mmyt-ex991

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

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	%

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.

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.

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

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:

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.

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.

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.

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.

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.

	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

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

	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

	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

	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

	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

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	)

(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	%

	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	%

	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

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	)