EX-99.1 2 d862501dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2015 THIRD QUARTER RESULTS

Financial Highlights for Fiscal 2015 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) reached $419.2 million in 3Q15, representing a YoY increase of 34.7%. Gross bookings for Hotels and packages increased by 35.1% in 3Q15.

 

•   Transactions for Hotels and packages improved by 46.5% YoY in 3Q15. Transactions for air ticketing grew by 47.3% YoY in 3Q15.

 

•   Revenue less service costs(2) increased 22.9% YoY to $35.1 million in 3Q15.

 

•   Revenue less service costs(2) for Hotels and packages increased 43.5% YoY in 3Q15. Hotels and packages contribution increased to 45.0% in 3Q15 versus 38.5% in 3Q14.

Gurgaon, India and New York, January 29, 2015 — MakeMyTrip Limited (Nasdaq: MMYT), India’s leading online travel company, today announced its unaudited financial and operating results for its fiscal quarter ended December 31, 2014.

“In the fiscal third quarter of 2015, MakeMyTrip delivered strong operating and financial results despite some limited service disruption in the Indian domestic air industry in December.” said Deep Kalra, Chairman and Group CEO. “In the final fiscal quarter of 2015, we remain committed to investing for high growth in our Hotels and Holiday Packages business and improving the customer experience on our mobile platforms”.

 

(in thousands except EPS)

    3 months Ended
December 31, 2013		      3 months Ended
December 31, 2014		      YoY
Change		     YoY Change
in constant
currency(1)		  

Financial Summary as per IFRS

           

Revenue

      $69,965.1         $75,690.2         8.2 %      8.7 % 

Revenue Less Service Costs(2)

      $28,547.8         $35,080.0         22.9 %      22.9 % 

Air Ticketing

      $16,461.8         $18,127.0         10.1 %      10.2 % 

Hotels & packages

      $10,994.9         $15,777.0         43.5 %      43.5 % 

Other

      $1,091.0         $1,176.0         7.8 %      8.3 % 

Results from Operating Activities

      ($1,176.1 )       ($2,911.4 )      

Adjusted Operating Profit (Loss)(3)

      $1,389.5         $1,468.7        

Loss for the period

      ($1,628.3 )       ($3,660.1 )      

Adjusted Net Profit (Loss) (4)

      $1,226.6         $364.9        

Diluted loss per share

      ($0.04 )       ($0.09 )      

Adjusted Diluted Earnings (Loss) per share(4)

      $0.03         $0.01        

Operating Metrics

   

Gross Bookings(5)

      $311,325.2         $419,153.2         34.6 %      34.7 % 

Air Ticketing

      $224,229.0         $301,808.4         34.6 %      34.6 % 

Hotels & packages

      $87,096.2         $117,344.8         34.7 %      35.1 % 

Number of Transactions

           

Air Ticketing

      894.5         1318.0         47.3 %   

Hotels & packages

      233.1         341.6         46.5 %   

 

(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) Loss for the period excluding employee share-based compensation costs, merger and acquisitions related expenses, amortization of acquisition related intangibles, net change in value of financial liability in business combination, and income tax benefit (expense).
(5) Represents 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.

Recent Developments

Investment in Simplotel Technologies Private Limited

On September 11, 2014, we announced the establishment of our Innovation Fund, through which the Company will consider investments of up to $3.0 million in start-up or early-stage companies in the travel technology space. Through the Innovation Fund, on December 15, 2014, we acquired a minority equity stake in Simplotel Technologies Private Limited (Simplotel) and have committed to make a further investment by June 2015, which will increase our total equity shareholding in Simplotel to approximately 25%. Simplotel aims to provide hotels with responsive and optimized websites along with booking engines. We believe our investment in Simplotel will help promote the online distribution of accommodation inventory in India.

Changes to Executive Officers, Advisors and Directors

On January 20, 2015, Mr. Saujanya Shrivastava joined our Company as Chief Marketing Officer to lead the marketing division of the Company. Mr. Shrivastava is an alumnus of IIM Kolkata and his last assignment prior to joining the Company was as Chief Marketing Officer of Bharti AXA Life Insurance. Mr. Shrivastava has over sixteen years of work experience and has worked with the Future Group, PepsiCo India, Citibank and Mondelez in various capacities. With Mr. Shrivastava’s appointment, Mr. Mohit Gupta will take on a larger business role in the Company.

Mr. Keyur Joshi, our Director, Group Chief Commercial Officer, and a Co-Founder of the Company, has held various positions in operating roles over the last 15 years with the Company and has taken on a strategic advisory role with the Company as Co-Founder and Strategic Advisor, with effect from May 2015.

Mr. Mohit Kabra, who is currently Group Chief Financial Officer and who has been with our Company for over three years, has been inducted into the Board of Directors in place of Mr. Joshi with immediate effect, as Mr. Joshi is transitioning into the strategic advisory role.

Other Information

Share Repurchase

The following table provides information about purchases made by us during the periods presented 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)		  

Up to 03/31/13

      40,142       $ 12.63         40,142       $ 24,492,145   

04/01/13 – 04/30/13

      NIL       $ NIL         NIL       $ 24,492,145   

05/01/13 – 05/31/13

      100       $ 12.50         100       $ 24,490,893   

06/01/13 – 06/30/13

      NIL       $ NIL         NIL       $ 24,490,893   

07/01/13 – 07/31/13

      NIL       $ NIL         NIL       $ 24,490,893   

08/01/13 – 08/31/13

      NIL       $ NIL         NIL       $ 24,490,893   

09/01/13 – 09/30/13

      NIL       $ NIL         NIL       $ 24,490,893   

10/01/13 – 10/31/13

      NIL       $ NIL         NIL       $ 24,490,893   

11/01/13 – 11/30/13

      NIL       $ NIL         NIL       $ 24,490,893   

12/01/13 – 12/31/13

      NIL       $ NIL         NIL       $ 24,490,893   

01/01/14 – 01/31/14

      NIL       $ NIL         NIL       $ 24,490,893   

02/01/14 – 02/28/14

      NIL       $ NIL         NIL       $ 24,490,893   

03/01/14 – 03/31/14

      NIL       $ NIL         NIL       $ 24,490,893   

04/01/14 – 04/30/14

      NIL       $ NIL         NIL       $ 24,490,893   

05/01/14 – 05/31/14

      NIL       $ NIL         NIL       $ 24,490,893   

06/01/14 – 06/30/14

      NIL       $ NIL         NIL       $ 24,490,893   

07/01/14 – 07/31/14

      NIL       $ NIL         NIL       $ 24,490,893   

08/01/14 – 08/31/14

      NIL       $ NIL         NIL       $ 24,490,893   

09/01/14 – 09/30/14

      NIL       $ NIL         NIL       $ 24,490,893   

10/01/14 – 10/31/14

      NIL       $ NIL         NIL       $ 24,490,893   

11/01/14 – 11/30/14

      NIL       $ NIL         NIL       $ 24,490,893   

12/01/14 – 12/31/14

      NIL       $ NIL        NIL       $ 24,490,893   
  

 

 

        

 

 

     

Total

   40,242    $ 12.63      40,242    $ 24,490,893   
  

 

 

        

 

 

     

 

(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 authorization permits us to purchase our ordinary shares in the open market, in privately negotiated transactions or otherwise in an aggregate amount of up to $25 million. As of December 31, 2014, 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 2015 Third Quarter Financial Results

Revenue. We generated revenue of $75.7 million in the quarter ended December 31, 2014, an increase of 8.2% (8.7% in constant currency) over revenue of $70.0 million in the quarter ended December 31, 2013.

Air Ticketing. Revenue from our air ticketing business increased by 6.3% (6.2% in constant currency) to $20.0 million in the quarter ended December 31, 2014 from $18.8 million in the quarter ended December 31, 2013. Our revenue less service costs increased by 10.1% (10.2% in constant currency) to $18.1 million in the quarter ended December 31, 2014 from $16.5 million in the quarter ended December 31, 2013. This was primarily due to an increase in gross bookings of 34.6% (34.6% in constant currency) and a 47.3% 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 7.3% in the quarter ended December 31, 2013 to 6.0% in the quarter ended December 31, 2014. Our net revenue margin was comparable to our net revenue margins of 6.2% and 6.0% for the quarter ended September 30, 2014 and the nine months ended December 31, 2014, respectively. The transaction growth in the fiscal third quarter of fiscal year 2015 was largely driven by special fares offered by Indian domestic carriers and the ongoing shift from offline to online booking channels in both our domestic and international air ticketing business.

Hotels and Packages. Revenue from our hotels and packages business increased by 8.9% (9.7% in constant currency) to $54.6 million in the quarter ended December 31, 2014, from $50.1 million in the quarter ended December 31, 2013. Our revenue less service costs increased by 43.5% (43.5% in constant currency) to $15.8 million in the quarter ended December 31, 2014 from $11.0 million in the quarter ended December 31, 2013. This was due to an increase in gross bookings of 34.7% (35.1% in constant currency), a 46.5% increase in the number of transactions year over year and an increase in net revenue margin from 12.6% in the quarter ended December 31, 2013 to 13.4% in the quarter ended December 31, 2014. The year-on-year transaction growth in this segment was driven by strong growth in our standalone hotel booking business, partially aided by our acquisition of Easytobook Group in February 2014.

Other Revenue. Our other revenue increased to $1.2 million in the quarter ended December 31, 2014 from $1.1 million in the quarter ended December 31, 2013.

Total Revenue less Service Costs. Our total revenue less service costs increased by 22.9% (22.9% in constant currency) to $35.1 million in the quarter ended December 31, 2014 from $28.5 million in the quarter ended December 31, 2013, primarily as a result of a 43.5% (43.5% in constant currency) increase in our hotels and packages revenue less service costs and a 10.1% (10.2% in constant currency) increase in our air ticketing revenue less service costs.

Personnel Expenses. Personnel expenses increased to $11.4 million in the quarter ended December 31, 2014 from $8.3 million in the quarter ended December 31, 2013. This increase was on account of higher employee share-based compensation costs in the quarter ended December 31, 2014 and consolidation of the Easytobook Group into our financial results, which we acquired in February 2014. Excluding employee share-based compensation costs, personnel expenses as a percentage of net revenue increased by 0.15% year over year and decreased by 2.05% over the previous quarter.

Other Operating Expenses. Other operating expenses increased by 23.3% to $24.6 million in the quarter ended December 31, 2014 from $20.0 million in the quarter ended December 31, 2013, primarily as a result of an increase in advertisement expenses to accelerate growth in our hotels and packages business, increases in payment gateway charges, in line with the growth in our business and the consolidation of the Easytobook Group acquisition. Other operating expenses included merger and acquisitions related expenses of $0.3 million in the quarter ended December 31, 2014 as compared to $0.2 million in the quarter ended December 31, 2013. 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 $2.9 million in the quarter ended December 31, 2014 as compared to a loss of $1.2 million in the quarter ended December 31, 2013. Excluding the effects of our employee share-based compensation costs, amortization of acquisition related intangibles and merger and acquisitions related expenses for both quarters ended December 31, 2014 and 2013, we would have recorded an operating profit of $1.5 million in the quarter ended December 31, 2014 as compared with an operating profit of $1.4 million in the quarter ended December 31, 2013.

Net Finance Income (Costs). Our net finance cost was $0.7 million in the quarter ended December 31, 2014 as compared to a net finance cost of $0.4 million in the quarter ended December 31, 2013, primarily due to higher foreign exchange losses due to weakening of the Indian rupee versus the U.S. dollar partially offset by higher interest income earned on bank deposits in the quarter ended December 31, 2014.

Profit (Loss) for the period. As a result of the foregoing factors, our loss for the quarter ended December 31, 2014 was $3.7 million as compared to a loss of $1.6 million in the quarter ended December 31, 2013. Excluding the effects of employee share-based compensation costs, amortization of acquisition related intangibles, merger and acquisitions related expenses, net change in value of financial liability related to business combination, income tax benefit (expense) for the third quarter of both fiscal years 2015 and 2014, we would have recorded a net profit of $0.4 million in the quarter ended December 31, 2014 and a net profit of $1.2 million in the quarter ended December 31, 2013.

Diluted Earnings (Loss) per share. Diluted loss per share was $0.09 for the quarter ended December 31, 2014 as compared to diluted loss per share of $0.04 in the quarter ended December 31, 2013. After adjusting for employee share-based compensation costs, amortization of acquisition related intangibles, merger and acquisitions related expenses, net change in value of financial liability related to business combination, income tax benefit (expense) for the third quarter of both fiscal years 2015 and 2014, as mentioned in the preceding paragraph, diluted earnings per share would have been $0.01 in the quarter ended December 31, 2014, compared to diluted earnings per share of $0.03 in the quarter ended December 31, 2013.

Fiscal Year 2014-15 Outlook

We are improving our fiscal year 2015 annual revenue less service cost guidance to a constant currency growth of 30%-31%, which is in the range of $137 million to $138 million, at an estimated average exchange rate of 61 Indian rupees per US dollar. The total revenue less service cost growth that we have achieved in the first three fiscal quarters of 2015, along with the current booking trends within both our air ticketing and hotels and packages businesses, reinforces our confidence that we will be able to deliver on our existing strategic and financial targets for fiscal 2015.

Conference Call

MakeMyTrip will host a conference call to discuss the company’s results for the quarter ended December 31, 2014 beginning at 10:00 a.m. EST on January 29, 2015. To participate, please dial +1-866-318-8620 from within the U.S. or +1-617-399-5139 from any other country. Thereafter, callers will be prompted to enter the participant passcode 44675885. 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 one month by dialing +1-888-286-8010 and using passcode 48074782. 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 (loss), adjusted net income (loss) and change in constant currency are useful in measuring the results of the Company. The IFRS measures most directly comparable to adjusted operating profit (loss) and adjusted net income (loss) are results from operating activities and profit (loss) for the period, respectively. The Company believes that adjustments to these IFRS measures (including employee stock compensation costs, expenses such as amortization of acquisition related intangibles (including trade name, customer relationship and non-compete), merger and acquisition related expenses, direct cost related to registration of shares by the shareholders, severance cost related to a prior acquisition, direct cost related to public offerings, net change in value of financial liability related to business combination, net (gain) loss on change in the fair value of derivative financial instruments and income tax benefit (expense)) 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 6, 2014, filed with the United States 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

MakeMyTrip Limited is the parent company of MakeMyTrip (India) Private Limited, India’s largest online travel company, MakeMyTrip Inc. (USA), MakeMyTrip FZ LLC (UAE), Luxury Tours & Travel Pte Ltd (Singapore), Luxury Tours (Malaysia) Sdn Bhd, the Hotel Travel Group (Thailand), the ITC Group (Thailand) and the Easytobook Group (Netherlands). 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, www.hoteltravel.com and www.easytobook.com and other technology-enhanced platforms, the Company provides access to all major domestic full-service and low-cost airlines operating to and from India, all major airlines operating to and from India, over 20,000 hotels and guesthouses in India, more than 190,000 hotels outside India, Indian Railways and several major Indian bus operators.

For more details, please contact:

INVESTOR RELATIONS

Jonathan Huang

MakeMyTrip Limited

+1 (646) 405-1311

jonathan.huang@makemytrip.com

MAKEMYTRIP LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(UNAUDITED)

 

     As at March 31,
2014		     As at December 31,
2014		  
     (in USD)  

Assets

     

Property, plant and equipment

      8,532,640        8,309,834   

Intangible assets and goodwill

      39,240,542        36,786,300   

Trade and other receivables, net

      982,585        1,929,990   

Investment in equity-accounted investee

      1,122,594        1,712,893   

Other investments

      3,973,363        4,487,049   

Term deposits

      75,656,254        69,862,253   

Non-current tax assets

      6,515,244        7,781,211   

Other non-current assets

      476,326        480,116   
  

 

 

    

 

 

  

Total non-current assets

   136,499,548      131,349,646   

Inventories

   515,663      266,934   

Current tax assets

   2,183,841      2,076,849   

Trade and other receivables, net

   28,373,066      23,879,728   

Term deposits

   29,513,593      26,468,013   

Other current assets

   34,739,530      35,487,529   

Cash and cash equivalents

   38,011,775      44,039,144   
  

 

 

    

 

 

  

Total current assets

   133,337,468      132,218,197   
  

 

 

    

 

 

  

Total assets

   269,837,016      263,567,843   
  

 

 

    

 

 

  

Equity

Share capital

   20,836      20,935   

Share premium

   238,423,499      240,928,258   

Reserves

   (1,481,871 )    (462,597 ) 

Accumulated deficit

   (81,806,068 )    (94,173,827 ) 

Share based payment reserve

   20,092,179      26,770,121   

Foreign currency translation reserve

   (13,663,555 )    (15,329,565 ) 
  

 

 

    

 

 

  

Total equity attributable to equity holders of the Company

   161,585,020      157,753,325   

Non-controlling interest

   714,505      580,709   
  

 

 

    

 

 

  

Total equity

   162,299,525      158,334,034   
  

 

 

    

 

 

  

Liabilities

Loans and borrowings

   203,108      327,571   

Employee benefits

   963,176      1,126,336   

Deferred revenue

   2,353,593      3,287,024   

Deferred tax liabilities

   277,096      237,652   

Other non-current liabilities

   7,667,666      5,606,673   
  

 

 

    

 

 

  

Total non-current liabilities

   11,464,639      10,585,256   

Loans and borrowings

   115,005      136,823   

Trade and other payables

   86,213,527      84,998,670   

Deferred revenue

   1,336,238      3,532,907   

Other current liabilities

   8,408,082      5,980,153   
  

 

 

    

 

 

  

Total current liabilities

   96,072,852      94,648,553   
  

 

 

    

 

 

  

Total liabilities

   107,537,491      105,233,809   
  

 

 

    

 

 

  

Total equity and liabilities

   269,837,016      263,567,843   
  

 

 

    

 

 

  

MAKEMYTRIP LIMITED

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

 

     For the three months ended
December 31,		     For the nine months ended
December 31,		  
     2013     2014     2013     2014  
     (in USD)  

Revenue

         

Air ticketing

      18,768,298        19,950,983        50,154,667        54,832,554   

Hotels and packages

      50,105,754        54,563,234        141,391,317        172,648,631   

Other revenue

      1,091,035        1,175,983        2,977,669        3,586,764   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total revenue

   69,965,087      75,690,200      194,523,653      231,067,949   

Other income

   —        —        143,804      730,317   

Service cost

Procurement cost of hotel and packages services

   39,110,838      38,786,247      112,459,101      126,487,122   

Cost of air tickets coupon

   2,306,475      1,823,974      4,197,167      1,999,027   

Personnel expenses

   8,339,202      11,439,145      28,854,444      32,579,582   

Other operating expenses

   19,973,516      24,631,930      57,633,713      74,414,867   

Depreciation and amortization

   1,411,168      1,920,313      4,030,328      5,875,235   
  

 

 

    

 

 

    

 

 

    

 

 

  

Results from operating activities

   (1,176,112 )    (2,911,409 )    (12,507,296 )    (9,557,567 ) 

Finance income

   420,612      1,149,450      1,855,979      2,271,638   

Finance costs

   808,955      1,826,263      7,396,477      4,950,105   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net finance costs

   (388,343 )    (676,813 )    (5,540,498 )    (2,678,467 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Share of loss of equity-accounted investee

   (27,380 )    (40,792 )    (119,772 )    (121,726 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Loss before tax

   (1,591,835 )    (3,629,014 )    (18,167,566 )    (12,357,760 ) 

Income tax benefit (expense)

   (36,429 )    (31,095 )    (75,280 )    (55,702 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Loss for the period

   (1,628,264 )    (3,660,109 )    (18,242,846 )    (12,413,462 ) 

Other comprehensive income (loss)

Items that are or may be reclassified subsequently to profit or loss:

Foreign currency translation differences on foreign operations

   (31,687 )    (588,814 )    (3,317,705 )    (1,688,029 ) 

Net change in fair value of available-for-sale financial assets

   (20,020 )    350,291      (969,893 )    513,686   
  

 

 

    

 

 

    

 

 

    

 

 

  
  (51,707 )    (238,523 )    (4,287,598 )    (1,174,343 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Items that will never be reclassified subsequently to profit or loss:

Remeasurement of defined benefit (asset) liability

   —        —        67,667      (79,914 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Other comprehensive loss for the period, net of tax

   (51,707 )    (238,523 )    (4,219,931 )    (1,254,257 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total comprehensive loss for the period

   (1,679,971 )    (3,898,632 )    (22,462,777 )    (13,667,719 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Loss attributable to:

Owners of the Company

   (1,633,438 )    (3,610,837 )    (18,227,280 )    (12,301,685 ) 

Non-controlling interest

   5,174      (49,272 )    (15,566 )    (111,777 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Loss for the period

   (1,628,264 )    (3,660,109 )    (18,242,846 )    (12,413,462 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total comprehensive loss attributable to:

Owners of the Company

   (1,678,419 )    (3,832,283 )    (22,437,439 )    (13,533,923 ) 

Non-controlling interest

   (1,552 )    (66,349 )    (25,338 )    (133,796 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total comprehensive loss for the period

   (1,679,971 )    (3,898,632 )    (22,462,777 )    (13,667,719 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Loss per share

Basic

   (0.04 )    (0.09 )    (0.48 )    (0.29 ) 

Diluted

   (0.04 )    (0.09 )    (0.48 )    (0.29 ) 

Weighted average number of shares

Basic

   37,746,442      41,839,414      37,677,448      41,771,869   

Diluted

   37,746,442      41,839,414      37,677,448      41,771,869   

MAKEMYTRIP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(UNAUDITED)

 

    Attributable to equity holders of the Company              
    Share
capital		     Share
premium		     Reserve
for own
shares		     Fair value
reserve		     Accumulated
deficit		     Share based
payment
reserve		     Foreign
currency
translation
reserve		     Total     Non-
controlling
interest		     Total Equity  
    (In USD)  

Balance as at April 1, 2014

     20,836        238,423,499       (526,350 )      (955,521 )     (81,806,068 )      20,092,179       (13,663,555 )      161,585,020       714,505        162,299,525   

Total comprehensive income (loss) for the period

                    

Loss for the period

     —          —          —          —          (12,301,685 )      —          —          (12,301,685 )     (111,777 )      (12,413,462 ) 

Other comprehensive income (loss)

                    

Foreign currency translation differences

     —          —          —          —          —          —          (1,666,010 )      (1,666,010 )     (22,019 )      (1,688,029 ) 

Net change in fair value of available-for-sale financial assets

     —          —          —          513,686       —          —          —          513,686       —          513,686   

Remeasurement of defined benefit (asset) liability

     —          —          —          —          (79,914 )      —          —          (79,914 )     —          (79,914 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total other comprehensive income (loss)

   —        —        —        513,686     (79,914 )    —        (1,666,010 )    (1,232,238 )   (22,019 )    (1,254,257 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total comprehensive income (loss) for the period

   —        —        —        513,686     (12,381,599 )    —        (1,666,010 )    (13,533,923 )   (133,796 )    (13,667,719 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Transactions with owners, recorded directly in equity

Contributions by owners

Share-based payment

   —        —        —        —        —        8,782,683     —        8,782,683     —        8,782,683   

Issue of ordinary shares on exercise of share based awards

   99      2,242,033     —        —        —        (2,090,901 )   —        151,231     —        151,231   

Transfer to accumulated deficit on expiry of share based awards

   —        —        —        —        13,840      (13,840 )   —        —        —        —     

Re-issue of own shares to settle the financial liability

   —        262,726     505,588      —        —        —        —        768,314     —        768,314   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total transactions with owners

   99      2,504,759     505,588      —        13,840      6,677,942     —        9,702,228     —        9,702,228   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance as at December 31, 2014

   20,935      240,928,258     (20,762 )    (441,835 )   (94,173,827 )    26,770,121     (15,329,565 )    157,753,325     580,709      158,334,034   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

MAKEMYTRIP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

(UNAUDITED)

 

     For the nine months ended
December 31,		  
     2013     2014  
     (in USD)  

Loss for the period

      (18,242,846 )      (12,413,462 ) 

Adjustments for non-cash items

      18,704,651        17,539,985   

Change in working capital

      (9,784,375 )      (263,333 ) 
  

 

 

    

 

 

  

Net cash generated from (used in) operating activities

   (9,322,570 )    4,863,190   
  

 

 

    

 

 

  

Net cash generated from (used in) investing activities

   8,551,150      5,115,726   
  

 

 

    

 

 

  

Net cash generated from (used in) financing activities

   (1,042,436 )    (1,523,510 ) 
  

 

 

    

 

 

  

Increase (decrease) in cash and cash equivalents

   (1,813,856 )    8,455,406   

Cash and cash equivalents at beginning of the period

   35,634,957      38,011,775   

Effect of exchange rate fluctuations on cash held

   (1,667,752 )    (2,428,037 ) 
  

 

 

    

 

 

  

Cash and cash equivalents at end of the period

   32,153,349      44,039,144   
  

 

 

    

 

 

  

MAKEMYTRIP LIMITED

RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES

(Unaudited)

 

      (In USD)  
    Three months ended December 31,  
    Air ticketing     Hotels and packages     Others     Total  
    2013     2014     2013     2014     2013     2014     2013     2014  

Revenue

     18,768,298        19,950,983        50,105,754        54,563,234        1,091,035        1,175,983        69,965,087        75,690,200   

Less:

                

Service cost

     2,306,475        1,823,974        39,110,838        38,786,247        —          —          41,417,313        40,610,221   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Revenue less service cost

   16,461,823      18,127,009      10,994,916      15,776,987      1,091,035      1,175,983      28,547,774      35,079,979   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
      (In USD)  
    Nine months ended December 31 ,  
    Air ticketing     Hotels and packages     Others     Total  
    2013     2014     2013     2014     2013     2014     2013     2014  

Revenue

     50,154,667        54,832,554        141,391,317        172,648,631        2,977,669        3,586,764        194,523,653        231,067,949   

Less:

                

Service cost

     4 ,197,167        1,999,027        112,459,101        126,487,122        —          —          116,656,268        128,486,149   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Revenue less service cost

   45,957,500      52,833,527      28,932,216      46,161,509      2,977,669      3,586,764      77,867,385      102,581,800   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

Reconciliation of Adjusted Operating Profit (Loss)    For the three months ended
December 31,		     For the nine months ended
December 31,		  
(Unaudited)    2013     2014     2013     2014  
     (in USD)  

Result from operating activities as per IFRS

      (1,176,112 )      (2,911,409 )      (12,507,296 )      (9,557,567 ) 

Add: Employee share-based compensation costs

      2,015,778        3,616,998        9,035,268        8,727,683   

Add: Direct cost related to registration of shares by shareholders

      —          —          114,705        —     

Add: Severance cost related to a prior acquisition

      —          —          —          637,569   

Add: Acquisition related intangibles amortization

      333,725        413,438        1,000,935        1,259,987   

Add: Merger and acquisitions related expenses

      216,082        349,656        250,000        349,656   
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Operating Profit (Loss)

   1,389,473      1,468,684      (2,106,388 )    1,417,328   
  

 

 

    

 

 

    

 

 

    

 

 

  
Reconciliation of Adjusted Net Income (Loss)    For the three months ended
December 31,		     For the nine months ended
December 31,		  
(Unaudited)    2013     2014     2013     2014  
     (in USD)  

Income (Loss) for the period as per IFRS

      (1,628,264 )      (3,660,109 )      (18,242,846 )      (12,413,462 ) 

Add: Employee share-based compensation costs

      2,015,778        3,616,998        9,035,268        8,727,683   

Add: Direct cost related to registration of shares by shareholders

      —          —          114,705        —     

Add: Acquisition related intangibles amortization

      333,725        413,438        1,000,935        1,259,987   

Add: Net loss on change in fair value of derivative financial instrument

      —          —          203,651        —     

Add: Severance cost related to a prior acquisition

      —          —          —          637,569   

Add: Net change in value of financial liability related to business combination

      252,871        (386,176 )      809,351        352,163   

Add: Merger and acquisitions related expenses

      216,082        349,656        250,000        349,656   

Less: Income tax (benefit) expense

      36,429        31,095        75,280        55,702   
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Net Profit (Loss)

   1,226,621      364,902      (6,753,657 )    (1,030,702 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Earnings (Loss) per share

Diluted

   0.03      0.01      (0.18 )    (0.02 ) 

 

     For the three months ended December 31, 2014,  
     Revenue     Revenue less service costs  
Reported Growth and Constant Currency Growth (Unaudited)    Air Ticketing     Hotels and
packages		     Other     Total     Air Ticketing     Hotels and
packages		     Other     Total  

Reported Growth

      6.3 %      8.9 %      7.8 %      8.2 %      10.1 %      43.5 %      7.8 %      22.9 % 

Impact of Foreign Currency Translation

      -0.1 %      0.8 %      0.5 %      0.5 %      0.1 %      0.0 %      0.5 %      0.1 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Constant Currency Growth

   6.2 %    9.7 %    8.3 %    8.7 %    10.2 %    43.5 %    8.3 %    22.9 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     For the nine months ended December 31, 2014,  
     Revenue     Revenue less service costs  
Reported Growth and Constant Currency Growth (Unaudited)    Air Ticketing     Hotels and
packages		     Other     Total     Air Ticketing     Hotels and
packages		     Other     Total  

Reported Growth

      9.3 %      22.1 %      20.5 %      18.8 %      15.0 %      59.6 %      20.5 %      31.7 % 

Impact of Foreign Currency Translation

      1.5 %      1.7 %      1.7 %      1.7 %      1.6 %      1.3 %      1.7 %      1.5 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Constant Currency Growth

   10.8 %    23.8 %    22.2 %    20.4 %    16.5 %    60.8 %    22.2 %    33.2 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

MAKEMYTRIP LIMITED

OPERATING DATA (Unaudited)

 

     For the three months ended
December 31,		     For the nine months ended
December 31,		  
     2013     2014     2013     2014  
     (in thousands, except percentages)  

Number of transactions

         

Air ticketing

      894.5        1,318.0        2,963.7        3,985.1   

Hotels and packages

      233.1        341.6        587.7        1,012.5   

Revenue less service cost: (In USD)

         

Air ticketing

      16,461.8        18,127.0        45,957.5        52,833.5   

Hotels and packages

      10,994.9        15,777.0        28,932.2        46,161.5   

Other revenue

      1,091.0        1,176.0        2,977.7        3,586.8   
  

 

 

    

 

 

    

 

 

    

 

 

  
  28,547.8      35,080.0      77,867.4      102,581.8   
  

 

 

    

 

 

    

 

 

    

 

 

  

Gross Bookings (In USD)

Air ticketing

   224,229.0      301,808.4      692,977.5      875,641.2   

Hotels and packages

   87,096.2      117,344.8      226,397.6      368,361.6   
  

 

 

    

 

 

    

 

 

    

 

 

  
  311,325.2      419,153.2      919,375.0      1,244,002.8   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net revenue margins

Air ticketing

   7.3 %    6.0 %    6.6 %    6.0 % 

Hotels and packages

   12.6 %    13.4 %    12.8 %    12.5 % 

Combined net revenue margin for air ticketing and hotels and packages

   8.8 %    8.1 %    8.1 %    8.0 %