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MakeMyTrip Q4-FY13: $6.5M Loss; Air Ticketing Revenue Down 26.3% YoY

makemytrip

MakeMyTrip has reported a net loss of $6.5 million for the quarter ending March 31, 2013, as compared to a $3 million profit reported in the corresponding quarter last year. This was on a Net Revenues (Revenue less service costs) of $21.77 million, down 1.4% from $22.1 million revenues in the same quarter last year.

For the year ending March 31, 2013, MakeMyTrip reported a net loss of $6.04 million for FY13, a significant decline from $9.3 million profit in the previous fiscal. Net Revenues (Revenue less service costs) stood at $88.17 million, a minor dip from $88.18 million revenues in the previous fiscal.

The company reported a gross booking of $311.7 million for the quarter ending March 31, 2013, up 26.4% year over year (YoY) from gross booking of $246.5 million in the corresponding quarter last year. For the fiscal FY13, the company saw a gross booking of $1.17 billion, a 17.8% growth from $992.95 million in FY12.

Segment Revenues

Air Ticketing Revenues Decline: Revenue from Air Ticketing significantly declined by 26.3% YoY to $13.14 million for the quarter, down from $20.9 million in Q4-FY12. This was despite a 16.6% increase YoY in gross bookings to $248.88 million for the quarter and a 13% increase YoY in transactions to 1.05 million for the quarter. The net revenue margins declined to 6% from 9% a year ago due to the reduction in airlines commission.

For the fiscal FY13, the Air ticketing revenues declined by 14.3% to $56.77 million, down from $66.25 million revenues in FY12. This was despite a 12% growth in gross bookings to $939.6 million and a 2.1% increase in transactions to 3.79 million.

Hotels and Packages Revenues Increase: The hotels and packages business however provided respite for the company, posting a 141.6% YoY increase in revenues to $7.70 million for the quarter, up from $3.19 million in Q4-FY12. The gross bookings increased by 89.3% to $62.8 million and the transactions increased by 97.1% to 0.17 million transactions. Net revenue margins increased to 12.3% from 9.6% a year ago. MakeMyTrip noted that this increase was aided by the acquisition of Hotel Travel Group and ITC Group in the previous quarter.

For the fiscal FY13, the Hotel and packages revenues increased by 51.4% to $27.59 million, up from $18.23 million in FY12. The gross bookings increased by 49.6% to $229.92 million and the transactions increased by 65.6% to 0.57 million transactions.

Other Revenue: Other revenues declined by 12.9% to $0.93 million for the quarter, down from $1.07 million revenues in the same quarter last year. The company attributed the decline to lower advertisement revenue from its websites. For the fiscal FY13, the other revenues however increased by 2.6% to $3.8 million, up from $3.71 million in FY12.

Highlights

– MakeMyTrip had partnered with OneAssist Consumer Solutions to offer travel assistance and protection products to its customers.

– It had introduced Apple Passbook integration for its flight bookings earlier this month. It had informed that these passes will also offer Flight reminders to Passbook users.

DownloadPress Release

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