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MakeMyTrip gross bookings reach $565.9 million in 1Q17

07/27/2016| 10:59:02 PM| 中文

Gross bookings for Hotels and packages increased by 48.7% in 1Q17. Transactions for Hotels and packages increased by 260.3% YoY in 1Q17.

Indian OTA MakeMyTrip's gross bookings reached $565.9 million in 1Q17, representing a YoY increase of 27.4%. Gross bookings for Hotels and packages increased by 48.7% in 1Q17. Transactions for Hotels and packages increased by 260.3% YoY in 1Q17.

“Our first quarter for fiscal 2017 achieved a terrific 478% year-on-year transaction growth in our standalone online hotels business, representing over 91% of all Hotels and packages transactions in the quarter,” said Deep Kalra, Group Chairman and Group CEO. “Our near term focus of driving significant market share gains in India’s online hotels has been coupled with our commitment to enhancing our users’ experience, upgrading our technology platform and ultimately driving higher brand awareness.” 

Fiscal 2076 First Quarter Financial Results

Revenue. We generated revenue of $121.2 million in the quarter ended June 30, 2016, an increase of 29.4% (an increase of 36.3% in constant currency) over revenue of $93.7 million in the quarter ended June 30, 2015. 

Air Ticketing. Revenue from our air ticketing business increased by 20.8% (27.5% in constant currency) to $23.9 million in the quarter ended June 30, 2016 from $19.8 million in the quarter ended June 30, 2015. This was primarily due to an increase in gross bookings of 12.1% (18.4% in constant currency) and 34.0% increase in the number of transactions year over year. 

Air ticketing transactions and gross bookings growth in the first quarter of fiscal year 2017 was largely driven by the expansion of the travel market in India due to increased domestic travel from lower airfares, new entrants in the air travel market and the expansion of the Indian economy.

Hotels and Packages. Revenue from our hotels and packages business increased by 32.0% (38.9% in constant currency) to $95.6 million in the quarter ended June 30, 2016, from $72.4 million in the quarter ended June 30, 2015. The increased margin in the quarter ended June 30, 2016 was due to better negotiated rates and higher performance linked and other incentives from our vendors.

Other Revenue. Our other revenue increased to $1.8 million in the quarter ended June 30, 2016 from $1.5 million in the quarter ended June 30, 2015, primarily due to an increase in facilitation fees on travel insurance.

Fiscal Year 2016-2017 Outlook 

We remain optimistic of the long term business growth opportunities that are presented by India’s low penetration in the online hotels market as well as the growing domestic aviation market. 

Based on the strong first fiscal quarter’s high revenue less service costs achievement and the continuation of our high growth strategy to increase our India standalone online hotels market share, we are improving our outlook for year on year Net Revenue growth in fiscal year 2017 in constant currency to a range of 35% to 40% which will be a 10% points increase over the previously rolled out growth guidance range of 25-30%.

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TAGS: MakeMyTrip | India | financial statements
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