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MakeMyTrip Reports Profit Of $1.5M For Q1FY12; Net Revenue At $21.10M

MakeMyTrip has reported gross booking of $264.1 million for the quarter ending June 30th 2011, up 51.2% year over year.  Air Ticket transactions grew 53.1% year on year, leading to a 49.4% growth in gross bookings, while Hotels & Packages transactions increased by 72.1%year on year, leading to a 60.8% growth in gross revenue from the segment. For the quarter, MMYT reported a profit for the period of $1.517 million, compared with $1.708 million for the same period last year, on a Net Revenue (total revenue less service cost) growth of 52.3% to $21.104 million, up from $13.859 million year on year.

Investment in Le Travenues Technology Private Limited- iXigo

Last month, MakeMyTrip acquired a 19.9% stake in Le Travenues Technology Private Limited, which owns and operates www.ixigo.com, an online travel meta search engine. The company has agreed to pay a cash consideration of $4.8 million for the purchase of new shares as well as existing shares. SAIF, MMYT’s largest shareholder, has also agreed to acquire 56.7% of Le Travenues Technology for $13.7 million. The share acquisition deal will be completed in August 2011. The company believes that this investment has synergies with and benefits its online travel business.

During the last 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 $0.8 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. The operations of LTT have been consolidated in the financial statements of the Company from May 9, 2011.

Segment Details

Air Ticketing:  Revenue from air ticketing increased by 46.9% to $14.7 million for the quarter, up from $10 million the same quarter last year. Net revenue margins decreased to 6.6%, from 6.8% a year ago, a minor increase sequentially. Gross bookings were up 49.4%.

Hotels and Packages: Revenue from hotels and packages business increased by 57.6% to $36.6 million for the quarter, up from $23.2 million a year ago. Net revenue (revenue less service cost) increased by 76.1% to $5.9 million, from $3.4 million for the quarter ending June 2010. Gross bookings were up 60.8%, net revenue margin increased to 13.1% from 11.9% a year ago. Sequentially there was an increase from last quarter’s net revenue margins of 11.6%.

– Other revenue increased to $0.8 million from $0.5 million, primarily due to increase in sale of rail tickets, bus tickets and increase in other miscellaneous income.
– the Corporate booking business is insignificant for MMYT, and their business is mostly B2C leisure travel.
– Personnel Expenses increased to $4.2 million from $3.4 million year on year

Download: Press ReleaseEarnings CallPrevious Quarter

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