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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.

The MakeMyTrip Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8203

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 convereted 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%
CONTACT:  MakeMyTrip.com Inc.
          Investor Relations
          Jonathan Huang
          +1 (646) 405-1311
          jonathan.huang@makemytrip.com

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