MakeMyTrip announced its unaudited financial and operating results for its fiscal quarter ended September 30, 2016.
Financial Highlights for Fiscal 2017 Second Quarter
* Transactions for MMT India Standalone Hotels booked Online increased by 292.7% YoY in 2Q17 and MMT India Standalone Hotels booked on Mobile increased by 453.6% YoY in 2Q17. Our MMT India Standalone online hotels business represented over 93% of all Hotels and packages transactions.
* Transactions for Hotels and packages increased by 172.7% YoY in 2Q17.
* Gross Bookings reached USD 493.5 million in 2Q17, representing a YoY increase of 16.9%. Gross bookings for Hotels and packages increased by 30.6% in 2Q17.
* Revenue increased by 30.2% YoY in 2Q17.
* Revenue for Hotel and packages increased by 30.1% YoY in 2Q17.
“We continued to make great progress in moving the hotels market online in India, as demonstrated by the strong mobile hotels transactions growth in the fiscal second quarter.” said Deep Kalra, Group Chairman and Group CEO. “We believe the potential consolidation with the ibibo Group, which was just announced, will enable us to further penetrate the largely offline hotels market and offer Indian travelers even greater value across all modes of transport and across a wide range of accommodations experiences.
Fiscal 2017 Second Quarter Financial Results
Revenue. We generated revenue of USD 83.1 million in the quarter ended September 30, 2016, an increase of 26.9% (an increase of 30.2% in constant currency) over revenue of USD 65.5 million in the quarter ended September 30, 2015.
Air Ticketing. Revenue from our air ticketing business increased by 27.4% (31.3% in constant currency) to USD 23.6 million in the quarter ended September 30, 2016 from USD 18.5 million in the quarter ended September 30, 2015.
Hotels and Packages. Revenue from our hotels and packages business increased by 27.0% (30.1% in constant currency) to USD 57.6 million in the quarter ended September 30, 2016, from USD 45.4 million in the quarter ended September 30, 2015.
Other Revenue. Our other revenue increased to USD 1.9 million in the quarter ended September 30, 2016 from USD 1.6 million in the quarter ended September 30, 2015, primarily due to an increase in facilitation fees on travel insurance.
Profit (Loss) for the period. As a result of the foregoing factors, our loss for the quarter ended September 30, 2016 was USD 39.4 million as compared to a loss of USD 12.2 million in the quarter ended September 30, 2015.
Fiscal Year 2016-17 Business Outlook
At this time, we will not be sharing a consolidated view of our net revenue growth outlook, since the proposed transaction with the ibibo Group has not been completed. Please note that our prior guidance is no longer relevant and we expect to resume providing guidance after the proposed transaction with the ibibo Group is completed.
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