Financial Highlights
- Gross bookings(1) for Air ticketing and Hotels and packages combined increased by $89.0 million to $245.0 million, representing growth of 57.0% year over year (yoy).
- Number of Transactions for Air ticketing and Hotels and packages combined increased 64.0% yoy.
- Revenue rose 83.8% yoy to $43.8 million.
- Revenue less service costs(2) increased 65.8% yoy to $21.3 million.
- Net revenue margin(3) for Air ticketing and Hotels and packages combined increased by 0.4% to 8.3% yoy.
- Results from operating activities improved yoy to $0.9 million, an increase of $0.6 million from the prior year's fiscal second quarter. Adjusted operating profit(4) improved to $2.3 million, versus $0.5 million in the prior year's fiscal second quarter.
- Profit (Loss) for the period was $0.07 million versus $(1.8) million in the prior year's fiscal second quarter. Adjusted net income(5) was $1.5 million versus $0.6 million in the prior year's fiscal second quarter.
GURGAON, India and NEW YORK, Nov. 8, 2011 (GLOBE NEWSWIRE) -- 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, 2011.
"MakeMyTrip has performed quite well in the seasonally slow second quarter" said Deep Kalra, Chairman and CEO. "Our success was driven by our relentless focus on delivering a great user experience and unmatched value for MakeMyTrip customers as the travel market in India continues to move online."
| (in thousands except EPS) |
3 months Ended September 30, 2010 |
3 months Ended September 30, 2011 |
YoY Change |
| Financial Summary as per IFRS | |||
| Revenue | $23,828.4 | $43,790.0 | 83.8% |
| Revenue Less Service Costs(2) | $12,867.9 | $21,333.2 | 65.8% |
| Air Ticketing | $10,280.7 | $16,638.0 | 61.8% |
| Hotels & Packages | $2,060.2 | $3,784.7 | 83.7% |
| Other | $527.1 | $910.5 | 72.7% |
| Results from Operating Activities | $325.2 | $932.7 | 186.8% |
| Adjusted Operating Profit (Loss)(4) | $479.4 | $2,330.8 | 386.2% |
| Income (Loss) for the period | $(1,795.7) | $74.2 | |
| Adjusted Net Income (Loss) (5) | $579.0 | $1,526.0 | 163.5% |
| Diluted Earnings (Loss) per share | $ (0.07) | $0.003 | |
| Adjusted Diluted Earnings (Loss) per share(5) | 0.02 | $0.04 | |
| Operating Metrics | |||
| Gross Bookings | $155,988.0 | $244,950.0 | 57.0% |
| Air Ticketing | $138,613.3 | $213,709.1 | 54.2% |
| Hotels & Packages | $17,374.7 | $31,240.9 | 79.8% |
| Number of Transactions | |||
| Air Ticketing | 620.9 | 995.9 | 60.4% |
| Hotels & Packages | 31.4 | 74.2 | 135.8% |
(1) Represent the total amount paid by our customers for the travel services and products booked through us, including taxes, fees and other charges, and are net of cancellations and refunds.
(2) Represents IFRS revenue after deducting service costs. IFRS refers to International Financial Reporting Standards as issued by the International Accounting Standards Board.
(3) Revenue less service cost as a percentage of gross bookings.
(4) Results from operating activities excluding employee share-based compensation costs.
(5) Profit for the period excluding employee share-based compensation costs, costs related to initial public offering, interest expense on the liability portion of preference shares, interest
accretion on financial liability related to business combination, changes in the fair market value of embedded derivatives in the preference shares and income tax (benefit) expense.
Please see "About Non-IFRS Financial Measures" included within this release to understand the importance of the financial measures set forth in notes (2) 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 My Guest House Accommodations Private Limited
On November 8, 2011, we entered into a shareholders' agreement and share subscription and purchase agreement with My Guest House Accommodations Private Limited (MGH) and its existing shareholders. Pursuant to these agreements, we can acquire 100% of MGH's ordinary shares through an earn out structure based upon the achievement of various business parameters spread over eight years. We expect the first closing to take place in November 2011, pursuant to which the Company will acquire an approximately 29% stake in MGH against a cash investment of approximately $1.0 million.
MGH is based in New Delhi, India and is engaged in the business of aggregation, sales and distribution of hotel room inventory with a special focus on budget lodging accommodations and serviced apartments. We believe the investment strengthens our presence in the distribution of low budget accommodation inventory. It will also strengthen our connectivity with hotels in India and allow us to improve efficiency in the distribution of hotel room inventories.
Resignation of Mr. Sanjeev Aggarwal from the Board of Directors of the Company
Mr. Sanjeev Aggarwal has on November 1, 2011 tendered his resignation as a director of the Company. The Board, in its meeting held on November 7, 2011, has noted and approved the same effective November 1, 2011. Consequently, the current Board of directors of the Company comprises of 8 directors.
Fiscal 2012 Second Quarter Financial Results(1)
Revenue. We generated revenue of $43.8 million in the quarter ended September 30, 2011, an increase of 83.8% over revenue of $23.8 million in the quarter ended September 30, 2010.
Air Ticketing. Revenue from our air ticketing business increased by 85.1% to $19.0 million in the quarter ended September 30, 2011 from $10.3 million in the quarter ended September 30, 2010. Our Revenue less service costs increased by 61.8% to $16.6 million in the quarter ended September 30, 2011 from $10.3 million in the quarter ended September 30, 2010. This was due to increase in gross bookings of 54.2% as well as an increase in net revenue margin from 7.4% in the quarter ended September 30, 2010 to 7.8% in the quarter ended September 30, 2011.
Hotels and Packages. Revenue from our hotels and packages business increased by 83.2% to $23.8 million in the quarter ended September 30, 2011 from $13.0 million in the quarter ended September 30, 2010. Our Revenue less service costs increased by 83.7% to $3.8 million in the quarter ended September 30, 2011 from $2.1 million in the quarter ended September 30, 2010. This was due to an increase in gross bookings by 79.8% as well as increase in net revenue margin from 11.9% in the quarter ended September 30, 2010 to 12.1% in the quarter ended September 30, 2011.
Other Revenue. Our other revenue increased to $0.9 million in the quarter ended September 30, 2011 from $0.5 million in the quarter ended September 30, 2010, primarily due to increase in sale of rail tickets and bus tickets and other miscellaneous income.
Total Revenue less Service Cost. Our total revenue less service cost increased by 65.8% to $21.3 million in the quarter ended September 30, 2011 from $12.9 million in the quarter ended September 30, 2010 as a result of a 61.8% increase in our air ticketing revenue less service cost, as well as a 83.7% increase in our hotels and packages revenue less service cost.
Personnel Expenses. Personnel expenses increased to $6.7 million in the quarter ended September 30, 2011 from $3.4 million in the quarter ended September 30, 2010, mainly as a result of employee share-based compensation costs of $1.4 million on RSU's granted to employees in the current quarter as well as due to increases in annual wages and average employee headcount year over year in the quarter ended September 30, 2011. Excluding employee share-based compensation costs, personnel expenses as a percentage of net revenue remained at the same level of 24.9% year over year and increased by 4% from 20.9% in the previous quarter.
Other Operating Expenses. Other operating expenses increased by 49.1% to $13.0 million in the quarter ended September 30, 2011 from $8.7 million in the quarter ended September 30, 2010, primarily as a result of an increase in payment gateway charges, advertising and business promotion expenses and outsourcing expenses in line with the growth in our business. Other Operating Expenses as a percentage of net revenue decreased by 6.8% year over year to 61.0% driven primarily by operating leverage from advertising and business promotion expenses.
Results from Operating Activities. As a result of the foregoing factors, our results from operating activities improved to a profit of $0.9 million in the quarter ended September 30, 2011 from a profit of $0.3 million in the quarter ended September 30, 2010. Excluding the effects of our employee share-based compensation costs for both quarters ended September 30, 2011 and 2010, we would have recorded an operating profit of $2.3 million in the quarter ended September 30, 2011 and an operating profit of $0.5 million in the quarter ended September 30, 2010.
Net Finance Income (Cost). Our net finance income (cost) decreased to $(0.9) million in the quarter ended September 30, 2011 from $(2.1) million in the quarter ended September 30, 2010, primarily due to initial public offering costs of $2.1 million in the prior fiscal year's corresponding quarter, offset by a higher foreign exchange loss of $(0.8) million in the quarter ended September 30, 2011 due to depreciation of the Indian rupee versus US dollar.
Profit (loss) for the period. As a result of the foregoing factors, including the effects of our employee share-based compensation costs, our profit for the quarter ended September 30, 2011 was $0.07 million as compared to a loss of $(1.8) million in the quarter ended September 30, 2010. Excluding the effects of employee share-based compensation costs for both fiscal second quarter of 2011-12 and 2010-11, initial public offering costs, interest accrued on the liability portion of preference shares, changes in fair market value of embedded derivatives in the preference shares in the second quarter of fiscal 2010-11, and interest accretion on financial liability related to business combination in the second quarter of fiscal 2011-12, we would have recorded a net profit of $1.5 million in the quarter ended September 30, 2011 and a net profit of $0.6 million in the quarter ended September 30, 2010.
Earnings per share. Diluted earnings per share were $0.003 for the quarter ended September 30, 2011 as compared to losses per share of $(0.07) in the prior quarter ended September 30, 2010. Adjusted for initial public offering costs, interest accrued on the liability portion of preference shares, interest accretion on financial liability related to business combination and employee share-based compensation costs as mentioned in the preceding paragraph, diluted earnings per share were $0.04 in the quarter ended September 30, 2011, compared to diluted earnings per share of $0.02 in the quarter ended September 30, 2010.
| 1) Our consolidated operating and financial results for the quarter ended September 30, 2011 include the operating and financial results of LTT, respectively. On May 9, 2011, we acquired approximately 79% of LTT and agreed to acquire the remaining shares in three tranches over a three-year earn-out period. |
Fiscal Year 2011-12 Outlook
The Company continues to be optimistic of its long term growth prospects and would like to reaffirm the Fiscal 2012 full year guidance range for Revenue less service costs at $86 to $89 million. It may however be noted that the guidance is being maintained keeping in mind the uncertainties in the operating environment, including high domestic crude oil prices in India and more recently an unexpected weakening of the Indian rupee relative to the U.S. dollar.
Conference Call
MakeMyTrip will host a conference call to discuss the company's results for the quarter ended September 30, 2011 beginning at 7:30 a.m. EST on November 8, 2011. To participate, please dial 1-855-500-8701 from within the U.S. or + 65-6723-9385 from any other country. Thereafter, callers will be prompted to enter the participant passcode 22581935. 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 +1-866-214-5335 in the U.S. or by dialing +61-2-8235-5000 from any other country and using passcode 22581935. 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.
The company believes that Adjusted operating profit and Adjusted net income 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, interest accretion on preference stock, expenses such as initial public offering costs, follow-on public offering costs, gain or loss in fair market value of the embedded options within preference stock, interest accretion on financial liability related to business combination 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. The 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 September 2, 2011, 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., Luxury Tours & Travel Pte Ltd, Singapore (LTT) 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 website, www.makemytrip.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 6,000 hotels in India and a wide selection of hotels outside India, Indian Railways and several major Indian bus operators.
| MAKEMYTRIP LIMITED | ||
| UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||
|
As at March 31, 2011 |
As at September 30, 2011 |
|
| (in USD) | ||
| Assets | ||
| Property, plant and equipment | 3,762,598 | 5,136,505 |
| Intangible assets | 2,796,840 | 7,053,290 |
| Trade and other receivables, net | 600,067 | 894,017 |
| Other investments | -- | 4,845,480 |
| Term deposits | 706,873 | 582,335 |
| Other non-current assets | 219,021 | 546,208 |
| Deferred tax assets | 2,924,308 | 2,669,030 |
| Total non-current assets | 11,009,707 | 21,726,865 |
| Inventories | -- | 4,134,149 |
| Current tax assets | 3,855,431 | 4,995,000 |
| Trade and other receivables, net | 12,257,102 | 17,293,552 |
| Term deposits | 16,235,047 | 35,758,252 |
| Other current assets | 17,852,029 | 35,637,368 |
| Cash and cash equivalents | 51,730,321 | 39,646,279 |
| Total current assets | 101,929,930 | 137,464,600 |
| Total assets | 112,939,637 | 159,191,465 |
| Equity | ||
| Share capital | 17,546 | 18,463 |
| Share premium | 111,541,661 | 149,146,710 |
| Accumulated deficit | (38,024,060) | (37,998,024) |
| Share based payment reserve | 3,914,844 | 4,250,075 |
| Foreign currency translation reserve | (1,174,111) | (6,069,829) |
| Total equity attributable to equity holders of the Company | 76,275,880 | 109,347,395 |
| Non-controlling interest | -- | (2,247) |
| Total equity | 76,275,880 | 109,345,148 |
| Liabilities | ||
| Loans and borrowings | 148,923 | 246,033 |
| Employee benefits | 667,050 | 689,264 |
| Deferred tax liabilities | -- | 85,890 |
| Other non-current liabilities | 503,320 | 1,386,966 |
| Total non-current liabilities | 1,319,293 | 2,408,153 |
| Bank overdraft | 3,855,977 | 9,437,544 |
| Loans and borrowings | 60,634 | 140,159 |
| Trade and other payables | 29,694,702 | 36,510,277 |
| Deferred income | 26,533 | 24,217 |
| Other current liabilities | 1,706,618 | 1,325,967 |
| Total current liabilities | 35,344,464 | 47,438,164 |
| Total liabilities | 36,663,757 | 49,846,317 |
| Total equity and liabilities | 112,939,637 | 159,191,465 |
| MAKEMYTRIP LIMITED | ||||
| UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||
|
For the three months ended September 30 |
For the six months ended September 30 |
|||
| 2010 | 2011 | 2010 | 2011 | |
| Revenue | (in USD) | |||
| Air ticketing | 10,280,659 | 19,030,864 | 20,270,185 | 33,708,501 |
| Hotels and packages | 13,020,721 | 23,848,605 | 36,243,065 | 60,437,950 |
| Other revenue | 527,069 | 910,500 | 1,037,982 | 1,691,198 |
| Total revenue | 23,828,449 | 43,789,969 | 57,551,232 | 95,837,649 |
| Service cost | ||||
| Procurement cost of hotel and packages services | 10,960,564 | 20,063,906 | 30,824,182 | 50,737,728 |
| Cost of air tickets coupon | -- | 2,392,904 | -- | 2,661,939 |
| Personnel expenses | 3,357,443 | 6,718,390 | 6,813,045 | 10,987,040 |
| Other operating expenses | 8,731,378 | 13,019,479 | 17,426,625 | 27,496,063 |
| Depreciation and amortization | 453,815 | 662,611 | 902,815 | 1,230,429 |
| Result from operating activities | 325,249 | 932,679 | 1,584,565 | 2,724,450 |
| Finance income | 357,497 | 428,699 | 726,718 | 890,532 |
| Finance costs | 2,478,408 | 1,290,262 | 2,795,541 | 2,794,746 |
| Net finance costs | (2,120,911) | (861,563) | (2,068,823) | (1,904,214) |
| Profit (loss) before tax | (1,795,662) | 71,116 | (484,258) | 820,236 |
| Income tax benefit (expense) | -- | 3,124 | (1,209) | 4,920 |
| Profit (loss) for the period | (1,795,662) | 74,240 | (485,467) | 825,156 |
| Other comprehensive income (loss) | ||||
| Foreign currency translation differences on foreign operations | 565,566 | (4,869,160) | 109,576 | (4,929,579) |
| Defined benefit plan actuarial losses | (33,640) | 2,646 | (33,640) | 2,646 |
| Other comprehensive income (loss) for the period, net of tax | 531,926 | (4,866,514) | 75,936 | (4,926,933) |
| Total comprehensive loss for the period | (1,263,736) | (4,792,274) | (409,531) | (4,101,777) |
| Profit (Loss) attributable to: | ||||
| Owners of the Company | (1,795,736) | 121,058 | (485,837) | 877,907 |
| Non-controlling interest | 74 | (46,818) | 370 | (52,751) |
| Profit (loss) for the period | (1,795,662) | 74,240 | (485,467) | 825,156 |
| Total comprehensive income (loss) attributable to: | ||||
| Owners of the Company | (1,263,902) | (4,714,947) | (409,915) | (4,015,164) |
| Non-controlling interest | 166 | (77,327) | 384 | (86,613) |
| Total comprehensive income (loss) for the period | (1,263,736) | (4,792,274) | (409,531) | (4,101,777) |
| Earnings (loss) per share | ||||
| Basic | (0.07) | 0.003 | (0.02) | 0.02 |
| Diluted | (0.07) | 0.003 | (0.02) | 0.02 |
| Weighted average number of shares | ||||
| Basic | 25,890,553 | 36,882,797 | 21,723,732 | 36,292,257 |
| Diluted | 25,890,553 | 38,146,258 | 21,723,732 | 37,724,303 |
| MAKEMYTRIP LIMITED | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Attributable to equity holders of the Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Share capital |
Share premium |
Accumulated deficit |
Share based payment reserve |
Foreign currency translation reserve |
Total |
Non- controlling interest |
Total equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (In USD) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance as at April 1, 2011 | 17,546 | 111,541,661 | (38,024,060) | 3,914,844 | (1,174,111) | 76,275,880 | -- | 76,275,880 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total comprehensive income (loss) for the period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Profit (loss) for the period | -- | -- | 877,907 | -- | -- | 877,907 | (52,751) | 825,156 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation differences | -- | -- | -- | -- | (4,895,718) | (4,895,718) | (33,862) | (4,929,580) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined benefit plan actuarial gains (losses), net of tax | -- | -- | 2,646 | -- | -- | 2,646 | -- | 2,646 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total other comprehensive income (loss) | -- | -- | 2,646 | -- | (4,895,718) | (4,893,072) | (33,862) | (4,926,934) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total comprehensive income (loss) for the period | -- | -- | 880,553 | -- | (4,895,718) | (4,015,165) | (86,613) | (4,101,778) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transactions with owners, recorded directly in equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contributions by owners | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based payment | -- | -- | -- | 1,254,257 | -- | 1,254,257 | -- | 1,254,257 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issue of ordinary shares on exercise of share options | 144 | 1,328,608 | -- | (902,609) | -- | 426,143 | -- | 426,143 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transfer to accumulated defecit on expiry of share options | -- | -- | 16,417 | (16,417) | -- | -- | -- | -- | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issue of ordinary shares through follow-on public offering, net of issuance costs | 773 | 36,276,441 | -- | -- | -- | 36,277,214 | -- | 36,277,214 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total contributions by owners | 917 | 37,605,049 | 16,417 | 335,231 | -- | 37,957,614 | -- | 37,957,614 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in ownership interests in subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial liability for acquisition of non-controlling interest | -- | -- | (870,934) | -- | -- | (870,934) | -- | (870,934) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisition of subsidiary with non-controlling interests | -- | -- | -- | -- | -- | -- | 84,366 | 84,366 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total changes in ownership interest in subsidiaries | -- | -- | (870,934) | -- | -- | (870,934) | 84,366 | (786,568) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total transactions with owners | 917 | 37,605,049 | (854,517) | 335,231 | -- | 37,086,680 | 84,366 | 37,171,046 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance as at September 30, 2011 | 18,463 | 149,146,710 | (37,998,024) | 4,250,075 | (6,069,829) | 109,347,395 | (2,247) | 109,345,148 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MAKEMYTRIP LIMITED | ||
| CONSOLIDATED STATEMENT OF CASH FLOWS | ||
| (UNAUDITED) | ||
| For the six months ended September 30 | ||
| 2010 | 2011 | |
| (in USD) | ||
| Profit (loss) for the period | (485,467) | 825,156 |
| Adjustments for Non Cash Items | 3,285,872 | 4,444,941 |
| Change in working capital | (4,775,489) | (25,323,762) |
| Net cash used in operating activities | (1,975,083) | (20,053,663) |
| Net cash used in investing activities | (525,457) | (31,629,793) |
| Net cash from financing activities | 54,207,299 | 35,174,170 |
| Increase (decrease) in cash and cash equivalents | 51,706,759 | (16,509,286) |
| Cash and cash equivalents at beginning of the period | 5,345,460 | 47,874,344 |
| Effect of exchange rate fluctuations on cash held | (71,756) | (1,156,323) |
| Cash and cash equivalents at end of the period | 56,980,463 | 30,208,735 |
| MAKEMYTRIP LIMITED | ||||||||
| RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES | ||||||||
| Three months ended September 30 | ||||||||
| Air ticketing | Hotels and packages | Others | Total | |||||
| 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | |
| (in USD) | ||||||||
| Revenue | 10,280,659 | 19,030,864 | 13,020,721 | 23,848,605 | 527,069 | 910,500 | 23,828,449 | 43,789,969 |
| Less: | ||||||||
| Service cost | -- | 2,392,904 | 10,960,564 | 20,063,906 | -- | -- | 10,960,564 | 22,456,810 |
| Revenue less service cost | 10,280,659 | 16,637,960 | 2,060,157 | 3,784,699 | 527,069 | 910,500 | 12,867,885 | 21,333,159 |
| Six months ended September 30 | ||||||||
| Air ticketing | Hotels and packages | Others | Total | |||||
| 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | |
| Revenue | 20,270,185 | 33,708,501 | 36,243,065 | 60,437,950 | 1,037,982 | 1,691,198 | 57,551,232 | 95,837,649 |
| Less: | ||||||||
| Service cost | -- | 2,661,939 | 30,824,182 | 50,737,728 | -- | -- | 30,824,182 | 53,399,667 |
| Revenue less service cost | 20,270,185 | 31,046,562 | 5,418,883 | 9,700,222 | 1,037,982 | 1,691,198 | 26,727,050 | 42,437,982 |
| Reconciliation of Adjusted Operating Profit |
For the three months ended September 30 |
For the six months ended September 30 |
||
| (Unaudited) | 2010 | 2011 | 2010 | 2011 |
| (in USD) | ||||
| Result from operating activities as per IFRS | 325,249 | 932,679 | 1,584,565 | 2,724,450 |
| Add: Employee share-based compensation costs | 154,109 | 1,398,168 | 307,060 | 1,254,257 |
| Adjusted Operating Profit | 479,358 | 2,330,847 | 1,891,625 | 3,978,707 |
| Reconciliation of Adjusted Net Income |
For the three months ended September 30 |
For the six months ended September 30 |
||
| (Unaudited) | 2010 | 2011 | 2010 | 2011 |
| (in USD) | ||||
| Income (loss) for the period as per IFRS | (1,795,662) | 74,240 | (485,467) | 825,156 |
| Add: Employee share-based compensation costs | 154,109 | 1,398,168 | 307,060 | 1,254,257 |
| Add: Cost related to initial public offerings and follow-on public offering | 2,086,583 | -- | 2,086,583 | 879,994 |
| Less: Gain on change in fair market value of derivatives | (11,681) | -- | (48,382) | -- |
| Add: Interest accretion on preference stock | 145,657 | -- | 426,291 | -- |
| Add: Interest accretion on financial liability related to business combination | -- | 56,682 | -- | 89,056 |
| Add: Income tax (benefit) expense | -- | (3,124) | 1,209 | (4,920) |
| Adjusted Net Income | 579,006 | 1,525,966 | 2,287,294 | 3,043,543 |
| Adjusted Earning per share | ||||
| Diluted | 0.02 | 0.04 | 0.10 | 0.08 |
| MAKEMYTRIP LIMITED | ||||
| OPERATING DATA | ||||
|
For the three months ended September 30 |
For the six months ended September 30 |
|||
| 2010 | 2011 | 2010 | 2011 | |
| (in thousands, except percentages) | ||||
| Number of transactions | ||||
| Air ticketing | 620.9 | 995.9 | 1,211.4 | 1,900.0 |
| Hotels and packages(1) | 31.4 | 74.2 | 73.9 | 147.5 |
| Revenue less service cost: | ||||
| Air ticketing | 10,280.7 | 16,638.0 | 20,270.2 | 31,046.6 |
| Hotels and packages | 2,060.2 | 3,784.7 | 5,418.9 | 9,700.2 |
| Other revenue | 527.1 | 910.5 | 1,038.0 | 1,691.2 |
| $ 12,867.9 | $ 21,333.2 | $ 26,727.1 | $ 42,438.0 | |
| Gross Bookings | ||||
| Air ticketing | 138,613.3 | 213,709.1 | 285,093.2 | 432,528.7 |
| Hotels and packages | 17,374.7 | 31,240.9 | 45,538.8 | 76,537.3 |
| $ 155,988.0 | $ 244,950.0 | $ 330,632.0 | $ 509,066.0 | |
| Net revenue margins | ||||
| Air ticketing | 7.4% | 7.8% | 7.1% | 7.2% |
| Hotels and packages | 11.9% | 12.1% | 11.9% | 12.7% |
| Combines net revenue margin for air ticketing and hotels and packages | 7.9% | 8.3% | 7.8% | 8.0% |
| (1) Includes transactions of LTT for three months and six months ended September 30, 2011. |
MMYT-g