Gurgaon, India and New York, May 18, 2016 — MakeMyTrip Limited (Nasdaq: MMYT), India’s leading online travel company, today announced its unaudited financial and operating results for its fourth fiscal quarter and full fiscal year ended March 31, 2016.
Financial Highlights for Fiscal 2016 Fourth Quarter and Full Year
• Transactions for Hotels and packages increased by 254.5% YoY in 4Q16 and by 126.4% in FY16.
• Gross Bookings reached $477.1 million in 4Q16 and $1.84 billion in FY16, representing a YoY increase of 27.3% and 19.5% respectively. Gross bookings for Hotels and packages increased by 61.8% in 4Q16 and by 27.9% in FY16.
• Revenue less service costs increased 51.2% YoY in 4Q16 and 29.0% YoY in FY16.
• Revenue less service costs for Hotels and packages increased 79.1% YoY in 4Q16 and 45.2% YoY in FY16. Hotels and packages contribution increased to 53.6% in 4Q16 versus 45.2% in 4Q15 and increased to 50.7 % in FY16 versus 45.1% in FY15.
“It gives me immense pleasure to report that in line with our long term strategic objective of growing our Hotels & packages business mix, we have achieved Hotels and packages net revenue mix of 51% in the fiscal year 2016,” said Deep Kalra, Group Chairman and Group CEO. “This was led by an astounding 507% year-on-year transaction growth in our India standalone online hotels business in Q4FY16 and 294% in FY16.”
Fiscal 2016 Fourth Quarter Financial Results
Revenue. We generated revenue of $88.0 million in the quarter ended March 31, 2016, an increase of 28.3% (an increase of 38.4% in constant currency) over revenue of $68.6 million in the quarter ended March 31, 2015.
Air Ticketing. Revenue from our air ticketing business increased by 13.9% (22.8% in constant currency) to $22.2 million in the quarter ended March 31,2016 from $19.5 million in the quarter ended March 31, 2015.
Hotels and Packages. Revenue from our hotels and packages business increased by 34.5% (45.0% in constant currency) to $64.4 million in the quarter ended March 31, 2016, from $47.9 million in the quarter ended March 31, 2015.
Other Revenue. Our other revenue increased to $1.5 million in the quarter ended March 31, 2016 from $1.2 million in the quarter ended March 31, 2015.
Total Revenue less Service Costs. Our total revenue less service costs increased by 41.5% (51.2% in constant currency) to $51.5 million in the quarter ended March 31, 2016 from $36.4 million in the quarter ended March 31, 2015.
Fiscal 2016 Full Year Financial Results
Revenue. We generated revenue of $336.1 million in the year ended March 31, 2016, an increase of 12.1% (19.5% in constant currency) over revenue of $299.7 million in the year ended March 31, 2015.
Air Ticketing. Revenue from our air ticketing business increased by 5.2% (12.5% in constant currency) to $78.2 million in the year ended March 31, 2016 from $74.3 million in the year ended March 31, 2015.
Hotels and Packages. Revenue from our hotels and packages business increased by 14.1% (21.5% in constant currency) to $251.7 million in the year ended March 31, 2016 from $220.5 million in the year ended March 31, 2015.
Other Revenue. Our other revenue increased to $6.2 million in the year ended March 31, 2016 from $4.8 million in the year ended March 31, 2015.
Total Revenue less Service Costs. Our total revenue less service costs increased by 21.6% (29.0% in constant currency) to $169.0 million in the year ended March 31, 2016 from $138.9 million in the year ended March 31, 2015.
Fiscal Year 2016-17 Business Outlook
We remain optimistic of leveraging increasing smartphone driven internet penetration as well as brand loyalty. In doing this, we will be guided by our longer term key strategic objective of driving up the Hotels and packages business mix to over 70% in the coming years. Enthused by the high transaction growth in fiscal year 2016 in the India standalone online hotels business booked online, we will continue to remain focused on increasing our market share in this business in fiscal year 2017. Our outlook for year on year Net Revenue growth in fiscal year 2017 in constant currency is approximately 25% to 30%.
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