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MakeMyTrip Q1-FY16 losses increase to $6.94M; Air ticketing revenues up 20%


Losses continued to widen at online travel agent MakeMyTrip for the quarter ended June 30. Losses stood at $6.9 million as compared to $4 million in the same quarter last year. In the preceding quarter, the company posted losses of $4 million. This is MakeMyTrip’s eleventh straight loss making quarter.

However, the net revenues (revenues less service costs), increased 7.5% to $38.1 million from $35.5 million from the same period last year. On a sequential basis, net revenues stood increased 4.79% from $36.36 million. Gross bookings in the entire company grew 15.6% y-o-y to $467.9 million.

Air Ticketing: Revenues from Air ticketing business grew by 20% to $19.8 million for the quarter, from $16.5 million in the same quarter last year. Transactions for air ticketing grew by 45.6% y-o-y to 1.605 million in the quarter. MakeMyTrip attributed this transaction growth to the special air fares offered by Indian domestic carriers. Gross bookings increased 16.8% y-o-y to $329.35 million.

Air Ticketing accounted for 51.97% of MakeMyTrip’s net revenues for the quarter, up from 51.3% in the preceding quarter.

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.

Hotel and Packaging: Revenues from the hotels and packages business grew by a mere 2.8% to $18.37 million for the quarter, from $17.87 million in the same quarter last year. Number of transactions grew by 14.36% to 0.43 million for the quarter, from 0.38 million transactions in the same quarter last year.

Gross bookings fell by 7.7% to $138.53 million for the quarter, from $150.10 million in the same quarter last year.

Hotels and Packaging business contributed for 48.21% of MakeMyTrip’s net revenues for the quarter.

It is worth remembering that the segment has been driving MakeMyTrip’s revenue growth for a few quarters now and had even surpassed Air ticketing revenues for the company in Q1-FY15.

Other Revenue: Other revenue at the company increased to $1.5 million in the quarter ended June 30, 2015 from $1.1 million in the quarter ended June 30, 2014, primarily due to an increase in facilitation fees on travel insurance.

Investments and acquisitions 

– MakeMyTrip invested $5 million in Bona Vita Technologies Private Limited  and acquired majority shareholding. Bona Vita is a new venture founded by  former Snapdeal CTO Amitabh Misra. Bona Vita intends to use the cash proceeds to build differentiated products in the travel industry.

–  HolidayIQ raised $15 million in funding from MakeMyTrip, with the latter picking up a minority stake (28%) in HolidayIQ. The transaction will be completed by this month and both the companies will work on scaling up the HolidayIQ platform, concentrating on its hotel growth. The funding will be used for strengthening content and mobile and technology offerings.

Download: Press release and financials

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