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MakeMyTrip Limited Announces Fiscal 2012 Third Quarter Results

02/10/2012| 3:14:40 PM| 中文

GURGAON, India and NEW YORK, Feb. 9, 2012 (GLOBE NEWSWIRE) -- MakeMyTrip Limited (Nasdaq:MMYT - News), India's leading online travel company, today announced its unaudited financial and operating results for its fiscal quarter ended December 31, 2011.

GURGAON, India and NEW YORK, Feb. 9, 2012 (GLOBE NEWSWIRE) -- MakeMyTrip Limited (Nasdaq:MMYT - News), India's leading online travel company, today announced its unaudited financial and operating results for its fiscal quarter ended December 31, 2011.

"In the fiscal third quarter we witnessed a rapid weakening of the Indian Rupee as well as volatility in the Indian aviation industry," said Deep Kalra, Chairman and CEO. "However demand for our services remained strong during the past holiday travel season as more customers chose to use MakeMyTrip for the superior user experience we offer." 

Financial Highlights

Revenue rose 50.3% (67.6% in constant currency) yoy to $53.8 million.

Revenue less service costs increased 36.9% yoy (52.5% in constant currency) to $23.7 million.

Net revenue margin for Air ticketing and Hotels and packages combined increased by 1.8 percentage points to 9.6% yoy.

Adjusted operating profit improved to $4.2 million, versus $1.6 million in the prior year's fiscal third quarter.

Adjusted net income was $3.0 million versus $1.8 million in the prior year's fiscal third quarter.

Adjusted Diluted earnings per share was $0.08 ($0.09 in constant currency) versus $0.05 in the prior year's fiscal third quarter.

 

(in thousands except EPS)

3 months Ended  December 31, 2010

3 months Ended Decenber 31, 2011

YoY Change

YoY Change

in constant

currency

Financial Summary as per IFRS

          

Revenue

$35,792.9

$53,806.9

50.3%

67.6%

Revenue Less Service Costs

$17,281.4

$23,654.7

36.9%

52.5%

Air Ticketing

$13,486.4

$17,367.4

28.8%

44.1%

Hotels & Packages

$2,949.6  

$5,340.4

81.1%

99.0%

Other

$845.5  

$947.0

12.0%

24.8%

Results from Operating Activities

$1,443.3

$1,282.9

 

 

Adjusted Operating Profit

$1,586.5  

$4,191.3

164.2%

187.6%

Profit for the period

$1,628.1

$41.5

 

 

Adjusted Net Income

$1,770.2  

$3,001.1

69.5%

86.4%

Diluted Earnings per share

$0.04

$0.001

 

 

Adjusted Diluted Earnings per share

$0.05

$0.08

 

 

Operating Metrics

Gross Bookings

$210,605.1

$237,333.6

12.7%

28.0%

Air Ticketing

$183,390.3  

$193,323.6

5.4%

20.4%

Hotels & Packages

$27,214.8  

$44,010.0

61.7%

79.2%

Number of Transactions

Air Ticketing

759.2 

882.4

16.2%

 

Hotels & Packages

50.7

110.9

118.9%

 

Fiscal 2012 Third Quarter Financial Results

Revenue. We generated revenue of $53.8 million in the quarter ended December 31, 2011, an increase of 50.3%(67.6% in constant currency) over revenue of $35.8 million in the quarter ended December 31, 2010.

Air Ticketing. Revenue from our air ticketing business increased by 59.9% (77.4% in constant currency) to $21.6 million in the quarter ended December 31, 2011 from $13.5 million in the quarter ended December 31, 2010. Our Revenue less service costs increased by 28.8% (44.1% in constant currency) to $17.4 million in the quarter ended December 31, 2011 from $13.5 million in the quarter ended December 31, 2010. This was largely due to an increase in net revenue margin from 7.4% in the quarter ended December 31, 2010 to 9.0% in the quarter ended December 31, 2011. The margin improvement in this quarter came from specially negotiated rates and favorable incentive deals achieved as we worked closely with our travel partners in a volatile Indian aviation industry environment.

Hotels and packages. Revenue from our hotels and packages business increased by 45.8% (63.0% in constant currency) to $31.3 million in the quarter ended December 31, 2011 from $21.5 million in the quarter ended December 31, 2010. Our Revenue less service costs increased by 81.1% (99.0% in constant currency) to $5.3 million in the quarter ended December 31, 2011 from $2.9 million in the quarter ended December 31, 2010. This was due to an increase in gross bookings by 61.7% (79.2% in constant currency) as well as an expansion of net revenue margin from 10.8% in the quarter ended December 31, 2010 to 12.1% in the quarter ended December 31, 2011.

Other Revenue. Our other revenue increased to $0.9 million in the quarter ended December 31, 2011 from $0.8 million in the quarter ended December 31, 2010, primarily due to increased sale of rail tickets and bus tickets and other miscellaneous income.

Total Revenue less Service Cost. Our total revenue less service cost increased by 36.9% (52.5% in constant currency) to $23.7 million in the quarter ended December 31, 2011 from $17.3 million in the quarter ended December 31, 2010 as a result of a 28.8% (44.1% in constant currency) increase in our air ticketing revenue less service cost, as well as a 81.1% (99.0% in constant currency) increase in our hotels and packages revenue less service cost. 

Personnel Expenses. Personnel expenses increased to $8.0 million in the quarter ended December 31, 2011 from $3.9 million in the quarter ended December 31, 2010, mainly as a result of employee share-based compensation costs of $2.9 million in the quarter ended December 31, 2011 as against $0.14 million in quarter ended December 31, 2010 as well as due to increases in annual wages and average employee headcount year over year in the quarter ended December 31, 2011. Excluding employee share-based compensation costs, personnel expenses as a percentage of net revenue remained at the same level of 21.5% year over year and decreased by 3.5% from 24.9% in the previous quarter.

Other Operating Expenses. Other operating expenses increased by 19.2% to $13.7 million in the quarter ended December 31, 2011 from $11.5 million in the quarter ended December 31, 2010, primarily as a result of an increase in payment gateway charges, advertising and business promotion expenses and outsourcing expenses in line with thegrowth in our business. Other Operating Expenses as a percentage of net revenue decreased by 8.6% year over year to 57.8% driven by operating leverage from advertising and business promotion, SGA and a change in the mix of customer payment methods for our holiday packages. 

Results from Operating Activities. As a result of the foregoing factors, our results from operating activities was a profit of $1.3 million in the quarter ended December 31, 2011 from a profit of $1.4 million in the quarter ended December 31, 2010. Excluding the effects of our employee share-based compensation costs for both quarters ended December 30, 2011 and 2010, we would have recorded an operating profit of $4.2 million in the quarter ended December 31, 2011 and an operating profit of $1.6 million in the quarter ended December 31, 2010.

Net Finance Income (Cost). Our net finance income (cost) decreased to $(1.2) million in the quarter ended December 31, 2011 from $0.2 million in the quarter ended December 31, 2010, primarily due to a higher foreign exchange loss of $(1.1) million in the quarter ended December 31, 2011 due to depreciation of the Indian rupee versus U.S. dollar. 

Profit 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 December 31, 2011 was $0.04 million as compared to a profit of $1.6 million in the quarter ended December 31, 2010. Excluding the effects of employee share-based compensation costs for both fiscal third quarter of 2011-12 and 2010-11 and interest accretion on financial liability related to business combination in the third quarter of fiscal 2011-12, we would have recorded a net profit of $3.0 million in the quarter ended December 31, 2011 and a net profit of $1.8 million in the quarter ended December 31, 2010. 

Earnings per share. Diluted earnings per share were $0.001 for the quarter ended December 31, 2011 as compared to earnings per share of $0.04 in the quarter ended December 31, 2010. Adjusted for interest accretion on financial liability related to business combination and employee share-based compensation costs as mentioned in the preceding paragraph, diluted earnings per share were $0.08 in the quarter ended December 31, 2011, compared to diluted earnings per share of $0.05 in the quarter ended December 31, 2010. 

Fiscal Year 2011-12 Outlook 

The Company remains confident in its abilities to achieve its long term financial growth targets. However, the Company would like to adjust its 2012 fiscal year annual Revenue less service costs to $86 to $88 million as the current Indian Rupee to US Dollar exchange rate is weaker than our estimated rate at the time guidance was initially provided last May.

TAGS: MakeMyTrip | financial results
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