Online travel agent MakeMyTrip (MMT) has reported a net loss of $51.2 million for the quarter ended June 30, 2018 (Q1 FY19). This was narrowed down from a net loss of $68.4 million in the same quarter last year. The YoY improvement in net loss can be attributed to the vast decline in marketing and sales promotion expenses at $56 million, which are down 137.5% from $133 million in the same quarter last year.

MMT’s personnel expenses also decreased by 9.3% at $27 million in the quarter down from $29.8 million in the same quarter last year.

Total revenue stood at $137.4 million down 28.8% from $193 million in the same quarter last year.

Hotel and packages revenue

  • Hotels and packages continued to be the majority contributor to MakeMyTrips’s revenue, but there was a fall in this segment.
  • Revenue from this segment stood at $76 million, down 43% from $134 million in the corresponding quarter last year.
  • Gross bookings for hotels and packages stood at $424 million up 13.2% from $374.3 million in the same quarter last year.
  • The company did not share its number of transactions this quarter. Last quarter the total number of transactions stood at 2.85 million.

Air ticketing revenue

  • Revenue from the air ticketing business fell by 2.1% to $40.4 million in Q1 FY19 from $41.3 million in Q1 FY18.
  • Gross bookings increased 23.8% to $804.7 million from $649.9 million in Q1 FY18.
  • The company did not share the number of transactions this quarter. Last quarter, the total number of transactions stood at 4.2 million.

Other revenues

Other revenue include redBus, Ryde and Rightstay brands, which MakeMyTrip acquired from ibibo. Other revenue stood at $5.6 million for the quarter, as compared to $3.1 million in Q1 FY18.
Bus ticketing revenue (less service costs) stood at $15 million for the quarter ended June 30, 2018.
Bus tickets with gross bookings stood at $187.5 million.

Download: Financials