Financial Highlights for Fiscal 2015 Fourth Quarter and Full Year
• Revenue less service costs increased 28.4% YoY to $36.4 million in 4Q15 and increased 32.0% YoY to $ 138.9 million in FY15.
• Revenue less service cost for Hotels and packages increased 49.5% YoY in 4Q15 and 57.8% YoY in FY15. Hotels and packages contribution increased to 45.2% in 4Q15 versus 38.8% in 4Q14 and increased to 44.9 % in FY15 versus 37.6% in FY14.
• Gross Bookings reached $404.4 million in 4Q15 and $1.65 billion in FY15, representing a YoY increase of 19.4% and 32.2% respectively. Gross bookings for Hotels and packages increased by 15.8% in 4Q15 and by 50.1% in FY15.
• Transactions for Hotels and packages increased by 32.2% YoY in 4Q15 and 59.3% YoY in FY15. Transactions for air ticketing grew by 39.8% YoY in 4Q15 and 35.8% YoY in FY15.
“Fiscal 2015 was a year of significant progress and achievement for the MakeMyTrip team,” said Deep Kalra, Group Chairman and Group CEO. “In line with the strategic objectives we had shared at the beginning of the year, our hotels and packages business accounted for 45% of our full year revenue less service costs. In the fiscal fourth quarter, mobile users accounted for more than 40% of total online traffic and 22% of online transactions in India. In the coming fiscal year, we will work to continue our strong growth momentum while optimizing costs as we scale and lead the online travel market in India.”
Fiscal 2015 Fourth Quarter Financial Results
Revenue. We generated revenue of $68.6 million in the quarter ended March 31, 2015, an increase of 12.7% (14.3% in constant currency) over revenue of $60.9 million in the quarter ended March 31, 2014.
Air Ticketing. Revenue from our air ticketing business increased by 19.1% (20.1% in constant currency) to $19.5 million in the quarter ended March 31, 2015 from $16.4 million in the quarter ended March 31, 2014.
Hotels and Packages. Revenue from our hotels and packages business increased by 11.0% (12.8% in constant currency) to $47.9 million in the quarter ended March 31, 2015, from $43.1 million in the quarter ended March 31, 2014.
Other Revenue. Our other revenue decreased to $1.2 million in the quarter ended March 31, 2015 from $1.4 million in the quarter ended March 31, 2014.
Total Revenue less Service Costs. Our total revenue less service costs increased by 27.5% (28.4% in constant currency) to $36.4 million in the quarter ended March 31, 2015 from $28.5 million in the quarter ended March 31, 2014.
Fiscal 2015 Full Year Financial Results
Revenue. We generated revenue of $299.7 million in the year ended March 31, 2015, an increase of 17.3% (18.9% in constant currency) over revenue of $255.4 million in the year ended March 31, 2014.
Air Ticketing. Revenue from our air ticketing business increased by 11.7% (13.1% in constant currency) to $74.3 million in the year ended March 31, 2015 from $66.5 million in the year ended March 31, 2014.
Hotels and Packages. Revenue from our hotels and packages business increased by 19.5% (21.2%% in constant currency) to $220.5 million in the year ended March 31, 2015 from $184.5 million in the year ended March 31, 2014.
Other Revenue. Our other revenue increased to $4.8 million in the year ended March 31, 2015 from $4.4 million in the year ended March 31, 2014.
Total Revenue less Service Costs. Our total revenue less service costs increased by 30.6% (32.0% in constant currency) to $138.9 million in the year ended March 31, 2015 from $106.4 million in the year ended March 31, 2014.
Fiscal Year 2015-16 Outlook
As we get into Fiscal 2016, we remain optimistic of our future long term growth prospects, driven by the low penetration of hotels booked online, as well as the way mobile is likely to change the way Indians transact. Accordingly, we plan to focus on driving mobile adoption and further improving the business mix in favor of Hotels and Packages. We will continue to invest in these areas of strategic growth while drawing leverage on other operating spends like personnel, selling and general administrative costs. We also expect further compression on the air ticketing margins in Fiscal 2016. Accordingly, we initiate our full year revenue less service costs guidance for fiscal 2016 with a constant currency growth range of 22% to 26%.
