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MakeMyTrip Q4-FY15 loss at $5.94M; Air ticketing revenues up 16%

MakeMyTrip

Online travel agent MakeMyTrip continues to post losses: It has reported net losses of $5.94 million for the quarter ended March 31, 2015, as compared to $2.66 million loss in the same quarter last year. In the previous quarter, the company had posted $3.66 million loss. This is MakeMyTrip’s tenth straight loss making quarter.

The net revenues (revenues less service costs), however, witnessed a significant 27.5% year-on-year (YoY) growth to $36.36 million for the quarter, from $28.52 million in the same quarter last year. The gross bookings also grew by 18.3% to $404.37 million from $341.84 million in the same quarter last year.

Air Ticketing up 16%: Revenues from Air ticketing business grew by 16% to $18.67 million for the quarter, from $16.09 million in the same quarter last year. This was driven by a 39.8% increase in transactions to 1.44 million for the quarter, from 1.03 million transactions in the same quarter last year. MakeMyTrip attributed this transaction growth to the special air fares offered by Indian domestic carriers. Gross bookings also grew by 19.6% to $299.73 million for the quarter, from $250.72 million in the same quarter last year.

Air Ticketing accounted for 51.3% of MakeMyTrip’s net revenues for the quarter, down from 56.4% in the same quarter last year.

MakeMyTrip CEO Deep Kalra had informed that in Q4-Fy15, mobile users accounted for more than 40% of total online traffic and 22% of online transactions for the company in India.

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Hotel and Packaging: Revenues from the hotels and packages business grew by 48.8% to $16.45 million for the quarter, from $11.06 million in the same quarter last year. Number of transactions also grew by 32.2% to 0.37 million for the quarter, from 0.28 million transactions in the same quarter last year. MakeMyTrip attributed this transaction growth to growth in their standalone hotel booking business, and partially because of their acquisition of EasyToBook in February last year.

Gross bookings grew by 14.8% to $104.63 million for the quarter, from $91.12 million in the same quarter last year.

Hotels and Packaging business contributed for 45.2% of MakeMyTrip’s net revenues for the quarter, up from 38.7% in the same quarter last year. That being said, its worth noting that the segment has been driving MakeMyTrip revenue growth for a few quarters now and had even surpassed Air ticketing revenues for the company in Q1-FY15.

Other Revenue: Other revenues declined by 9.8% YoY to $1.23 million for the quarter, from $1.37 million in the same quarter last year. This was primarily due to a decrease in advertising revenue, which was partially offset by increase in facilitation fees on travel insurance.

Ad expenses up: The company notes that its advertising expenses increased during the quarter to grow its hotel & packages business. The ad expenses along with increased payment gateway charges and consolidation of the EasyToBook acquisition resulted in a 23% increase in MakeMyTrip’s other operating expenses to $27.7 million for the quarter, from $22.5 million in the same quarter last year.

Investments & acquisitions

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In April, MakeMyTrip acquired 18% stake in Inspirock, an online planning tool for creating custom itineraries. This deal was done through MakeMyTrip’s innovation fund, although the size of the deal remains undisclosed. However, the company has mentioned that the Innovation Fund was formed to make investments up to $3 million in startups and early-stage companies in the travel technology space.

The company had also acquired Helion Venture Partners-backed online travel planning service Mygola for an undisclosed amount in April. Following the deal, the entire Mygola team joined MakeMyTrip.

Download: Press Release & Financials

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