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MakeMyTrip Q3FY12 Results: Profits At $3M; Net Revenue At $23.65M

MakeMyTrip has reported gross booking of $237 million for the quarter ending December 31st 2011, up 12.7% year over year.  Air Ticket transactions grew 16.2% year on year, leading to a 5.4% growth in gross bookings, while Hotels & Packages transactions increased by 118.9%year on year, leading to a 61.7% growth in gross revenue from the segment. For the quarter, MMYT reported a profit for the period of $3.001 million, compared with $1.770 million for the same period last year, on a Net Revenue (total revenue less service cost) growth of 36.9% to $23.654 million, up from $17.281 million year on year. The company said that during the quarter it witnessed a rapid weakening of the Indian Rupee as well as volatility in the Indian aviation industry. the results also include the operating and financial results of LTT – Luxury Tours & Travel.

Segment Details

Air Ticketing:  Revenue from air ticketing increased by 59.9% to $21.6 million for the quarter, up from $13.5 million the same quarter last year. Net revenue margins increased to 9%, from 7.4% a year ago. Gross bookings were up 20.4%.

Hotels and Packages: Revenue from hotels and packages business increased by 45.8% to $31.3 million for the quarter, up from $21.5 million a year ago. Net revenue (revenue less service cost) increased by 81.1% to $5.3 million, from $2.9 million for the quarter ending December 2010. Gross bookings were up 61.7%, net revenue margin increased to 12.1% from 10.8% a year ago.

– Other revenue increased to $0.9 million from $0.8 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 $8 million from $3.9 million year on year.

Download: Press Release | Earnings Call

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