895,718 )     (33,862 )     (4,929,580 )
Defined benefit plan actuarial gains (losses), net of tax
     —       —       2,646       —       —       2,646       —       2,646  
 
                                                
Total other comprehensive income (loss)
     —       —       2,646       —       (4,895,718 )     (4,893,072 )     (33,862 )     (4,926,934 )
 
                                                
Total comprehensive income (loss) for the period
     —       —       880,553       —       (4,895,718 )     (4,015,165 )     (86,613 )     (4,101,778 )
 
                                                
 
                                                                
Transactions with owners, recorded directly in equity Contributions by owners
                                                                
Share-based payment
     —       —       —       1,254,257       —       1,254,257       —       1,254,257  
Issue of ordinary shares on exercise of share options
     144       1,328,608       —       (902,609 )     —       426,143       —       426,143  
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
     917       37,605,049       16,417       335,231       —       37,957,614       —       37,957,614  
 
                                                
 
                                                                
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
     917       37,605,049       (854,517 )     335,231       —       37,086,680       84,366       37,171,046  
 
                                                
Balance as at September 30, 2011
     18,463       149,146,710       (37,998,024 )     4,250,075       (6,069,829 )     109,347,395       (2,247 )     109,345,148  
 
                                                

 

 

 

MAKEMYTRIP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
                 
    For the six months ended  
    September 30  
    2010     2011  
    (in USD)  
Profit (loss) for the period
     (485,467 )     825,156  
Adjustments for Non Cash Items
     3,285,872       4,444,941  
Change in working capital
     (4,775,489 )     (25,323,762 )
 
            
Net cash used in operating activities
     (1,975,083 )     (20,053,663 )
 
            
Net cash used in investing activities
     (525,457 )     (31,629,793 )
 
            
Net cash from financing activities
     54,207,299       35,174,170  
 
            
Increase (decrease) in cash and cash equivalents
     51,706,759       (16,509,286 )
 
Cash and cash equivalents at beginning of the period
     5,345,460       47,874,344  
Effect of exchange rate fluctuations on cash held
     (71,756 )     (1,156,323 )
 
            
Cash and cash equivalents at end of the period
     56,980,463       30,208,735  
 
            

 

 

 

MAKEMYTRIP LIMITED
RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES
                                                                 
    Three months ended September 30  
    Air ticketing     Hotels and packages     Others     Total  
    2010     2011     2010     2011     2010     2011     2010     2011  
    (in USD)  
Revenue
     10,280,659       19,030,864       13,020,721       23,848,605       527,069       910,500       23,828,449       43,789,969  
 
                                                                
Less:
                                                                
Service cost
     —       2,392,904       10,960,564       20,063,906       —       —       10,960,564       22,456,810  
 
                                                
Revenue less service cost
     10,280,659       16,637,960       2,060,157       3,784,699       527,069       910,500       12,867,885       21,333,159  
 
                                                
 
    Six months ended September 30  
    Air ticketing     Hotels and packages     Others     Total  
    2010     2011     2010     2011     2010     2011     2010     2011  
Revenue
     20,270,185       33,708,501       36,243,065       60,437,950       1,037,982       1,691,198       57,551,232       95,837,649  
 
                                                                
Less:
                                                                
Service cost
     —       2,661,939       30,824,182       50,737,728       —       —       30,824,182       53,399,667  
 
                                                
Revenue less service cost
     20,270,185       31,046,562       5,418,883       9,700,222       1,037,982       1,691,198       26,727,050       42,437,982  
 
                                                
                                 
    For the three months ended     For the six months ended  
Reconciliation of Adjusted Operating Profit   September 30     September 30  
(Unaudited)   2010     2011     2010     2011  
    (in USD)  
Result from operating activities as per IFRS
     325,249       932,679       1,584,565       2,724,450  
Add: Employee share-based compensation costs
     154,109       1,398,168       307,060       1,254,257  
 
                        
Adjusted Operating Profit
     479,358       2,330,847       1,891,625       3,978,707  
 
                        
                                 
    For the three months ended     For the six months ended  
Reconciliation of Adjusted Net Income   September 30     September 30  
(Unaudited)   2010     2011     2010     2011  
    (in USD)  
Income (loss) for the period as per IFRS
     (1,795,662 )     74,240       (485,467 )     825,156  
Add: Employee share-based compensation costs
     154,109       1,398,168       307,060       1,254,257  
Add: Cost related to initial public offerings and follow-on public offering
     2,086,583       —       2,086,583       879,994  
Less: Gain on change in fair market value of derivatives
     (11,681 )     —       (48,382 )     —  
Add: Interest accretion on preference stock
     145,657       —       426,291       —  
Add: Interest accretion on financial liability related to business combination
     —       56,682       —       89,056  
Add: Income tax (benefit) expense
     —       (3,124 )     1,209       (4,920 )
 
                        
Adjusted Net Income
     579,006       1,525,966       2,287,294       3,043,543  
 
                        
 
                                
Adjusted Earning per share
                                
Diluted
     0.02       0.04       0.10       0.08  

 

 

 

MAKEMYTRIP LIMITED
OPERATING DATA
                                 
    For the three months ended     For the six months ended  
    September 30     September 30  
    2010     2011     2010     2011  
    (in thousands, except percentages)  
Number of transactions
                                
Air ticketing
     620.9       995.9       1,211.4       1,900.0  
Hotels and packages(1)
     31.4       74.2       73.9       147.5  
 
                                
Revenue less service cost:
                                
Air ticketing
     10,280.7       16,638.0       20,270.2       31,046.6  
Hotels and packages
     2,060.2       3,784.7       5,418.9       9,700.2  
Other revenue
     527.1       910.5       1,038.0       1,691.2  
 
                        
 
   $ 12,867.9     $ 21,333.2     $ 26,727.1     $ 42,438.0  
 
                        
Gross Bookings
                                
Air ticketing
     138,613.3       213,709.1       285,093.2       432,528.7  
Hotels and packages
     17,374.7       31,240.9       45,538.8       76,537.3  
 
                        
 
   $ 155,988.0     $ 244,950.0     $ 330,632.0     $ 509,066.0  
 
                        
Net revenue margins
                                
Air ticketing
     7.4 %     7.8 %     7.1 %     7.2 %
Hotels and packages
     11.9 %     12.1 %     11.9 %     12.7 %
 
                                
Combines net revenue margin for air ticketing and hotels and packages
     7.9 %     8.3 %     7.8 %     8.0 %
 
     
(1)  
Includes transactions of LTT for three months and six months ended September 30, 2011.