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MakeMyTrip Limited Announces Strong Fiscal 2011 Second Quarter Results

About MakeMyTrip Limited and MakeMyTrip.com

MakeMyTrip Limited is the parent company of MakeMyTrip (India) Private Limited, India's largest online travel company and MakeMyTrip.com Inc. The company's services and products include air tickets, customized holiday packages, hotel bookings, railway tickets, bus tickets, car hire and facilitating access to travel insurance. Through its primary website, www.makemytrip.com, and other technology-enhanced platforms, the company provides access to all major domestic full-service and low-cost airlines operating in India, all major airlines operating to and from India, over 4,000 hotels in India and a wide selection of hotels outside India, Indian Railways and several major Indian bus operators.

 
MAKEMYTRIP LIMITED UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
     
 

As at March 31, 2010

As at September 30, 2010

(in USD)
Assets
Property, plant and equipment 3,748,180 3,870,429
Intangible assets 2,024,059 1,690,566
Trade and other receivables 413,488 464,064
Term deposits 1,295,489 1,517,576
Other non-current assets 124,126 115,505
Total non-current assets 7,605,342 7,658,140
 
Current tax assets 942,543 1,942,796
Trade and other receivables, net 12,036,039 13,679,800
Term deposits 13,175,915 14,800,805
Other current assets 7,532,087 10,814,327
Cash and cash equivalents 9,341,526 65,202,986
Total current assets 43,028,110 106,440,714
Total assets 50,633,452 114,098,854
 
Equity (Deficit)
Share capital 8,767 17,417
Share premium 11,356,522 110,381,639
Accumulated deficit (42,510,416 ) (43,029,888 )
Share based payment reserve 7,061,910 4,712,101
Foreign currency translation reserve (872,218 ) (762,661 )
Total equity (deficit) attributable to equity holders of the Company (24,955,435 ) 71,318,608
Non-controlling interest 4,390 4,774
Total equity (deficit) (24,951,045 ) 71,323,382
 
Liabilities
Loans and borrowings 132,103 175,173
Employee benefits 437,444 515,768
Deferred income 1,852,679 1,418,964
Derivatives 48,382 --
Other non-current liabilities 447,295 490,239
Total non-current liabilities 2,917,903 2,600,144
 
Bank overdraft 3,996,066 8,222,523
Loans and borrowings 40,834,795 64,106
Trade and other payables 26,467,047 29,869,233
Deferred income 814,516 905,687
Other current liabilities 554,170 1,113,779
Total current liabilities 72,666,594 40,175,328
Total liabilities 75,584,497 42,775,472
Total equity and liabilities 50,633,452 114,098,854
 

 

       
MAKEMYTRIP LIMITED UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 
For the three months ended September 30 For the six months ended September 30
2009 2010 2009 2010
(in USD)
Revenue
Air ticketing 7,338,839 10,280,659 15,155,500 20,270,185
Hotels and packages 9,383,824 13,020,721 23,941,950 36,243,065
Other revenue 241,783 527,069 494,008 1,037,982
Total revenue 16,964,446 23,828,449 39,591,458 57,551,232
 
Service cost
Procurement cost of hotel and packages services 7,856,997 10,960,564 20,217,398 30,824,182
Purchase of air tickets coupon 12,023 -- 771,503 --
Personnel expenses 2,419,140 3,357,443 11,194,050 6,813,045
Other operating expenses 6,115,025 8,731,378 12,111,601 17,426,625
Depreciation and amortization 382,896 453,815 747,417 902,815
Result from operating activities 178,365 325,249 (5,450,511 ) 1,584,565
 
Finance income 396,035 357,497 979,429 726,718
Finance costs 555,300 2,478,408 1,092,156 2,795,541
Net finance costs (159,265 ) (2,120,911 ) (112,727 ) (2,068,823 )
 
Profit (Loss) before tax 19,100 (1,795,662 ) (5,563,238 ) (484,258 )
Income tax expense -- -- (3,385 ) (1,209 )
Profit (Loss) for the period 19,100 (1,795,662 ) (5,566,623 ) (485,467 )
 
Other comprehensive income (loss)
Foreign currency translation differences on foreign operations 76,306 565,566 754,364 109,576
Defined benefit plan actuarial losses -- (33,640 ) -- (33,640 )
Other comprehensive income (loss) for the period, net of tax 76,306 531,926 754,364 75,936
Total comprehensive income (loss) for the period 95,406 (1,263,736 ) (4,812,259 ) (409,531 )
 
Profit (Loss) attributable to:
Owners of the Company 18,923 (1,795,736 ) (5,565,910 ) (485,837 )
Non-controlling interest 177 74 (713 ) 370
Profit (Loss) for the period 19,100 (1,795,662 ) (5,566,623 ) (485,467 )
 
Total comprehensive income (loss) attributable to:
Owners of the Company 95,235 (1,263,902 ) (4,811,676 ) (409,915 )
Non-controlling interest 171 166 (583 ) 384
Total comprehensive income (loss) for the period 95,406 (1,263,736 ) (4,812,259 ) (409,531 )
 
Earnings (Loss) per share
Basic 0.001 (0.07 ) (0.32 ) (0.02 )
Diluted   0.001     (0.07 )   (0.32 )   (0.02 )
 

MAKEMYTRIP LIMITED UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

               
Attributable to equity holders of the Company
 
(in USD)

Share capital

Share premium

Accumulated deficit

Share based payment reserve

Foreign currency translation reserve

Total

Non-controlling interest

Total equity (deficit)

 
Balance as at April 1, 2010 8,767 11,356,522 (42,510,416 ) 7,061,910 (872,218 ) (24,955,435 ) 4,390 (24,951,045 )
Total comprehensive income (loss) for the period
Profit/ (Loss) for the period -- -- (485,837 ) -- -- (485,837 ) 370 (485,467 )
 
Other comprehensive income (loss)
Foreign currency translation differences -- -- -- -- 109,557 109,557 19 109,576
Defined benefit plan actuarial gains (losses), net of tax -- -- (33,635 ) -- -- (33,635 ) (5 ) (33,640 )
Total other comprehensive income (loss) -- -- (33,635 ) -- 109,557 75,922 14 75,936
Total comprehensive income (loss) for the period -- -- (519,472 ) -- 109,557 (409,915 ) 384 (409,531 )
 
Transactions with owners, recorded directly in equity
Contributions by owners
Share-based payment -- -- -- 307,060 -- 307,060 -- 307,060
Issue of ordinary shares on exercise of share options 411 3,805,929 -- (2,656,869 ) -- 1,149,471 -- 1,149,471

Convertible and redeemable preference shares converted to ordinary shares at initial public offering

6,162 41,179,783 -- -- -- 41,185,945 -- 41,185,945
Issue of ordinary shares through initial public offering, net of issuance costs 2,077 54,039,405 -- -- -- 54,041,482 -- 54,041,482
Total contributions by owners 8,650 99,025,117 -- (2,349,809 ) -- 96,683,958 -- 96,683,958
 
Balance as at September 30, 2010   17,417   110,381,639   (43,029,888 )   4,712,101     (762,661 )   71,318,608     4,774     71,323,382  
 
   
MAKEMYTRIP LIMITED UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
 

For the six months ended September 30

2009 2010
(in USD)
Profit/(loss) for the period (5,566,623 ) (485,467 )
Adjustments for Non Cash Items 7,484,316 3,285,872
Change in working capital 2,563,166 (4,775,488 )
Net cash from (used in) operating activities 4,480,859 (1,975,083 )
Net cash from (used in) investing activities 5,269,350 (525,457 )
Net cash from (used in) financing activities (66,029 ) 54,207,299
Increase (Decrease) in cash and cash equivalents 9,684,180 51,706,759
Cash and cash equivalents at beginning of the period (2,442,385 ) 5,345,460
Effect of exchange rate fluctuations on cash held (435,323 ) (71,756 )
Cash and cash equivalents at end of the period   6,806,472     56,980,463  
 
 

MAKEMYTRIP LIMITED RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES

                     
Three months ended September 30
(in USD) Air ticketing Hotels and packages Others Total
2009 2010 2009 2010 2009 2010 2009 2010
 
Revenue 7,338,839 10,280,659 9,383,824 13,020,721 241,783 527,069 16,964,446 23,828,449
 
Less:
Service cost 12,023 -- 7,856,997 10,960,564 -- -- 7,869,020 10,960,564
Revenue less service cost 7,326,816 10,280,659 1,526,827 2,060,157 241,783 527,069 9,095,426 12,867,885
 
 
Six months ended September 30
Air ticketing Hotels and packages Others Total
2009 2010 2009 2010 2009 2010 2009 2010
 
Revenue 15,155,500 20,270,185 23,941,950 36,243,065 494,008 1,037,982 39,591,458 57,551,232
 
Less:
Service cost 771,503 -- 20,217,398 30,824,182 -- -- 20,988,901 30,824,182
Revenue less service cost   14,383,997   20,270,185     3,724,552   5,418,883     494,008   1,037,982     18,602,557   26,727,050
 
       
 
Reconciliation of Adjusted Operating Profit (Loss)

For the three months ended September 30

For the six months ended September 30

(Unaudited) 2009 2010 2009 2010
(in USD)
Result from operating activities as per IFRS 178,365 325,249 (5,450,511 ) 1,584,565
Add: Employee share-based compensation costs -- 154,109 6,606,273 307,060
Adjusted Operating Profit (Loss) 178,365 479,358 1,155,762 1,891,625
 
 
 
Reconciliation of Adjusted Net Income (Loss)

For the three months ended September 30

For the six months ended September 30

(Unaudited) 2009 2010 2009 2010
(in USD)
Income (Loss) for the period as per IFRS 19,100 (1,795,662 ) (5,566,623 ) (485,467 )
Add: Employee share-based compensation costs -- 154,109 6,606,273 307,060
Add: IPO cost related to listing of existing shares -- 2,086,583 -- 2,086,583
Less: Gain on change in fair market value of derivatives (10,574 ) (11,681 ) (76,696 ) (48,382 )
Add: Interest accretion on preference stock 273,606 145,657 542,887 426,291
Adjusted Net Income (Loss) 282,132 579,006 1,505,841 2,286,085
 
Adjusted Earning (Loss) per share
Basic 0.02 0.02 0.09 0.11
Diluted   0.01     0.02     0.08     0.10  
 
       
MAKEMYTRIP LIMITED OPERATING DATA
 
For the three months ended September 30 For the six months ended September 30
2009 2010 2009 2010
(in thousands, except percentages)
Number of transactions
Air ticketing 460.8 620.9 811.2 1,211.4
Hotels and packages 22.2 31.4 48.3 74.0
 
Revenue less service cost:
Air ticketing 7,326.8 10,280.7 14,384.0 20,270.2
Hotels and packages 1,526.8 2,060.2 3,724.6 5,418.9
Other revenue 241.8 527.1 494.0 1,038.0
9,095.4 12,867.9 18,602.6 26,727.1
Gross Bookings
Air ticketing 94,208.8 138,613.3 183,748.2 285,093.2
Hotels and packages 10,598.3 17,374.7 26,711.2 45,538.8
104,807.1 155,988.0 210,459.4 330,632.0
Net revenue margins
Air ticketing 7.8 % 7.4 % 7.8 % 7.1 %
Hotels and packages 14.4 % 11.9 % 13.9 % 11.9 %
Combines net revenue margin for air ticketing and hotels and packages   8.4 %   7.9 %   8.6 %   7.8 %




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