MakeMyTrip has reported gross booking of $216 million for the quarter ending December 31th 2010, up 70.7% year over year. The October-December quarter is typically the best quarter of the year for ticketing sites, given the festive season: Air Ticket transactions grew 59.1% year on year, leading to a 64.5% growth in gross bookings, while Hotels & Packages transactions increased by 52.2% year on year, leading to a 27.9% growth in gross revenue from the segment. For the period, MMYT reported a profit for the period of $1.771 million, compared with profit of $0.763 million for the same period last year, on a Net Revenue (total revenue less service cost) growth of 59.2% to $17.3 million, up from $10.9 million year on year. MMYT expects net revenue for Fiscal 2011 to up to $59 million. During the quarter, the company experienced robust demand for international travel, owing to the festive season, and transaction and booking growth remained strong. However, the current (Jan-March 2011) is a seasonal low for the travel industry: On the conference call, MMYT CEO Deep Kalra said that their business typically has one quarter as a high, the other, low. Acquires Luxury Tours & Travels Pte For Over $3 million MMYT has also announced the acquisition of 79% in Singapore based Luxury Tours & Travel Pte Limited (LTT) for around $3 million, as an initial cash consideration for ordinary shares, and an investment of $0.75 million until June 2012, for the subscription of new equity shares to be…
