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MakeMyTrip announces fiscal 2016second quarter results

10/29/2015| 11:03:52 PM| 中文

MakeMyTrip Limited (Nasdaq: MMYT), India’s leading online travel company, today announced its unaudited financial and operating results for its fiscal quarter ended September 30, 2015.

Financial Highlights for Fiscal 2016 Second Quarter

• Transactions for MMT India(6) Standalone Hotels booked Online increased by 167.9% YoY and MMT India(6) Standalone Hotels booked on Mobile increased by 403.1% YoY in 2Q16.

• Transactions for Hotels and packages increased by 82.0% YoY in 2Q16. Hotels and Packages (excluding ETB(6)) transactions increased by 100.5% YoY in 2Q16.

• Gross Bookings(5) reached $431.3 million in 2Q16, representing a YoY increase of 18.4%.

• Revenue less service costs(2) increased 11.5% YoY to $33.2 million in 2Q16. Hotels and packages contribution increased to 40.6% in 2Q16 versus 39.0% in 2Q15.

 “In the second fiscal quarter of 2016, MakeMyTrip delivered strong transaction growth in India standalone hotels, particularly on mobile devices. We believe smart-phone penetration, driven by increasing affordability and performance, is driving an inflection point in India’s online travel opportunity” said Deep Kalra, Group Chairman and Group CEO. We intend to maintain our leading online travel market share in the Indian market by offering our customers the best mobile booking experience across our network of more than 27,500 domestic hotels.”

Fiscal 2016 Second Quarter Financial Results

Revenue. We generated revenue of $62.5 million in the quarter ended September 30, 2015, an increase of 3.2% (an increase of 12.1% in constant currency) over revenue of $60.5 million in the quarter ended September 30, 2014.

Air Ticketing. Revenue from our air ticketing business increased by 0.1% (7.5% in constant currency) to $18.4 million in the quarter ended September 30, 2015 from $18.4 million in the quarter ended September 30, 2014. Our revenue less service costs decreased by 0.4% (increased by 6.9% in constant currency) to $18.2 million in the quarter ended September 30, 2015 from $18.2 million in the quarter ended September 30, 2014. This was primarily due to an increase in gross bookings of 8.1% (16.0% in constant currency) and a 7.2% increase in the number of transactions year over year, partially offset by a decrease in net revenue margin (defined as revenue less service cost as a percentage of gross bookings) from 6.2% in the quarter ended September 30, 2014 to 5.8% in the quarter ended September 30, 2015.

Hotels and Packages. Our revenue from our hotels and packages business increased by 3.9% (13.6% in constant currency) to $42.4 million in the quarter ended September 30, 2015, from $40.8 million in the quarter ended September 30, 2014. Our revenue less service costs increased by 7.3% (15.9% in constant currency) to $13.4 million in the quarter ended September 30, 2015 from $12.5 million in the quarter ended September 30, 2014. This was due to an increase of 82.0% in the number of transactions year over year and partially offset by decrease in net revenue margin from 12.4% in the quarter ended September 30, 2014 to 11.6% in the quarter ended September 30, 2015. The decline in net revenue margin in the quarter ended September 30, 2015 was mainly due to discounts offered in the Indian online domestic hotels segment to drive transaction growth.

Other Revenue. Our other revenue increased to $1.6 million in the quarter ended September 30, 2015 from $1.3 million in the quarter ended September 30, 2014, primarily due to an increase in facilitation fees on travel insurance.

Total Revenue less Service Costs. Our total revenue less service costs increased by 3.6% (11.5% in constant currency) to $33.2 million in the quarter ended September 30, 2015 from $32.0 million in the quarter ended September 30, 2014, primarily as a result of a 7.3% (15.9% in constant currency) increase in our hotels and packages revenue less service costs.

Fiscal Year 2015-16 Outlook

We are pleased with the robust transaction growth in our hotels and packages segment delivered in Q2. We also believe strong underlying drivers, including rapid smart phone penetration and shifting preference for online bookings, suggests we can further accelerate transaction growth, particularly in the key India standalone hotels category.

We are therefore initiating an upward increase in our transaction guidance for the rest of fiscal year 2016 as follows:

• India standalone transaction growth of 175%—200%, up from 75%—100% previously;

• Hotels and Packages transaction growth, excluding ETB, of 100%—110%, up from 50%—55% previously.

We also retain the FY2016 constant currency revenue growth guidance of 10% to 15%.

TAGS: MakeMyTrip | financial results
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