EX-99.1 2 d729170dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2014 FOURTH QUARTER AND FULL YEAR RESULTS

Financial Highlights for Fiscal 2014 Fourth Quarter and Full Year

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

 

  •   Gross Bookings(6) reached $341.8 million in 4Q14 and $1.26 billion in FY14 representing a YoY increase of 23.0% and 18.6%, respectively. Gross bookings for Hotels and packages increased by 56.7% YoY in 4Q14 and by 48.0% YoY in FY14.

 

  •   Transactions for Hotels and packages improved by 68.9% YoY in 4Q14 and by 53.1% YoY in FY14.

 

  •   Revenue rose 24.3% YoY to $60.9 million in 4Q14 and grew 22.2% YoY to $255.4 million for FY14.

 

  •   Revenue less service costs(2) increased 45.1% YoY to $28.5 million in 4Q14 and increased 31.6% YoY to $106.4 million for FY14.

 

  •   Revenue less service costs(2) for Hotels and packages increased 54.6% YoY in 4Q14 and 54.1% YoY in FY14. Hotels and packages contribution increased to 37.7% in 4Q14 versus 35.3% in 4Q13 and increased to 36.6% in FY14 versus 31.3% in FY13.

Gurgaon, India and New York, May 21, 2014 — MakeMyTrip Limited (Nasdaq: MMYT), India’s leading online travel company, today announced its unaudited financial and operating results for its fourth fiscal quarter and full fiscal year ended March 31, 2014.

“MakeMyTrip is delighted to report strong operating and financial performance for the fiscal 2014 fourth quarter and full year,” said Deep Kalra, Chairman and Group CEO. “Our sustained market leadership reflects the success of our customer focused execution in a challenging operating environment. In addition, for the fiscal year 2014, our non-air net revenue represented more than 41% of total net revenue, an improvement from 35% contribution in fiscal year 2013.”

 

(in thousands except EPS)

   3 months Ended
March 31, 2013		     3 months Ended
March 31, 2014		     YoY
Change		     YoY Change in
constant
currency(1)		     Year Ended
March 31, 2013		     Year Ended
March 31, 2014		     YoY
Change		     YoY Change in
constant
currency(1)		  

Financial Summary as per IFRS

                

Revenue

     $55,189.0        $60,851.0        10.3 %      24.3 %      $228,821.9        $255,374.6        11.6 %      22.2 % 

Revenue Less Service Costs(2)

     $21,773.3        $28,527.7        31.0 %      45.1 %      $88,165.2        $106,395.1        20.7 %      31.6 % 

Air Ticketing

     $13,144.9        $16,094.0        22.4 %      39.1 %      $56,769.2        $62,051.5        9.3 %      21.1 % 

Hotels & packages

     $7,696.8        $11,060.7        43.7 %      54.6 %      $27,592.2        $39,992.9        44.9 %      54.1 % 

Other

     $931.5        $1,373.0        47.4 %      49.7 %      $3,803.8        $4,350.7        14.4 %      25.8 % 

Results from Operating Activities

     ($8,692.8 )      ($2,814.3 )          ($18,062.0 )      ($15,321.6 )     

Adjusted Operating Loss(3)

     ($5,496.6 )      ($1,344.8 )          ($5,118.3 )      ($3,451.2 )     

Loss for the period(4)

     ($20,315.0 )      ($2,662.7 )          ($27,589.1 )      ($20,905.6 )     

Adjusted Net Loss(5)

     ($6,523.7 )      ($525.7 )          ($6,042.4 )      ($7,279.3 )     

Diluted loss per share

     ($0.54 )      ($0.07 )          ($0.74 )      ($0.55 )     

Adjusted Diluted loss per share(5)

     ($0.17 )      ($0.01 )          ($0.16 )      ($0.19 )     

Operating Metrics

                

Gross Bookings(6)

     $311,682.2        $341,842.5        9.7 %      23.0 %      $1,169,558.6        $1,261,217.5        7.8 %      18.6 % 

Air Ticketing

     $248,879.3        $250,721.6        0.7 %      14.4 %      $939,637.5        $943,699.1        0.4 %      11.4 % 

Hotels & packages

     $62,802.9        $91,120.8        45.1 %      56.7 %      $229,921.0        $317,518.4        38.1 %      48.0 % 

Number of Transactions

                

Air Ticketing

     1054.2        1035.4        -1.8 %        3794.1        3999.2        5.4 %   

Hotels & packages

     167.0        282.1        68.9 %        568.1        869.8        53.1 %   

 

(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) Results from operating activities excluding employee share-based compensation costs, direct cost related to secondary offering by shareholders, merger and acquisition related expenses, gain on bargain purchase and amortization of acquisition related intangibles.
(4) Includes deferred tax expense recognized in the quarter and year ended March 31, 2013 of USD 10.5 million and USD 8.5 million, respectively.
(5) Profit (loss) for the period excluding employee share-based compensation costs, direct cost related to secondary offering by shareholders, direct cost related to public offerings, merger and acquisition related expenses, gain on bargain purchase, amortization of acquisition related intangibles, net change in fair value of financial liability in business combination, net (gain) loss on change in fair value of derivative financial instrument and income tax (benefit) expense.
(6) Represents 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.

Other Information

Share Repurchase

The following table provides information about purchases made by us during the period beginning on October 1, 2012 and ending March 31, 2014, of our outstanding ordinary shares, par value USD 0.0005 per share:

 

Period

    (a)
Total Number of
Shares Purchased		      (b)
Average Price Paid
per Share(2)		      (c)
Total Number of
Shares Purchased as
Part of Publicly
Announced Plans
or Programs		      (d)
Maximum Number
(or Approximate
Dollar Value) of
Shares that May Yet
Be Purchased Under
the Plans or
Programs(1)		  

10/01/12 – 10/31/12

      NIL         $ NIL         NIL         $ NIL   

11/01/12 – 11/30/12

      NIL         $ NIL         NIL         $25,000,000   

12/01/12 – 12/31/12

      40,142         $12.63         40,142         $24,492,145   

01/01/13 – 01/31/13

      NIL         $ NIL         NIL         $24,492,145   

02/01/13 – 02/28/13

      NIL         $ NIL         NIL         $24,492,145   

03/01/13 – 03/31/13

      NIL         $ NIL         NIL         $24,492,145   

04/01/13 – 04/30/13

      NIL         $ NIL         NIL         $24,492,145   

05/01/13 – 05/31/13

      100         $12.50         100         $24,490,893   

06/01/13 – 06/30/13

      NIL         $ NIL         NIL         $24,490,893   

07/01/13 – 07/31/13

      NIL         $ NIL         NIL         $24,490,893   

08/01/13 – 08/31/13

      NIL         $ NIL         NIL         $24,490,893   

09/01/13 – 09/30/13

      NIL         $ NIL         NIL         $24,490,893   

10/01/13 – 10/31/13

      NIL         $ NIL         NIL         $24,490,893   

11/01/13 – 11/30/13

      NIL         $ NIL         NIL         $24,490,893   

12/01/13 – 12/31/13

      NIL         $ NIL         NIL         $24,490,893   

01/01/14 – 01/31/14

      NIL         $ NIL         NIL         $24,490,893   

02/01/14 – 02/28/14

      NIL         $ NIL         NIL         $24,490,893   

03/01/14 – 03/31/14

      NIL         $ NIL        NIL         $24,490,893   
  

 

 

        

 

 

     

Total

      40,242         $12.63         40,242         $24,490,893   
  

 

 

        

 

 

     

 

(1) On November 6, 2012, our Board of Directors authorized the Company to purchase outstanding ordinary shares, par value $0.0005 per share, of the Company. The authorization permits us to purchase our ordinary shares in the open market, in privately negotiated transactions or otherwise in an aggregate amount of up to $25 million. In the year ended March 31, 2014, we repurchased 100 ordinary shares at an average price of approximately $12.50 per share (excluding broker and transaction fees). As of March 31, 2014, we had remaining authority to repurchase up to approximately $24.49 million of our outstanding ordinary shares.
(2) The average price paid per share excludes broker and transaction fees.

Fiscal 2014 Fourth Quarter Financial Results

Revenue. We generated revenue of $60.9 million in the quarter ended March 31, 2014, an increase of 10.3% (24.3% in constant currency) over revenue of $55.2 million in the quarter ended March 31, 2013.

Air Ticketing. Revenue from our air ticketing business increased by 16.1% (32.2% in constant currency) to $16.4 million in the quarter ended March 31, 2014 from $14.1 million in the quarter ended March 31, 2013. Our revenue less service costs increased by 22.4% (39.1% in constant currency) to $16.1 million in the quarter ended March 31, 2014 from $13.1 million in the quarter ended March 31, 2013. This was primarily due to an increase in net revenue margin (defined as revenue less service cost as a percentage of gross bookings) from 5.3% in the quarter ended March 31, 2013 to 6.4% in the quarter ended March 31, 2014.

Hotels and Packages. Revenue from our hotels and packages business increased by 7.3% (20.9% in constant currency) to $43.1 million in the quarter ended March 31, 2014, from $40.2 million in the quarter ended March 31, 2013. Our revenue less service costs increased by 43.7% (54.6% in constant currency) to $11.1 million in the quarter ended March 31, 2014 from $7.7 million in the quarter ended March 31, 2013. This was attributed to an increase in gross bookings of 45.1% (56.7% in constant currency) and a 68.9% increase in the number of transactions year over year. The growth in this segment was aided by the acquisition of Easytobook Group in February 2014.

Other Revenue. Our other revenue increased to $1.4 million in the quarter ended March 31, 2014 from $0.9 million in the quarter ended March 31, 2013, primarily due to an increase in facilitation fees from travel insurance sales.

Total Revenue less Service Costs. Our total revenue less service costs increased by 31.0% (45.1% in constant currency) to $28.5 million in the quarter ended March 31, 2014 from $21.8 million in the quarter ended March 31, 2013, primarily as a result of a 43.7% (54.6% in constant currency) increase in our hotels and packages revenue less service costs and a 22.4% (39.1% in constant currency) increase in our air ticketing revenue less service costs.

Personnel Expenses. Personnel expenses decreased to $8.4 million in the quarter ended March 31, 2014 from $9.8 million in the quarter ended March 31, 2013, mainly due to lower employee share-based compensation costs in the quarter ended March 31, 2014. Excluding employee share-based compensation costs, personnel expenses as a percentage of net revenue decreased by 9.8 percentage points year over year.

Other Operating Expenses. Other operating expenses increased by 15.8% to $22.5 million in the quarter ended March 31, 2014 from $19.4 million in the quarter ended March 31, 2013, primarily as a result of an increase in advertisement expenses and payment gateway charges in line with the growth in our business and the consolidation of our recent acquisition. Other operating expenses include merger and acquisition related expenses of $0.2 million in the quarter ended March 31, 2014 as against $0.001 million in quarter ended March 31, 2013. Merger and acquisition related expenses include professional fees and certain other expenses associated with acquisitions and certain non-routine 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 $2.8 million in the quarter ended March 31, 2014 as compared to a loss of $8.7 million in the quarter ended March 31, 2013. Excluding the effects of our employee share-based compensation costs, amortization of acquisition related intangibles and merger and acquisition related expenses for both quarters ended March 31, 2014 and 2013 and gain on bargain purchase in the quarter ended March 31,2014, we would have recorded an operating loss of $1.3 million in the quarter ended March 31, 2014 as compared with an operating loss of $5.5 million in the quarter ended March 31, 2013.

Net Finance Income (Costs). Our net finance income was $0.2 million in the quarter ended March 31, 2014 versus a net finance cost of $1.0 million in the quarter ended March 31, 2013, primarily due to higher provisioning of loss on trade and other receivables in the quarter ended March 31, 2013.

Income tax benefit (expense). In the quarter ended March 31, 2013, we recorded impairment of deferred tax asset of $10.5 million related to our Indian subsidiary, based on the evaluation of convincing evidence as required by International Accounting Standard -Income Taxes (IAS 12). The impairment had no impact on our ability to utilize loss carry forwards or tax assets in the future and was not a reflection of management’s views on its ability to increase the profitability of the business in the future. During the quarter ended March 31, 2014, we did not recognize deferred tax asset on tax losses and other temporary differences based on recognition guidance as required by IAS 12.

Profit (Loss) for the period. As a result of the foregoing factors, our loss for the quarter ended March 31, 2014 was $2.7 million as compared to a loss of $20.3 million in the quarter ended March 31, 2013. Excluding the effects of employee share-based compensation costs, amortization of acquisition related intangibles, merger and acquisition related expenses, net change in fair value of financial liability related to business combination, income tax benefit (expense) for the fourth quarter of both fiscal years 2014 and 2013, net (gain) loss on change in the fair value of derivative financial instruments in the quarter ended March 31, 2013, direct costs related to public offerings, and gain on bargain purchase in the quarter ended March 31, 2014, we would have recorded a net loss of $0.5 million in the quarter ended March 31, 2014 and a net loss of $6.5 million in the quarter ended March 31, 2013.

Diluted Earnings (Loss) per share. Diluted loss per share was $0.07 for the quarter ended March 31, 2014 as compared to diluted loss per share of $0.54 in the quarter ended March 31, 2013. After adjusting for employee share-based compensation costs, amortization of acquisition related intangibles, merger and acquisition related expenses, net change in fair value of financial liability related to business combination, income tax benefit (expense) for the fourth quarter of both fiscal years 2014 and 2013, net (gain) loss on change in the fair value of derivative financial instruments in the quarter ended March 31, 2013, direct costs related to public offerings and gain on bargain purchase in the quarter ended March 31, 2014, as mentioned in the preceding paragraph, diluted loss per share would have been $0.01 in the quarter ended March 31, 2014, compared to diluted loss per share of $0.17 in the quarter ended March 31, 2013.

Fiscal 2014 Full Year Financial Results

Revenue. We generated revenue of $255.4 million in the year ended March 31, 2014, an increase of 11.6% (22.2% in constant currency) over revenue of $228.8 million in the year ended March 31, 2013.

Air Ticketing. Revenue from our air ticketing business increased by 9.3% (21.1% in constant currency) to $66.5 million in the year ended March 31, 2014 from $60.9 million in the year ended March 31, 2013. Our revenue less service costs increased by 9.3% (21.1% in constant currency) to $62.1 million in the year ended March 31, 2014 from $56.8 million in the year ended March 31, 2013. This growth was driven by an increase in net revenue margin (defined as revenue less service cost as a percentage of gross bookings) from 6.0% in the year ended March 31, 2013 to 6.6% in the year ended March 31, 2014 and a 5.4% year on year increase in air ticketing transactions for the full fiscal year.

Hotels and Packages. Revenue from our hotels and packages business increased by 12.4% (22.6%% in constant currency) to $184.5 million in the year ended March 31, 2014 from $164.1 million in the year ended March 31, 2013. Our revenue less service costs increased by 44.9% (54.1% in constant currency) to $40.0 million in the year ended March 31, 2014 from $27.6 million in the year ended March 31, 2013. This growth was due to an increase in gross bookings by 38.1% (48.0% in constant currency), a 53.1% increase in the number of transactions and an expansion of net revenue margins from 12.0% in the year ended March 31, 2013 to 12.6% in the year ended March 31, 2014. The growth in this segment was further aided by the acquisition of Easytobook Group in February 2014.

Other Revenue. Our other revenue increased to $4.4 million in the year ended March 31, 2014 from $3.8 million in the year ended March 31, 2013, primarily due to an increase in facilitation fees from travel insurance sales.

Total Revenue less Service Costs. Our total revenue less service costs increased by 20.7% (31.6% in constant currency) to $106.4 million in the year ended March 31, 2014 from $88.2 million in the year ended March 31, 2013. This growth resulted from a 44.9% (54.1% in constant currency) increase in our hotels and packages revenue less service costs and an increase of 9.3% (21.1% in constant currency) in our air ticketing revenue less service costs.

Personnel Expenses. Personnel expenses increased to $37.2 million in the year ended March 31, 2014 from $34.5 million in the year ended March 31, 2013. This increase was on account of annual increase in wages, some growth in employee headcount mainly in hotels and packages business, consolidation of the acquisitions in the previous quarter, which was partially offset by lower employee share-based compensation costs in the year ended March 31, 2014. Excluding employee share-based compensation costs, personnel expenses as a percentage of net revenue decreased by 137 basis points year over year in the year ended March 31, 2014.

Other Operating Expenses. Other operating expenses increased by 17.9% to $80.1 million in the year ended March 31, 2014 from $68.0 million in the year ended March 31, 2013, primarily as a result of an increase in advertising and business promotion expenses and payment gateway charges in line with the growth in our business and recent acquisition. Other operating expenses includes merger and acquisition related expenses of $0.4 million in the year ended March 31, 2014 as against $0.7 million in year ended March 31, 2013. Merger and acquisition related expenses include professional fees and certain other expenses associated with acquisitions and certain non-routine 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 $15.3 million in the year ended March 31, 2014 versus a loss of $18.1 million in the year ended March 31, 2013. Excluding the effects of our employee share-based compensation costs, merger and acquisition related expenses, amortization of acquisition related intangibles for both fiscal years 2014 and 2013, direct cost related to registration of shares by shareholders and gain on bargain purchase for fiscal year 2014, we would have recorded an operating loss of $3.5 million in the year ended March 31, 2014 compared with an operating loss of $5.1 million in the year ended March 31, 2013.

Net Finance Income (Costs). Our net finance cost was $5.3 million in the year ended March 31, 2014 versus a cost of $0.7 million in the year ended March 31, 2013, primarily due to lower interest income earned on term deposits with banks, higher foreign exchange loss and higher provisioning of loss on trade and other receivables in the year ended March 31, 2014.

Income tax benefit (expense). In the year ended March 31, 2013, we recorded impairment of deferred tax asset of $8.5 million related to our Indian subsidiary, based on the evaluation of convincing evidence as required by IAS 12. The impairment had no impact on our ability to utilize loss carry forwards or tax assets in the future and was not a reflection of management’s views on its ability to increase the profitability of the business in the future. During the year ended March 31, 2014, we did not recognize deferred tax asset on tax losses and other temporary differences based on recognition guidance as required by IAS 12.

Profit (Loss) for the year. As a result of the foregoing factors, including the effects of income tax benefit (expense), employee share-based compensation costs, merger and acquisition related expenses, amortization of acquisition related intangibles and public offering costs and gain on bargain purchase for fiscal year 2014, our loss for the year ended March 31, 2014 was $20.9 million as compared to a loss of $27.6 million in the year ended March 31, 2013. Excluding the effects of merger and acquisition related expenses, amortization of acquisition related intangibles, employee share-based compensation costs, net loss on change in the fair value of derivative financial instruments and net change in fair value of financial liability related to business combination for both fiscal years 2014 and 2013, deferred tax benefit (expense) on previous year’s tax losses in fiscal year 2013, public offering costs and gain on bargain purchase in fiscal year 2014, we would have recorded a net loss of $7.3 million in the year ended March 31, 2014 and a net loss of $6.0 million in year ended March 31, 2013.

Diluted Earnings (Loss) per share. Diluted loss per share was $0.55 for the year ended March 31, 2014 as compared to loss per share of $0.74 in the corresponding prior fiscal year. Adjusted for merger and acquisition related expenses, amortization of acquisition related intangibles, employee share-based compensation costs, net loss on change in the fair value of derivative financial instruments and net change in fair value of financial liability related to business combination for both fiscal years 2014 and 2013, deferred tax benefit (expense) on previous year’s tax losses in fiscal year 2013, public offering costs and gain on bargain purchase in fiscal year 2014, as mentioned in the preceding paragraph, diluted loss per share was $0.19 in the year ended March 31, 2014 as compared to loss per share of $0.16 in the year ended March 31, 2013.

Fiscal Year 2014-15 Outlook

As we enter fiscal 2015, we are optimistic of an improving operating environment and a new majority government in India that is focused on economic growth. While we are cautious of the current volatility in the airline industry, the strong growth in our Hotels and packages business gives us confidence of delivering on our strategic and financial objectives in fiscal 2015. We are initiating our fiscal year 2015 annual revenue less service cost guidance with a growth of 24%-28%, which is in the range of $132 million to $136 million.

Conference Call

MakeMyTrip will host a conference call to discuss the company’s results for the quarter and year ended March 31, 2014 beginning at 10:00 a.m. EDT on May 21, 2014. To participate, please dial + 1-866-515-2912 from within the U.S. or +1-617-399-5126 from any other country. Thereafter, callers will be prompted to enter the participant passcode 49515319. A live webcast of the conference call will also be available through the Investor Relations section of the company’s website at http://investors.makemytrip.com.

A telephonic replay of the conference call will be available for one weeks by dialing +1-888-286-8010 and using passcode 44040193. 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 (loss), adjusted net income (loss) and change in constant currency are useful in measuring the results of the Company. The IFRS measures most directly comparable to adjusted operating profit (loss) and adjusted net income (loss) are results from operating activities and profit (loss) for the period, respectively. The Company believes that adjustments to these IFRS measures (including employee stock compensation costs, expenses such as amortization of acquisition related intangibles (including trade name, customer relationship and non-compete), direct cost related to registration of shares by the shareholders, direct cost related to public offerings, merger and acquisition related expenses, gain on bargain purchase, net change in fair value of financial liability related to business combination, net (gain) loss on change in the fair value of derivative financial instruments 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. 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 13, 2013, 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

MakeMyTrip Limited is the parent company of MakeMyTrip (India) Private Limited, India’s largest online travel company, MakeMyTrip Inc. (USA), MakeMyTrip FZ LLC (UAE), Luxury Tours & Travel Pte Ltd (Singapore), Luxury Tours (Malaysia) Sdn Bhd, the Hotel Travel Group (Thailand), the ITC Group (Thailand) and the Easytobook Group (Netherlands). 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 websites, www.makemytrip.com, www.hoteltravel.com and www.easytobook.com and other technology-enhanced platforms, the Company provides access to all major domestic full-service and low-cost airlines operating to and from India, all major airlines operating to and from India, over 11,400 hotels and guesthouses in India, more than 170,200 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  
     2013     2014  
     (in USD)  

Assets

     

Property, plant and equipment

      9,203,826        8,532,640   

Intangible assets and goodwill

      34,987,017        39,240,542   

Trade and other receivables, net

      820,951        982,585   

Investment in equity-accounted investee

      1,294,082        1,122,594   

Other investments

      4,958,994        3,973,363   

Derivative instruments

      14,678        —     

Term deposits

      911,245        75,656,254   

Non-current tax assets

      —          6,515,244   

Other non-current assets

      527,391        476,326   
  

 

 

    

 

 

  

Total non-current assets

      52,718,184        136,499,548   

Inventories

      1,522,693        515,663   

Derivative instruments

      188,973        —     

Current tax assets

      7,535,440        2,183,841   

Trade and other receivables, net

      25,290,442        28,373,066   

Term deposits

      47,203,717        29,513,593   

Other current assets

      23,659,215        34,739,530   

Cash and cash equivalents

      36,501,478        38,011,775   
  

 

 

    

 

 

  

Total current assets

      141,901,958        133,337,468   
  

 

 

    

 

 

  

Total assets

      194,620,142        269,837,016   
  

 

 

    

 

 

  

Equity

     

Share capital

      18,797        20,836   

Share premium

      153,742,563        238,423,499   

Reserves

      (494,988 )      (1,481,871 ) 

Accumulated deficit

      (60,964,228 )      (81,806,068 ) 

Share based payment reserve

      19,901,803        20,092,179   

Foreign currency translation reserve

      (10,904,046 )      (13,663,555 ) 
  

 

 

    

 

 

  

Total equity attributable to equity holders of the Company

      101,299,901        161,585,020   

Non-controlling interest

      694,050        714,505   
  

 

 

    

 

 

  

Total equity

      101,993,951        162,299,525   
  

 

 

    

 

 

  

Liabilities

     

Loans and borrowings

      284,433        203,108   

Employee benefits

      1,010,293        963,176   

Deferred revenue

      —          2,353,593   

Deferred tax liabilities

      383,444        277,096   

Other non-current liabilities

      6,804,211        7,667,666   
  

 

 

    

 

 

  

Total non-current liabilities

      8,482,381        11,464,639   

Bank overdraft

      866,521        —     

Loans and borrowings

      135,459        115,005   

Trade and other payables

      80,592,241        86,213,527   

Deferred revenue

      37,901        1,336,238   

Other current liabilities

      2,511,688        8,408,082   
  

 

 

    

 

 

  

Total current liabilities

      84,143,810        96,072,852   
  

 

 

    

 

 

  

Total liabilities

      92,626,191        107,537,491   
  

 

 

    

 

 

  

Total equity and liabilities

      194,620,142        269,837,016   
  

 

 

    

 

 

  

MAKEMYTRIP LIMITED

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

 

     For the three months ended
March 31,		     For the year ended
March 31,		  
     2013     2014     2013     2014  
     (in USD)  

Revenue

         

Air ticketing

      14,097,846        16,368,507        60,888,851        66,523,174   

Hotels and packages

      40,159,580        43,109,419        164,129,318        184,500,736   

Other revenue

      931,541        1,373,032        3,803,776        4,350,701   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total revenue

      55,188,967        60,850,958        228,821,945        255,374,611   

Other income

      —          1,168,495        —          1,312,299   

Service cost

         

Procurement cost of hotel and packages services

      32,462,790        32,048,746        136,537,143        144,507,848   

Cost of air tickets coupon

      952,914        274,537        4,119,631        4,471,703   

Personnel expenses

      9,808,287        8,366,354        34,520,455        37,220,798   

Other operating expenses

      19,409,091        22,482,293        67,953,977        80,116,006   

Depreciation and amortization

      1,248,655        1,661,817        3,752,743        5,692,145   
  

 

 

    

 

 

    

 

 

    

 

 

  

Result from operating activities

      (8,692,770 )      (2,814,294 )      (18,062,004 )      (15,321,590 ) 

Finance income

      1,076,449        1,200,507        4,197,603        2,441,764   

Finance costs

      2,027,122        993,976        4,939,526        7,775,731   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net finance costs

      (950,673 )      206,531        (741,923 )      (5,333,967 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Share of loss of equity-accounted investee

      (65,538 )      (51,715 )      (186,130 )      (171,487 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Profit (loss) before tax

      (9,708,981 )      (2,659,478 )      (18,990,057 )      (20,827,044 ) 

Income tax benefit (expense)

      (10,605,982 )      (3,240 )      (8,599,023 )      (78,520 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Profit (loss) for the period

      (20,314,963 )      (2,662,718 )      (27,589,080 )      (20,905,564 ) 

Other comprehensive income (loss)

         

Items that are or may be reclassified subsequently to profit or loss:

         

Foreign currency translation differences on foreign operations

      319,019        549,885        (2,309,906 )      (2,767,820 ) 

Net change in fair value of available-for-sale financial assets

      (44,641 )      (15,738 )      459,047        (985,631 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  
     274,378        534,147        (1,850,859 )      (3,753,451 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Items that never be reclassified subsequently to profit or loss:

         

Remeasurement of defined benefit (asset) liabilty

      (55,635 )      (3,668 )      (125,748 )      63,999   

Income tax benefit (expense) on other comprehensive income

      (13,800 )      —          (13,800 )      —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Other comprehensive income (loss) for the period, net of tax

      204,943        530,479        (1,990,407 )      (3,689,452 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total comprehensive income (loss) for the period

      (20,110,020 )      (2,132,239 )      (29,579,487 )      (24,595,016 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Profit (Loss) attributable to:

         

Owners of the Company

      (20,407,056 )      (2,707,050 )      (27,592,521 )      (20,934,330 ) 

Non-controlling interest

      92,093        44,332        3,441        28,766   
  

 

 

    

 

 

    

 

 

    

 

 

  

Loss for the period

      (20,314,963 )      (2,662,718 )      (27,589,080 )      (20,905,564 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total comprehensive income (loss) attributable to:

         

Owners of the Company

      (20,192,807 )      (2,178,032 )      (29,583,133 )      (24,615,471 ) 

Non-controlling interest

      82,787        45,793        3,646        20,455   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total comprehensive loss for the period

      (20,110,020 )      (2,132,239 )      (29,579,487 )      (24,595,016 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Loss per share

         

Basic

      (0.54 )      (0.07 )      (0.74 )      (0.55 ) 

Diluted

      (0.54 )      (0.07 )      (0.74 )      (0.55 ) 

Weighted average number of shares

         

Basic

      37,496,507        38,309,439        37,315,434        37,832,246   

Diluted

      37,496,507        38,309,439        37,315,434        37,832,246   

MAKEMYTRIP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(UNAUDITED)

 

    Attributable to equity holders of the Company              
    Share
capital		     Share
premium		     Reserve
for own
shares		     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, 2013

     18,797        153,742,563       (525,098 )      30,110       (60,964,228 )      19,901,803       (10,904,046 )      101,299,901       694,050        101,993,951   

Total comprehensive income (loss) for the year

                    

Profit (loss) for the year

     —          —          —          —          (20,934,330 )      —          —          (20,934,330 )     28,766        (20,905,564 ) 

Other comprehensive income (loss)

                    

Foreign currency translation differences

     —          —          —          —          —          —          (2,759,509 )      (2,759,509 )     (8,311 )      (2,767,820 ) 

Net change in fair value of available-for-sale financial assets

     —          —          —          (985,631 )     —          —          —          (985,631 )     —          (985,631 ) 

Remeasurement of defined benefit (asset) liabilty

     —          —          —          —          63,999        —          —          63,999       —          63,999   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total other comprehensive income (loss)

     —          —          —          (985,631 )     63,999        —          (2,759,509 )      (3,681,141 )     (8,311 )      (3,689,452 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total comprehensive income (loss) for the year

     —          —          —          (985,631 )     (20,870,331 )      —          (2,759,509 )      (24,615,471 )     20,455        (24,595,016 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Transactions with owners, recorded directly in equity

                    

Contributions by owners

                    

Share-based payment

     —          —          —          —          —          11,151,803       —          11,151,803       —          11,151,803   

Issue of ordinary shares on exercise of share based awards

     376        11,249,546       —          —          —          (10,932,936 )     —          316,986       —          316,986   

Transfer to accumulated deficit on expiry of share based awards

     —          —          —          —          28,491        (28,491 )     —          —          —          —     

Own shares acquired

     —          —          (1,252 )      —          —          —          —          (1,252 )     —          (1,252 ) 

Issue of ordinary shares through follow-on public offering, net of issuance costs

     1,663        73,431,390       —          —          —          —          —          73,433,053       —          73,433,053   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total transactions with owners

     2,039        84,680,936       (1,252 )      —          28,491        190,376       —          84,900,590       —          84,900,590   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance as at March 31, 2014

     20,836        238,423,499       (526,350 )      (955,521 )     (81,806,068 )      20,092,179       (13,663,555 )      161,585,020       714,505        162,299,525   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

MAKEMYTRIP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

(UNAUDITED)

 

     For the year ended
March 31,		  
     2013     2014  
     (in USD)  

Loss for the year

      (27,589,080 )      (20,905,564 ) 

Adjustments for non-cash items

      24,933,929        21,123,907   

Change in working capital

      16,251,048        (4,175,939 ) 
  

 

 

    

 

 

  

Net cash from (used in) operating activities

      13,595,897        (3,957,596 ) 
  

 

 

    

 

 

  

Net cash from (used in) investing activities

      (17,948,068 )      (64,451,925 ) 
  

 

 

    

 

 

  

Net cash from (used in) used in financing activities

      (1,393,981 )      72,458,995   
  

 

 

    

 

 

  

Increase (decrease) in cash and cash equivalents

      (5,746,152 )      4,049,474   

Cash and cash equivalents at beginning of the year

      43,798,230        35,634,957   

Effect of exchange rate fluctuations on cash held

      (2,417,121 )      (1,672,656 ) 
  

 

 

    

 

 

  

Cash and cash equivalents at end of the year

      35,634,957        38,011,775   
  

 

 

    

 

 

  

MAKEMYTRIP LIMITED

RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES

(Unaudited)

Information about reportable segments:

 

     Three months ended March 31,  
     Air ticketing      Hotels and packages      Others      Total  
     2013      2014      2013      2014      2013      2014      2013      2014  

Revenue

      14,097,846         16,368,507        40,159,580         43,109,419        931,541         1,373,032         55,188,967         60,850,958   

Less:

                        

Service cost

      952,914         274,537        32,462,790         32,048,746        —           —           33,415,704         32,323,283   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Revenue less service cost

      13,144,932         16,093,970         7,696,790         11,060,673         931,541         1,373,032         21,773,263         28,527,675   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
     Year ended March 31,  
     Air ticketing      Hotels and packages      Others      Total  
     2013      2014      2013      2014      2013      2014      2013      2014  

Revenue

      60,888,851         66,523,174        164,129,318         184,500,736        3,803,776         4,350,701         228,821,945         255,374,611   

Less:

                        

Service cost

      4,119,631         4,471,703        136,537,143         144,507,848        —           —           140,656,774         148,979,551   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Revenue less service cost

      56,769,220         62,051,471         27,592,175         39,992,888         3,803,776         4,350,701         88,165,171         106,395,060   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

Reconciliation of Adjusted Operating Profit (Loss)    For the three months ended
March 31,		     For the year ended
March 31,		  
(Unaudited)    2013     2014     2013     2014  
     (in USD)  

Result from operating activities as per IFRS

      (8,692,770 )      (2,814,294 )      (18,062,004 )      (15,321,590 ) 

Add: Employee share-based compensation costs

      2,867,133        2,061,535        11,667,188        11,096,803   

Add: Direct cost related to registration of shares by shareholders

      —          —          —          114,705   

Less: Gain on bargain purchase

      —          (1,168,495 )      —          (1,168,495 ) 

Add: Merger and acquisitions related expenses

      8,947        188,833        704,974        438,833   

Add: Acquisition related intangibles amortization

      320,093        387,632        571,516        1,388,567   
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Operating Loss

      (5,496,597 )      (1,344,789 )      (5,118,326 )      (3,451,177 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  
Reconciliation of Adjusted Net Profit (Loss)    For the three months ended
March 31,		     For the year ended
March 31,		  
(Unaudited)    2013     2014     2013     2014  
     (in USD)  

Profit (Loss) for the period as per IFRS

      (20,314,963 )      (2,662,718 )      (27,589,080 )      (20,905,564 ) 

Add: Employee share-based compensation costs

      2,867,133        2,061,535        11,667,188        11,096,803   

Add: Direct cost related to public offerings

      —          390,690        —          505,395   

Less: Gain on bargain purchase

      —          (1,168,495 )      —          (1,168,495 ) 

Add: Acquisition related intangibles amortization

      320,093        387,632        571,516        1,388,567   

Add (Less): Net (gain) loss on change in fair value of derivative financial instrument

      (284,615 )      —          (150,732 )      203,651   

Add: Merger and acquisitions related expenses

      8,947        188,833        704,974        438,833   

Add (Less): Net change in fair value of financial liability related to business combination

      273,678        273,612        154,726        1,082,962   

Less: Income tax (benefit) expense

      10,605,982        3,240        8,599,023        78,520   
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Net Loss

      (6,523,745 )      (525,671 )      (6,042,385 )      (7,279,328 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Earnings (Loss) per share

         

Diluted

      (0.17 )      (0.01 )      (0.16 )      (0.19 ) 

MAKEMYTRIP LIMITED

OPERATING DATA (Unaudited)

 

     For the three months ended March 31, 2014,  
     Revenue     Revenue less service costs  
Reported Growth and Constant Currency Growth    Air
Ticketing		     Hotels and
packages		     Other     Total     Air
Ticketing		     Hotels and
packages		     Other     Total  

Reported Growth

      16.1 %      7.3 %      47.4 %      10.3 %      22.4 %      43.7 %      47.4 %      31.0 % 

Impact of Foreign Currency Translation

      16.1 %      13.6 %      2.4 %      14.0 %      16.7 %      10.9 %      2.3 %      14.0 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Constant Currency Growth

      32.2 %      20.9 %      49.8 %      24.3 %      39.1 %      54.6 %      49.7 %      45.1 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

     For the year ended March 31, 2014,  
     Revenue     Revenue less service costs  
Reported Growth and Constant Currency Growth    Air
Ticketing		     Hotels and
packages		     Other     Total     Air
Ticketing		     Hotels and
packages		     Other     Total  

Reported Growth

      9.3 %      12.4 %      14.4 %      11.6 %      9.3 %      44.9 %      14.4 %      20.7 % 

Impact of Foreign Currency Translation

      11.8 %      10.2 %      11.4 %      10.6 %      11.8 %      9.1 %      11.4 %      10.9 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Constant Currency Growth

      21.1 %      22.6 %      25.8 %      22.2 %      21.1 %      54.1 %      25.8 %      31.6 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

     For the three months ended
March 31,		     For the year ended
March 31,		  
     2013     2014     2013     2014  
     (in thousands, except percentages)  

Number of transactions

         

Air ticketing

      1,054.2        1,035.4        3,794.1        3,999.2   

Hotels and packages

      167.0        282.1        568.1        869.8   

Revenue less service cost:

         

Air ticketing

      13,144.9        16,094.0        56,769.2        62,051.5   

Hotels and packages

      7,696.8        11,060.7        27,592.2        39,992.9   

Other revenue

      931.5        1,373.0        3,803.8        4,350.7   
  

 

 

    

 

 

    

 

 

    

 

 

  
     21,773.3        28,527.7        88,165.2        106,395.1   
  

 

 

    

 

 

    

 

 

    

 

 

  

Gross Bookings

         

Air ticketing

      248,879.3        250,721.6        939,637.5        943,699.1   

Hotels and packages

      62,802.9        91,120.8        229,921.0        317,518.4   
  

 

 

    

 

 

    

 

 

    

 

 

  
     311,682.2        341,842.5        1,169,558.6        1,261,217.5   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net revenue margins

         

Air ticketing

      5.3 %      6.4 %      6.0 %      6.6 % 

Hotels and packages

      12.3 %      12.1 %      12.0 %      12.6 % 

Combined net revenue margin for air ticketing and hotels and packages

      6.7 %      7.9 %      7.2 %      8.1 %