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MakeMyTrip posts a 95% drop in revenue

08/23/2020| 12:14:24 AM| ChinaTravelNews 中文

The company has secured credit and guarantee facilities of USD 100 million, which includes a USD 70 million facility from MakeMyTrip's largest shareholder.

MakeMyTrip said it registered a 95.5% decline in revenue for the quarter ended June 30. 

Revenue for all segments were significantly impacted by India’s nationwide lockdown which began on March 25, 2020 and continued throughout the quarter with only some domestic travel and government approved international travel operations commencing since late May 2020. 

Deep Kalra, Group Executive Chairman, said the company is "very well positioned competitively, operationally and financially to begin its business recovery".

As at June 30, the balance of cash and cash equivalents and term deposits on balance sheet was USD 173.8 million.

Additionally, in order to increase our balance sheet flexibility and provide a back-up source of liquidity for any contingencies or investment opportunities, the company has secured credit and guarantee facilities of approximately $100 million, which includes a USD 70 million facility from an affiliate of MakeMyTrip's largest shareholder and the balance from a commercial bank in India.

TAGS: MakeMyTrip | financial statements
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