Financial Highlights for Fiscal 2012 Fourth Quarter and Full Year
(YoY Growth % are on constant currency basis; please see table below for YoY growth % on actual basis)
• Revenue rose 66.8% year over year (yoy) to $47.0 million in 4Q12 and grew 65.5% yoy to $196.6 million for FY12.
• Revenue less service costs increased 44.0% yoy to $22.1 million in 4Q12 and increased 51.7% yoy to $88.2 million for FY12.
• Net revenue margin for Air ticketing and Hotels and packages combined increased to 8.5% in 4Q12 versus 8.2% in 4Q11. For FY12 net revenue margin was 8.5% versus 7.9% in FY11.
• Adjusted operating profit for 4Q12 improved to $2.7 million yoy versus a profit of $1.1 million in 4Q11. FY12 adjusted operating profits grew to $10.9 million, up from $4.6 million in FY11.
• Adjusted net income for 4Q12 was $3.0 million yoy versus a profit of $1.1 million in 4Q11. FY12 adjusted net income grew to $9.0 million, up from $5.1 million in FY11.
• Adjusted Diluted earnings per share for 4Q12 was $0.08 versus $0.03 in Q411. Adjusted Diluted earnings per share for FY12 was $0.24 versus $0.15 in FY11.
GURGAON, India and NEW YORK, May 24, 2012 (GLOBE NEWSWIRE) -- MakeMyTrip Limited (Nasdaq:MMYT), India's leading online travel company, today announced its unaudited financial and operating results for its fourth fiscal quarter and full fiscal year ended March 31, 2012.
"MakeMyTrip delivered strong financial results in the fourth fiscal quarter and full year despite a challenging operating environment," said Deep Kalra, Chairman and CEO. "In the coming year we will continue to further our market leadership position through our core strength of enhancing the customers' experience."
Fiscal 2012 Fourth Quarter Financial Results
Revenue. We generated revenue of $47.0 million in the quarter ended March 31, 2012, an increase of 49.6% (66.8% in constant currency) over revenue of $31.4 million in the quarter ended March 31, 2011.
Air Ticketing. Revenue from our air ticketing business increased by 50.8% (67.4% in constant currency) to $20.9 million in the quarter ended March 31, 2012 from $13.9 million in the quarter ended March 31, 2011. Our revenue less service costs increased by 28.6% (42.9% in constant currency) to $17.8 million in the quarter ended March 31, 2012 from $13.9 million in the quarter ended March 31, 2011. This was due to an increase in gross bookings of 19.0% (32.8% in constant currency) as well as an increase in net revenue margin from 7.7% in the quarter ended March 31, 2011 to 8.4% in the quarter ended March 31, 2012.
Hotels and Packages. Revenue from our hotels and packages business increased by 48.2% (65.9% in constant currency) to $25.0 million in the quarter ended March 31, 2012 from $16.8 million in the quarter ended March 31, 2011. Our revenue less service costs increased by 25.5% (40.9% in constant currency) to $3.2 million in the quarter ended March 31, 2012 from $2.5 million in the quarter ended March 31, 2011. This was due to an increase in gross bookings by 51.8% (65.4% in constant currency), which was partially offset by a reduction in net revenue margin from 11.6% in the quarter ended March 31, 2011 to 9.6% in the quarter ended March 31, 2012 as the cost of services in our overseas holidays business increased due to the weakening of the Indian currency.
Other Revenue. Our other revenue increased to $1.1 million in the quarter ended March 31, 2012 from $0.7 million in the quarter ended March 31, 2011, primarily due to increased sale of rail tickets and bus tickets and advertisement income.
Results from Operating Activities. As a result of the foregoing factors, our results from operating activities was a loss of $0.002 million in the quarter ended March 31, 2012 from a profit of $1.0 million in the quarter ended March 31, 2011. Excluding the effects of our employee share-based compensation costs for both quarters ended March 31, 2012 and 2011, we would have recorded an operating profit of $2.7 million in the quarter ended March 31, 2012 compared with an operating profit of $1.1 million in the quarter ended March 31, 2011.
Profit for the period. As a result of the foregoing factors, including the effects of deferred tax benefit on previous year's tax losses and employee share-based compensation costs, our profit for the quarter ended March 31, 2012 was $6.2 million as compared to a profit of $3.7 million in the quarter ended March 31, 2011. Excluding the effects of deferred tax benefit on previous year's tax losses and employee share-based compensation costs for both fiscal years 2012 and 2011, and net loss on change in the fair value of derivative financial instruments and interest accretion on financial liability related to business combination in the fourth quarter of fiscal 2012, we would have recorded a net profit of $3.0 million in the quarter ended March 31, 2012 and a net profit of $1.1 million in the quarter ended March 31, 2011.
Earnings per share. Diluted earnings per share were $0.16 for the quarter ended March 31, 2012 as compared to earnings per share of $0.10 in the quarter ended March 31, 2011. Adjusted for deferred tax benefit on previous year's tax losses and employee share-based compensation costs for both fiscal years 2012 and 2011, and net loss on change in the fair value of derivative financial instruments and interest accretion on financial liability related to business combination in the fourth quarter of fiscal 2012 as mentioned in the preceding paragraph, diluted earnings per share were $0.08 in the quarter ended March 31, 2012, compared to earnings per share of $0.03 in the quarter ended March 31, 2011.
Fiscal 2012 Full Year Financial Results
Revenue. We generated revenue of $196.6 million in the year ended March 31, 2012, an increase of 57.6% (65.5% in constant currency) over revenue of $124.7 million in the year ended March 31, 2011.
Air Ticketing. Revenue from our air ticketing business increased by 60.0% (68.4% in constant currency) to $76.2 million in the year ended March 31, 2012 from $47.6 million in the year ended March 31, 2011. Our revenue less service costs increased by 39.1% (46.5% in constant currency) to $66.3 million in the year ended March 31, 2012 from $47.6 million in the year ended March 31, 2011. This was due to an increase in gross bookings by 29.5% (36.4% in constant currency) as well as an increase in net revenue margin from 7.4% in the year ended March 31, 2011 to 7.9% in the year ended March 31, 2012.
Hotels and Packages. Revenue from our hotels and packages business increased by 56.5% (64.0% in constant currency) to $116.7 million in the year ended March 31, 2012 from $74.6 million in the year ended March 31, 2012. Our revenue less service costs increased by 67.1% (74.0% in constant currency) to $18.2 million in the year ended March 31, 2012 from $10.9 million in the year ended March 31, 2011. This was due to an increase in gross bookings by 62.5% (70.2% in constant currency), further contributed by small increase in net revenue margin from 11.5% in the year ended March 31, 2011 to 11.9% in the year ended March 31, 2012.
Other Revenue. Our other revenue increased to $3.7 million in the year ended March 31, 2012 from $2.5 million in the year ended March 31, 2011, primarily due to increased sale of rail tickets and bus tickets and other miscellaneous income.
Results from Operating Activities. As a result of the foregoing factors, our results from operating activities was a profit of $4.0 million in the year ended March 31, 2012 versus a profit of $4.1 million in the year ended March 31, 2011. Excluding the effects of our employee share-based compensation costs for both fiscal years 2012 and 2011, we would have recorded an operating profit of $10.9 million in the year ended March 31, 2012 compared with $4.6 million in the year ended March 31, 2011.
Profit for the year. As a result of the foregoing factors, including the effects of deferred tax benefit on previous year's tax losses, public offerings costs and employee share-based compensation costs, our profit for the year ended March 31, 2012 was $7.0 million as compared to a profit of $4.8 million in the year ended March 31, 2011. Excluding the effects of deferred tax benefit on previous year's tax losses, public offerings costs and employee share-based compensation costs for both fiscal years 2012 and 2011, net loss on change in the fair value of derivative financial instruments and interest accretion on financial liability related to business combination in fiscal year 2012, interest accrued on the liability portion of preference shares and changes in the fair market value of embedded derivatives in the preference shares in the year ended March 31, 2011, we would have recorded a net profit of $9.0 million in the year ended March 31, 2012 and a net profit of $5.1 million in year ended March 31, 2011.
Earnings per share. Diluted earnings per share was $0.19 for the year ended March 31, 2012 as compared to earnings per share of $0.15 in the corresponding prior fiscal year. Adjusted for deferred tax benefit on the previous year's tax losses, public offering costs and employee share-based compensation costs for both fiscal years 2012 and 2011, net loss on change in the fair value of derivative financial instruments and interest accretion on financial liability related to business combination in fiscal year 2012, interest accrued on the liability portion of preference shares and changes in fair market value of embedded derivatives in the preference shares in the year ended March 31, 2011, as mentioned in the preceding paragraph, diluted earnings per share were $0.24 in the year ended March 31, 2012, compared to $0.15 in the year ended March 31, 2011.
Fiscal Year 2012-13 Outlook
The Company is providing fiscal year 2013 Revenue less service costs growth guidance in the range of 30% to 32% on constant currency basis. This growth guidance is based on average actual Indian Rupee to U.S. Dollar exchange rate of 48.23 for full fiscal year 2012. At the current 1Q13 average exchange rate of INR 53 to a U.S. Dollar, this will result in Revenue less service cost guidance in the range of approximately $103 million to $106 million. As it continues to build market leadership, the Company feels this is an appropriate guidance given the current state of the domestic airline industry and its impact on overall air capacity and demand.
