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MakeMyTrip profits plunges 68%, Covid-19 second wave threatens further damage

MakeMyTrip reported a net loss of $9.2 million in the fiscal year ended March 2021, compared to a net loss of $86.5 million in the previous year. In line with the results of other travel ticketing platforms, the Gurgaon-based firm suffered a loss primarily due to the continued impact of the COVID-19 pandemic which led to travel restrictions and nationwide lockdown. The platform's revenues slipped to $163.4 million as of FY21, from $511.5 million as of the end of FY20, the company' financial results said. Overall, the company’s operating loss was $18 million for FY21 versus a loss of $69.9 million for FY20. With the second wave of COVID-19 going on, the company said that it is unsure of the extent of the effects of its effects in terms of the result of operations, cash flows and growth prospects. Business Vertical Results Air ticketing: Revenue from MakeMyTrip's air ticketing business decreased by 67.3% to $57.0 million in the year ended March 31, 2021 from $174.4 million in the year ended March 31, 2020. The decrease in the number of air ticketing flight segments year over year was primarily due to the continued impact of the COVID-19 pandemic, including lower travel demand beginning in March 2020 and travel restrictions and nationwide lockdown orders implemented in India in March 2020 Hotels and Packages: Profits from the hotels and packages business decreased by 71.2% to $68.0 million in the year ended March 31, 2021, from $235.8 million in the year ended March 31,…

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