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MakeMyTrip Limited Announces Fiscal 2014 Third Quarter

01/31/2014| 7:41:35 AM| ChinaTravelNews 中文

MakeMyTrip Limited announced its unaudited financial and operating results for its third fiscal quarter ended December 31, 2013.

Financial Highlights for Fiscal 2014 Third Quarter 

Gross  Bookings reached  $311.3 million  in 3Q14,  representing  a YoY increase  of 8.4%. Gross  bookings  for  Hotels  and  packages increased by 34.0% YoY in 3Q14. 

Transactions for Hotels and packages improved by 25.0% YoY in 3Q14. 

Revenue rose 22.7% YoY to $70.0 million in 3Q14. 

Revenue less service costs increased 42.1% YoY to $28.5 million in 3Q14. 

Revenue less service costs for Hotels and packages increased 50.6% YoY and Air Ticketing increased 38.3% YoY for 3Q14. Hotels and packages contribution increased to 37.2% in 3Q14 versus 35.1% in 3Q13.     

Gurgaon, India and New York, January 30, 2014 — MakeMyTrip Limited, India’s leading online travel company, today announced its unaudited financial and operating results for its third fiscal quarter ended December 31, 2013.   
 
“MakeMyTrip further  consolidated its position  in  the  market  place  with  strong  revenue  growth  and  adjusted  operating  profit  in a difficult business environment of high fares and rupee depreciation” said Deep Kalra, Chairman and Group CEO.  

Fiscal 2014 Third Quarter Financial Results

Revenue. We generated revenue of $70.0 million in the quarter ended December 31, 2013, an increase of 9.6% (22.7% in constant currency) over revenue of $63.8 million in the quarter ended December 31, 2012. 
 
Air Ticketing. Revenue from our air ticketing business increased by 31.2% (49.2% in constant currency) to $18.8 million in the quarter ended December 31, 2013 from $14.3 million in the quarter ended December 31, 2012. Our revenue less service costs increased by 21.6% (38.3% in constant currency) to $16.5 million in the quarter ended December 31, 2013 from $13.5 million in the quarter ended December 31, 2012. This was largely due to an increase in net revenue margin (defined as revenue less service cost as a percentage of gross bookings) from 5.3% in the quarter ended December 31, 2012 to 7.3% in the quarter ended December 31, 2013. The net revenue margin in this quarter is in line with the net revenue margin of 7.0% reported in the previous quarter of current fiscal year. 
  
Hotels and Packages. Revenue from our hotels and packages business increased by 3.2% (14.9% in constant currency) to $50.1 million in the quarter ended December 31, 2013, up from $48.6 million in the quarter ended December 31, 2012. Our revenue less service costs increased by 40.1% (50.6%  in  constant  currency) to  $11.0 million  in  the  quarter  ended  December  31,  2013 from  $7.8 million  in  the  quarter  ended December 31, 2012. This was attributed to an increase in gross bookings by 22.8% (34.0% in constant currency) primarily due to a 25.0% increase in the number of transactions year over year and net revenue margin expansion from 11.1% in the quarter ended December 31, 2012 to 12.6% in the quarter ended December 31, 2013, in line with the net revenue margin of 12.9% reported in the previous quarter of current fiscal year. 
 
Other Revenue.  Our other revenue increased to $1.1 million in the quarter ended December 31, 2013 from $1.0 million in the quarter ended December 31, 2012, primarily due to an increase in facilitation fees from travel insurance sales. 
 
Total Revenue less Service Costs. Our total revenue less service costs increased by 27.7% (42.1% in constant currency) to $28.5 million in the quarter  ended December 31,  2013 from  $22.4 million  in  the  quarter  ended December 31, 2012 primarily as  a  result of a 40.1%  (50.6%  in constant currency) increase in our hotels and packages revenue less service costs and a 21.6% (38.3% in constant currency) increase in our air ticketing revenue less service costs. 
 
Results  from  Operating  Activities.  As  a  result  of  the  foregoing  factors,  our  results from  operating  activities was  a  loss  of $1.2 million  in  the quarter ended December 31, 2013 as compared to a loss of $6.1 million in the quarter ended December 31, 2012. Excluding the effects of our employee  share-based  compensation  costs, amortization  of acquisition  related  intangibles and  merger  and  acquisitions  related  expenses for 
both quarters ended December 31, 2013 and 2012, we would have recorded an operating profit of $1.4 million in the quarter ended December 31, 2013 as compared with an operating loss of $2.2 million in the quarter ended December 31, 2012.  
 
Profit (Loss) for  the period.  As  a  result  of  the  foregoing  factors,  our loss for  the  quarter  ended December 31, 2013 was  $1.6 million  as compared to  a loss of $5.2 million  in  the  quarter  ended December 31, 2012.    Excluding  the effects  of  employee  share-based  compensation costs, amortization  of  acquisition  related  intangibles, merger  and  acquisitions  related  expenses, net  change  in  fair  value  of  financial  liability related to business combination and income tax benefit (expense) for the third quarter of both fiscal years 2014 and 2013 and net (gain) loss on change in the fair value of derivative financial instruments in the quarter ended December 31, 2012, we would have recorded a net profit of $1.2 million in the quarter ended December 31, 2013 and a net loss of $2.6 million in the quarter ended December 31, 2012. 
 
Diluted Earnings (Loss) per share. Diluted loss per share was $0.04 for the quarter ended December 31, 2013 as compared to diluted loss per share  of  $0.14 in  the  quarter  ended December 31,  2012. After  adjusting for employee  share-based  compensation  costs,  amortization  of acquisition  related  intangibles, merger  and  acquisitions  related  expenses, net  change  in  fair  value  of  financial  liability related  to business combination and income tax benefit (expense) for the third quarter of both fiscal years 2014 and 2013 and net (gain) loss on change in the fair value of derivative financial instruments in the quarter ended December 31, 2012, as mentioned in the preceding paragraph, diluted earnings 
per share would have been $0.03 in the quarter ended December 31, 2013, compared to diluted loss per share of $0.07 in the quarter ended December 31, 2012. 

Fiscal Year 2013-14 Outlook 
 
We remain watchful of the persistent volatility in the rupee to dollar exchange rate and an unpredictable domestic airfare environment in the coming  quarters.  However,  the achieved  results  in  the third  quarter of fiscal  year  2014  give  us  confidence  to  improve  our  annual constant currency  growth  guidance  to  24%-25%  for  revenue  less  service  costs,  which  is  $99 million  to  $100 million  for  the  full  fiscal  year,  at  an estimated exchange rate of 60.39 INR per dollar. 

TAGS: MakeMyTrip | Financial Results
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