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MakeMyTrip Q1FY13 Results: Profits At $1.81M; Net Revenue At $23.88M

MakeMyTrip has reported gross booking of $271.47 million for the quarter ending June 30th 2012, up 2.8% year over year. Air Ticket transactions declined 9.1% year on year, leading to a 1.9% drop in gross bookings, while Hotels & Packages transactions increased by 44.1%year on year, leading to a 25.4% growth in gross revenue from the segment. For the quarter, MMYT reported a profit for the period of $1.819 million, compared with $1.517 million for the same period last year, on a Net Revenue (total revenue less service cost) growth of 19.9% to $23.882 million, up from $21.104 million year on year.

Segment Details

Air Ticketing:  Revenue from air ticketing increased by 17.1% to $17.2 million for the quarter, up from $14.7 million in the same quarter last year. Net revenue margins increased to 7.3%, from 6.6% a year ago. Gross bookings were down 1.9%.

Hotels and Packages: Revenue from hotels and packages business increased by 25.1% to $45.8 million for the quarter, up from $36.6 million a year ago. Net revenue (revenue less service cost) increased by 20.2% to $7.1 million, from $5.9 million for the quarter ending June 2011. Gross bookings were up 25.4%, net revenue margin reduced to 12.5% from 13.1% a year ago.

Highlights:

Buying remaining shares of Luxury Tours & Travels: In July 2012, the Company entered into an agreement with the remaining shareholders of Luxury Tours & Travel Pte Ltd (LTT) which amended the terms of the original share purchase agreement (SPA) signed in February 2011, according to which, the Company will purchase the remaining shares held by remaining shareholders (also the original selling shareholders) in LTT by December 31, 2012 at the same price per share as paid for the tranche purchased on the first closing date.

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Notes:
– Other revenue increased to $1.2 million from $0.8 million, primarily due to increase in income from advertisements.
– Personnel Expenses increased to $7.6 million from $4.3 million year on year.

Download: Press Release

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