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MakeMyTrip losses at $50M in Q4 FY16; hotel bookings 54% of total revenues


MakeMyTrip’s primary business has shifted to its hotels and packages. Revenues from the hotels and packages segment accounted for 54% of MakeMyTrip’s total revenue in the quarter ended March 2016 (Q4 FY16). This was driven by a 507% surge in hotel booking in India which stood at 1.17 million compared to 0.19 bookings in the same quarter last year.

A majority of these bookings came from mobile. Hotels in India which were booked on mobile stood at 0.83 million, growing from 47,900 in the same quarter last year.

In the preceding quarter, hotels and packages accounted for more than 51% of total revenue.

Revenues from the hotels and packages business grew by 69.11 % to $27.82 million for the quarter, from $16.45 million in Q4 FY15. Number of transactions grew by 254.55 % to 1.32 million on for the quarter, from 73,800 transactions in the same quarter last year. Gross bookings increased 51.24% YoY to $158.26 million.

However, MakeMyTrip’s losses ballooned to $49.92 million from $19.47  million in preceding quarter and from $5.94 million in the same quarter last year. This is MakeMyTrip’s 14th straight loss making quarter. The net revenues (revenues less service costs) increased 41.52% YoY to $51.47 million. Gross bookings in the entire company grew 18% YoY to $477.17 million.

Air Ticketing: Revenues from Air ticketing business increased 18% YoY to $22.2 million for the quarter. Transactions for air ticketing grew by 31.35% YoY to 1.9 million in the quarter. Gross bookings increased 6.39% YoY to $318.9 million.

Other Revenue: Other revenue at the company increased 16.99% to $1.45 million in Q4 FY16 from $1.24 million in the same quarter last year, primarily due to an increase in facilitation fees on travel insurance.

Other developments

– MakeMyTrip raised $180 million in convertible bonds from China’s Ctrip. Ctrip also bought MakeMyTrip’s shares from the open market. After converting the bonds to shares and purchase in the open market, Ctrip would effectively own 26.6% of MakeMyTrip’s stock.

– In November 2015, MakeMyTrip launched Value+, a brand of budget hotel rooms, on its website. Value+ will offer rooms starting at Rs 1,000 per night, and was thought out because MakeMyTrip’s customers complained about the quality of services provided by budget hotel aggregators (like Oyo Rooms and Zo Rooms).

Download: Balance sheet and results press release

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