MakeMyTrip Limited Announces Fiscal 2013 Third Quarter Results

Financial Highlights for Fiscal 2013 Third Quarter
(Year over Year (YoY) growth % are on constant currency basis(1); please see table below for YoY growth % on actual basis)

  • Gross bookings(5)for Hotels and packages increased by 67.2% yoy in 3Q13. Gross bookings for Air ticketing increased by 38.4% yoy in 3Q13.
  • Transactions for Hotels and packages improved by 68.2% yoy in 3Q13. Transactions for air ticketing grew by 15.5% yoy in 3Q13.
  • Revenue rose 24.5% yoy to $63.8 million in 3Q13 versus $53.8 million in 3Q12.
  • Revenue less service costs(2) for Hotels and packages increased by 52.4% yoy in 3Q13. Hotels and packages contribution increased to 34.7% in 3Q13 versus 22.6% in 3Q12.

GURGAON, India and NEW YORK, Feb. 7, 2013 (GLOBE NEWSWIRE) --

MakeMyTrip Limited (Nasdaq:MMYT), India's leading online travel company, today announced its unaudited financial and operating results for its third fiscal quarter ended December 31, 2012.

"MakeMyTrip has gained significant market share in both the air ticketing and hotels and packages business during this past high season quarter." said Deep Kalra, Chairman and CEO. "We continue to lead the Indian OTA market in offering customers comprehensive set of travel products, including the broadest choice of online domestic and international hotels, while constantly improving their overall experience with MakeMyTrip."

(in thousands except EPS) 3 months Ended
December 31, 2011
3 months Ended
December 31, 2012
YoY
Change
YoY Change in
Constant Currency(1)
Financial Summary as per IFRS    
Revenue $ 53,806.9 $ 63,830.0 18.6% 24.5%
Revenue Less Service Costs(2) $ 23,654.7 $ 22,353.7 -5.5% -0.4%
Air Ticketing $ 17,367.4 $ 13,538.9 -22.0% -17.2%
Hotels & packages $ 5,340.4 $ 7,848.5 47.0% 52.4%
Other $ 947.0 $ 966.3 2.0% 6.9%
Results from Operating Activities  $ 1,282.9 $ (6,148.3)  
Adjusted Operating Profit (Loss)(3) $ 4,316.4 $ (2,226.5)  
Income (Loss) for the Period $ 41.5 $ (5,235.9)  
Adjusted Net Income (Loss) (4) $ 3,126.1 $ (2,552.6)  
Diluted Earnings (Loss) per Share $ 0.001 $ (0.14)  
Adjusted Diluted Earnings (Loss) per Share(4) $ 0.08 $ (0.07)  
     
Operating Metrics    
Gross Bookings(5) $ 237,333.6 $ 324,424.1 36.7% 43.7%
Air Ticketing $ 193,323.6 $ 253,514.0 31.1% 38.4%
Hotels & packages $ 44,010.0 $ 70,910.1 61.1% 67.2%
Number of Transactions    
Air Ticketing 882.4 1019.5 15.5% 
Hotels & packages 110.9 186.5 68.2% 

(1) Constant currency refers to our financial results assuming constant foreign exchange rates for the current fiscal period based on the reporting for the historical average rate used in the prior year's comparable fiscal period.

(2) Represents IFRS revenue after deducting service costs. IFRS refers to International Financial Reporting Standards as issued by the International Accounting Standards Board.

(3) Results from operating activities excluding employee share-based compensation costs, merger and acquisitions related expenses and amortization of acquisition related intangibles.

(4) Income (loss) for the period excluding employee share-based compensation costs, merger and acquisitions related expenses, Net change in fair value of financial liability in business combination, net loss on change in fair value of derivative financial instrument and income tax benefit.

(5) Represent the total amount paid by our customers for the travel services and products booked through us, including taxes, fees and other charges, net of cancellations and
     refunds.

Please see "About Non-IFRS Financial Measures" included within this release to understand the importance of the financial measures set forth in notes (1) to (5) above. Reconciliations of IFRS financial measures to non-IFRS operating results are included at the end of this release. 

OTHER INFORMATION

Share Repurchase

The following table provides information about purchases by us during the three months ended December 31, 2012 of our outstanding ordinary shares, par value USD 0.0005 per share:

Period (a)
Total Number of
Shares Purchased
(b)
Average Price Paid
per Share(2)
(c)
Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs
(d)
Maximum Number
(or Approximate
Dollar Value) of
Shares that May Yet
Be Purchased Under
the Plans or
Programs(1)
10/01/12 – 10/31/12 NIL NIL NIL NIL
11/01/12 – 11/30/12 NIL NIL NIL $25,000,000
12/01/12 – 12/31/12 40,142 $ 12.63 40,142 $24,492,145
Total 40,142 $12.63 40,142 $24,492,145

(1)    On November 6, 2012, our Board of Directors authorized the Company to purchase outstanding ordinary shares, par value $0.0005 per share, of the Company. The authorizations permit us to purchase our ordinary shares on the open market, in privately negotiated transactions or otherwise in an aggregate amount of up to $25 million. In the three months ended December 31, 2012, we repurchased 40,142 ordinary shares at an average price of approximately $12.63 per share (excluding broker and transaction fees). As of December 31, 2012, we had remaining authority to repurchase up to approximately $24.49 million of our outstanding ordinary shares.

(2)     The average price paid per share excludes broker and transaction fees.

Fiscal 2013 Third Quarter Financial Results

Revenue. We generated revenue of $63.8 million in the quarter ended December 31, 2012, an increase of 18.6% (24.5% in constant currency) over revenue of $53.8 million in the quarter ended December 31, 2011.

Air Ticketing. Revenue from our air ticketing business decreased by 33.7% (29.0% in constant currency) to $14.3 million in the quarter ended December 31, 2012 from $21.6 million in the quarter ended December 31, 2011. Our revenue less service costs(2) decreased by 22.0% (17.2% in constant currency) to $13.5 million in the quarter ended December 31, 2012 from $17.4 million in the quarter ended December 31, 2011. The materially higher airfares caused the gross bookings to grow by 31.1% (38.4% in constant currency) year on year. The decline in revenue less service costs was mainly due to decrease in our net revenue margin (defined as Revenue less service cost as a percentage of gross bookings) to 5.3% from 9.0% a year ago, mainly due to reduction in airlines commission.

Hotels and Packages. Revenue from our hotels and packages business increased by 55.2% (61.3% in constant currency) to $48.6 million in the quarter ended December 31, 2012 from $31.3 million in the quarter ended December 31, 2011. Our revenue less service costs(2) increased by 47.0% (52.4% in constant currency) to $7.8 million including contribution from Hotel Travel Group that we acquired in the quarter ended December 31, 2012 from $5.3 million in the quarter ended December 31, 2011. This was due to increase in gross bookings by 61.1% (67.2% in constant currency) which was partly offset by decrease in net revenue margin from 12.1% in the quarter ended December 31, 2011 to 11.1% in the quarter ended December 31, 2012 as we lead the offline booking market towards online hotel bookings through selective offers.

Other Revenue. Our other revenue increased to $1.0 million in the quarter ended December 31, 2012 from $0.9 million in the quarter ended December 31, 2011, primarily due to increases in the sale of online bus tickets and miscellaneous income, partially offset by decrease in sale of rail tickets.

Total Revenue less Service Costs. Our total revenue less service costs decreased by 5.5% (0.4% in constant currency) to $22.4 million in the quarter ended December 31, 2012 from $23.7 million in the quarter ended December 31, 2011 as a result of a 22.0% (17.2% in constant currency) decrease in our air ticketing revenue less service costs, offset by an increase of 47.0% (52.4% in constant currency) in our hotels and packages revenue less service costs.

Personnel Expenses. Personnel expenses increased to $9.6 million in the quarter ended December 31, 2012 from $8.0 million in the quarter ended December 31, 2011, mainly as a result of employee share-based compensation costs of $3.2 million in the quarter ended December 31, 2012 as against $2.9 million in quarter ended December 31, 2011. Excluding employee share-based compensation costs, personnel expenses as a percentage of net revenue increased by 6.8 percentage points year over year, in line with the growth in our business and recent acquisitions.

Other Operating Expenses. Other operating expenses increased by 31.0% to $17.9 million in the quarter ended December 31, 2012 from $13.7 million in the quarter ended December 31, 2011, primarily as a result of an increase in outsourcing fees and advertisement expenses in line with the growth in our business and recent acquisitions. Other operating expenses include merger and acquisitions related expenses of $0.5 million in the quarter ended December 31, 2012 as against $0.1 million in quarter ended December 31, 2011. Merger and acquisitions related expenses include professional fees and certain other expenses associated with acquisitions and certain non-routine transactions, whether or not consummated.

Results from Operating Activities. As a result of the foregoing factors, our results from operating activities was a loss of $6.1 million in the quarter ended December 31, 2012 from a profit of $1.3 million in the quarter ended December 31, 2011. Excluding the effects of our employee share-based compensation costs, merger and acquisitions related expenses and amortization of acquisition related intangibles for both quarters ended December, 2012 and 2011, we would have recorded an operating loss of $2.2 million in the quarter ended December 31, 2012 compared with an operating profit of $4.3 million in the quarter ended December 31, 2011.

Net Finance Income (costs). Our net finance cost was $0.4 million in the quarter ended December 31, 2012 as against $1.2 million in the quarter ended December 31, 2011. This was mainly due to higher interest income earned on term deposits with banks in the quarter ended December 31, 2012.

Profit (Loss) for the Period. As a result of the foregoing factors, including the effects of employee share-based compensation costs, merger and acquisitions related expenses and amortization of acquisition related intangibles, our loss for the quarter ended December 31, 2012 was $5.2 million as compared to a profit of $0.04 million in the quarter ended December 31, 2011. Excluding the effects of employee share-based compensation costs, merger and acquisitions related expenses, amortization of acquisition related intangibles, net change in fair value of financial liability in business combination, net loss on change in the fair value of derivative financial instruments and income tax benefit for the third quarter of both fiscal years 2013 and 2012, we would have recorded a net loss of $2.6 million in the quarter ended December 31, 2012 and a net profit of $3.1 million in the quarter ended December 31, 2011.

Diluted Earnings (Loss) per share. Diluted loss per share was $0.14 for the quarter ended December 31, 2012 as compared to diluted earnings per share of $0.001 in the quarter ended December 31, 2011. After adjusting for employee share-based compensation costs, merger and acquisitions related expenses, amortization of acquisition related intangibles, net change in fair value of financial liability in business combination, net loss on change in the fair value of derivative financial instruments and income tax benefit for the third quarter of both fiscal years 2013 and 2012, as mentioned in the preceding paragraph, diluted loss per share were $0.07 in the quarter ended December 31, 2012, compared to diluted earnings per share of $0.08 in the quarter ended December 31, 2011.

Fiscal Year 2012-13 Outlook

The Company is maintaining its fiscal year 2013 Revenue less service costs growth guidance in the range of 13% to 16% on a 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. On a U.S. dollar basis, we are maintaining our revenue less service cost guidance in the range of $89 million to $91 million based on the current 3Q13 average exchange rate of INR 54 to a U.S. Dollar.

Conference Call

MakeMyTrip will host a conference call to discuss the company's results for the quarter ended December 31, 2012 beginning at 10:00 a.m. EST on February 7, 2013. To participate, please dial + 1-866-356-4279 from within the U.S. or +1-617-597-5394 from any other country. Thereafter, callers will be prompted to enter the participant passcode 92653770. A live webcast of the conference call will also be available through the Investor Relations section of the company's website at http://investors.makemytrip.com.

A telephonic replay of the conference call will be available for two weeks by dialing +1-888-286-8010 and using passcode 92602219. A one month replay of the live webcast will also be available at http://investors.makemytrip.com, shortly following the conclusion of the call.

About Non-IFRS Financial Measures

As certain parts of our revenues are recognized on a "net" basis and other parts of our revenue are recognized on a "gross" basis, we evaluate our financial performance based on revenue less service costs, which is a non-IFRS measure, as we believe that revenue less service costs reflects more accurately the value addition of the travel services that we provide to our customers. The presentation of this non-IFRS information is not meant to be considered in isolation or as a substitute for our consolidated financial results prepared in accordance with IFRS as issued by the IASB. Our revenue less service costs may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.

Constant currency results are financial measures that are not in accordance with IFRS, and assume constant currency exchange rates used for translation based on the rates in effect during the comparable period in the prior fiscal year.

The Company believes that adjusted operating profit, adjusted net income and change in constant currency are useful in measuring the results of the company. The IFRS measures most directly comparable to adjusted operating profit and adjusted net income are results from operating activities and income (loss) for the period, respectively. The Company believes that adjustments to these IFRS measures (including employee stock compensation costs, expenses such as merger and acquisitions related expenses, amortization of acquisition related intangibles (including trade name, customer relationship and non-compete), follow-on public offering costs, net change in fair value of financial liability in business combination, net loss on change in the fair value of derivative financial instruments and income tax benefit) provide investors and analysts a more accurate representation of the Company's operating results.

Safe Harbor Statement

This release contains certain statements concerning the Company's future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company's current expectations, assumptions, estimates and projections about the company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate," "believe," "estimate," "expect," "intend," "will," "project," "seek," "should" and similar expressions. Such statements include, among other things, quotations from management as well as MakeMyTrip's (MMYT) strategic and operational plans.  Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the slow-down of economic growth in India and the global economic downturn, general declines or disruptions in the travel industry, volatility in the trading price of MMYT's shares, MMYT's reliance on its relationships with travel suppliers and strategic alliances, failure to further increase MMYT's brand recognition to obtain new business partners and consumers, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in India and overseas, failure to successfully develop MMYT's corporate travel business, damage to or failure of MMYT's infrastructure and technology, loss of services of MMYT's key executives, and inflation in India and in other countries. These and other factors are more fully discussed in the "Risk Factors" section of MMYT's 20-F dated June 25, 2012, filed with the U.S. Securities and Exchange Commission. All information provided in this release is provided as of the date of issuance of this release, and MMYT does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About MakeMyTrip Limited and MakeMyTrip.com

MakeMyTrip Limited is the parent company of MakeMyTrip (India) Private Limited, India's largest online travel company, MakeMyTrip.com Inc., Hotel Travel Group, Luxury Tours & Travel Pte Ltd, ITC Group (Thailand) and Luxury Tours (Malaysia) Sdn Bhd. The Company's services and products include air tickets, customized holiday packages, hotel bookings, railway tickets, bus tickets, car hire and facilitating access to travel insurance. Through its primary websites, www.makemytrip.com and www.hoteltravel.com, and other technology-enhanced platforms, the company provides access to all major domestic full-service and low-cost airlines operating in India, all major airlines operating to and from India, over 10,700 hotels and guesthouses in India, more than 73,000 hotels outside India, Indian Railways and several major Indian bus operators.

MMYT-G

MAKEMYTRIP LIMITED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
 (UNAUDITED)  
   
 As at March 31,
2012
As at December 31,
2012
 (in USD)
Assets  
Property, plant and equipment 7,064,373 9,147,376
Intangible assets 8,349,403 34,716,850
Trade and other receivables, net 807,159 763,474
Investment in equity-accounted investee 838,212 717,620
Other investments 4,416,543 5,003,634
Derivatives instruments 202,054 113,058
Term deposits 648,506 816,507
Other non-current assets 449,559 545,017
Deferred tax assets 8,892,842 10,460,300
Total non-current assets 31,668,651  62,283,836
   
Inventories 2,367,548 1,089,027
Current tax assets 5,908,213 7,107,884
Trade and other receivables, net 20,575,261 32,193,892
Term deposits 43,676,624 51,683,763
Other current assets 21,792,776 23,867,241
Cash and cash equivalents 43,798,230 22,689,504
Assets held for sale 404,109 -- 
Total current assets 138,522,761  138,631,311
Total assets 170,191,412  200,915,147
   
Equity  
Share capital 18,576 18,751
Share premium 150,144,112 153,230,184
Reserves (428,937) (450,347)
Accumulated deficit (31,827,379) (40,863,582)
Share based payment reserve 9,388,239 17,638,161
Foreign currency translation reserve (8,578,442) (11,232,371)
Total equity attributable to equity holders of the Company 118,716,169  118,340,796
Non-controlling interest 75,620 612,202
Total equity 118,791,789  118,952,998
   
Liabilities  
Loans and borrowings 177,280 287,044
Employee benefits 681,135 991,906
Deferred tax liabilities --  404,800
Other non-current liabilities 1,487,658 7,216,527
Total non-current liabilities 2,346,073  8,900,277
   
Bank overdraft --  403,252
Loans and borrowings 82,083 155,396
Derivatives instruments 149,135 194,023
Trade and other payables 46,697,644 70,414,883
Deferred income 23,122 58,375
Other current liabilities 2,101,566 1,835,943
Total current liabilities 49,053,550  73,061,872
Total liabilities 51,399,623  81,962,149
Total equity and liabilities 170,191,412  200,915,147
 
MAKEMYTRIP LIMITED
CONSOLIDATED STATEMENTS OF COMPREHENSHIVE INCOME (LOSS)
 (UNAUDITED)    
     
 For the three months ended
December 31,
For the nine months ended
December 31,
 2011201220112012
 (in USD)
Revenue    
Air ticketing 21,566,642 14,302,280 55,275,143 46,791,005
Hotels and packages 31,293,216 48,561,397 91,731,166 123,969,738
Other revenue 947,004 966,286 2,638,202 2,872,235
Total revenue 53,806,862  63,829,963  149,644,511  173,632,978
     
Service cost    
Procurement cost of hotel and packages services 25,952,834 40,712,851 76,690,562 104,074,354
Cost of air tickets coupon  4,199,286 763,400 6,861,225 3,166,716
Personnel expenses 7,982,765 9,560,566 18,969,805 24,712,168
Other operating expenses 13,681,742 17,925,475 41,177,805 48,544,886
Depreciation and amortization 707,355 1,015,925 1,937,784 2,504,088
Result from operating activities 1,282,880  (6,148,254) 4,007,330  (9,369,234)
     
Finance income 433,044 954,242 1,317,504 3,121,154
Finance costs 1,666,133 1,371,326 4,454,807 2,912,404
Net finance income (costs) (1,233,089) (417,084) (3,137,303) 208,750
Share of loss of equity-accounted investee (11,272) (44,071) (11,272) (120,592)
Profit (Loss) before tax 38,519  (6,609,409) 858,755  (9,281,076)
Income tax benefit 2,972 1,373,503 7,892 2,006,959
Profit (Loss) for the period 41,491  (5,235,906) 866,647  (7,274,117)
     
Other comprehensive income (loss)    
Foreign currency translation differences on foreign operations (4,234,204) (1,954,122) (9,163,783) (2,628,925)
Net change in fair value of available-for-sale financial assets (527,211) 58,034 (527,211) 503,688
Defined benefit plan actuarial gain (loss) --  --  2,646 (70,113)
Other comprehensive income (loss) for the period, net of tax (4,761,415) (1,896,088) (9,688,348) (2,195,350)
Total comprehensive income (loss) for the period (4,719,924) (7,131,994) (8,821,701) (9,469,467)
     
Profit (Loss) attributable to:    
Owners of the Company 39,570 (5,218,716) 917,477 (7,185,465)
Non-controlling interest 1,921 (17,190) (50,830) (88,652)
Profit (Loss) for the period 41,491  (5,235,906) 866,647  (7,274,117)
     
Total comprehensive income (loss) attributable to:    
Owners of the Company (4,719,071) (7,123,095) (8,734,235) (9,390,326)
Non-controlling interest (853) (8,899) (87,466) (79,141)
Total comprehensive income (loss) for the period (4,719,924) (7,131,994) (8,821,701) (9,469,467)
     
Earnings (Loss) per share    
Basic 0.001 (0.14) 0.03 (0.19)
Diluted 0.001 (0.14) 0.02 (0.19)
     
Weighted average number of shares    
Basic 36,998,163 37,409,676 36,529,043 37,256,055
Diluted 38,412,815 37,409,676 38,046,100 37,256,055
 
MAKEMYTRIP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(UNAUDITED)          
           
 Attributable to equity holders of the Company  
 Share capitalShare premiumReserve for own sharesFair value reserveAccumulated deficitShare based payment reserveForeign
currency
translation reserve
TotalNon-controlling interestTotal equity
 (In USD)
Balance as at April 1, 2012 18,576 150,144,112 --  (428,937) (31,827,379) 9,388,239 (8,578,442) 118,716,169 75,620 118,791,789
Total comprehensive income (loss) for the period          
Loss for the period --  --  --  --  (7,185,465) --  --  (7,185,465) (88,652) (7,274,117)
           
Other comprehensive income (loss)          
Foreign currency translation differences --  --  --  --  --  --  (2,638,436) (2,638,436) 9,511 (2,628,925)
Net change in fair value of available-for-sale financial assets --  --  --  503,688 --  --  --  503,688 --  503,688
Defined benefit plan actuarial loss, net of tax --  --  --  --  (70,113) --  --  (70,113) --  (70,113)
Total other comprehensive income (loss) --  --  --  503,688 (70,113) --  (2,638,436) (2,204,861) 9,511 (2,195,350)
Total comprehensive income (loss) for the period --  --  --  503,688 (7,255,578) --  (2,638,436) (9,390,326) (79,141) (9,469,467)
           
Transactions with owners, recorded directly in equity          
Contributions by owners          
Share-based payment --  --  --  --  --  8,800,055 --  8,800,055 --  8,800,055
Issue of ordinary shares on exercise of share options 70 738,230 --  --  --  (550,133) --  188,167 --  188,167
Own shares acquired --  --  (525,098) --  --  --  --  (525,098) --  (525,098)
Issue of ordinary shares related to business combination 105 2,347,842 --  --  --  --  --  2,347,947 --  2,347,947
Total contributions by owners 175 3,086,072 (525,098) --  --  8,249,922 --  10,811,071 --  10,811,071
           
Changes in ownership interests in subsidiaries          
Financial liability for acquisition of non-controlling interest --  --  --  --  (1,801,496) --  --  (1,801,496) --  (1,801,496)
Acquisition of subsidiary with non-controlling interests --  --  --  --  --  --  --  --  621,101 621,101
Acquisition of non-controlling interests --  --  --  --  20,871 --  (15,493) 5,378 (5,378) -- 
Total changes in ownership interest in subsidiaries --  --  --  --  (1,780,625) --  (15,493) (1,796,118) 615,723 (1,180,395)
Total transactions with owners 175 3,086,072 (525,098) --  (1,780,625) 8,249,922 (15,493) 9,014,953 615,723 9,630,676
Balance as at December 31, 2012 18,751 153,230,184 (525,098) 74,751 (40,863,582) 17,638,161 (11,232,371) 118,340,796 612,202 118,952,998
 
MAKEMYTRIP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
   
 For the nine months ended
December 31,
 20112012
 (in USD)
Profit (Loss) for the period 866,647  (7,274,117)
Adjustments for non-cash items 9,301,617 9,173,750
Change in working capital  (10,200,408) 1,214,091
Net cash from (used in) operating activities (32,144) 3,113,724
Net cash used in investing activities (38,996,142) (21,141,130)
Net cash from (used in) financing activities 35,345,943  (1,457,936)
Decrease in cash and cash equivalents (3,682,343) (19,485,342)
Cash and cash equivalents at beginning of the period 47,874,344 43,798,230
Effect of exchange rate fluctuations on cash held (3,953,267) (2,026,636)
Cash and cash equivalents at end of the period 40,238,734  22,286,252
 
MAKEMYTRIP LIMITED
RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES
         
 Three months ended December 31,
 Air ticketingHotels and packagesOthersTotal
 20112012201120122011201220112012
         
Revenue 21,566,642 14,302,280 31,293,216 48,561,397 947,004 966,286 53,806,862 63,829,963
         
Less:        
Service cost 4,199,286 763,400 25,952,834 40,712,851 --  --  30,152,120 41,476,251
Revenue less service cost 17,367,356 13,538,880 5,340,382 7,848,546 947,004 966,286 23,654,742 22,353,712
         
         
 Nine months ended December 31,
 Air ticketingHotels and packagesOthersTotal
 20112012201120122011201220112012
         
Revenue 55,275,143 46,791,005 91,731,166 123,969,738 2,638,202 2,872,235 149,644,511 173,632,978
         
Less:        
Service cost 6,861,225 3,166,716 76,690,562 104,074,354 --  --  83,551,787 107,241,070
Revenue less service cost 48,413,918 43,624,289 15,040,604 19,895,384 2,638,202 2,872,235 66,092,724 66,391,908
   
Reconciliation of Adjusted Operating Profit (Loss)For the three months ended
December 31,
For the nine months ended
December 31,
(Unaudited)2011201220112012
 (in USD)
Result from operating activities as per IFRS 1,282,880 (6,148,254) 4,007,330 (9,369,234)
Add: Employee share-based compensation costs 2,908,411 3,245,524 4,162,668 8,800,055
Add: Merger and acquisitions related expenses 107,578 460,608 191,118 696,027
Add: Acquisition related intangibles amortization 17,484 215,583 46,423 251,422
Adjusted Operating Profit (Loss) 4,316,353 (2,226,539) 8,407,539 378,271
     
Reconciliation of Adjusted Net Income (Loss)For the three months ended
December 31,
For the nine months ended
December 31,
(Unaudited)2011201220112012
 (in USD)
Income (Loss) for the period as per IFRS 41,491 (5,235,906) 866,647 (7,274,117)
Add: Employee share-based compensation costs 2,908,411 3,245,524 4,162,668 8,800,055
Add: Merger and acquisitions related expenses 107,578 460,608 191,118 696,027
Add: Acquisition related intangibles amortization 17,484 215,583 46,423 251,422
Add: Cost related to follow-on public offering --  --  879,994 -- 
Add (Less): Net (gain) loss on change in fair value of derivative financial instrument --  (8,494) --  133,883
Add (Less): Net change in fair value of financial liability in business combination  54,130 143,544 143,186 (118,953)
Less: Income tax benefit (2,972) (1,373,503) (7,892) (2,006,959)
Adjusted Net Income (Loss) 3,126,122 (2,552,644) 6,282,144 481,359
     
Adjusted Earnings (Loss) per share    
Diluted 0.08 (0.07) 0.17 0.01
     
 For the three months ended December 31, 2012,
 RevenueRevenue less service costs
Reported Growth and Constant Currency Growth (Unaudited)Air TicketingHotels and packagesOtherTotal Air TicketingHotels and packagesOtherTotal 
Reported Growth -33.7% 55.2% 2.0% 18.6% -22.0% 47.0% 2.0% -5.5%
Impact of Foreign Currency Translation 4.7% 6.1% 4.9% 5.9% 4.8% 5.5% 4.9% 5.1%
Constant Currency Growth -29.0% 61.3% 6.9% 24.5% -17.2% 52.4% 6.9% -0.4%
         
         
 For the nine months ended December 31, 2012,
 RevenueRevenue less service costs
Reported Growth and Constant Currency Growth (Unaudited)Air TicketingHotels and packagesOtherTotal Air TicketingHotels and packagesOtherTotal 
Reported Growth -15.3% 35.1% 8.9% 16.0% -9.9% 32.3% 8.9% 0.5%
Impact of Foreign Currency Translation 12.7% 13.4% -20.0% 12.5% 13.5% 21.9% -20.0% 14.1%
Constant Currency Growth -2.7% 48.5% -11.1% 28.6% 3.6% 54.2% -11.1% 14.5%
 
MAKEMYTRIP LIMITED
OPERATING DATA    
     
 For the three months ended
December 31,
For the nine months ended
December 31,
 2011201220112012
 (in thousands, except percentages)
Number of transactions    
Air ticketing 882.4 1,019.5 2,782.4 2,739.9
Hotels and packages 110.9 186.5 258.4 401.1
     
Revenue less service cost:    
Air ticketing 17,367.4 13,538.9 48,413.9 43,624.3
Hotels and packages 5,340.4 7,848.5 15,040.6 19,895.4
Other revenue 947.0 966.3 2,638.2 2,872.2
  23,654.7  22,353.7  66,092.7  66,391.9
Gross Bookings    
Air ticketing 193,323.6 253,514.0 625,852.3 690,758.3
Hotels and packages 44,010.0 70,910.1 120,547.3 167,118.2
  237,333.6  324,424.1  746,399.6  857,876.4
Net revenue margins    
Air ticketing 9.0% 5.3% 7.7% 6.3%
Hotels and packages 12.1% 11.1% 12.5% 11.9%
Combined net revenue margin for air ticketing and hotels and packages 9.6% 6.6% 8.5% 7.4%
CONTACT: INVESTOR RELATIONS
         Jonathan Huang
         MakeMyTrip Limited
         +1 (646) 405-1311
         jonathan.huang@makemytrip.com