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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.

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

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    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ