EX-99.1 2 d572339dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2017 FOURTH QUARTER AND FULL YEAR RESULTS

Financial Highlights for Fiscal 2017 Fourth Quarter and Full Year

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

 

•   Transactions for MMT India(6) Standalone Hotels booked Online increased by 95.4% YoY in 4Q17 and by 164.7% in FY17 and MMT India Standalone Hotels booked on Mobile increased by 113.0% YoY in 4Q17 and by 217.5% in FY17. Our MMT India Standalone online hotels business represented over 97.4% of all Hotels and packages transactions in 4QFY17.

 

•   Transactions for Hotels and packages increased by 77.9% YoY in 4Q17 and by 119.1% in FY17.

 

•   Revenue increased 35.8% YoY in 4Q17 and 36.1% YoY in FY17.

 

•   Revenue less service costs(2) increased 64.5% YoY in 4Q17 and 65.4% in FY17. (Also refer to the discussions in “Fiscal 2017 Fourth Quarter Financial Results” and “Fiscal 2017 Full year Financial Results”)

Gurgaon, India and New York, May 19, 2017 — 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, 2017.

“Fiscal Year 2017 marked a pivotal moment in MakeMyTrip’s history as we successfully merged with the Ibibo Group to create India’s leading travel company.” said Deep Kalra, Group Chairman and Group CEO. “With our recent capital raise and sharp focus on driving superior customer experience I believe that we are now best positioned to leverage the growth in the travel market in India.”

MakeMyTrip’s financial and operating results for the fiscal 2017 fourth quarter and full year include the financial and operating results of ibibo Group Holdings (Singapore) Pte. Ltd and its subsidiaries (“ibibo Group”) which we acquired on January 31, 2017.

 

(in thousands except EPS)

    3 months
Ended
March 31,
2016		     3 months
Ended
March 31,
2017		     YoY
Change		     YoY
Change in
constant
currency(1)		     Year Ended
March 31,
2016		     Year Ended
March 31,
2017		     YoY
Change		     YoY
Change in
constant
currency(1)		  

Financial Summary as per IFRS

                 

Revenue

    $ 88,000     $ 120,033       36.4 %      35.8 %    $ 336,054     $ 447,616       33.2 %      36.1 % 

Results from Operating Activities

    ($ 34,498 )    ($ 75,316 )        ($ 66,827 )    ($ 135,387 )     

Loss for the period

    ($ 49,917 )    ($ 73,098 )        ($ 88,542 )    ($ 110,303 )     

Diluted loss per share

    ($ 1.20 )    ($ 0.93 )        ($ 2.12 )    ($ 2.09 )     

Financial Summary as per non-IFRS measures

                 

Revenue Less Service Costs(2)

    $ 51,466     $ 85,089       65.3 %      64.5 %    $ 169,020     $ 273,697       61.9 %      65.4 % 

Air Ticketing

    $ 22,195     $ 32,862       48.1 %      47.2 %    $ 76,402     $ 118,514       55.1 %      58.8 % 

Hotels & packages

    $ 27,822     $ 43,935       57.9 %      57.2 %    $ 86,449     $ 140,335       62.3 %      65.5 % 

Other

    $ 1,449     $ 8,291       472.2 %      470.7 %    $ 6,169     $ 14,848       140.7 %      144.3 % 

Adjusted Operating Profit (Loss)(3)

    ($ 29,339 )    ($ 35,779 )        ($ 50,129 )    ($ 83,711 )     

Adjusted Net Loss (4)

    ($ 34,081 )    ($ 33,070 )        ($ 58,292 )    ($ 99,157 )     

Adjusted Diluted loss per share(4)

    ($ 0.82 )    ($ 0.42 )        ($ 1.40 )    ($ 1.88 )     

Operating Metrics

       

Gross Bookings(5)

    $ 477,140.6     $ 670,108.2       40.4 %      39.7 %    $ 1,841,512.5     $ 2,290,287.5       24.4 %      27.1 % 

Air Ticketing

    $ 318,880.7     $ 455,906.3       43.0 %      42.1 %    $ 1,275,747.8     $ 1,545,151.9       21.1 %      24.0 % 

Hotels & packages

    $ 158,259.9     $ 214,201.9       35.3 %      34.7 %    $ 565,764.7     $ 745,135.6       31.7 %      34.3 % 

Number of Transactions

                 

Air Ticketing

      1,903.2       2,710.8       42.4 %        6,960.5       9,379.7       34.8 %   

Hotels & packages

      1,322.5       2,353.1       77.9 %        3,137.3       6,874.1       119.1 %   

MMT India standalone Hotels (Transactions)

                 

Standalone Hotels booked Online(7)

      1,172.9       2,291.6       95.4 %        2,443.6       6,467.3       164.7 %   

Standalone Hotels booked on Mobile

      827.4       1,762.5       113.0 %        1,532.3       4,864.6       217.5 %   

Notes:

 

(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, income on license acquired, impairment of intangible assets, merger and acquisitions related expenses, and amortization of acquisition related intangibles.
(4) Loss for the period excluding employee share-based compensation costs, income on license acquired, impairment of intangible assets, merger and acquisitions related expenses, amortization of acquisition related intangibles, share of loss of equity-accounted investees, direct cost related to convertible notes, impairment in respect of an equity accounted investee, net change in value of financial liability in business combination, net change in fair value of derivative financial instrument and income tax expense.
(5) 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, discounts and refunds.
(6) MMT India refers to our Indian subsidiaries “MakeMyTrip (India) Private Limited” and “Ibibo Group Private Limited”
(7) Standalone Hotels booked Online include Standalone Hotels booked on Mobile in addition to bookings on Desktops and laptops.

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 (7) 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 periods presented 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)		  

Up to 03/31/16

      828,599      $ 14.48        828,599      $ 138,007,966  

04/01/16 – 04/30/16

      NIL      $ NIL        NIL      $ 138,007,966  

05/01/16 – 05/31/16

      24,050      $ 14.48        24,050      $ 137,659,670  

06/01/16 – 06/30/16

      120,081      $ 14.16        120,081      $ 135,959,658  

07/01/16 – 07/31/16

      NIL      $ NIL        NIL      $ 135,959,658  

08/01/16 – 08/31/16

      NIL      $ NIL        NIL      $ 135,959,658  

09/01/16 – 09/30/16

      NIL      $ NIL        NIL      $ 135,959,658  

10/01/16 – 10/31/16

      NIL      $ NIL        NIL      $ 135,959,658  

11/01/16 – 11/30/16

      NIL      $ NIL        NIL      $ 135,959,658  

12/01/16 – 12/31/16

      NIL      $ NIL        NIL      $ 135,959,658  

01/01/17 – 01/31/17

      NIL      $ NIL        NIL      $ 135,959,658  

02/01/17 – 02/28/17

      NIL      $ NIL        NIL      $ 135,959,658  

03/01/17 – 03/31/17

      NIL      $ NIL        NIL      $ 135,959,658  
  

 

 

        

 

 

     

Total

      972,730      $ 14.43        972,730      $ 135,959,658  
  

 

 

        

 

 

     

 

(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. Further, on January 22, 2016, our Board of Directors authorized the Company to increase the share repurchase plan to an amount aggregating up to US$150 million at a price per Ordinary Share not exceeding US$21.50 until November 30, 2021. As of March 31, 2017, we had remaining authority to repurchase up to approximately $136.0 million of our outstanding ordinary shares.
(2) The average price paid per share excludes broker and transaction fees.

MakeMyTrip’s financial and operating results for the fiscal 2017 fourth quarter and full year include the financial and operating results of ibibo Group which was acquired on January 31, 2017. This has impacted both the fiscal 2017 fourth quarter and full year financial and operating results along with details mentioned below.

Fiscal 2017 Fourth Quarter Financial Results

Revenue. We generated revenue of $120.0 million in the quarter ended March 31, 2017, an increase of 36.4% (an increase of 35.8% in constant currency) over revenue of $88.0 million in the quarter ended March 31, 2016.

Air Ticketing. Revenue and revenue less service costs from our air ticketing business increased by 48.1% (47.2% in constant currency) to $32.9 million in the quarter ended March 31, 2017 from $22.2 million in the quarter ended March 31, 2016. This increase was due to an increase in gross bookings of 43.0% (42.1% in constant currency) driven by 42.4% increase in the number of transactions year over year along with the consolidation of the ibibo Group. Further, our net revenue margin (defined as revenue less service cost as a percentage of gross bookings) increased marginally from 7.0% in the quarter ended March 31, 2016 to 7.2% in the quarter ended March 31, 2017.

Hotels and Packages. Revenue from our hotels and packages business increased by 22.6% (22.0% in constant currency) to $78.9 million in the quarter ended March 31, 2017, from $64.4 million in the quarter ended March 31, 2016. Our revenue less service costs increased by 57.9% (57.2% in constant currency) to $43.9 million in the quarter ended March 31, 2017 from $27.8 million in the quarter ended March 31, 2016. Gross bookings increased by 35.3% (34.7% in constant currency) driven by 77.9% increase in the number of transactions year over year along with the consolidation of the ibibo Group. Net revenue margin has improved from 17.6% in the quarter ended March 31, 2016 and 19.4% in the previous reported quarter to 20.5% in the quarter ended March 31, 2017 driven by increasing mix of standalone hotels bookings as a percentage of overall transactions.

Other Revenue. Our other revenue increased to $8.3 million in the quarter ended March 31, 2017 from $1.4 million in the quarter ended March 31, 2016, primarily due to the contribution of bus ticketing revenue from the ibibo Group consolidation and an increase in facilitation fees on travel insurance.

Total Revenue less Service Costs. Our total revenue less service costs increased by 65.3% (64.5% in constant currency) to $85.1 million in the quarter ended March 31, 2017 from $51.5 million in the quarter ended March 31, 2016, primarily as a result of a 57.9% (57.2% in constant currency) increase in our hotels and packages revenue less service costs, a 48.1% (47.2% in constant currency) increase in our air ticketing revenue less service costs and increase in other revenue.

Personnel Expenses. Personnel expenses increased by 178.0% to $32.7 million in the quarter ended March 31, 2017 from $11.8 million in the quarter ended March 31, 2016 mainly due to higher share based compensation costs in the quarter ended March 31, 2017 primarily relating to the ibibo acquisition, and the consolidation of the ibibo acquisition. The share based compensation costs also includes a one-time charge of $9.0 million as part of the ibibo Group acquisition. Excluding employee share-based compensation costs, personnel expenses as a percentage of net revenue increased by 0.2% year over year.

Marketing and sales promotion expenses. Marketing and sales promotion expenses increased by 48.9% to $78.8 million in the quarter ended March 31, 2017 from $53.0 million in the quarter ended March 31, 2016, primarily as a result of significant customer inducement/acquisition programs expenses incurred to accelerate growth in our standalone hotel booking business along with an increase in brand advertisement expenses and mobile application download and referral cost that we incurred in the quarter ended March 31, 2017 and contribution of marketing and sales promotion expenses of the ibibo Group. The customer inducement/acquisition expenses are primarily incentives given to customers for accelerating growth in our standalone hotel booking business.

Other Operating Expenses. Other operating expenses increased by 61.6% to $27.3 million in the quarter ended March 31, 2017 from $17.0 million in the quarter ended March 31, 2016, primarily as a result of an increase in legal and professional expenses of $5.3 million and an increase in payment gateway charges and outsourcing expenses in line with the growth in our business and contribution of other operating expenses of the ibibo Group. Other operating expenses for the quarter ended March 31, 2017 also includes $4.2 million of merger and acquisition related expenses in the quarter ended March 31, 2017 comprising legal and professional expenses, other expenses associated with our acquisition of the ibibo Group and certain non-routine transactions, whether or not consummated.

Depreciation, Amortization and Impairment. Our depreciation, amortization and impairment expenses increased to $21.6 million in the quarter ended March 31, 2017 from $4.3 million in the quarter ended March 31, 2016, primarily as a result of impairment of goodwill and brands related to the Hotel Travel Group (HT Group) of $14.6 million, as we decided to significantly reduce our HT Group operations in the quarter ended March 31, 2017 and due to an increase in amortization costs on acquisition-related intangibles following the ibibo Group acquisition.

Results from Operating Activities. As a result of the foregoing factors, our results from operating activities were a loss of $75.3 million in the quarter ended March 31, 2017 as compared to a loss of $34.5 million in the quarter ended March 31, 2016. Excluding the effects of our employee share-based compensation costs, impairment of intangible assets and amortization of acquisition related intangibles for the fourth quarter of both fiscal years 2017 and 2016, and merger and acquisitions related expenses for the fourth quarter of fiscal year 2017, we would have recorded an operating loss of $35.8 million in the quarter ended March 31, 2017 as compared with an operating loss of $29.3 million in the quarter ended March 31, 2016.

Net Finance Income (Cost). Our net finance income was $2.7 million in the quarter ended March 31, 2017 as compared to a net finance cost of $14.9 million in the quarter ended March 31, 2016, primarily due to higher unrealized foreign exchange gain in the quarter ended March 31, 2017 due to the appreciation of Indian rupee against the US dollar and net loss from change in fair value of derivative financial instrument of $9.0 million and interest expense of $3.4 million on convertible notes in the quarter ended March 31, 2016.

Profit (Loss) for the period. As a result of the foregoing factors, our loss for the quarter ended March 31, 2017 was $73.1 million as compared to a loss of $49.9 million in the quarter ended March 31, 2016. Excluding the effects of employee share-based compensation costs, amortization of acquisition related intangibles, impairment of intangible assets, share of loss of equity-accounted investees, income tax expense for the fourth quarter of both fiscal years 2017 and 2016, net change in fair value of derivative instrument, direct cost related to convertible notes and net change in value of financial liability related to business combination for the fourth quarter of fiscal year 2016, we would have recorded a net loss of $33.1 million in the quarter ended March 31, 2017 and a net loss of $34.1 million in the quarter ended March 31, 2016.

Diluted Earnings (Loss) per share. Diluted loss per share was $0.93 for the quarter ended March 31, 2017 as compared to diluted loss per share of $1.20 in the quarter ended March 31, 2016. After adjusting for employee share-based compensation costs, amortization of acquisition related intangibles, impairment of intangible assets, share of loss of equity-accounted investees, income tax expense for the fourth quarter of both fiscal years 2017 and 2016, net change in fair value of derivative instrument, direct cost related to convertible notes and net change in value of financial liability related to business combination for the fourth quarter of fiscal year 2016, diluted loss per share would have been $0.42 in the quarter ended March 31, 2017, compared to diluted loss per share of $0.82 in the quarter ended March 31, 2016.

Fiscal 2017 Full Year Financial Results

Revenue. We generated revenue of $447.6 million in the year ended March 31, 2017, an increase of 33.2% (36.1% in constant currency) over revenue of $336.1 million in the year ended March 31, 2016.

Air Ticketing. Revenue from our air ticketing business increased by 51.6% (55.2% in constant currency) to $118.5 million in the year ended March 31, 2017 from $78.2 million in the year ended March 31, 2016. Our revenue less service costs increased by 55.1% (58.8% in constant currency) to $118.5 million in the year ended March 31, 2017 from $76.4 million in the year ended March 31, 2016. In the year ended March 31, 2017, we recognized incremental revenue of $9.2 million based on quarterly evaluation of trends of refund rights exercised by our customers along with a change in the estimate for provisions for cancelled tickets pursuant to confirmation from vendors. Net revenue margin for the year was 7.7% and excluding the incremental revenue would have been 7.1% compared to 6.0% in the previous year. Excluding incremental revenue, revenue and revenue less service costs increased by 43.0% (46.4% in constant currency). This growth was driven by a year on year increase of 34.8% in air ticketing transactions for the full fiscal year and an increase in gross bookings of 21.1% (24.0% in constant currency) to $1.5 billion in the year ended March 31, 2017 from $1.3 billion in the year ended March 31, 2016 along with the consolidation of the ibibo Group.

Hotels and Packages. Revenue from our hotels and packages business increased by 24.8% (27.5% in constant currency) to $314.3 million in the year ended March 31, 2017 from $251.7 million in the year ended March 31, 2016. Our revenue less service costs increased by 62.3% (65.5% in constant currency) to $140.3 million in the year ended March 31, 2017 from $86.5 million in the year ended March 31, 2016. This growth was due to an increase in gross bookings by 31.7% (34.3% in constant currency) and a 119.1% increase in the number of transactions along with the consolidation of the ibibo Group. Our net revenue margins improved from 15.3% in the year ended March 31, 2016 to 18.8% in the year ended March 31, 2017. The increase in net revenue margin in the year ended March 31, 2017 was mainly driven by increasing mix of standalone hotels bookings as a percentage of overall transactions.

Other Revenue. Our other revenue increased to $14.8 million in the year ended March 31, 2017 from $6.2 million in the year ended March 31, 2016, primarily due to the contribution of bus ticketing revenue from the ibibo Group consolidation and an increase in facilitation fees on travel insurance.

Total Revenue less Service Costs. Our total revenue less service costs increased by 61.9% (65.4% in constant currency) to $273.7 million in the year ended March 31, 2017 from $169.0 million in the year ended March 31, 2016. This growth resulted from a 62.3% (65.5% in constant currency) increase in our hotels and packages revenue less service costs, an increase of 55.1% (58.8% in constant currency) in our air ticketing revenue less service costs and increase in other revenue.

Personnel Expenses. Personnel expenses increased by 50.4% to $73.7 million in the year ended March 31, 2017 from $49.0 million in the year ended March 31, 2016. This increase was primarily due to higher share based compensation costs primarily relating to the ibibo Group acquisition, annual increase in wages and some growth in employee headcount mainly in hotels and packages business. The share based compensation costs also includes a one-time charge of $9.0 million as part of the ibibo Group acquisition. Excluding employee share-based compensation costs, personnel expenses as a percentage of net revenue decreased by 3.8% year over year in the year ended March 31, 2017.

Marketing and sales promotion expenses. Marketing and sales promotion expenses increased by 106.0% to $224.4 million in the year ended March 31, 2017 from $109.0 million in the year ended March 31, 2016, primarily as a result of significant customer inducement/acquisition programs expenses incurred to accelerate growth in our standalone hotel booking business along with an increase in mobile application download and referral cost and other brand advertisement expenses that we incurred in the fiscal year ended March 31, 2017 contribution of marketing and sales promotion expenses of the ibibo Group.

Other Operating Expenses. Other operating expenses increased by 20.1% to $81.6 million in the year ended March 31, 2017 from $67.9 million in the year ended March 31, 2016, primarily as a result of an increase in legal and professional expenses of $7.7 million and payment gateway charges of $2.2 million, in line with the growth in our business and contribution of other operating expenses of the ibibo Group. Other operating expenses for the year ended March 31, 2017 also includes merger and acquisition related expenses of $6.0 million in the year ended March 31, 2017 compared to $0.2 million in the year ended March 31, 2016, comprising legal and professional expenses, other expenses associated with our acquisition of the ibibo Group and certain non-routine transactions, whether or not consummated.

Depreciation, Amortization and Impairment. Our depreciation, amortization and impairment expenses increased to $29.7 million in the year ended March 31, 2017 from $10.9 million in the year ended March 31, 2016, primarily as a result of impairment of goodwill and brands related to the HT Group of $14.6 million, as we decided to significantly reduce our HT Group operations in the quarter ended March 31, 2017 and due to an increase in amortization costs on acquisition-related intangibles following the ibibo Group acquisition.

Results from Operating Activities. As a result of the foregoing factors, our results from operating activities was a loss of $135.4 million in the year ended March 31, 2017 compared to a loss of $66.8 million in the year ended March 31, 2016. Excluding the effects of our employee share-based compensation costs, merger and acquisition related expenses, impairment of intangible assets and amortization of acquisition related intangibles for both fiscal years 2017 and 2016, and income on license acquired for fiscal year 2016, we would have recorded an operating loss of $83.7 million in the year ended March 31, 2017 compared with an operating loss of $50.1 million in the year ended March 31, 2016.

Net Finance Income (Costs). Our net finance income was $27.0 million in the year ended March 31, 2017 as compared to a net finance cost of $18.7 million in the quarter ended March 31, 2016, primarily due to the net gain from change in fair value of derivative financial instrument of $42.4 million in the year ended March 31, 2017 compared to net loss from change in fair value of derivative financial instrument of $9.0 million in the year ended March 31, 2016 relating to convertible notes outstanding.

Profit (Loss) for the year. As a result of the foregoing factors, our loss for the year ended March 31, 2017 was $110.3 million as compared to a loss of $88.5 million in the year ended March 31, 2016. Excluding the effects of our employee share-based compensation costs, merger and acquisition related expenses, amortization of acquisition related intangibles, impairment of intangible assets, net change in fair value of derivative instrument, income tax expense, net change in value of financial liability in business combination, share of loss of equity-accounted investees for both fiscal years 2017 and 2016, income on license acquired, impairment in respect of an equity accounted investee and direct cost related to convertible notes, for fiscal year 2016 we would have recorded a net loss of $99.2 million in the year ended March 31, 2017 as against a net loss of $58.3 million in year ended March 31, 2016.

Diluted Earnings (Loss) per share. Diluted loss per share was $2.09 for the year ended March 31, 2017 as compared to loss per share of $2.12 in the corresponding prior fiscal year. Adjusted for our employee share-based compensation costs, merger and acquisition related expenses, amortization of acquisition related intangibles, impairment of intangible assets, net change in fair value of derivative instrument, income tax expense, net change in value of financial liability in business combination, share of loss of equity-accounted investees for both fiscal years 2017 and 2016, income on license acquired, impairment in respect of an equity accounted investee and direct cost related to convertible notes for fiscal year 2016, diluted loss per share would have been $1.88 in the year ended March 31, 2017 as compared to diluted loss per share of $1.40 in the year ended March 31, 2016.

Liquidity. As of March 31, 2017, the balance of cash and cash equivalents and term deposits on our balance sheet was $197.4 million. Further, on May 5, 2017, the Company from a private placement equity transactions with certain existing and new investors raised a gross proceed of $330 million.

Conference Call

MakeMyTrip will host a conference call to discuss the Company’s results for the quarter and year ended March 31, 2017 beginning at 10:00 a.m. EDT on May 19, 2017. To participate, please dial + 1-(844)-883-3862 from within the U.S. or +1-(574)-990-9829 from any other country. Thereafter, callers will be prompted to enter the participant passcode 19192814. 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 month by dialing +1-(855)-859-2056 and using passcode 19192814. 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), adjusted diluted earnings (loss) per share and change in constant currency are useful in measuring the results of the Company. The Company believes that its current calculations of adjusted operating profit (loss), adjusted net income (loss), adjusted diluted earnings (loss) per share and change in constant currency represent a balanced approach to adjusting for the impact of certain discrete, unusual or non-cash items which are useful in measuring the results of the Company and provide investors and analysts a more accurate representation of its operating results. The Company believes that investors and analysts in its industry use these non-IFRS measures to compare the Company and its performance to that of its global peers.

The IFRS measures most directly comparable to adjusted operating profit (loss), adjusted net income (loss) and adjusted diluted earnings (loss) per share are results from operating activities, profit (loss) for the period and diluted earnings (loss) per share, 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), merger and acquisition related expenses, impairment of intangible assets, share of loss of equity-accounted investees, net change in the fair value of derivative financial instruments, interest expense on financial liabilities measured at amortized cost, net change in value of financial liability related to business combination, direct cost related to convertible notes, income on license acquired, impairment in respect of an equity accounted investee and income tax expense) provide investors and analysts a more accurate representation of the Company’s operating results.

A limitation of using adjusted operating profit (loss), adjusted net profit (loss) and adjusted diluted earnings (loss) per share instead of operating profit (loss), net profit (loss) and earnings (loss) per share calculated in accordance with IFRS as issued by the IASB is that these non-GAAP financial measures exclude a recurring cost, namely share-based compensation. Management compensates for this limitation by providing specific information on the IFRS amounts excluded from adjusted operating profit (loss), adjusted net profit (loss) and adjusted diluted earnings (loss) per share.

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 14, 2016, filed with the United States 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 India’s leading travel company. We own and operate well recognized online brands, including MakeMyTrip.com, goibibo.com, RightStay.com and redbus.in. Our comprehensive products and services allow customers to research, plan and book a wide range of travel services and products in India as well as overseas. Our services and products include air ticketing, hotel and alternative accommodations bookings, holiday planning and packaging, rail ticketing, intercity bus ticketing, car hire and ancillary travel requirements such as facilitating access to third-party travel insurance and visa processing.

We provide our customers with access to all major domestic full-service and low-cost airlines operating in India and all major airlines operating to and from India, over 40,000 hotels, 13,500 alternative accommodation properties in India and more than 240,000 hotels and properties outside India, Indian Railways and all major Indian bus operators.

For more details, please contact:

Jonathan Huang

Vice President - Investor Relations

MakeMyTrip Limited

+1 (917) 769-2027

Jonathan.Huang@makemytrip.com

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(UNAUDITED)

(Amounts in USD thousands)

 

     As at March 31  
     2016     2017  

Assets

     

Property, plant and equipment

      10,285       15,334  

Intangible assets and goodwill

      34,886       1,170,727  

Trade and other receivables, net

      946       2,176  

Investment in equity-accounted investees

      16,713       18,212  

Other investments

      6,690       5,791  

Term deposits

      20,757       20,162  

Non-current tax assets

      13,162       19,306  

Other non-current assets

      15,602       29,658  

Employee benefit assets

      —         229  
  

 

 

    

 

 

  

Total non-current assets

      119,041       1,281,595  

Inventories

      527       251  

Current tax assets

      69       81  

Trade and other receivables, net

      28,222       35,108  

Term deposits

      148,555       75,511  

Other current assets

      51,141       50,232  

Cash and cash equivalents

      53,434       101,704  

Assets held for sale

      —         302  
  

 

 

    

 

 

  

Total current assets

      281,948       263,189  
  

 

 

    

 

 

  

Total assets

      400,989       1,544,784  
  

 

 

    

 

 

  

Equity

     

Share capital

      21       46  

Share premium

      248,732       1,607,373  

Reserves

      (5,817 )      952  

Accumulated deficit

      (188,217 )      (298,581 ) 

Share based payment reserve

      37,903       61,410  

Foreign currency translation reserve

      (15,013 )      33,601  
  

 

 

    

 

 

  

Total equity attributable to equity holders of the Company

      77,609       1,404,801  

Non-controlling interest

      —         661  
  

 

 

    

 

 

  

Total equity

      77,609       1,405,462  
  

 

 

    

 

 

  

Liabilities

     

Loans and borrowings

      195,283       523  

Employee benefits

      1,641       2,946  

Deferred revenue

      1,407       265  

Deferred tax liabilities

      203       159  

Other non-current liabilities

      770       1,027  
  

 

 

    

 

 

  

Total non-current liabilities

      199,304       4,920  

Bank overdraft

      7,161       —    

Loans and borrowings

      2,017       226  

Trade and other payables

      110,296       127,077  

Deferred revenue

      2,085       3,045  

Other current liabilities

      2,517       4,054  
  

 

 

    

 

 

  

Total current liabilities

      124,076       134,402  
  

 

 

    

 

 

  

Total liabilities

      323,380       139,322  
  

 

 

    

 

 

  

Total equity and liabilities

      400,989       1,544,784  
  

 

 

    

 

 

  

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

(Amounts in USD thousands, except per share data and share count)

 

     For the three months ended
March 31,		     For the year ended
March 31,		  
     2016     2017     2016     2017  

Revenue

         

Air ticketing

      22,195       32,862       78,172       118,514  

Hotels and packages

      64,356       78,880       251,713       314,254  

Other revenue

      1,449       8,291       6,169       14,848  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total revenue

      88,000       120,033       336,054       447,616  

Other income

      —         64       1,014       363  

Service cost

         

Procurement cost of hotel and packages services

      36,534       34,945       165,264       173,919  

Cost of air tickets coupon

      —         —         1,770       —    

Personnel expenses

      11,777       32,700       49,018       73,736  

Marketing and sales promotion expenses

      52,963       78,835       108,966       224,424  

Other operating expenses

      16,890       27,295       67,954       81,585  

Depreciation, amortization and impairment

      4,334       21,638       10,923       29,702  
  

 

 

    

 

 

    

 

 

    

 

 

  

Result from operating activities

      (34,498 )      (75,316 )      (66,827 )      (135,387 ) 

Finance income

      651       3,179       1,586       45,268  

Finance costs

      15,512       470       20,327       18,289  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net finance Income (costs)

      (14,861 )      2,709       (18,741 )      26,979  
  

 

 

    

 

 

    

 

 

    

 

 

  

Impairment in respect of an equity accounted investee

      —         —         (959 )      —    

Share of loss of equity-accounted investees

      (484 )      (477 )      (1,860 )      (1,702 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Loss before tax

      (49,843 )      (73,084 )      (88,387 )      (110,110 ) 

Income tax expense

      (74 )      (14 )      (155 )      (193 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Loss for the period

      (49,917 )      (73,098 )      (88,542 )      (110,303 ) 

Other comprehensive income (loss)

         

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

 

      

Foreign currency translation differences on foreign operations

      975       49,741       (565 )      48,618  

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

      270       (169 )      752       (809 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  
     1,245       49,572       187       47,809  
  

 

 

    

 

 

    

 

 

    

 

 

  

Items that will never be reclassified subsequently to profit or loss:

         

Remeasurement of defined benefit (asset) liability

      (74 )      (93 )      (149 )      (266 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

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

      1,171       49,479       38       47,543  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total comprehensive loss for the period

      (48,746 )      (23,619 )      (88,504 )      (62,760 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Profit (Loss) attributable to:

         

Owners of the Company

      (49,919 )      (72,963 )      (88,518 )      (110,168 ) 

Non-controlling interest

      —         (135 )      (24 )      (135 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Loss for the period

      (49,919 )      (73,098 )      (88,542 )      (110,303 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total comprehensive income (loss) attributable to:

         

Owners of the Company

      (48,748 )      (23,488 )      (88,465 )      (62,629 ) 

Non-controlling interest

      —         (131 )      (39 )      (131 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total comprehensive loss for the period

      (48,748 )      (23,619 )      (88,504 )      (62,760 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Loss per share (in USD)

         

Basic

      (1.20 )      (0.93 )      (2.12 )      (2.09 ) 

Diluted

      (1.20 )      (0.93 )      (2.12 )      (2.09 ) 

Weighted average number of shares (including Class B Shares)

         

Basic

      41,655,815       78,062,498       41,714,518       52,607,986  

Diluted

      41,655,815       78,062,498       41,714,518       52,607,986  

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(UNAUDITED)

(Amounts in USD thousands)

 

    Attributable to equity holders of the Company              
    Share
Capital		     Share
Premium		     Reserve
for Own
Shares		     Fair Value
Reserves		     Accumulated
Deficit		     Share Based
Payment
Reserve		     Foreign
Currency
Translation
Reserve		     Total     Non-
Controlling
Interest		     Total Equity  

Balance as at April 1, 2016

     21       248,732       (7,578 )      1,761       (188,217 )      37,903       (15,013 )      77,609       —         77,609  

Total comprehensive income (loss) for the year

                    

Loss for the year

     —         —         —         —         (110,168 )      —         —         (110,168 )      (135 )      (110,303 ) 

Other comprehensive income (loss)

                    

Foreign currency translation differences

     —         —         —         —         —         —         48,614       48,614       4       48,618  

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

     —         —         —         (809 )      —         —         —         (809 )      —         (809 ) 

Remeasurement of defined benefit (asset) liability

     —         —         —         —         (266 )      —         —         (266 )      —         (266 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total other comprehensive income (loss)

     —         —         —         (809 )      (266 )      —         48,614       47,539       4       47,543  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total comprehensive income (loss) for the year

     —         —         —         (809 )      (110,434 )      —         48,614       (62,629 )      (131 )      (62,760 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Transactions with owners, recorded directly in equity

                    

Contributions by owners

                    

Share-based payment

     —         —         —         —         —         26,674       —         26,674       175       26,849  

Issue of ordinary shares on exercise of share based awards

     1       18,275       —         —         —         (18,105 )      —         171       —         171  

Transfer to accumulated deficit on expiry of share based awards

     —         —         —         —         70       (70 )      —         —         —         —    

Own shares acquired

     —         —         (2,050 )      —         —         —         —         (2,050 )      —         (2,050 ) 

Re-issue of own shares upon conversion of convertible notes

     —         999       9,628       —         —         —         —         10,627       —         10,627  

Shares issued upon conversion of convertible notes

     5       148,101       —         —         —         —         —         148,106       —         148,106  

Business combination

     19       1,191,266       —         —         —         15,008       —         1,206,293       —         1,206,293  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total contributions by owners

     25       1,358,641       7,578       —         70       23,507       —         1,389,821       175       1,389,996  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Changes in ownership interests

                    

Acquisition of subsidiary with non-controlling interests

     —         —         —         —         —         —         —         —         617       617  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total changes in ownership interest in subsidiaries

     —         —         —         —         —         —         —         —         617       617  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total transactions with owners

     25       1,358,641       7,578       —         70       23,507       —         1,389,821       792       1,390,613  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance as at March 31, 2017

     46       1,607,373       —         952       (298,581 )      61,410       33,601       1,404,801       661       1,405,462  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(UNAUDITED)

(Amounts in USD thousands)

 

     For the year ended
March 31,		  
     2016     2017  

Loss for the year

      (88,542 )      (110,303 ) 

Adjustments for non-cash items

      45,818       31,459  

Change in working capital

      (23,275 )      (29,613 ) 
  

 

 

    

 

 

  

Net cash generated from (used in) operating activities

      (66,000 )      (108,457 ) 
  

 

 

    

 

 

  

Net cash generated from (used in) investing activities

      (103,646 )      163,011  
  

 

 

    

 

 

  

Net cash generated from (used in) financing activities

      164,614       2,159  
  

 

 

    

 

 

  

Increase (decrease) in cash and cash equivalents

      (5,032 )      56,713  

Cash and cash equivalents at beginning of the year

      49,857       46,273  

Effect of exchange rate fluctuations on cash held

      1,448       (1,282 ) 
  

 

 

    

 

 

  

Cash and cash equivalents at end of the year

      46,273       101,704  
  

 

 

    

 

 

  

MAKEMYTRIP LIMITED

RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES

(Unaudited)

(Amounts in USD thousands)

 

    Three months ended March 31,  
    Air ticketing     Hotels and packages     Others     Total  
    2016     2017     2016     2017     2016     2017     2016     2017  

Revenue as per IFRS

     22,195       32,862       64,356       78,880       1,449       8,291       88,000       120,033  

Less:

                

Service cost as per IFRS

     —         —         36,534       34,945       —         —         36,534       34,945  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Revenue less service cost

     22,195       32,862       27,822       43,935       1,449       8,291       51,466       85,088  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
    Year ended March 31,  
    Air ticketing     Hotels and packages     Others     Total  
    2016     2017     2016     2017     2016     2017     2016     2017  

Revenue as per IFRS

     78,172       118,514       251,713       314,254       6,169       14,848       336,054       447,616  

Less:

                

Service cost as per IFRS

     1,770       —         165,264       173,919       —         —         167,034       173,919  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Revenue less service cost

     76,402       118,514       86,449       140,335       6,169       14,848       169,020       273,697  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

Reconciliation of Adjusted Operating Profit (Loss)    For the three months ended
March 31,		     For the year ended
March 31,		  
(Unaudited)    2016     2017     2016     2017  

Result from operating activities as per IFRS

      (34,498 )      (75,316 )      (66,827 )      (135,387 ) 

Add: Employee share-based compensation costs

      2,769       17,665       13,685       26,795  

Less: Income on license acquired

      —         —         (886 )      —    

Add: Impairment of intangible assets

      2,167       15,168       2,167       15,168  

Add: Merger and acquisitions related expenses

      —         4,163       178       5,972  

Add: Acquisition related intangibles amortization

      225       2,541       1,554       3,741  
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Operating Loss

      (29,339 )      (35,779 )      (50,129 )      (83,711 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  
Reconciliation of Adjusted Net Profit (Loss)    For the three months ended
March 31,		     For the year ended
March 31,		  
(Unaudited)    2016     2017     2016     2017  

Loss for the period as per IFRS

      (49,917 )      (73,098 )      (88,542 )      (110,303 ) 

Add: Employee share-based compensation costs

      2,769       17,665       13,685       26,795  

Less: Income on license acquired

      —         —         (886 )      —    

Add: Impairment of intangible assets

      2,167       15,168       2,167       15,168  

Add: Merger and acquisitions related expenses

      —         4,163       178       5,972  

Add: Acquisition related intangibles amortization

      225       2,541       1,554       3,741  

Add: Share of loss of equity-accounted investees

      484       477       1,860       1,702  

Add: Net Change in fair value of derivative instrument

      9,309       —         9,309       (42,427 ) 

Add: Direct cost related to Convertible notes

      775       —         775       —    

Add: Impairment in respect of an equity accounted investee

      —         —         959       —    

Add: Net change in value of financial liability related to business combination

      35       —         496       2  

Add: Income tax expense

      74       14       155       193  
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Net Loss

      (34,081 )      (33,070 )      (58,292 )      (99,157 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Reconciliation of Adjusted Diluted Earnings (Loss) per Share    For the three months ended
March 31,		     For the year ended
March 31,		  
(Unaudited)    2016     2017     2016     2017  
     (in US$)  

Diluted Earnings (Loss) per share for the period as per IFRS

      (1.20 )      (0.93 )      (2.12 )      (2.09 ) 

Add: Employee share-based compensation costs

      0.07       0.23       0.33       0.51  

Less: Income on license acquired

      —         —         (0.02 )      —    

Add: Impairment of intangible assets

      0.05       0.19       0.05       0.29  

Add: Merger and acquisitions related expenses

      —         0.05       0.00       0.11  

Add: Acquisition related intangibles amortization

      0.01       0.03       0.04       0.07  

Add: Share of loss of equity-accounted investees

      0.01       0.01       0.04       0.03  

Add: Net Change in fair value of derivative instrument

      0.22       —         0.22       (0.80 ) 

Add: Direct cost related to Convertible notes

      0.02       —         0.02       —    

Add: Impairment in respect of an equity accounted investee

      —         —         0.02       —    

Add: Net change in value of financial liability related to business combination

      —         —         0.01       —    

Add: Income tax expense

      —         —         —         —    
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Diluted Earnings (Loss) per share

      (0.82 )      (0.42 )      (1.40 )      (1.88 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(Unaudited)    For the three months ended March 31, 2017  
     Revenue     Revenue less service costs  
Reported Growth and Constant Currency Growth (YoY)    Air Ticketing     Hotels and
packages		     Other     Total     Air
Ticketing		     Hotels and
packages		     Other     Total  

Reported Growth

      48.1 %      22.6 %      472.2 %      36.4 %      48.1 %      57.9 %      472.2 %      65.3 % 

Impact of Foreign Currency Translation

      -0.9 %      -0.5 %      -1.5 %      -0.6 %      -0.9 %      -0.7 %      -1.5 %      -0.8 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Constant Currency Growth

      47.2 %      22.0 %      470.7 %      35.8 %      47.2 %      57.2 %      470.7 %      64.5 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     For the year ended March 31, 2017  
     Revenue     Revenue less service costs  
Reported Growth and Constant Currency Growth (YoY)    Air Ticketing     Hotels and
packages		     Other     Total     Air
Ticketing		     Hotels and
packages		     Other     Total  

Reported Growth

      51.6 %      24.8 %      140.7 %      33.2 %      55.1 %      62.3 %      140.7 %      61.9 % 

Impact of Foreign Currency Translation

      3.6 %      2.6 %      3.6 %      2.9 %      3.7 %      3.2 %      3.6 %      3.4 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Constant Currency Growth

      55.2 %      27.5 %      144.3 %      36.1 %      58.8 %      65.5 %      144.3 %      65.4 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

MAKEMYTRIP LIMITED

OPERATING DATA (Unaudited)

 

     For the three months ended
March 31,		     For the year ended
March 31,		  
     2016     2017     2016     2017  
    

(Amounts in USD thousands,

except percentages)

  

Number of transactions

         

Air ticketing

      1,903.2       2,710.8       6,960.5       9,379.7  

Hotels and packages

      1,322.5       2,353.1       3,137.3       6,874.1  

Revenue less service cost:

         

Air ticketing

      22,195       32,862       76,402       118,514  

Hotels and packages

      27,822       43,935       86,449       140,335  

Other revenue

      1,449       8,291       6,169       14,848  
  

 

 

    

 

 

    

 

 

    

 

 

  
     51,466       85,088       169,020       273,697  
  

 

 

    

 

 

    

 

 

    

 

 

  

Gross Bookings

         

Air ticketing

      318,880.7       455,906.3       1,275,747.8       1,545,151.9  

Hotels and packages

      158,259.9       214,201.9       565,764.7       745,135.6  
  

 

 

    

 

 

    

 

 

    

 

 

  
     477,140.6       670,108.2       1,841,512.5       2,290,287.5  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net revenue margins

         

Air ticketing

      7.0 %      7.2 %      6.0 %      7.7 % 

Hotels and packages

      17.6 %      20.5 %      15.3 %      18.8 % 

Combined net revenue margin for air ticketing and hotels and packages

      10.5 %      11.5 %      8.8 %      11.3 %