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38.4% Of MakeMyTrip’s Revenues In Q3-FY13 Is From Hotels & Packages

makemytrip

Online travel agent MakeMyTrip has reported a net loss of $1.6 million for the quarter ended December 31, 2013 (Q3-FY13), an improvement from $5.23 million loss reported in the same quarter last year. This is however MakeMyTrip’s fifth consecutive loss making quarter.

The company says excluding the effects of employee share-based compensation costs, amortization of acquisition related intangibles, merger and acquisitions related expenses, net change in fair value of financial liability related to business combination and income tax benefit (expense) for the third quarter of both fiscal years 2014 and 2013 and net (gain) loss on change in the fair value of derivative financial instruments for the third quarter of both fiscal years 2013 and 2012, it would’ve recorded an adjusted net profit of $1.2 million in the quarter, as compared to a net loss of $2.6 million in the same quarter last year.

The net revenues (revenues less service costs) was at $28.6 million for the quarter, registering a 27.7% growth from $22.4 million revenues in the same quarter last year whereas the gross bookings decreased by 4% year-on-year (YoY) to $311.3 million from $324.4 million in the same quarter last year.

Air Ticketing: Net revenues from Air Ticketing increased by 21.6% YoY to $16.46 million from $13.54 million in the same quarter last year. This is despite a 12.3% decline in the number of transactions to 0.89 million transactions for the quarter, down from 1.02 million transactions in the same quarter last year. Gross bookings also declined by 11.6% YoY to $224.2 million for the quarter, down from $253.5 million in the same quarter last year. Net revenue margins increased to 7.3% from 5.3% last year.

Air Ticketing contributed for 57.6% of MakeMyTrip’s net revenues for the quarter, down from 60.4% in the same quarter last year.

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Hotel & Packages: The hotels and packages business continues to grow significantly for the company, registering a 40.1% YoY increase in net revenues to $10.99 million for the quarter, up from $7.85 million in the same quarter last year.

This was due to a 22.8% YoY increase in gross bookings to $87.1 million for the quarter, from $70.9 million in the same quarter last year, which in turn was due to a 25% increase in the number of transactions to 0.23 million transactions for the quarter, up from 0.19 million transactions in the same quarter last year. Net revenue margins also increased to 12.6% from 11.1% last year.

Hotels and Packages now contribute for 38.4% of MakeMyTrip’s net revenues for the quarter, up from 35% in the same quarter last year.

Other Revenue: Other revenues increased by 12.9% YoY to $1.09 million for the quarter, up from $0.97 million in Q3-FY12. This was primarily due to an increase in facilitation fees from travel insurance sales.

Download: Press Release & Financials

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