Exhibit 99.1

MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2013 SECOND QUARTER RESULTS

Financial Highlights for Fiscal 2013 Second Quarter

(YoY growth % are on constant currency basis⁽¹⁾; please see table below for YoY growth % on actual basis)

• Revenue rose 25.8% year over year (yoy) to $45.7 million in 2Q13 versus $43.8 million in 2Q12.

• Revenue less service costs⁽²⁾increased 12.6% yoy to $20.2 million in 2Q13; Hotels and packages contribution increased to 24.0% in 2Q13 versus 17.8% in 2Q12.

• Revenue less service costs⁽²⁾ for Hotels and packages increased by 51.3% yoy in 2Q13.

• Net revenue margin⁽³⁾for Hotels and packages increased to 12.5% in 2Q13 versus 12.1% in 2Q12.

• Adjusted net income⁽⁵⁾was $1.2 million in 2Q13 versus $1.6 million in 2Q12.

• Adjusted diluted earnings per share⁽⁵⁾for 2Q13 was $0.03 versus $0.04 in 2Q12.

Gurgaon, India and New York, November 6, 2012 — MakeMyTrip Limited (Nasdaq: MMYT), India’s leading online travel company, today announced its unaudited financial and operating results for its second fiscal quarter ended September 30, 2012.

“MakeMyTrip was faced with increasingly difficult operating conditions as the health of our domestic airline industry remain uncertain.” said Deep Kalra, Chairman and CEO. “However, we are confident and optimistic of our vision and investments in changing the way Indians book their hotels and holidays in the future, as this segment of the travel market remains largely underpenetrated online today.

(in thousands except EPS)	3 months Ended September 30, 2011		3 months Ended September 30, 2012			YoY Change			YoY Change in Constant Currency(1)
Financial Summary as per IFRS
Revenue	$	43,790.0	$	45,668.8			4.3	%		25.8	%
Revenue Less Service Costs(2)	$	21,333.2	$	20,155.3			-5.5	%		12.6	%
Air Ticketing	$	16,638.0	$	14,501.9			-12.8	%		4.8	%
Hotels & packages	$	3,784.7	$	4,937.2			30.5	%		51.3	%
Other	$	910.5	$	716.3			-21.3	%		-6.7	%
Results from Operating Activities	$	932.7	$	(3,023.1	)
Adjusted Operating Profit(4)	$	2,376.3	$	37.8
Income (Loss) for the Period	$	74.2	$	(1,227.8	)
Adjusted Net Income (5)	$	1,571.5	$	1,153.6
Diluted Earnings (Loss) per Share	$	0.003	$	(0.03	)
Adjusted Diluted Earnings per Share(5)	$	0.04	$	0.03
Operating Metrics
Gross Bookings(6)	$	244,950.1	$	261,979.9			7.0	%		28.1	%
Air Ticketing	$	213,709.1	$	222,582.1			4.2	%		25.0	%
Hotels & packages	$	31,240.9	$	39,397.8			26.1	%		49.3	%
Number of Transactions
Air Ticketing		995.9		898.3			-9.8	%
Hotels & packages		74.2		108.9			46.8	%

(1) Constant currency refers to our financial results assuming constant foreign exchange rates for the current fiscal period based on the reporting for the historical average rate used in the prior year’s comparable fiscal period.

(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 and merger and acquisitions related expenses.

(5) Income for the period excluding employee share-based compensation costs, merger and acquisitions related expenses, Net change in fair value of financial liability in business combination, net loss on change in fair value of derivative financial instrument and income tax benefit.

(6) Represent the total amount paid by our customers for the travel services and products booked through us, including taxes, fees and other charges, net of cancellations and refunds.

Please see “About Non-IFRS Financial Measures” included within this release to understand the importance of the financial measures set forth in notes (1) to (6) above. Reconciliations of IFRS financial measures to non-IFRS operating results are included at the end of this release.

Recent Developments

Acquisition of HotelTravel.com

On November 6, 2012, MakeMyTrip has acquired complete stake in the companies in the ‘Hotel Travel Group’ (HT Group). HT Group has been operating the website www.hoteltravel.com (the website) for more than a decade and has its presence in Thailand, Singapore and Malaysia.

The total consideration payable to the Promoters of the HT Group by MakeMyTrip for acquiring the HT Group is USD 25 million, of which USD 15 million was paid partly in cash and partly in the form of MakeMyTrip shares in the first Closing that occurred on November 6, 2012. The balance USD 10 million is agreed to be paid in the form of MakeMyTrip shares, in 3 annual tranches through March 2016. Two of the Promoters of the HT Group will continue in employment with the HT Group in key capacities, and will be eligible for additional earn outs and incentives for the next 3 – 4 years based on HT Group meeting certain revenue and EBIDTA targets. The additional earn outs can range from NIL to USD 35 million and are payable partly in cash and partly in the form of MakeMyTrip shares.

HT Group, with the brand ‘Hotel Travel’ and the website www.hoteltravel.com, is a well-established travel company in South East Asia, especially Thailand where it has operating history of over a decade. The Group has tie ups with approximately 80,000 hotels across the world. This acquisition of the HT Group will help MakeMyTrip to further strengthen its presence in hotel and holidays segment in India and South East Asia.

Share Repurchase

The Board of Directors of the Company at a meeting held on November 6, 2012 authorized the Company to purchase outstanding ordinary shares, par value USD 0.0005 per share, of the Company on the open market, in privately negotiated transactions or otherwise in an aggregate amount of up to USD 25 million. The timing, amount, date, price and other details relating to the repurchases will be determined based on a variety of factors, including market conditions, alternative investment opportunities and other considerations.

Appointment of Directors

The Company has appointed Mr. Rajesh Magow, Co-founder and Group Chief Financial and Operating Officer and Mr. Keyur Joshi, Co-Founder and Group Chief Commercial Officer, as directors of the company effective November 6, 2012. With their appointment, the Company has a total of 11 directors on its Board of Directors.

The following table sets forth the name, age and position of each of our directors, executive officers and significant employees as of November 6, 2012:

Name	Age		Position/Title
Directors:
Deep Kalra		43	Group Chairman and Group Chief Executive Officer
Ravi Adusumalli		36	Director
Aditya Tim Guleri		47	Director
Philip C. Wolf		56	Director(1)
Vivek N. Gour		49	Independent Director
Frederic Lalonde		38	Independent Director
Ranodeb Roy		44	Independent Director
Gyaneshwarnath Gowrea		46	Director
Mohammad Akhtar Janally		29	Director
Keyur Joshi		39	Director and Group Chief Commercial Officer
Rajesh Magow		44	Director and Group Chief Financial and Operating Officer
Executive Officers(2)
Mohit Gupta		39	Group Chief Business Officer
Amit Somani+		40	Group Chief Products Officer
Sanket Atal		44	Group Chief Technology Officer

Notes:

(1) Mr. Philip C. Wolf satisfies the independence requirements of Rule 5605 of the Nasdaq Stock Market, Marketplace Rules but does not satisfy the independence requirements of Rule 10A-3 under the Securities Exchange Act of 1934, as amended, or the Exchange Act.

(2) Other than directors who are also executive officers.

Fiscal 2013 Second Quarter Financial Results

Revenue. We generated revenue of $45.7 million in the quarter ended September 30, 2012, an increase of 4.3% (25.8% in constant currency) over revenue of $43.8 million in the quarter ended September 30, 2011.

Air Ticketing. Revenue from our air ticketing business decreased by 19.6% (3.2% in constant currency) to $15.3 million in the quarter ended September 30, 2012 from $19.0 million in the quarter ended September 30, 2011. Our revenue less service costs⁽²⁾ decreased by 12.8% (increased by 4.8% in constant currency) to $14.5 million in the quarter ended September 30, 2012 from $16.6 million in the quarter ended September 30, 2011. This was due to transactions decreasing 9.8% year on year as demand for domestic air travel weakened on much higher airfares due to lowered capacity in the industry. The materially higher airfares caused gross bookings to grow 4.2% (increase of 25.0% in constant currency) year on year, but growth in revenue less service costs was offset by the decline in our net revenue margin to 6.5% from 7.8% a year ago, as we strategically utilized part of the margin to sustain our market share.

Hotels and Packages. Revenue from our hotels and packages business increased by 24.3% (50.6% in constant currency) to $29.6 million in the quarter ended September 30, 2012 from $23.8 million in the quarter ended September 30, 2011. Our revenue less service costs⁽²⁾ increased by 30.5% (51.3% in constant currency) to $4.9 million in the quarter ended September 30, 2012 from $3.8 million in the quarter ended September 30, 2011. This was due to an increase in gross bookings by 26.1% (49.3% in constant currency) and an increase in net revenue margin from 12.1% in the quarter ended September 30, 2011 to 12.5% in the quarter ended September 30, 2012.

Other Revenue. Our other revenue decreased to $0.7 million in the quarter ended September 30, 2012 from $0.9 million in the quarter ended September 30, 2011, primarily due to decrease in sale of rail tickets.

Total Revenue less Service Costs. Our total revenue less service costs decreased by 5.5% (increased by 12.6% in constant currency) to $20.2 million in the quarter ended September 30, 2012 from $21.3 million in the quarter ended September 30, 2011 as a result of a 12.8% decrease (increase of 4.8% in constant currency) in our air ticketing revenue less service costs, offset by an increase of 30.5% (51.3% in constant currency) in our hotels and packages revenue less service costs.

Personnel Expenses. Personnel expenses increased to $7.5 million in the quarter ended September 30, 2012 from $6.7 million in the quarter ended September 30, 2011, mainly as a result of employee share-based compensation costs of $2.9 million in the quarter ended September 30, 2012 as against $1.4 million in quarter ended September 30, 2011. Excluding employee share-based compensation costs, personnel expenses as a percentage of net revenue decreased by 1.7 percentage points year over year and increased by 2.7 percentage points over the previous quarter.

Other Operating Expenses. Other operating expenses increased by 14.3% to $14.9 million in the quarter ended September 30, 2012 from $13.0 million in the quarter ended September 30, 2011, primarily as a result of an increase in outsourcing fees and advertisement expenses in line with the growth in our business. Other operating expenses include merger and acquisitions related expenses of $0.2 million in the quarter ended September 30, 2012 as against $0.05 million in quarter ended September 30, 2011. Merger and acquisitions related expenses include professional fees and certain other expenses associated with acquisitions and certain extraordinary transactions, whether or not consummated.

Results from Operating Activities. As a result of the foregoing factors, our results from operating activities was a loss of $3.0 million in the quarter ended September 30, 2012 from a profit of $0.9 million in the quarter ended September 30, 2011. Excluding the effects of our employee share-based compensation costs and merger and acquisitions related expenses for both quarters ended September 30, 2012 and 2011, we would have recorded an operating profit of $0.04 million in the quarter ended September 30, 2012 compared with an operating profit of $2.4 million in the quarter ended September 30, 2011.

Net Finance Income (costs). Our net finance income was $1.4 million in the quarter ended September 30, 2012 against a net finance costs of $0.9 million in the quarter ended September 30, 2011, primarily due to higher forex gain and higher interest income earned on term deposits with banks in the quarter ended September 30, 2012.

Profit (Loss) for the Period. As a result of the foregoing factors, including the effects of employee share-based compensation costs and merger and acquisitions related expenses, our loss for the quarter ended September 30, 2012 was $1.2 million as compared to a profit of $0.07 million in the quarter ended September 30, 2011. Excluding the effects of employee share-based compensation costs, merger and acquisitions related expenses, net change in fair value of financial liability in business combination and income tax benefit for the second quarter of both fiscal years 2013 and 2012, net loss on change in the fair value of derivative financial instruments in the second quarter of fiscal 2013, we would have recorded a net profit of $1.2 million in the quarter ended September 30, 2012 and a net profit of $1.6 million in the quarter ended September 30, 2011.

Diluted Earnings (Loss) per share. Diluted loss per share was $0.03 for the quarter ended September 30, 2012 as compared to diluted earnings per share of $0.003 in the quarter ended September 30, 2011. After adjusting for employee share-based compensation costs, merger and acquisitions related expenses, net change in fair value of financial liability in business combination and income tax benefit for the second quarter of both fiscal years 2013 and 2012, net loss on change in the fair value of derivative financial instruments in the second quarter of fiscal 2013 as mentioned in the preceding paragraph, diluted earnings per share were $0.03 in the quarter ended September 30, 2012, compared to diluted earnings per share of $0.04 in the quarter ended September 30, 2011.

Fiscal Year 2012-13 Outlook

The Company is revising its fiscal year 2013 Revenue less service costs growth guidance in the range of 13% to 16% on a constant currency basis. This growth guidance is based on average actual Indian Rupee to U.S. Dollar exchange rate of 48.23 for full fiscal year 2012. On a U.S. dollar basis, we are updating our revenue less service cost guidance in the range of $89 million to $91 million solely to reflect the current 3Q13 average exchange rate of INR 54 to a U.S. Dollar. The previously provided guidance range had assumed an average exchange rate of INR 55 to a U.S. Dollar.

Conference Call

MakeMyTrip will host a conference call to discuss the company’s results for the quarter ended September 30, 2012 beginning at 10:00 a.m. EST on November 6, 2012. To participate, please dial + 1-866-804-6921 from within the U.S. or +1-857-350-1667 from any other country. Thereafter, callers will be prompted to enter the participant passcode 60474271. 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 +1-888-286-8010 and using passcode 49544018. 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.

Constant currency results are financial measures that are not in accordance with IFRS, and assume constant currency exchange rates used for translation based on the rates in effect during the comparable period in the prior fiscal year.

The Company believes that adjusted operating profit, adjusted net income and change in constant currency 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, expenses such as merger and acquisitions related expenses, follow-on public offering costs, net change in fair value of financial liability in business combination, net loss on change in the fair value of derivative financial instruments and income tax benefit) 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. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,” “project,” “seek,” “should” 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 June 25, 2012, 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 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 10,300 hotels and guesthouses 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 Limited

+1 (646) 405-1311

jonathan.huang@makemytrip.com

MAKEMYTRIP LIMITED

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(UNAUDITED)

	As at March 31, 2012			As at September 30, 2012
	(in USD)
Assets
Property, plant and equipment		7,064,373			7,040,118
Intangible assets		8,349,403			9,773,591
Trade and other receivables, net		807,159			690,573
Investment in equity-accounted investee		838,212			761,691
Other investment		4,416,543			4,862,196
Derivatives instruments		202,054			131,054
Term deposits		648,506			873,154
Other non-current assets		449,559			528,275
Deferred tax assets		8,892,842			9,990,003
Total non-current assets		31,668,651			34,650,655
Inventories		2,367,548			543,828
Current tax assets		5,908,213			6,337,521
Trade and other receivables, net		20,575,261			27,518,394
Term deposits		43,676,624			51,910,172
Other current assets		21,792,776			23,132,378
Cash and cash equivalents		43,798,230			41,241,290
Assets held for sale		404,109			—
Total current assets		138,522,761			150,683,583
Total assets		170,191,412			185,334,238
Equity
Share capital		18,576			18,632
Share premium		150,144,112			150,747,744
Fair value reserve		(428,937	)		16,717
Accumulated deficit		(31,827,379	)		(33,843,370	)
Share based payment reserve		9,388,239			14,476,337
Foreign currency translation reserve		(8,578,442	)		(9,269,958	)
Total equity attributable to equity holders of the Company		118,716,169			122,146,102
Non-controlling interest		75,620			—
Total equity		118,791,789			122,146,102
Liabilities
Loans and borrowings		177,280			134,660
Employee benefits		681,135			920,209
Other non-current liabilities		1,487,658			636,321
Total non-current liabilities		2,346,073			1,691,190
Loans and borrowings		82,083			69,509
Derivatives instruments		149,135			220,513
Trade and other payables		46,697,644			59,394,487
Deferred income		23,122			22,822
Other current liabilities		2,101,566			1,789,615
Total current liabilities		49,053,550			61,496,946
Total liabilities		51,399,623			63,188,136
Total equity and liabilities		170,191,412			185,334,238

MAKEMYTRIP LIMITED

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

	For the three months ended September 30,						For the six months ended September 30,
	2011			2012			2011			2012
	(in USD)
Revenue
Air ticketing		19,030,864			15,304,004			33,708,501			32,488,725
Hotels and packages		23,848,605			29,648,545			60,437,950			75,408,341
Other revenue		910,500			716,270			1,691,198			1,905,949
Total revenue		43,789,969			45,668,819			95,837,649			109,803,015
Service cost
Procurement cost of hotel and packages services		20,063,906			24,711,386			50,737,728			63,361,502
Cost of air tickets coupon		2,392,904			802,135			2,661,939			2,403,317
Personnel expenses		6,718,390			7,533,672			10,987,040			15,151,602
Other operating expenses		13,019,479			14,875,851			27,496,063			30,619,411
Depreciation and amortization		662,611			768,922			1,230,429			1,488,163
Result from operating activities		932,679			(3,023,147	)		2,724,450			(3,220,980	)
Finance income		428,699			1,779,725			890,532			2,166,912
Finance costs		1,290,262			400,174			2,794,746			1,541,078
Net finance income (costs)		(861,563	)		1,379,551			(1,904,214	)		625,834
Share of loss of equity-accounted investee		—			(45,414	)		—			(76,521	)
Profit (Loss) before tax		71,116			(1,689,010	)		820,236			(2,671,667	)
Income tax benefit		3,124			461,258			4,920			633,456
Profit (Loss) for the period		74,240			(1,227,752	)		825,156			(2,038,211	)
Other comprehensive income (loss)
Foreign currency translation differences on foreign operations		(4,869,160	)		3,324,264			(4,929,579	)		(674,803	)
Net change in fair value of available-for-sale financial assets		—			629,108			—			445,654
Defined benefit plan actuarial gains (losses)		2,646			(70,113	)		2,646			(70,113	)
Other comprehensive income (loss) for the period, net of tax		(4,866,514	)		3,883,259			(4,926,933	)		(299,262	)
Total comprehensive income (loss) for the period, net of tax		(4,792,274	)		2,655,507			(4,101,777	)		(2,337,473	)
Profit (Loss) attributable to:
Owners of the Company		121,058			(1,161,470	)		877,907			(1,966,749	)
Non-controlling interest		(46,818	)		(66,282	)		(52,751	)		(71,462	)
Profit (Loss) for the period		74,240			(1,227,752	)		825,156			(2,038,211	)
Total comprehensive income (loss) attributable to:
Owners of the Company		(4,714,947	)		2,714,378			(4,015,164	)		(2,267,231	)
Non-controlling interest		(77,327	)		(58,871	)		(86,613	)		(70,242	)
Total comprehensive income (loss) for the period		(4,792,274	)		2,655,507			(4,101,777	)		(2,337,473	)
Earnings (Loss) per share
Basic		0.003			(0.03	)		0.02			(0.05	)
Diluted		0.003			(0.03	)		0.02			(0.05	)
Weighted average number of shares
Basic		36,882,797			37,197,443			36,292,257			37,179,161
Diluted		38,146,258			37,197,443			37,724,303			37,179,161

MAKEMYTRIP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(UNAUDITED)

	Attributable to equity holders of the Company
	Share capital		Share premium		Fair value reserve			Accumulated deficit			Share based payment reserve			Foreign currency translation reserve			Total			Non- controlling interest			Total equity
											(In USD)
Balance as at April 1, 2012		18,576		150,144,112		(428,937	)		(31,827,379	)		9,388,239			(8,578,442	)		118,716,169			75,620			118,791,789
Total comprehensive income (loss) for the period
Loss for the period		—		—		—			(1,966,749	)		—			—			(1,966,749	)		(71,462	)		(2,038,211	)
Other comprehensive income (loss)
Foreign currency translation differences		—		—		—			—			—			(676,023	)		(676,023	)		1,220			(674,803	)
Net change in fair value of available-for-sale financial assets		—		—		445,654			—			—			—			445,654			—			445,654
Defined benefit plan actuarial gains, net of tax		—		—		—			(70,113	)		—			—			(70,113	)		—			(70,113	)
Total other comprehensive income (loss)		—		—		445,654			(70,113	)		—			(676,023	)		(300,482	)		1,220			(299,262	)
Total comprehensive income (loss) for the period		—		—		445,654			(2,036,862	)		—			(676,023	)		(2,267,231	)		(70,242	)		(2,337,473	)
Transactions with owners, recorded directly in equity
Contributions by owners
Share-based payment		—		—		—			—			5,554,531			—			5,554,531			—			5,554,531
Issue of ordinary shares on exercise of share options		56		603,632		—			—			(466,433	)		—			137,255			—			137,255
Total contributions by owners		56		603,632		—			—			5,088,098			—			5,691,786			—			5,691,786
Changes in ownership interests in subsidiaries
Acquisition of non-controlling interests		—		—		—			20,871			—			(15,493	)		5,378			(5,378	)		—
Total changes in ownership interest in subsidiaries		—		—		—			20,871			—			(15,493	)		5,378			(5,378	)		—
Total transactions with owners		56		603,632		—			20,871			5,088,098			(15,493	)		5,697,164			(5,378	)		5,691,786
Balance as at September 30, 2012		18,632		150,747,744		16,717			(33,843,370	)		14,476,337			(9,269,958	)		122,146,102			—			122,146,102

MAKEMYTRIP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

(UNAUDITED)

	For the six months ended September 30,
	2011			2012
	(in USD)
Profit (Loss) for the period		825,156			(2,038,211	)
Adjustments for non-cash items		4,444,942			5,907,867
Change in working capital		(25,323,761	)		5,185,363
Net cash from (used in) operating activities		(20,053,663	)		9,055,019
Net cash used in investing activities		(31,629,793	)		(9,640,580	)
Net cash from (used in) financing activities		35,174,170			(962,959	)
Decrease in cash and cash equivalents		(16,509,286	)		(1,548,520	)
Cash and cash equivalents at beginning of the period		47,874,344			43,798,230
Effect of exchange rate fluctuations on cash held		(1,156,323	)		(1,008,420	)
Cash and cash equivalents at end of the period		30,208,735			41,241,290

MAKEMYTRIP LIMITED

RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES

	Three months ended September 30,
	Air ticketing				Hotels and packages				Others				Total
	2011		2012		2011		2012		2011		2012		2011		2012
Revenue		19,030,864		15,304,004		23,848,605		29,648,545		910,500		716,270		43,789,969		45,668,819
Less:
Service cost		2,392,904		802,135		20,063,906		24,711,386		—		—		22,456,810		25,513,521
Revenue less service cost		16,637,960		14,501,869		3,784,699		4,937,159		910,500		716,270		21,333,159		20,155,298

	Six months ended September 30,
	Air ticketing				Hotels and packages				Others				Total
	2011		2012		2011		2012		2011		2012		2011		2012
Revenue		33,708,501		32,488,725		60,437,950		75,408,341		1,691,198		1,905,949		95,837,649		109,803,015
Less:
Service cost		2,661,939		2,403,317		50,737,728		63,361,502		—		—		53,399,667		65,764,819
Revenue less service cost		31,046,562		30,085,408		9,700,222		12,046,839		1,691,198		1,905,949		42,437,982		44,038,196

Reconciliation of Adjusted Operating Profit (Loss)	For the three months ended September 30,					For the six months ended September 30,
(Unaudited)	2011		2012			2011		2012
	(in USD)
Result from operating activities as per IFRS		932,679		(3,023,147	)		2,724,450		(3,220,980	)
Add: Employee share-based compensation costs		1,398,168		2,850,758			1,254,257		5,554,531
Add: Merger and acquisitions related expenses		45,492		210,168			83,540		235,419
Adjusted Operating Profit		2,376,339		37,779			4,062,247		2,568,970

Reconciliation of Adjusted Net Income (Loss)	For the three months ended September 30,						For the six months ended September 30,
(Unaudited)	2011			2012			2011			2012
		(in USD)
Income (Loss) for the period as per IFRS		74,240			(1,227,752	)		825,156			(2,038,211	)
Add: Employee share-based compensation costs		1,398,168			2,850,758			1,254,257			5,554,531
Add: Merger and acquisitions related expenses		45,492			210,168			83,540			235,419
Add: Cost related to follow-on public offering		—			—			879,994			—
Add: Net loss on change in fair value of derivative financial instrument
		—			51,340			—			142,378
Add: Interest accretion on preference stock		—			—			—			—
Add (Less): Net change in fair value of financial liability in business combination		56,682			(269,680	)		89,056			(262,497	)
Less: Income tax benefit		(3,124	)		(461,258	)		(4,920	)		(633,456	)
Adjusted Net Income		1,571,458			1,153,576			3,127,083			2,998,164
Adjusted Earnings per share
Diluted		0.04			0.03			0.08			0.08

	For the three months ended September 30, 2012,
	Revenue												Revenue less service costs
Reported Growth and Constant Currency Growth (Unaudited)	Air Ticketing			Hotels and packages			Other			Total			Air Ticketing			Hotels and packages			Other			Total
Reported Growth		-19.6	%		24.3	%		-21.3	%		4.3	%		-12.8	%		30.5	%		-21.3	%		-5.5	%
Impact of Foreign Currency Translation		16.4	%		26.3	%		14.7	%		21.5	%		17.6	%		20.9	%		14.7	%		18.1	%
Constant Currency Growth		-3.2	%		50.6	%		-6.7	%		25.8	%		4.8	%		51.3	%		-6.7	%		12.6	%

	For the six months ended September 30, 2012,
	Revenue												Revenue less service costs
Reported Growth and Constant Currency Growth (Unaudited)	Air Ticketing			Hotels and packages			Other			Total			Air Ticketing			Hotels and packages			Other			Total
Reported Growth		-3.6	%		24.8	%		12.7	%		14.6	%		-3.1	%		24.2	%		12.7	%		3.8	%
Impact of Foreign Currency Translation		19.8	%		23.7	%		21.9	%		22.3	%		19.9	%		21.3	%		21.9	%		20.3	%
Constant Currency Growth		16.2	%		48.5	%		34.6	%		36.9	%		16.8	%		45.5	%		34.6	%		24.1	%

MAKEMYTRIP LIMITED

OPERATING DATA

	For the three months ended September 30,						For the six months ended September 30,
	2011			2012			2011			2012
	(in thousands, except percentages)
Number of transactions
Air ticketing		995.9			898.3			1,900.0			1,720.4
Hotels and packages		74.2			108.9			147.5			214.6
Revenue less service cost:
Air ticketing		16,638.0			14,501.9			31,046.6			30,085.4
Hotels and packages		3,784.7			4,937.2			9,700.2			12,046.8
Other revenue		910.5			716.3			1,691.2			1,905.9
		21,333.2			20,155.3			42,438.0			44,038.2
Gross Bookings
Air ticketing		213,709.1			222,582.1			432,528.7			437,244.3
Hotels and packages		31,240.9			39,397.8			76,537.3			96,208.0
		244,950.1			261,979.9			509,066.0			533,452.3
Net revenue margins
Air ticketing		7.8	%		6.5	%		7.2	%		6.9	%
Hotels and packages		12.1	%		12.5	%		12.7	%		12.5	%
Combined net revenue margin for air ticketing and hotels and packages		8.3	%		7.4	%		8.0	%		7.9	%