Home > Home > MakeMyTrip Limited Announces Fiscal 2011 Fourth Quarter and Full Year Results

MakeMyTrip Limited Announces Fiscal 2011 Fourth Quarter and Full Year Results

05/12/2011| 12:39:33 PM| 中文

MakeMyTrip Limited, India's leading online travel company, today announced its unaudited financial and operating results for its fourth quarter ended March 31, 2011 and audited results for full fiscal year ended March 31, 2011.

GURGAON, India, May 12, 2011 and NEW YORK, May 11, 2011 (GLOBE NEWSWIRE) -- MakeMyTrip Limited (Nasdaq:MMYT), India's leading online travel company, today announced its unaudited financial and operating results for its fourth quarter ended March 31, 2011 and audited results for full fiscal year ended March 31, 2011.

Financial Highlights for Fiscal 4Q & FY11

Gross bookings(1) for Air ticketing and Hotels and packages combined increased 52.4% year-on-year (yoy) to $201.2 million in 4Q11 and increased 59.4% yoy to $742.5 million for FY11

Number of Transactions for Air ticketing and Hotels and packages combined increased 78.7% yoy in 4Q11 and increased 59.9% yoy for FY11

Revenue rose 48.5% yoy to $31.4 million in 4Q11 and grew 49.3% yoy to $124.7 million for FY11

Revenue less service costs(2) increased 57.6% yoy to $17.1 million in 4Q11 and increased 51.6% yoy to $61.1 million for FY11, exceeding company's fiscal 2011 annual guidance.

Net revenue margin(3) for Air ticketing and Hotels and packages combined increased to 8.2% in 4Q11 versus 8.0% in 4Q10. For FY11 net revenue margin was 7.9%.

Results from operating activities improved yoy to $1.0 million in 4Q11 versus a loss of ($1.2) million in 4Q10. FY11 results from operating activities grew to $4.1 million versus a loss of ($6.0) million in FY10. Adjusted operating profit(4) for 4Q11 improved to $1.1 million yoy versus a loss of ($1.1) million in 4Q10. FY11 adjusted operating profits grew to $4.6 million, up from $0.8 million in FY10.

Profit for the period was $3.7 million in 4Q11 versus a loss of ($1.3) million in 4Q10 and profit for FY11 was $4.8 million versus a loss of ($6.2) million in FY10.Adjusted net income(5) for 4Q11 improved to $1.1 million yoy versus a loss of ($0.8) million in 4Q10. FY11 adjusted net income(5) grew to $5.1 million, up from $1.4 million in FY10.

"Fiscal year 2011 marked an important milestone for MakeMyTrip as we successfully transitioned into a public listed company," said Deep Kalra, Chairman and CEO. "Through this exciting transition, we remained focused on offering innovative products, good value deals and improved booking experience for our customers, which has enabled MakeMyTrip to maintain its market leadership."

Acquisition of majority stake in Luxury Tours & Travel Pte Limited (LTT)

On May 9, 2011, MakeMyTrip acquired approximately 79% equity stake in Luxury Tours & Travel Pte Limited (LTT) in accordance with the terms of the Share Purchase Agreement (SPA) with LTT and its existing shareholders dated February 9, 2011. MakeMyTrip has paid cash consideration of approximately USD 3 million, subject to working capital adjustment in accordance with the terms of SPA. MakeMyTrip plans to invest approximately USD 0.75 million in one or more tranches until June 2012 for subscription of new equity shares to be issued by LTT.

MakeMyTrip will also acquire remaining shares of LTT from the existing shareholders in cash, in three tranches, over a three year earn-out period ending June 2014. The earn-out will be based on valuation linked to future profitability of LTT.

Luxury Tours & Travel Pte Limited is a Singapore registered and licensed travel agency that provides hotel reservations, excursion tours and other related services to inbound and outbound travelers in Singapore and the region. LTT, in addition to establishing a loyal base of customers, has strong and established relationships with a large number of hotels and other travel vendors for other inbound tourism services in the region.@@

Fiscal 2011 Fourth Quarter Financial Results

Revenue. We generated revenue of $31.4 million in the quarter ended March 31, 2011, an increase of 48.5% over revenue of $21.1 million in the quarter ended March 31, 2010.

Air Ticketing. Revenue from our air ticketing business increased by 61.5% to $13.9 million in the quarter ended March 31, 2011 from $8.6 million in the quarter ended March 31, 2010.  This was due to increase in gross bookings of 52.1% partially contributed by an increase in net revenue margin from 7.3% in the quarter ended March 31, 2010 to 7.7% in the quarter ended March 31, 2011. Air ticketing net revenue margin in the quarter increased from the previous quarter's margin of 7.4%.

Hotels and Packages. Revenue from our hotels and packages business increased by 37.8% to $16.9 million in the quarter ended March 31, 2011 from $12.2 million in the quarter ended March 31, 2010. Our Revenue less service cost(2) increased by 29.2% to $2.5 million in the quarter ended March 31, 2011 from $2.0 million in the quarter ended March 31, 2010. This was due to an increase in gross bookings by 54.8%, partially offset by reduction in net revenue margin from 13.9% in the quarter ended March 31, 2010 to 11.6% in the quarter ended March 31, 2011 as net revenue margins normalized from levels experienced in fiscal 2009-10 when travel suppliers provided us favorable rates during the slowdown in India's economy. Hotels and packages net revenue margins increased from the previous quarter's margin of 10.8%.

Other Revenue. Our other revenue increased to $0.7 million in the quarter ended March 31, 2011 from $0.3 million in the quarter ended March 31, 2010, primarily due to increase in facilitation fees on travel insurance and sale of rail tickets and bus tickets.

Total Revenue less Service Cost. Our total revenue less service cost increased by 57.6% to $17.1 million in the quarter ended March 31, 2011 from $10.8 million in the quarter ended March 31, 2010 as a result of a 62.1% increase in our air ticketing revenue less service cost, as well as a 29.2% increase in our hotels and packages revenue less service cost.

Results from Operating Activities. As a result of the foregoing factors, our results from operating activities improved to an income of $1.0 million in the quarter ended March 31, 2011 from a loss of ($1.2) million in the quarter ended March 31, 2010. Excluding the effects of our employee share-based compensation costs for both quarters ended March 31, 2011 and 2010, we would have recorded an operating profit of $1.1 million in the quarter ended March 31, 2011 and an operating loss of ($1.1) million in the quarter ended March 31, 2010.

Profit (Loss) for the period. As a result of the foregoing factors, including the effects of our employee share-based compensation costs, our profit for the quarter ended March 31, 2011 was $3.7 million as compared to a loss of ($1.3) million in the quarter ended March 31, 2010.  Excluding the effects of employee share-based compensation costs for both fiscal years 2010-11 and 2009-10, deferred tax benefit recognized on previous year's tax losses of $2.7 million, interest accrued on the liability portion of preference shares and changes in fair market value of embedded derivatives in the preference shares, we would have recorded a net profit of $1.1 million in the quarter ended March 31, 2011 and a net loss of ($0.8) million in the quarter ended March 31, 2010.

Earnings (loss) per share. Diluted earnings per share were $0.10 for the quarter ended March 31, 2011 as compared to loss per share of ($0.07) in the prior fiscal year's corresponding quarter. Adjusted for interest accrued on the liability portion of preference shares, employee share-based compensation costs and deferred tax benefit as mentioned in the preceding paragraph, diluted earnings per share were $0.03 in the quarter ended March 31, 2011, compared to loss per share of ($0.05) in the quarter ended March 31, 2010.

Fiscal 2011 Full Year Financial Results

Revenue. We generated revenue of $124.7 million in the year ended March 31, 2011, an increase of 49.3% over revenue of $83.6 million in the year ended March 31, 2010.

Air Ticketing. Revenue from our air ticketing business increased by 48.3% to $47.6 million in the year ended March 31, 2011 from $32.1 million in the year ended March 31, 2010. This was due to increase in gross bookings by 58.6% partially offset by a reduction in net revenue margin from 7.6% in the year ended March 31, 2010 to 7.4% in the year ended March 31, 2011.

Hotels and Packages. Revenue from our hotels and packages business increased by 48.3% to $74.6 million in the year ended March 31, 2011 from $50.3 million in the year ended March 31, 2010. Our Revenue less service cost(2) increased by 36.4% to $10.9 million in the year ended March 31, 2011 from $8.0 million in the year ended March 31, 2010. This was due to an increase in gross bookings by 65.2%, partially offset by reduction in net revenue margin from 14.0% in the year ended March 31, 2010 to 11.5% in the year ended March 31, 2011 as net revenue margins normalized from levels experienced in fiscal 2009-10 when travel suppliers provided us favorable rates during the slowdown in India's economy.@@

Other Revenue. Our other revenue increased to $2.5 million in the year ended March 31, 2011 from $1.2 million in the year ended March 31, 2010, primarily due to increase in facilitation fees on travel insurance and sale of rail tickets and bus tickets.

Total Revenue less Service Cost. Our total revenue less service cost increased by 51.6% to $61.1 million in the year ended March 31, 2011 from $40.3 million in the year ended March 31, 2010 as a result of a 53.0% increase in our air ticketing revenue less service cost, as well as a 36.4% increase in our hotels and packages revenue less service cost.

Results from Operating Activities. As a result of the foregoing factors, our results from operating activities improved to an income of $4.1 million in the year ended March 31, 2011 from a loss of ($6.0) million in the year ended March 31, 2010. Excluding the effects of our employee share-based compensation costs for both years ended March 31, 2011 and 2010, we would have recorded an operating profit of $4.6 million in the year ended March 31, 2011 and $0.8 million in the year ended March 31, 2010.

Profit (Loss) for the year. As a result of the foregoing factors, including the effects of our employee share-based compensation costs, our profit for the year ended March 31, 2011 was $4.8 million as compared to a loss of ($6.2) million in the year ended March 31, 2010.  Excluding the effects of employee share-based compensation costs for both fiscal years 2010-11 and 2009-10, deferred tax benefit recognized on previous year's tax losses in the current period of $2.7 million, interest accrued on the liability portion of preference shares and changes in fair market value of embedded derivatives in the preference shares, we would have recorded a net profit of $5.1 million in the year ended March 31, 2011 and a net profit of $1.4 million in year ended March 31, 2010.

Earnings (loss) per share. Diluted earnings per share was $0.15 for the year ended March 31, 2011 as compared to loss per share of ($0.35) in the corresponding prior fiscal year. Adjusted for interest accrued on the liability portion of preference shares, charges related to our initial public offering listing expenses of $2.1 million, deferred tax benefit recognized on previous year's tax losses in the current period of $2.7 million, and employee share-based compensation costs as mentioned in the preceding paragraph, diluted earnings per share was $0.15 in the year ended March 31, 2011, compared to $0.05 in the year ended March 31, 2010.

Fiscal Year 2011-12 Outlook

The company remains optimistic of its long term growth prospects as the population of middle class travellers and Internet users continues to expand in India, despite the short term uncertainty around crude oil prices and high domestic inflation rate. The company is setting its Fiscal 2012 full year guidance range for Revenue less service costs at $86 to $89 million.

TAGS: MakeMyTrip
©2016 广州力矩资讯科技有限公司 粤ICP备06070077号-2
Tell us more about yourself!