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MakeMyTrip Q2-FY13: Profits At $1.2M; Net Revenue At $20.15M

MakeMyTrip has reported gross booking of $261.98 million for the quarter ending September 30, 2012, up 7% year over year (YoY) from gross booking of $244.95 million in the same quarter last year. Air Ticket transactions declined 9.8% year on year, although gross bookings increased by 4.2%, while Hotels & Packages transactions increased by 46.8% YoY, leading to a 26.1% growth in gross revenue from the segment.

For the quarter, MakeMyTrip reported an adjusted net income of $1.2 million, as compared to $1.6 million profit for the same period last year, on a Net Revenue (total revenue less service cost) of $20.15 million, down 5.5% from $21.33 million revenues in the same quarter last year.

Segment Details

Air Ticketing: Revenue from air ticketing stood at $15.3 million for the quarter, down 19.6% from $19 million in the same quarter last year. Net revenue (revenue less service cost) decreased by 12.8% to $14.5 million, from $16.6 million revenues in the same quarter last year. Net revenue margins declined to 6.5%, from 7.8% a year ago. Gross bookings were however up by 4.2% YoY due to higher airfares.

Hotels and Packages: Revenue from hotels and packages business stood at $29.6 million for the quarter, up 24.3% from $23.8 million in the same quarter last year. Net revenue (revenue less service cost) increased by 30.5% to $4.9 million, from $3.8 million revenues for the same quarter last year. Gross bookings were up 26.1% and net revenue margin increased to 12.5% from 12.1% a year ago.

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Other Revenue: Other revenues stood at $0.7 million for the quarter, down from $0.9 million revenues in the same quarter last year. The company attributed the decline to the decrease in sale of rail tickets.

Highlights

HotelTravel Acquisition: On November 6, 2012, MakeMyTrip announced that it has acquired complete stake in the companies operated by the Hotel Travel Group (HT Group) for $25 million. The group has been operating an online travel information and hotel booking portal Hoteltravel.com for more than ten years and has presence in Thailand, Singapore and Malaysia.

The company stated that the transaction will happen in two stages – an upfront $15 million payment through a combination of cash and MakeMyTrip shares and the balance $10 million will be paid in the form of MakeMyTrip shares in three annual tranches through 2016. Following the acquisition, the company also noted that two HT Group promoters will continue employment in key capacities and will be eligible for additional earn outs and incentives for the next 3-4 years, provided the group meets certain revenue and EBIDTA targets. It also noted that the additional earn outs can range from NIL to $35 million and will be paid partly in cash and partly in form of MakeMyTrip shares.

Share Repurchase: MakeMyTrip announced that the company’s board of directors have authorized them to purchase outstanding ordinary share of the company, valued at $0.0005 per share, on the open market through privately negotiated transactions or otherwise, for an aggregate amount of up to $25 million. It however noted that the timing, amount, date, price and other details for the share purchase will be determined based on several factors including market conditions, alternative investment opportunities and other considerations.

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Related:

MakeMyTrip Q1FY13 Results: Profits At $1.81M; Net Revenue At $23.88M
MakeMyTrip Q4FY12 Results: Profits At $2.95M; Net Revenue At $22.09M
MakeMyTrip Q3FY12 Results: Profits At $3M; Net Revenue At $23.65M
MakeMyTrip Q2FY12 Results: Profits At $1.52M; To Acquire My Guest House

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