EX-99.1 2 mmyt-ex991_6.htm EX-99.1 mmyt-ex991_6.htm

 

        Exhibit 99.1

MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2020 THIRD QUARTER RESULTS

Financial Highlights for Fiscal 2020 Third Quarter

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

Gross Bookings(5) increased 18.8% YoY in 3Q20 to $1.7 billion.

Revenue for 3Q20 increased 15.9% YoY to $146.9 million and Adjusted Revenue(2) increased 13.4% YoY in 3Q20 to $206.7 million.

Results from Operating Activities improved to a loss of $24.4 million in 3Q20 versus a loss of $36.6 million in 3Q19.

Adjusted Operating Loss(3) was reduced to $11.0 million in 3Q20 versus Adjusted Operating Loss of $22.2 million in 3Q19, an improvement of $11.2 million YoY.

Gurugram, India and New York, February 11, 2020 — MakeMyTrip Limited (NASDAQ: MMYT), India’s leading online travel company, today announced its unaudited financial and operating results for its fiscal third quarter ended December 31, 2019.

“The MakeMyTrip Group continued to achieve record quarterly bookings despite a challenging growth environment and weak consumer demand” said Deep Kalra, Group Executive Chairman. “We remain focused on delivering greater value and better experience for our users and suppliers, resulting in additional market share gains across all our key business segments. At the same time, we continued to optimize our marketing and sales promotion spends to deliver improved operational efficiencies and provide greater long term value for stakeholders.”

 

(in thousands except EPS)

 

3 months Ended

December 31,

2018

 

 

3 months Ended

December 31,

2019

 

 

YoY

Change

 

 

YoY Change

in constant

currency(1)

 

Financial Summary as per IFRS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

124,815

 

 

$

146,889

 

 

 

17.7

%

 

 

15.9

%

Air Ticketing

 

$

43,506

 

 

$

47,911

 

 

 

10.1

%

 

 

8.7

%

Hotels and Packages

 

$

58,204

 

 

$

72,989

 

 

 

25.4

%

 

 

23.2

%

Bus Ticketing

 

$

14,679

 

 

$

17,737

 

 

 

20.8

%

 

 

19.4

%

Others

 

$

8,426

 

 

$

8,252

 

 

 

-2.1

%

 

 

-2.9

%

Results from Operating Activities

 

$

(36,579

)

 

$

(24,374

)

 

 

 

 

 

 

 

 

Loss for the period

 

$

(29,294

)

 

$

(29,511

)

 

 

 

 

 

 

 

 

Diluted Loss per share

 

$

(0.28

)

 

$

(0.28

)

 

 

 

 

 

 

 

 

Financial Summary as per non-IFRS measures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Revenue(2)

 

$

179,889

 

 

 

 

 

 

 

14.9

%

 

 

13.4

%

Air Ticketing

 

$

60,764

 

 

$

70,940

 

 

 

16.7

%

 

 

15.3

%

Hotels and Packages

 

$

95,450

 

 

$

106,294

 

 

 

11.4

%

 

 

9.8

%

Bus Ticketing

 

$

15,073

 

 

$

20,817

 

 

 

38.1

%

 

 

36.4

%

Others

 

$

8,602

 

 

$

8,611

 

 

 

0.1

%

 

 

-0.8

%

Adjusted Operating Loss(3)

 

$

(22,197

)

 

$

(11,028

)

 

 

 

 

 

 

 

 

Adjusted Net Loss(4)

 

$

(14,838

)

 

$

(15,849

)

 

 

 

 

 

 

 

 

Adjusted Diluted Loss per share(4)

 

$

(0.14

)

 

$

(0.15

)

 

 

 

 

 

 

 

 

Operating Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Bookings(5)

 

$

1,413,537

 

 

$

1,700,547

 

 

 

20.3

%

 

 

18.8

%

Air Ticketing

 

$

821,153

 

 

$

986,587

 

 

 

20.1

%

 

 

18.7

%

Hotels and Packages

 

$

402,204

 

 

$

471,707

 

 

 

17.3

%

 

 

15.7

%

Bus Ticketing

 

$

190,180

 

 

$

242,253

 

 

 

27.4

%

 

 

25.7

%

Unit Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Ticketing – Flight segments(8)

 

 

10,104

 

 

 

11,648

 

 

 

15.3

%

 

 

 

 

Hotels and Packages – Room nights(7)

 

 

7,018

 

 

 

8,472

 

 

 

20.7

%

 

 

 

 

Standalone Hotels – Online(6) – Room nights(7)

 

 

6,851

 

 

 

8,295

 

 

 

21.1

%

 

 

 

 

Bus Ticketing – Travelled tickets

 

 

16,219

 

 

 

21,338

 

 

 

31.6

%

 

 

 

 

 

 

 

 


 

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 adding back promotion expenses in the nature of customer discount, customer inducement/acquisition costs and loyalty program costs, which are reported as a reduction of revenue, and deducting the cost of acquisition of services primarily relating to sales to customers where the company acts as the principal. 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, amortization of acquisition related intangibles and gain on disposal of an equity-accounted investee.

(4)

Profit (Loss) for the period excluding employee share-based compensation costs, amortization of acquisition related intangibles, share of (profit) loss of equity-accounted investees, gain on disposal of an equity-accounted investee, net change in value of financial liability in business combination and income tax expense (benefit).

(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)

“Standalone Hotels – Online” refer to Standalone Hotels booked on desktops, laptops, mobiles and other online platforms.

(7)

“Room nights,” also referred to as “hotel-room nights,” is the total number of hotel rooms occupied by a customer or group, multiplied by the number of nights that such customer or group occupies those rooms.

(8)

“Flight segments” means a flight between two cities, whether or not such flight is part of a larger or longer itinerary.

Please see “About Non-IFRS Financial Measures” included within this release to understand the importance of the measures set forth in notes (1) to (8) above. Reconciliations of IFRS financial measures to non-IFRS financial measures, and operating results are included at the end of this release.

Other information

Share Repurchase

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. On January 22, 2016, our Board of Directors authorized the Company to increase the share repurchase plan to an amount aggregating up to $150 million at a price per ordinary share not exceeding $21.50 until November 30, 2021. There were no repurchases pursuant to the share repurchase plan during the fiscal 2020 third quarter. As of December 31, 2019, we had remaining authority to repurchase up to approximately $136.0 million of our outstanding ordinary shares.

Fiscal 2020 Third Quarter Financial Results

Revenue. We generated revenue of $146.9 million in the quarter ended December 31, 2019, an increase of 17.7% (15.9% in constant currency) over revenue of $124.8 million in the quarter ended December 31, 2018. Our Total Adjusted Revenue increased by 14.9% (13.4% in constant currency) to $206.7 million in the quarter ended December 31, 2019 from $179.9 million in the quarter ended December 31, 2018, primarily as a result of an increase of 16.7% (15.3% in constant currency) in our Adjusted Revenue – air ticketing, an increase of 11.4% (9.8% in constant currency) in our Adjusted Revenue – hotels and packages, an increase of 38.1% (36.4% in constant currency) in our Adjusted Revenue – bus ticketing and an increase of 0.1% (decrease of 0.8% in constant currency) in our Adjusted Revenue – others, each as further described below. Adjusted Revenue also includes promotion expenses of $105.0 million in the quarter ended December 31, 2019 and $96.3 million in the quarter ended December 31, 2018, recorded as a reduction of revenue.

For further information on this non-IFRS financial measure, see “— About Non-IFRS Financial Measures” elsewhere in this release.

 

 

 

For the three months ended December 31

 

 

 

 

 

 

 

 

 

 

 

 

Air ticketing

 

 

Hotels and packages

 

 

Bus ticketing

 

 

Others

 

 

Total

 

 

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

 

 

(Amounts in USD thousands)

 

 

Revenue as per IFRS

 

 

43,506

 

 

 

47,911

 

 

 

58,204

 

 

 

72,989

 

 

 

14,679

 

 

 

17,737

 

 

 

8,426

 

 

 

8,252

 

 

 

124,815

 

 

 

146,889

 

 

Add: Promotion expenses recorded as a reduction of revenue

 

 

18,177

 

 

 

23,056

 

 

 

74,402

 

 

 

76,578

 

 

 

3,567

 

 

 

4,819

 

 

 

195

 

 

 

528

 

 

 

96,341

 

 

 

104,981

 

 

 

 

 

61,683

 

 

 

70,967

 

 

 

132,606

 

 

 

149,567

 

 

 

18,246

 

 

 

22,556

 

 

 

8,621

 

 

 

8,780

 

 

 

221,156

 

 

 

251,870

 

 

Less: Service cost as per IFRS

 

 

919

 

 

 

27

 

 

 

37,156

 

 

 

43,273

 

 

 

3,173

 

 

 

1,739

 

 

 

19

 

(1)

 

169

 

(1)

 

41,267

 

(1)

 

45,208

 

(1)

Adjusted Revenue

 

 

60,764

 

 

 

70,940

 

 

 

95,450

 

 

 

106,294

 

 

 

15,073

 

 

 

20,817

 

 

 

8,602

 

 

 

8,611

 

 

 

179,889

 

 

 

206,662

 

 

 


 

 

(1)

Loyalty program costs amounting to $1.4 million have been excluded from service cost (December 31, 2018: $0.6 million) relating to “Others”, and have been included in marketing and sales promotion expenses.

Air Ticketing. Revenue from our air ticketing business increased by 10.1% (8.7% in constant currency) to $47.9 million in the quarter ended December 31, 2019 from $43.5 million in the quarter ended December 31, 2018. Adjusted Revenue from our air ticketing business increased by 16.7% (15.3% in constant currency) to $70.9 million in the quarter ended December 31, 2019, from $60.8 million in the quarter ended December 31, 2018. Adjusted Revenue – air ticketing includes promotion expenses of $23.1 million in the quarter ended December 31, 2019 and $18.2 million in the quarter ended December 31, 2018, recorded as a reduction of revenue. These promotion expenses added back to Adjusted Revenue, with the consequent increase in marketing and sales promotion expenses, is intended to reflect the way we view our ongoing business. Under IFRS, these promotion expenses are required to be recorded as a reduction of revenue. This increase in Adjusted Revenue - air ticketing was due to an increase in gross bookings of 20.1% (18.7% in constant currency) primarily driven by an 15.3% increase in the number of air ticketing flight segments year over year, mainly driven by growth in our outbound air ticketing business. Further, our Adjusted Revenue margin (defined as Adjusted Revenue as a percentage of gross bookings) was 7.2% in the quarter ended December 31, 2019 and 7.4% in the quarter ended December 31, 2018.

Hotels and Packages. Revenue from our hotels and packages business increased by 25.4% (23.2% in constant currency) to $73.0 million in the quarter ended December 31, 2019, from $58.2 million in the quarter ended December 31, 2018. Our Adjusted Revenue – hotels and packages increased by 11.4% (9.8% in constant currency) to $106.3 million in the quarter ended December 31, 2019 from $95.5 million in the quarter ended December 31, 2018. Adjusted Revenue - hotels and packages includes promotion expenses of $76.6 million in the quarter ended December 31, 2019 and $74.4 million in the quarter ended December 31, 2018, recorded as a reduction of revenue. These promotion expenses added back to Adjusted Revenue, with the consequent increase in marketing and sales promotion expenses, is intended to reflect the way we view our ongoing business. Under IFRS, these promotion expenses are required to be recorded as a reduction of revenue. Gross bookings increased by 17.3% (15.7% in constant currency) driven by 20.7% increase in the number of hotels room-nights year over year. Our Adjusted Revenue margin in the quarter ended December 31, 2019 was 22.5%, which remained at the similar level of 22.7% in the quarter ended September 30, 2019, but decreased from 23.7% in the quarter ended December 31, 2018 mainly due to a decrease in margins from our suppliers in line with a shift in our pricing strategy in the hotels and packages business.

Bus Ticketing. Revenue from our bus ticketing business increased by 20.8% (19.4% in constant currency) to $17.7 million in the quarter ended December 31, 2019, from $14.7 million in the quarter ended December 31, 2018. Adjusted Revenue from our bus ticketing business increased by 38.1% (36.4% in constant currency) to $20.8 million in the quarter ended December 31, 2019 from $15.1 million in the quarter ended December 31, 2018. Adjusted Revenue bus ticketing includes promotion expenses of $4.8 million in the quarter ended December 31, 2019 and $3.6 million in the quarter ended December 31, 2018, recorded as a reduction of revenue. These promotion expenses added back to Adjusted Revenue, with the consequent increase in marketing and sales promotion expenses, is intended to reflect the way we view our ongoing business. Under IFRS, these promotion expenses are required to be recorded as a reduction of revenue. Gross bookings increased by 27.4% (25.7 % in constant currency) driven by a 31.6% increase in the number of bus tickets travelled year over year, mainly driven by the continued offline to online shift within this travel segment. Our Adjusted Revenue margin of 8.6% in the quarter ended December 31, 2019 remained at 8.7% in the quarter ended September 30, 2019.

Other Revenue. Our Other revenue decreased by 2.1% (2.9% in constant currency) to $8.3 million in the quarter ended December 31, 2019, from $8.4 million in the quarter ended December 31, 2018. Our Adjusted Revenue – others has remained unchanged to $8.6 million in the quarter ended December 31, 2019 from $8.6 million in the quarter ended December 31, 2018. This was primarily due to higher revenues from alliances and affiliate partnerships in the quarter ended December 31, 2018 offset by higher advertisement income and other ancillary revenues in the quarter ended December 31, 2019. Adjusted Revenue – others includes promotion expenses of $0.5 million in the quarter ended December 31, 2019 and $0.2 million in the quarter ended December 31, 2018, recorded as a reduction of revenue. These promotion expenses added back to Adjusted Revenue, with the consequent increase in marketing and sales promotion expenses, is intended to reflect the way we view our ongoing business. Under IFRS, these promotion expenses are required to be recorded as a reduction of revenue.

Other Income.  Our Other income increased to $0.8 million in the quarter ended December 31, 2019 from $0.1 million in the quarter ended December 31, 2018, primarily due to gain of $0.7 million on disposal of an equity-accounted investee in the quarter ended December 31, 2019.

 


 

Personnel Expenses. Personnel expenses increased by 6.8% to $31.7 million in the quarter ended December 31, 2019 from $29.6 million in the quarter ended December 31, 2018. This increase was mainly due to an annual increase in wages in fiscal year 2020 and was further increased by the unfavorable impact of foreign currency translation due to the appreciation of the Indian Rupee against the U.S. dollar in the quarter ended December 31, 2019. Excluding employee share-based compensation costs for third quarter of both fiscal years 2020 and 2019, personnel expenses as a percentage of Adjusted Revenue decreased by 0.1%.

Marketing and sales promotion expenses. Marketing and sales promotion expenses decreased by 9.5% to $45.0 million in the quarter ended December 31, 2019 from $49.7 million in the quarter ended December 31, 2018. Including promotion expenses of $106.4 million in the quarter ended December 31, 2019 and $97.0 million in the quarter ended December 31, 2018 recorded as a reduction of revenue as explained above, marketing and sales promotion expenses increased by 3.2% year over year to $151.4 million. Marketing and sales promotion expenses after including promotion expenses explained above, primarily include significant customer inducement/acquisition costs, customer discount and loyalty program costs incurred to accelerate growth in our standalone hotel booking business, and brand advertisement expenses. These expenses, details of which are provided below, totaled $151.4 million (73.3% of Total Adjusted Revenue) in the quarter ended December 31, 2019 as compared to $146.7 million (81.5% of Total Adjusted Revenue) in the quarter ended December 31, 2018. The details of expenses in the nature of marketing and sales promotion is as follows:

 

 

 

For the three months ended

December 31

 

 

 

2018

 

 

2019

 

 

 

(Amounts in USD thousands)

 

Marketing and sales promotion expenses as per IFRS

 

 

49,696

 

 

 

44,994

 

Promotion expenses recorded as a reduction of revenue

 

 

96,341

 

 

 

104,981

 

Certain loyalty program costs related to Others revenue

 

 

647

 

 

 

1,418

 

 

Other Operating Expenses. Other operating expenses increased by 19.7% to $40.3 million in the quarter ended December 31, 2019 from $33.6 million in the quarter ended December 31, 2018, primarily due to an increase in payment gateway charges, website hosting charges and outsourcing fees in line with the growth in our business, and was further increased by the unfavorable impact of foreign currency translation due to the appreciation of the Indian Rupee against the U.S. dollar in the quarter ended December 31, 2019.

Depreciation and Amortization. Our depreciation and amortization expenses were $8.5 million in the quarter ended December 31, 2019 post adoption of IFRS 16 on April 1, 2019 wherein depreciation has been recorded on right-of-use assets and interest on lease liabilities instead of rent expense on leasehold properties in the quarter ended December 31, 2019. Depreciation and amortization expense in the quarter ended December 31, 2018 was $6.6 million.

Results from Operating Activities. As a result of the foregoing factors, our results from operating activities were a loss of $24.4 million in the quarter ended December 31, 2019 as compared to a loss of $36.6 million in the quarter ended December 31, 2018. Excluding the effects of our employee share-based compensation costs and amortization of acquisition related intangibles for the third quarter of both fiscal years 2020 and 2019 and gain on disposal of an equity-accounted investee in the third quarter of fiscal year 2020, we would have recorded an Adjusted Operating Loss of $11.0 million in the quarter ended December 31, 2019 as compared with Adjusted Operating Loss of $22.2 million in the quarter ended December 31, 2018. For a description of the components and calculation of “Adjusted Operating Profit (Loss)” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Results from operating activities”, see “— Certain Non-IFRS Measures” elsewhere in this release.

Net Finance Cost (Income). Our net finance cost was $5.2 million in the quarter ended December 31, 2019 as compared to net finance income of $7.4 million in the quarter ended December 31, 2018, primarily due to the net foreign exchange loss in quarter ended December 31, 2019 mainly as a result of depreciation of the Indian Rupee against the U.S. dollar as compared to September 30, 2019.

Loss for the period. As a result of the foregoing factors, our loss for the quarter ended December 31, 2019 was $29.5 million as compared to a loss of $29.3 million in the quarter ended December 31, 2018. Excluding the effects of employee share-based compensation costs, amortization of acquisition related intangibles, share of loss (profit) of equity-accounted investees, and income tax expense (benefit) for the third quarter of both fiscal years 2020 and 2019, and gain on disposal of an equity-accounted investee and net change in value of financial liability in business combination in the third quarter of fiscal year 2020, we would have recorded an Adjusted Net Loss of $15.8 million in the quarter ended December 31, 2019, as compared to Adjusted Net Loss of $14.8 million in the quarter ended December 31, 2018. For a description of the components and calculation of “Adjusted Net Profit (Loss)” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Loss for the period”, see “— Certain Non-IFRS Measures” elsewhere in this release.

 


 

Diluted Loss per share. Diluted loss per share was $0.28 for the quarter ended December 31, 2019 as compared to diluted loss per share of $0.28 in the quarter ended December 31, 2018. After adjusting for employee share-based compensation costs, amortization of acquisition related intangibles, share of loss (profit) of equity accounted investees, and income tax expense (benefit) for the third quarter of both fiscal years 2020 and 2019, and gain on disposal of an equity-accounted investee, and net change in value of financial liability in business combination in the third quarter of fiscal year 2020, Adjusted Diluted Loss per share would have been $0.15 in the quarter ended December 31, 2019 as compared to Adjusted Diluted Loss per share of $0.14 in the quarter ended December 31, 2018. For a description of the components and calculation of “Adjusted Diluted Earnings (Loss) per Share” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “diluted earnings (loss) per share”, see “— Certain Non-IFRS Measures” elsewhere in this release.

Liquidity. As at December 31, 2019, the balance of cash and cash equivalents and term deposits on our balance sheet was $221.3 million.

Conference Call

MakeMyTrip will host a conference call to discuss the Company’s results for the quarter ended December 31, 2019 beginning at 7:30 AM EST on February 11, 2020. 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 8755376. 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 week by dialing +1-(855)-859-2056 and using passcode 8755376. A one month replay of the live webcast will also be available at “Investor Relations” section of the Company’s website at http://investors.makemytrip.com, shortly following the conclusion of the call.

About Non-IFRS Financial Measures

The Company’s revenues are recognized on a “net” basis when we are acting as an agent, and on a “gross” basis when it is the principal. Income from packages, including income on airline tickets sold to customers as a part of tours and packages is accounted for on a gross basis as the Company controls the services before such services are transferred to the traveler. Revenue from the packages business which is accounted for on a “gross” basis represents the total amount paid by customers for these travel services and products, while the cost of procuring the relevant services and products for sale to customers in this business is classified as service cost. The Company evaluates its financial performance based on Adjusted Revenue, which is a non-IFRS financial measure calculated as revenue after adding back promotion expenses in the nature of customer discount, customer inducement/acquisition cost and loyalty program costs, which are reported as a reduction of revenue, and deducting the cost of acquisition of services primarily relating to sales to customers where the Company acts as the principal, as it believes that Adjusted Revenue reflects the value addition of the travel services that it provides to customers in its packages business where it is the principal and is similar to the revenue on a “net” basis for its air ticketing, hotels and bus ticketing business where it acts as an agent. 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. The Company’s Adjusted Revenue 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 Profit (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 Profit (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 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 Profit (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 share-based compensation costs, expenses such as amortization of acquisition related intangibles (including trade name, customer relationship and non-compete), share of loss (profit) of equity-accounted investees, gain on disposal of an equity-accounted investee, net change in value of financial liability in business combination and income tax expense (benefit)) provide investors and analysts a 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), profit (loss) and diluted 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 July 23, 2019, 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 online travel company. We own and operate well recognized online brands, including MakeMyTrip, goibibo and redbus. Through our primary websites, www.makemytrip.com, www.goibibo.com, www.redbus.in, and mobile platforms, travelers can 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, 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 72,000 domestic accommodation properties in India and more than 500,000 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@go-mmt.com


 


 

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

(UNAUDITED)

(Amounts in USD thousands)

 

 

As at

March 31,

2019

 

 

As at

December 31,

2019

 

Assets

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

13,499

 

 

 

38,461

 

Intangible assets and goodwill

 

 

1,068,876

 

 

 

1,047,392

 

Trade and other receivables, net

 

 

2,267

 

 

 

2,628

 

Investment in equity-accounted investees

 

 

5,244

 

 

 

5,590

 

Other investments

 

 

5,662

 

 

 

6,252

 

Term deposits

 

 

139

 

 

 

205

 

Non-current tax assets

 

 

31,681

 

 

 

38,620

 

Other non-current assets

 

 

2,273

 

 

 

185

 

Total non-current assets

 

 

1,129,641

 

 

 

1,139,333

 

Inventories

 

 

606

 

 

 

82

 

Contract assets

 

 

313

 

 

 

3,371

 

Current tax assets

 

 

1,415

 

 

 

61

 

Trade and other receivables, net

 

 

53,195

 

 

 

63,906

 

Term deposits

 

 

133,994

 

 

 

57,867

 

Other current assets

 

 

73,132

 

 

 

89,949

 

Cash and cash equivalents

 

 

177,990

 

 

 

163,206

 

Total current assets

 

 

440,645

 

 

 

378,442

 

Total assets

 

 

1,570,286

 

 

 

1,517,775

 

Equity

 

 

 

 

 

 

 

 

Share capital

 

 

52

 

 

 

52

 

Share premium

 

 

1,977,318

 

 

 

1,981,707

 

Reserves

 

 

634

 

 

 

1,224

 

Accumulated deficit

 

 

(682,054

)

 

 

(808,801

)

Share based payment reserve

 

 

102,427

 

 

 

126,236

 

Foreign currency translation reserve

 

 

(41,202

)

 

 

(67,333

)

Total equity attributable to equity holders of the Company

 

 

1,357,175

 

 

 

1,233,085

 

Non-controlling interests

 

 

193

 

 

 

4,129

 

Total equity

 

 

1,357,368

 

 

 

1,237,214

 

Liabilities

 

 

 

 

 

 

 

 

Loans and borrowings

 

 

474

 

 

 

22,707

 

Employee benefits

 

 

4,789

 

 

 

6,327

 

Contract liabilities

 

 

84

 

 

 

1,855

 

Deferred tax liabilities, net

 

 

601

 

 

 

2,108

 

Other non-current liabilities

 

 

2,400

 

 

 

10,074

 

Total non-current liabilities

 

 

8,348

 

 

 

43,071

 

Loans and borrowings

 

 

233

 

 

 

3,983

 

Trade and other payables

 

 

110,970

 

 

 

119,691

 

Contract liabilities

 

 

70,251

 

 

 

79,113

 

Other current liabilities

 

 

23,116

 

 

 

34,703

 

Total current liabilities

 

 

204,570

 

 

 

237,490

 

Total liabilities

 

 

212,918

 

 

 

280,561

 

Total equity and liabilities

 

 

1,570,286

 

 

 

1,517,775

 

 

 


 

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM 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

December 31

 

 

For the nine months ended

December 31

 

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air ticketing

 

 

43,506

 

 

 

47,911

 

 

 

125,021

 

 

 

138,516

 

Hotels and packages

 

 

58,204

 

 

 

72,989

 

 

 

179,342

 

 

 

188,276

 

Bus ticketing

 

 

14,679

 

 

 

17,737

 

 

 

41,606

 

 

 

50,315

 

Other revenue

 

 

8,426

 

 

 

8,252

 

 

 

19,865

 

 

 

29,476

 

Total revenue

 

 

124,815

 

 

 

146,889

 

 

 

365,834

 

 

 

406,583

 

Other  income

 

 

78

 

 

 

781

 

 

 

152

 

 

 

968

 

Service cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Procurement cost of hotels and packages services

 

 

37,156

 

 

 

43,273

 

 

 

123,908

 

 

 

117,330

 

Other cost of providing services

 

 

4,758

 

 

 

3,353

 

 

 

10,823

 

 

 

9,600

 

Personnel expenses

 

 

29,645

 

 

 

31,659

 

 

 

85,351

 

 

 

95,380

 

Marketing and sales promotion expenses

 

 

49,696

 

 

 

44,994

 

 

 

150,380

 

 

 

139,574

 

Other operating expenses

 

 

33,631

 

 

 

40,273

 

 

 

97,569

 

 

 

119,608

 

Depreciation and amortization

 

 

6,586

 

 

 

8,492

 

 

 

19,914

 

 

 

25,211

 

Result from operating activities

 

 

(36,579

)

 

 

(24,374

)

 

 

(121,959

)

 

 

(99,152

)

Finance income

 

 

7,741

 

 

 

650

 

 

 

4,907

 

 

 

2,812

 

Finance costs

 

 

382

 

 

 

5,860

 

 

 

9,931

 

 

 

12,479

 

Net finance income (costs)

 

 

7,359

 

 

 

(5,210

)

 

 

(5,024

)

 

 

(9,667

)

Share of loss of equity-accounted investees

 

 

(273

)

 

 

(15

)

 

 

(701

)

 

 

(1

)

Loss before tax

 

 

(29,493

)

 

 

(29,599

)

 

 

(127,684

)

 

 

(108,820

)

Income tax benefit (expense)

 

 

199

 

 

 

88

 

 

 

194

 

 

 

(86

)

Loss for the period

 

 

(29,294

)

 

 

(29,511

)

 

 

(127,490

)

 

 

(108,906

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Items that will not be reclassified to profit or loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Remeasurement of defined benefit liability

 

 

 

 

 

(150

)

 

 

(258

)

 

 

(269

)

Equity instruments at FVOCI - net change in fair value

 

 

183

 

 

 

179

 

 

 

(373

)

 

 

590

 

 

 

 

183

 

 

 

29

 

 

 

(631

)

 

 

321

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation differences on foreign operations

 

 

41,131

 

 

 

(10,512

)

 

 

(73,460

)

 

 

(26,217

)

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

 

 

41,314

 

 

 

(10,483

)

 

 

(74,091

)

 

 

(25,896

)

Total comprehensive loss for the period

 

 

12,020

 

 

 

(39,994

)

 

 

(201,581

)

 

 

(134,802

)

Profit (Loss) attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owners of the Company

 

 

(29,298

)

 

 

(29,468

)

 

 

(127,292

)

 

 

(109,024

)

Non-controlling interests

 

 

4

 

 

 

(43

)

 

 

(198

)

 

 

118

 

Profit (Loss) for the period

 

 

(29,294

)

 

 

(29,511

)

 

 

(127,490

)

 

 

(108,906

)

Total comprehensive Income (loss) attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owners of the Company

 

 

12,020

 

 

 

(39,903

)

 

 

(201,369

)

 

 

(134,830

)

Non-controlling interests

 

 

 

 

 

(91

)

 

 

(212

)

 

 

28

 

Total comprehensive Income (loss) for the period

 

 

12,020

 

 

 

(39,994

)

 

 

(201,581

)

 

 

(134,802

)

Loss per share (in USD)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

(0.28

)

 

 

(0.28

)

 

 

(1.23

)

 

 

(1.04

)

Diluted

 

 

(0.28

)

 

 

(0.28

)

 

 

(1.23

)

 

 

(1.04

)

Weighted average number of shares (including Class B Shares)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

104,058,312

 

 

 

105,278,971

 

 

 

103,856,136

 

 

 

104,999,149

 

Diluted

 

 

104,058,312

 

 

 

105,278,971

 

 

 

103,856,136

 

 

 

104,999,149

 

 


 

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

(UNAUDITED)

(Amounts in USD thousands)

 

 

Attributable to equity holders of the Company

 

 

 

 

 

 

 

 

 

 

 

Share

Capital

 

 

Share

Premium

 

 

Fair

Value

Reserves

 

 

Accumulated

Deficit

 

 

Share

Based

Payment

Reserve

 

 

Foreign

Currency

Translation

Reserve

 

 

Total

 

 

Non-

Controlling

Interests

 

 

Total

Equity

 

Balance as at April 1, 2019

 

 

52

 

 

 

1,977,318

 

 

 

634

 

 

 

(682,054

)

 

 

102,427

 

 

 

(41,202

)

 

 

1,357,175

 

 

 

193

 

 

 

1,357,368

 

Total comprehensive income (loss) for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit (loss) for the period

 

 

 

 

 

 

 

 

 

 

 

(109,024

)

 

 

 

 

 

 

 

 

(109,024

)

 

 

118

 

 

 

(108,906

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation differences

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26,131

)

 

 

(26,131

)

 

 

(86

)

 

 

(26,217

)

Equity instruments at FVOCI - net change in fair value

 

 

 

 

 

 

 

 

590

 

 

 

 

 

 

 

 

 

 

 

 

590

 

 

 

 

 

 

590

 

Remeasurement of defined benefit (asset) liability

 

 

 

 

 

 

 

 

 

 

 

(265

)

 

 

 

 

 

 

 

 

(265

)

 

 

(4

)

 

 

(269

)

Total other comprehensive income (loss)

 

 

 

 

 

 

 

 

590

 

 

 

(265

)

 

 

 

 

 

(26,131

)

 

 

(25,806

)

 

 

(90

)

 

 

(25,896

)

Total comprehensive income (loss) for the period

 

 

 

 

 

 

 

 

590

 

 

 

(109,289

)

 

 

 

 

 

(26,131

)

 

 

(134,830

)

 

 

28

 

 

 

(134,802

)

Transactions with owners, recorded directly in equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contributions by owners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based payment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28,278

 

 

 

 

 

 

28,278

 

 

 

 

 

 

28,278

 

Issue of ordinary shares on exercise of share based awards

 

 

 

 

 

4,389

 

 

 

 

 

 

 

 

 

(4,389

)

 

 

 

 

 

 

 

 

 

 

 

 

Transfer to accumulated deficit on expiry of share based awards

 

 

 

 

 

 

 

 

 

 

 

270

 

 

 

(80

)

 

 

 

 

 

190

 

 

 

(190

)

 

 

 

Total contributions by owners

 

 

 

 

 

4,389

 

 

 

 

 

 

270

 

 

 

23,809

 

 

 

 

 

 

28,468

 

 

 

(190

)

 

 

28,278

 

Changes in ownership interests in subsidiaries that do not result in a loss of control

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liability for acquisition of non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

(14,550

)

 

 

 

 

 

 

 

 

(14,550

)

 

 

 

 

 

(14,550

)

Acquisition of non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

(3,178

)

 

 

 

 

 

 

 

 

(3,178

)

 

 

 

 

 

(3,178

)

Acquisition of subsidiary with non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,098

 

 

 

4,098

 

Total changes in ownership interest in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(17,728

)

 

 

 

 

 

 

 

 

(17,728

)

 

 

4,098

 

 

 

(13,630

)

Total transactions with owners

 

 

 

 

 

4,389

 

 

 

 

 

 

(17,458

)

 

 

23,809

 

 

 

 

 

 

10,740

 

 

 

3,908

 

 

 

14,648

 

Balance as at December 31, 2019

 

 

52

 

 

 

1,981,707

 

 

 

1,224

 

 

 

(808,801

)

 

 

126,236

 

 

 

(67,333

)

 

 

1,233,085

 

 

 

4,129

 

 

 

1,237,214

 

 

 


 

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

(UNAUDITED)

(Amounts in USD thousands)

 

 

For the nine months ended

December 31

 

 

 

2018

 

 

2019

 

Loss for the period

 

 

(127,490

)

 

 

(108,906

)

Adjustments for non-cash items

 

 

56,455

 

 

 

63,136

 

Change in working capital

 

 

(21,140

)

 

 

(14,624

)

Net cash generated from (used in) operating activities

 

 

(92,175

)

 

 

(60,394

)

Net cash generated from (used in) investing activities

 

 

46,252

 

 

 

56,015

 

Net cash generated from (used in) financing activities

 

 

(219

)

 

 

(8,939

)

Increase (decrease) in cash and cash equivalents

 

 

(46,142

)

 

 

(13,318

)

Cash and cash equivalents at beginning of the period

 

 

187,647

 

 

 

177,990

 

Effect of exchange rate fluctuations on cash held

 

 

128

 

 

 

(1,466

)

Cash and cash equivalents at end of the period

 

 

141,633

 

 

 

163,206

 

 


 


 

MAKEMYTRIP LIMITED

RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES

(Unaudited)

(Amounts in USD thousands, except per share data)

 

Reconciliation of Adjusted Revenue

 

 

 

For the three months ended December 31

 

 

 

 

 

 

 

 

 

 

 

 

Air ticketing

 

 

Hotels and packages

 

 

Bus ticketing

 

 

Others

 

 

Total

 

 

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

Revenue as per IFRS

 

 

43,506

 

 

 

47,911

 

 

 

58,204

 

 

 

72,989

 

 

 

14,679

 

 

 

17,737

 

 

 

8,426

 

 

 

8,252

 

 

 

124,815

 

 

 

146,889

 

 

Add: Promotion expenses recorded as a reduction of revenue

 

 

18,177

 

 

 

23,056

 

 

 

74,402

 

 

 

76,578

 

 

 

3,567

 

 

 

4,819

 

 

 

195

 

 

 

528

 

 

 

96,341

 

 

 

104,981

 

 

 

 

 

61,683

 

 

 

70,967

 

 

 

132,606

 

 

 

149,567

 

 

 

18,246

 

 

 

22,556

 

 

 

8,621

 

 

 

8,780

 

 

 

221,156

 

 

 

251,870

 

 

Less: Service cost as per IFRS

 

 

919

 

 

 

27

 

 

 

37,156

 

 

 

43,273

 

 

 

3,173

 

 

 

1,739

 

 

 

19

 

(1)

 

169

 

(1)

 

41,267

 

(1)

 

45,208

 

(1)

Adjusted Revenue

 

 

60,764

 

 

 

70,940

 

 

 

95,450

 

 

 

106,294

 

 

 

15,073

 

 

 

20,817

 

 

 

8,602

 

 

 

8,611

 

 

 

179,889

 

 

 

206,662

 

 

 

(1)

Loyalty program costs amounting to $1.4 million have been excluded from service cost for the three months ended December 31, 2019 (December 31, 2018: $0.6 million) relating to “Others”, and have been included in marketing and sales promotion expenses.

 

 

 

For the nine months ended December 31

 

 

 

 

 

 

 

 

 

 

 

 

Air ticketing

 

 

Hotels and packages

 

 

Bus ticketing

 

 

Others

 

 

Total

 

 

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

Revenue as per IFRS

 

 

125,021

 

 

 

138,516

 

 

 

179,342

 

 

 

188,276

 

 

 

41,606

 

 

 

50,315

 

 

 

19,865

 

 

 

29,476

 

 

 

365,834

 

 

 

406,583

 

 

Add: Promotion expenses recorded as a reduction of revenue

 

 

47,577

 

 

 

63,724

 

 

 

219,325

 

 

 

223,793

 

 

 

9,497

 

 

 

13,873

 

 

 

542

 

 

 

1,570

 

 

 

276,941

 

 

 

302,960

 

 

 

 

 

172,598

 

 

 

202,240

 

 

 

398,667

 

 

 

412,069

 

 

 

51,103

 

 

 

64,188

 

 

 

20,407

 

 

 

31,046

 

 

 

642,775

 

 

 

709,543

 

 

Less: Service cost as per IFRS

 

 

919

 

 

 

315

 

 

 

123,908

 

 

 

117,330

 

 

 

7,854

 

 

 

5,373

 

 

 

19

 

(2)

 

286

 

(2)

 

132,700

 

(2)

 

123,304

 

(2)

Adjusted Revenue

 

 

171,679

 

 

 

201,925

 

 

 

274,759

 

 

 

294,739

 

 

 

43,249

 

 

 

58,815

 

 

 

20,388

 

 

 

30,760

 

 

 

510,075

 

 

 

586,239

 

 

 

(2)

Loyalty program costs amounting to $3.6 million have been excluded from service cost for the nine months ended December 31, 2019 (December 31, 2018: $2.0 million) relating to “Others”, and have been included in marketing and sales promotion expenses.

 

Reconciliation of Adjusted Operating Profit (Loss)

 

For the three months ended

December 31

 

 

For the nine months ended

December 31

 

(Unaudited)

 

2018

 

 

2019

 

 

2018

 

 

2019

 

Results from operating activities as per IFRS

 

 

(36,579

)

 

 

(24,374

)

 

 

(121,959

)

 

 

(99,152

)

Add: Employee share-based compensation costs

 

 

10,896

 

 

 

10,351

 

 

 

31,036

 

 

 

28,261

 

Add: Acquisition related intangibles amortization

 

 

3,486

 

 

 

3,695

 

 

 

10,561

 

 

 

11,111

 

Less: Gain on disposal of an equity-accounted investee

 

 

 

 

 

(700

)

 

 

 

 

 

(700

)

Add: Merger and acquisitions related expenses

 

 

 

 

 

 

 

 

 

 

 

936

 

Adjusted Operating Profit (Loss)

 

 

(22,197

)

 

 

(11,028

)

 

 

(80,362

)

 

 

(59,544

)

 


 

 

Reconciliation of Adjusted Net Loss

 

For the three months ended

December 31

 

 

For the nine months ended

December 31

 

(Unaudited)

 

2018

 

 

2019

 

 

2018

 

 

2019

 

Profit (Loss) for the period as per IFRS

 

 

(29,294

)

 

 

(29,511

)

 

 

(127,490

)

 

 

(108,906

)

Add: Employee share-based compensation costs

 

 

10,896

 

 

 

10,351

 

 

 

31,036

 

 

 

28,261

 

Add: Acquisition related intangibles amortization

 

 

3,486

 

 

 

3,695

 

 

 

10,561

 

 

 

11,111

 

Add: Merger and acquisitions related expenses

 

 

 

 

 

 

 

 

 

 

 

936

 

Add (Less): Share of (profit) loss of equity-accounted investees

 

 

273

 

 

 

15

 

 

 

701

 

 

 

1

 

Less: Gain on disposal of an equity-accounted investee

 

 

 

 

 

(700

)

 

 

 

 

 

(700

)

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

 

 

 

 

 

389

 

 

 

 

 

 

1,044

 

Add (Less): Income tax (benefit) expense

 

 

(199

)

 

 

(88

)

 

 

(194

)

 

 

86

 

Adjusted Net Loss

 

 

(14,838

)

 

 

(15,849

)

 

 

(85,386

)

 

 

(68,167

)

Adjusted Earnings (Loss) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

 

(0.14

)

 

 

(0.15

)

 

 

(0.82

)

 

 

(0.65

)

 

Reconciliation of Adjusted Diluted Earnings (Loss) per Share

 

For the three months ended

December 31

 

 

For the nine months ended

December 31

 

(Unaudited)

 

2018

 

 

2019

 

 

2018

 

 

2019

 

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

 

 

(0.28

)

 

 

(0.28

)

 

 

(1.23

)

 

 

(1.04

)

Add: Employee share-based compensation costs

 

 

0.10

 

 

 

0.10

 

 

 

0.31

 

 

 

0.27

 

Add: Acquisition related intangibles amortization

 

 

0.04

 

 

 

0.04

 

 

 

0.10

 

 

 

0.11

 

Add: Merger and acquisitions related expenses

 

 

 

 

 

 

 

 

 

 

 

0.01

 

Add (Less): Share of (profit) loss of equity-accounted investees

 

*

 

 

*

 

 

*

 

 

*

 

Less: Gain on disposal of an equity-accounted investee

 

 

 

 

 

(0.01

)

 

 

 

 

 

(0.01

)

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

 

 

 

 

*

 

 

 

 

 

 

0.01

 

Add (Less): Income tax (benefit) expense

 

*

 

 

*

 

 

*

 

 

*

 

Adjusted Diluted Earnings (Loss) per share

 

 

(0.14

)

 

 

(0.15

)

 

 

(0.82

)

 

 

(0.65

)

 

* Less than $0.01.

 

(Unaudited)

 

For the three months ended December 31, 2019

 

 

 

Revenue

 

 

Adjusted Revenue

 

Reported Growth and Constant Currency Growth (YoY)

 

Air

Ticketing

 

 

Hotels and

Packages

 

 

Bus

Ticketing

 

 

Others

 

 

Total

 

 

Air

Ticketing

 

 

Hotels and

Packages

 

 

Bus

Ticketing

 

 

Others

 

 

Total

 

Reported Growth

 

 

10.1

%

 

 

25.4

%

 

 

20.8

%

 

 

-2.1

%

 

 

17.7

%

 

 

16.7

%

 

 

11.4

%

 

 

38.1

%

 

 

0.1

%

 

 

14.9

%

Impact of Foreign Currency Translation

 

 

-1.4

%

 

 

-2.2

%

 

 

-1.4

%

 

 

-0.8

%

 

 

-1.8

%

 

 

-1.4

%

 

 

-1.6

%

 

 

-1.7

%

 

 

-0.9

%

 

 

-1.5

%

Constant Currency Growth

 

 

8.7

%

 

 

23.2

%

 

 

19.4

%

 

 

-2.9

%

 

 

15.9

%

 

 

15.3

%

 

 

9.8

%

 

 

36.4

%

 

 

-0.8

%

 

 

13.4

%

 

(Unaudited)

 

For the nine months ended December 31, 2019

 

 

 

Revenue

 

 

Adjusted Revenue

 

Reported Growth and Constant Currency Growth (YoY)

 

Air

Ticketing

 

 

Hotels and

Packages

 

 

Bus

Ticketing

 

 

Others

 

 

Total

 

 

Air

Ticketing

 

 

Hotels and

Packages

 

 

Bus

Ticketing

 

 

Others

 

 

Total

 

Reported Growth

 

 

10.8

%

 

 

5.0

%

 

 

20.9

%

 

 

48.4

%

 

 

11.1

%

 

 

17.6

%

 

 

7.3

%

 

 

36.0

%

 

 

50.9

%

 

 

14.9

%

Impact of Foreign Currency Translation

 

 

1.1

%

 

 

0.6

%

 

 

1.2

%

 

 

1.3

%

 

 

0.9

%

 

 

1.2

%

 

 

1.0

%

 

 

1.4

%

 

 

1.3

%

 

 

1.1

%

Constant Currency Growth

 

 

11.9

%

 

 

5.6

%

 

 

22.1

%

 

 

49.7

%

 

 

12.0

%

 

 

18.8

%

 

 

8.3

%

 

 

37.4

%

 

 

52.2

%

 

 

16.0

%

 

 


 

MAKEMYTRIP LIMITED

SELECTED OPERATING AND FINANCIAL DATA

(Unaudited)

 

 

For the three months ended December 31,

 

 

For the nine months ended December 31,

 

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

 

(in thousands, except percentages)

 

Unit Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Ticketing – Flight segments

 

 

10,104

 

 

 

11,648

 

 

 

29,280

 

 

 

33,417

 

Hotels and Packages – Room nights

 

 

7,018

 

 

 

8,472

 

 

 

20,470

 

 

 

23,540

 

Standalone Hotels Online – Room nights

 

 

6,851

 

 

 

8,295

 

 

 

19,919

 

 

 

23,060

 

Bus Ticketing – Travelled tickets

 

 

16,219

 

 

 

21,338

 

 

 

44,353

 

 

 

60,000

 

Adjusted Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Ticketing

 

$

60,764

 

 

$

70,940

 

 

$

171,679

 

 

$

201,925

 

Hotels and Packages

 

 

95,450

 

 

 

106,294

 

 

 

274,759

 

 

 

294,739

 

Bus Ticketing

 

 

15,073

 

 

 

20,817

 

 

 

43,249

 

 

 

58,815

 

Others

 

 

8,602

 

 

 

8,611

 

 

 

20,388

 

 

 

30,760

 

 

 

$

179,889

 

 

$

206,662

 

 

$

510,075

 

 

$

586,239

 

Gross Bookings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Ticketing

 

$

821,153

 

 

$

986,587

 

 

$

2,374,984

 

 

$

2,889,155

 

Hotels and Packages

 

 

402,204

 

 

 

471,707

 

 

 

1,176,498

 

 

 

1,310,009

 

Bus Ticketing

 

 

190,180

 

 

 

242,253

 

 

 

521,853

 

 

 

687,894

 

 

 

$

1,413,537

 

 

$

1,700,547

 

 

$

4,073,335

 

 

$

4,887,058

 

Adjusted Revenue Margin

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Ticketing

 

 

7.4

%

 

 

7.2

%

 

 

7.2

%

 

 

7.0

%

Hotels and Packages

 

 

23.7

%

 

 

22.5

%

 

 

23.4

%

 

 

22.5

%

Bus Ticketing

 

 

7.9

%

 

 

8.6

%

 

 

8.3

%

 

 

8.6

%