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MakeMyTrip Limited Announces Strong Fiscal 2011 Third 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 December 31, 2010
  (in USD)
Assets    
Property, plant and equipment  3,748,180  3,764,215
Intangible assets  2,024,059  1,730,244
Trade and other receivables  413,488  468,038
Term deposits  1,295,489  10,306,062
Other non-current assets  124,126  113,234
Total non-current assets  7,605,342  16,381,793
     
Current tax assets  942,543  2,894,374
Trade and other receivables, net  12,036,039  12,818,277
Term deposits  13,175,915  7,199,904
Other current assets  7,532,087  18,345,303
Cash and cash equivalents  9,341,526  49,868,906
Total current assets  43,028,110  91,126,764
Total assets  50,633,452  107,508,557
     
Equity (Deficit)    
Share capital  8,767  17,450
Share premium  11,356,522  110,733,264
Accumulated deficit  (42,510,416)  (41,722,219)
Share based payment reserve  7,061,910  4,570,860
Foreign currency translation reserve  (872,218)  (1,103,989)
Total equity (deficit) attributable to equity holders of the Company  (24,955,435)  72,495,366
Non-controlling interest  4,390  -- 
Total equity (deficit)  (24,951,045)  72,495,366
     
Liabilities    
Loans and borrowings  132,103  150,126
Employee benefits  437,444  552,144
Deferred income  1,852,679  1,040,523
Derivatives  48,382  -- 
Other non-current liabilities  447,295  485,153
Total non-current liabilities  2,917,903  2,227,946
     
Bank overdraft  3,996,066  4,663,114
Loans and borrowings  40,834,795  60,031
Trade and other payables  26,467,047  26,524,609
Deferred income  814,516  823,306
Other current liabilities  554,170  714,185
Total current liabilities  72,666,594  32,785,245
Total liabilities  75,584,497  35,013,191
Total equity and liabilities  50,633,452  107,508,557
 
 
MAKEMYTRIP LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
         
  For the three months ended December 31 For the nine months ended December 31
  2009 2010 2009 2010
  (in USD)
Revenue        
Air ticketing  8,380,028  13,486,354  23,535,528  33,756,539
Hotels and packages  14,114,980  21,461,034  38,056,930  57,704,099
Other revenue  350,956  845,483  844,964  1,883,465
Total revenue  22,845,964  35,792,871  62,437,422  93,344,103
         
Service cost        
Procurement cost of hotel and packages services  11,808,345  18,511,481  32,025,742  49,335,663
Purchase of air tickets coupon   183,938  --   955,442  -- 
Personnel expenses  2,436,237  3,862,173  13,630,287  10,675,218
Other operating expenses  7,360,307  11,479,613  19,471,908  28,906,238
Depreciation and amortization  402,304  496,318  1,149,721  1,399,133
Result from operating activities  654,833  1,443,286  (4,795,678)  3,027,851
         
Finance income  524,792  373,990  1,504,221  1,077,414
Finance costs  544,815  190,372  1,636,971  2,962,619
Net finance income (costs)  (20,023)  183,618  (132,750)  (1,885,205)
         
Profit (Loss) before tax  634,810  1,626,904  (4,928,428)  1,142,646
Income tax benefit (expense)  547  1,209  (2,838)  -- 
Profit (Loss) for the period  635,357  1,628,113  (4,931,266)  1,142,646
         
Other comprehensive income (loss)        
Foreign currency translation differences on foreign operations  396,663  (341,406)  1,151,027  (231,830)
Defined benefit plan actuarial losses  --   --   --   (33,640)
Other comprehensive income (loss) for the period, net of tax  396,663  (341,406)  1,151,027  (265,470)
Total comprehensive income (loss) for the period  1,032,020  1,286,707  (3,780,239)  877,176
         
Profit (Loss) attributable to:        
Owners of the Company  635,233  1,626,263  (4,930,677)  1,140,426
Non-controlling interest  124  1,850  (589)  2,220
Profit (Loss) for the period  635,357  1,628,113  (4,931,266)  1,142,646
         
Total comprehensive income (loss) attributable to:        
Owners of the Company  1,031,828  1,284,936  (3,779,848)  875,021
Non-controlling interest  192  1,771  (391)  2,155
Total comprehensive income (loss) for the period  1,032,020  1,286,707  (3,780,239)  877,176
         
Earnings (Loss) per share        
Basic  0.04  0.05  (0.28)  0.04
Diluted  0.02  0.04  (0.28)  0.04
         
Weighted average number of shares        
Basic  17,542,120  34,869,630  17,514,240  26,137,581
Diluted  31,598,040  36,502,278  17,514,240  27,771,648
 
 
MAKEMYTRIP LIMITED
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                 
  Attributable to equity holders of the Company    
  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  --   --   1,140,426  --   --   1,140,426  2,220  1,142,646
                 
Other comprehensive income (loss)                
Foreign currency translation differences  --   --   --   --   (231,771)  (231,771)  (59)  (231,830)
Defined benefit plan actuarial gains (losses), net of tax  --   --   (33,634)  --   --   (33,634)  (6)  (33,640)
Total other comprehensive income (loss)  --   --   (33,634)  --   (231,771)  (265,405)  (65)  (265,470)
Total comprehensive income (loss) for the period  --   --   1,106,792  --   (231,771)  875,021  2,155  877,176
                 
Transactions with owners, recorded directly in equity Contributions by owners                
Share-based payment  --   --   --   450,316  --   450,316  --   450,316
Issue of ordinary shares on exercise of share options  444  4,157,554  --   (2,941,366)  --   1,216,632  --   1,216,632
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  8,683  99,376,742  --   (2,491,050)  --   96,894,375  --   96,894,375
                 
Changes in ownership interests in subsidiaries that do not result in a loss of control                
Acquisition on non-controlling interest  --   --   (318,595)  --   --   (318,595)  (6,545)  (325,140)
Total changes in ownership interest in subsidiaries  --   --   (318,595)  --   --   (318,595)  (6,545)  (325,140)
Total transactions with owners  8,683  99,376,742  (318,595)  (2,491,050)  --   96,575,780  (6,545)  96,569,235
Balance as at December 31, 2010  17,450  110,733,264  (41,722,219)  4,570,860  (1,103,989)  72,495,366  --   72,495,366
 
 
MAKEMYTRIP LIMITED
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
     
  For the nine months ended December 31
  2009 2010
  (in USD)
Profit (loss) for the period  (4,931,266)  1,142,646
Adjustments for Non Cash Items  7,935,846  3,774,390
Change in working capital   3,963,795  (14,913,417)
Net cash from (used in) operating activities  6,968,373  (9,996,380)
Net cash from (used in) investing activities  3,784,500  (2,204,721)
Net cash from (used in) financing activities  (119,648)  52,481,221
Increase (Decrease) in cash and cash equivalents  10,633,224  40,280,120
Cash and cash equivalents at beginning of the period  (2,442,385)  5,345,460
Effect of exchange rate fluctuations on cash held  (570,312)  (419,788)
Cash and cash equivalents at end of the period  7,620,527  45,205,792
 
 
MAKEMYTRIP LIMITED
                 
RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES
                 
  Three months ended December 31
  Air ticketing Hotels and packages Others Total
  2009 2010 2009 2010 2009 2010 2009 2010
                 
Revenue  8,380,028  13,486,354  14,114,980  21,461,034  350,956  845,483  22,845,964  35,792,871
                 
Less:                
Service cost  183,938  --   11,808,345  18,511,481  --   --   11,992,283  18,511,481
Revenue less service cost  8,196,090  13,486,354  2,306,635  2,949,553  350,956  845,483  10,853,681  17,281,390
                 
                 
  Nine months ended December 31
  Air ticketing Hotels and packages Others Total
  2009 2010 2009 2010 2009 2010 2009 2010
                 
Revenue  23,535,528  33,756,539  38,056,930  57,704,099  844,964  1,883,465  62,437,422  93,344,103
                 
Less:                
Service cost  955,442  --   32,025,742  49,335,663  --   --   32,981,184  49,335,663
Revenue less service cost  22,580,086  33,756,539  6,031,188  8,368,436  844,964  1,883,465  29,456,238  44,008,440
     
     
Reconciliation of Adjusted Operating Profit (Loss) For the three months ended December 31 For the nine months ended December 31
(Unaudited) 2009 2010 2009 2010
  (in USD)
Result from operating activities as per IFRS  654,833  1,443,286  (4,795,678)  3,027,851
Add: Employee share-based compensation costs  18,063  143,256  6,624,336  450,316
Adjusted Operating Profit (Loss)  672,896  1,586,542  1,828,658  3,478,167
         
         
Reconciliation of Adjusted Net Income (Loss) For the three months ended December 31 For the nine months ended December 31
(Unaudited) 2009 2010 2009 2010
  (in USD)
Income (Loss) for the period as per IFRS  635,357  1,628,113  (4,931,266)  1,142,646
Add: Employee share-based compensation costs  18,063  143,256  6,624,336  450,316
Add: IPO cost related to listing of existing shares  --   --   --   2,086,583
Less: Gain on change in fair market value of derivatives  (166,862)  --   (243,558)  (48,382)
Add: Interest accretion on preference stock  277,036  --   819,923  426,291
Adjusted Net Income (Loss)  763,594  1,771,369  2,269,435  4,057,454
         
Adjusted Earning (Loss) per share        
Diluted 0.02 0.05 0.07 0.15
 
 
MAKEMYTRIP LIMITED
         
OPERATING DATA        
  For the three months ended December 31 For the nine months ended December 31
  2009 2010 2009 2010
  (in thousands, except percentages)
Number of transactions        
Air ticketing  477.3  759.2 1288.5  1,970.6
Hotels and packages  33.3  50.7 81.6  124.7
         
Revenue less service cost:        
Air ticketing  8,196.1  13,486.4  22,580.1  33,756.5
Hotels and packages  2,306.6  2,949.6  6,031.2  8,368.4
Other revenue  351.0  845.5  845.0  1,883.5
   10,853.7  17,281.4  29,456.3  44,008.4
Gross Bookings        
Air ticketing  106,964.9  183,390.3  290,713.1  468,483.5
Hotels and packages  16,440.8  27,214.8  43,152.0  72,753.6
   123,405.7  210,605.1  333,865.1  541,237.1
Net revenue margins        
Air ticketing 7.7% 7.4% 7.8% 7.2%
Hotels and packages 14.0% 10.8% 14.0% 11.5%
Combines net revenue margin for air ticketing and hotels and packages 8.5% 7.8% 8.6% 7.8%

MMYT-g

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

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Stock quotes in this article: MMYT 

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