wordpress blog stats
Connect with us

Hi, what are you looking for?

MakeMyTrip Results: Reports Profit Of $1.07M For Q4FY11; Net Revenue At $17.06M

MakeMyTrip has reported gross booking of $201.2 million for the quarter ending March 31st 2011, up 52.4% year over year.  Air Ticket transactions grew 78.5% year on year, leading to a 52.1% growth in gross bookings, while Hotels & Packages transactions increased by 82.8%year on year, leading to a 54.8% growth in gross revenue from the segment. For the quarter, MMYT reported a profit for the period of $1.072 million, compared with a loss of $0.827 million for the same period last year, on a Net Revenue (total revenue less service cost) growth of 57.6% to $17.06 million, up from $10.82 million year on year.

Annual Results

MMYT’s net revenue for Fiscal 2011 was $61 million, a YoY increase of 51.6% from FY10’s net revenue of $40.2 million. The company registered gross bookings of $742.5 million for the financial year FY11, an increase of 59.4% YoY. Air Ticket transactions grew 59.9% year on year, leading to a 58.6% growth in gross bookings, while Hotels & Packages transactions increased by 60.3% year on year, leading to a 65.2% growth in gross revenue from the segment. For the year, MMYT reported a profit for the period of $5.12 million, compared with a profit of $1.44 million for the last year, on a Net Revenue (total revenue less service cost) growth of 51.6% to $61.07 million, up from $40.28 million that it registered last fiscal.

Acquires Luxury Tours & Travels Pte For Over $3 million

During the quarter, MMYT acquired 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 issued by LTT. MMYT will also acquire the remaining shares from existing shareholders over a three year earn-out period ending June 2014, based on valuations linked to the profitability of LTT.

Advertisement. Scroll to continue reading.

Segment Details

Air Ticketing: MMYT claims 10% of the domestic air travel market. Revenue from air ticketing increased by 61.5% to $13.9 million for the quarter, up from $8.6 million the same quarter last year. Net revenue margins increased to 7.7%, from 7.3% a year ago, a minor increase sequentially. Gross bookings were up 52.1%.

Hotels and Packages: Revenue from hotels and packages business increased by 37.8% to $16.9 million for the quarter, up from $12.2 million a year ago. Net revenue (revenue less service cost) increased by 29.2% to $2.5 million, from $2 million for the quarter ending March 2010. Gross bookings were up 54.8%, net revenue margin declined to 11.6% from 13.9% a year ago. However, sequentially there was a slight increase from last quarter’s net revenue margins of 10.8%.

Notes:
– Other revenue increased to $0.7 million from $0.3 million, primarily due to increase in sale of rail tickets, bus tickets and increase in facilitation fee of travel insurance.
– the Corporate booking business is insignificant for MMYT, and their business is mostly B2C leisure travel.
– Personnel Expenses increased to $3.7 million from $2.9 million year on year
– MMYT formed a strategic partnership with the Sharjan National Travel and Tourism Agency (SNTTA), targeting non resident Indians in the Middle East, during the last quarter.

Details: Press ReleaseEarnings CallPrevious Quarter

Advertisement. Scroll to continue reading.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

You May Also Like

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ