Online travel agent MakeMyTrip (MMT) has reported a net loss of $47 million for the quarter ended September 30, 2018 (Q2FY19). This was narrowed down by 32% from a net loss of $62.3 million in the same quarter last year. MMT’s personnel expenses decreased by 1% at $28.7 million in the quarter, from $29 million in the same quarter last year.

Total revenue stood at $103.6 million.

Starting this financial year, MMT began reporting accounts following a new standard – IFRS. Under this method, promotional and marketing expenses are not recorded as a separate expense, but deducted from the revenue. Therefore, this year’s revenue may not be comparable to the period before the standard came into place. The marketing and sales promotion expenses for the quarter was $45 million, down by 61% YoY from $116 million in the same quarter last year.

Hotel and packages revenue

Hotels and packages continued to be the majority contributor to MakeMyTrip’s revenue, but there was a fall in revenues this quarter – they stood at $45 million, down 54% from $98 million in the corresponding quarter last year. Gross bookings increased marginally 0.5% to $350 million in this quarter from $342 million in Q2 FY18.

The company did not share the number of transactions this quarter. In the quarter ended March 31, 2018, the total number of transactions stood at 2.85 million.

Air ticketing revenue

Revenue from the air ticketing business increased by 19% to $56.5 million in Q2FY19 from $47 million in Q2FY19. Gross bookings for air ticketing stood at $85 million up 14% from $79 million in the same quarter last year. The company did not share the number of transactions this quarter. Last quarter, the total number of transactions stood at 4.2 million.

Bus ticketing revenue

Bus ticketing revenue stood at $12 million for the quarter ended September 30, 2018, up from $9 million same quarter last year. Gross bookings for bus ticketing stood at 144 million.

MakeMkyTrip did not report its “Other” revenues this quarter, see the last quarter’s other revenues here.

Download: Financials