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MakeMyTrip posts net loss of $62.32M as marketing & personnel costs continue to increase

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Online travel agent MakeMyTrip reported a net loss of $62.32 million for the quarter ended September 30, 2017 (Q2 FY18). Losses widened from $39.45 million in the same quarter last year. Profitability was weighed down by the increase in marketing and sales promotion expenses, which stood at $115.9 million, up 139.8% year-on-year (YoY) from $48.4 million in the same quarter last year. In Q1 FY18, marketing and sales promotion expenses were $133.021 million.

Note: 1 USD = 64.6 INR

Personnel expenses increased significantly by 103.7% to $29 million in the quarter from $14.2 million in the same quarter last year. This was “mainly due to the consolidation of the ibibo acquisition, an annual increase in wages in fiscal year 2017 and severance cost related to a prior acquisition,” the company said. In Q1 FY18, personnel expenses stood at $29.8 million.

Total revenue stood at $152.9 million up 84% from $83.1 million in the same quarter last year. The company mentioned that in Q2 FY18, revenue includes certain customer discounts (essentially promotion expenses) to the tune of $19.9 million.

Hotel and packages revenue

Hotels and packages continued to be the majority contributor to MakeMyTrips’s revenue.

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  • Revenue from the segment stood at $98.3 million, up 70.5% from $57.6 million in the corresponding quarter last year.
  • Gross bookings for hotels and packages stood at $342.3 million up 125.7% from $151.67 million in the same quarter last year.
  • The Total number of transactions stood at 3.52 million up 140.7% from 1.46 million in Q1 FY18.

Air ticketing revenue

  • Revenue from the air ticketing business increased by 71.2% to $40.3 million in Q2 FY18 from $23.6 million in Q2 FY17.
  • Gross bookings increased 81.9% to $621.72 million from $341.82 million in Q2 FY17.
  • The number of transactions stood at 3.54 million, up 60.8% from 2.2 million in the same quarter last year.

Other revenues

Other revenue includes redBus, Ryde and Rightstay brands, which MakeMyTrip acquired from ibibio. Other revenue stood at $14.3 million for the quarter, as compared to $1.9 million in Q2 FY17.

  • Bus ticketing revenue (less service costs) stood at $9.6 million for the quarter ended September 30, 2017.
  • This was primarily contributed by ibibo Group consolidation coming from 9.7 million travelled bus tickets.
  • Bus tickets with gross bookings stood at $106.2 million.
  • The increase in other revenue was further aided by growth in facilitation fees on travel insurance.

Download: Financials

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