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MakeMyTrip Q4FY12 Results: Profits At $2.95M; Net Revenue At $22.09M

MakeMyTrip has reported gross booking of $246.5 million for the quarter ending March 31st 2012, up 22.5% year over year.  Air Ticket transactions grew 9.3% year on year, leading to a 19% growth in gross bookings, while Hotels & Packages transactions increased by 65.5%year on year, leading to a 51.8% growth in gross revenue from the segment. For the quarter, MMYT reported a profit for the period of $2.950 million, compared with $1.072 million for the same period last year, on a Net Revenue (total revenue less service cost) growth of 29.5% to $22.092 million, up from $17.062 million year on year. The company said that during the quarter

Annual Results

MMYT’s net revenue for Fiscal 2012 was $88.18 million, a YoY increase of 44.4% from FY11′s net revenue of $61 million. The company registered gross bookings of $992.95 million for the financial year FY12, an increase of 33.7% YoY. Air Ticket transactions grew 31.5% year on year, leading to a 29.5% growth in gross bookings, while Hotels & Packages transactions increased by 95.1% year on year, leading to a 62.5% growth in gross revenue from the segment. For the year, MMYT reported a profit for the period of $8.99 million, compared with a profit of $5.12 million for the last year, on a Net Revenue (total revenue less service cost) growth of 44.4% to $88.18 million, up from $61.07 million that it registered last fiscal.

Segment Details

Air Ticketing:  Revenue from air ticketing increased by 50.8% to $20.9 million for the quarter, up from $13.9 million the same quarter last year. Net revenue margins increased to 8.4%, from 7.7% a year ago. Gross bookings were up 19%.

Hotels and Packages: Revenue from hotels and packages business increased by 48.2% to $25 million for the quarter, up from $16.8 million a year ago. Net revenue (revenue less service cost) increased by 25.5% to $3.2 million, from $2.5 million for the quarter ending March 2011. Gross bookings were up 51.8%, net revenue margin reduced to 9.6% from 11.6% a year ago, as the cost of services in our overseas holidays business increased due to the weakening of the Indian currency.

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Notes:
– Other revenue increased to $1.1 million from $0.7 million, primarily due to increase in sale of rail tickets, bus tickets and advertisement income.
– the Corporate booking business is insignificant for MMYT, and their business is mostly B2C leisure travel.
– Personnel Expenses increased to $7.6 million from $3.7 million year on year.

Download: Press Release | Earnings Call

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