UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

For the quarter ended September 30, 2019

Commission File Number 001-34837

 

MAKEMYTRIP LIMITED

(Translation of registrant’s name into English)

 

19th Floor, Building No. 5

DLF Cyber City

Gurugram, India, 122002

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F              Form 40-F  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  

 

 

 

 


 

Other Events

A.

Announcement of Unaudited Financial Results for the Quarter ended September 30, 2019

On November 4, 2019, MakeMyTrip Limited (“MakeMyTrip”) issued an earnings release announcing its unaudited financial results for the fiscal second quarter 2020 (i.e. quarter ended September 30, 2019). A copy of the earnings release dated November 4, 2019 is attached hereto as Exhibit 99.1.

MakeMyTrip is incorporating by reference the information set forth in the body of this Form 6-K and certain information set forth in Exhibit 99.1 (only its unaudited condensed consolidated interim financial statements as of September 30, 2019 and for the three months and six months ended September 30, 2019 and 2018 comprising “Condensed Consolidated Interim Statement Of Financial Position”, “Condensed Consolidated Interim Statement Of Profit Or Loss And Other Comprehensive Income (Loss)”, “Condensed Consolidated Interim Statement Of Changes In Equity”, “Condensed Consolidated Interim Statement Of Cash Flows” and “Reconciliation Of IFRS To Non-IFRS Financial Measures”, and the sections titled, “Other Information — Share Repurchase”, “Fiscal 2020 Second Quarter Financial Results”, “About Non-IFRS Financial Measures” and “Safe Harbor Statement”) into its two automatically effective resale shelf registration statements on Form F-3 (File No. 333-219337) dated July 18, 2017, as amended, and Form F-3 (File No. 333-219342) dated July 19, 2017, as amended.

 


 

Exhibit

99.1

Earnings release of MakeMyTrip Limited dated November 4, 2019.

 

 


 

EXHIBIT INDEX

99.1

Earnings release of MakeMyTrip Limited dated November 4, 2019.

 

 


 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: November 4, 2019

 

MAKEMYTRIP LIMITED

 

 

 

By:

 

/s/ Deep Kalra

Name:

 

Deep Kalra

Title:

 

Group Chairman and Group Chief Executive Officer

 

 

 

mmyt-ex991_6.htm

 

Exhibit 99.1

MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2020 SECOND QUARTER RESULTS

Financial Highlights for Fiscal 2020 Second Quarter

(Year over Year (YoY) growth % are based on constant currency (1); please see table below for YoY growth % on actual basis)

Gross Bookings(5) increased 20.6% YoY in 2Q20 to $1.5 billion.

Revenue for 2Q20 increased 14.2% YoY to $118.0 million and Adjusted Revenue(2) increased 13.6% YoY in 2Q20 to $181.1 million.

Results from Operating Activities was a loss of $31.9 million in 2Q20 versus a loss of $39.8 million in 2Q19.

Adjusted Operating Loss(3) was $19.3 million in 2Q20 versus Adjusted Operating Loss of $25.4 million in 2Q19, an improvement of $6.1 million YoY. Adjusted Operating Loss includes one-time accelerated personnel cost of $2.5 million in 2Q20.

Gurugram, India and New York, November 4, 2019 — MakeMyTrip Limited (NASDAQ: MMYT), India’s leading online travel company, today announced its unaudited financial and operating results for its fiscal second quarter ended September 30, 2019.

“The MakeMyTrip Group continued to expand its bouquet of travel offerings during the seasonally weak fiscal second quarter.” said Deep Kalra, Group Chairman and Group CEO. “We continued to deliver greater value for users and suppliers, sharply optimizing our marketing and sales promotion spend and gaining share, even as we operate under challenging growth conditions.”

 

(in thousands except EPS)

 

3 months Ended

September 30,

2018

 

 

3 months Ended

September 30,

2019

 

 

YoY

Change

 

 

YoY Change

in constant

currency(1)

 

Financial Summary as per IFRS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

103,609

 

 

$

117,957

 

 

 

13.8

%

 

 

14.2

%

Air Ticketing

 

$

41,067

 

 

$

45,992

 

 

 

12.0

%

 

 

12.5

%

Hotels and Packages

 

$

44,860

 

 

$

46,763

 

 

 

4.2

%

 

 

4.3

%

Bus Ticketing

 

$

11,846

 

 

$

14,257

 

 

 

20.4

%

 

 

21.2

%

Others

 

$

5,836

 

 

$

10,945

 

 

 

87.5

%

 

 

88.3

%

Results from Operating Activities

 

$

(39,837

)

 

$

(31,880

)

 

 

 

 

 

 

 

 

Loss for the period

 

$

(46,965

)

 

$

(36,803

)

 

 

 

 

 

 

 

 

Diluted Loss per share

 

$

(0.45

)

 

$

(0.35

)

 

 

 

 

 

 

 

 

Financial Summary as per non-IFRS measures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Revenue(2)

 

$

160,097

 

 

$

181,078

 

 

 

13.1

%

 

 

13.6

%

Air Ticketing

 

$

56,517

 

 

$

65,952

 

 

 

16.7

%

 

 

17.2

%

Hotels and Packages

 

$

85,470

 

 

$

87,070

 

 

 

1.9

%

 

 

2.4

%

Bus Ticketing

 

$

12,120

 

 

$

16,647

 

 

 

37.4

%

 

 

38.3

%

Others

 

$

5,990

 

 

$

11,409

 

 

 

90.5

%

 

 

91.2

%

Adjusted Operating Loss(3)

 

$

(25,374

)

 

$

(19,337

)

 

 

 

 

 

 

 

 

Adjusted Net Loss(4)

 

$

(32,390

)

 

$

(23,611

)

 

 

 

 

 

 

 

 

Adjusted Diluted Loss per share(4)

 

$

(0.31

)

 

$

(0.22

)

 

 

 

 

 

 

 

 

Operating Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Bookings(5)

 

$

1,243,442

 

 

$

1,492,918

 

 

 

20.1

%

 

 

20.6

%

Air Ticketing

 

$

749,092

 

 

$

916,947

 

 

 

22.4

%

 

 

23.0

%

Hotels and Packages

 

$

350,240

 

 

$

383,717

 

 

 

9.6

%

 

 

10.1

%

Bus Ticketing

 

$

144,110

 

 

$

192,254

 

 

 

33.4

%

 

 

34.2

%

Unit Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Ticketing – Flight segments(8)

 

 

10,005

 

 

 

11,161

 

 

 

11.6

%

 

 

 

 

Hotels and Packages – Room nights(7)

 

 

6,706

 

 

 

7,510

 

 

 

12.0

%

 

 

 

 

Standalone Hotels – Online(6) – Room nights(7)

 

 

6,574

 

 

 

7,385

 

 

 

12.3

%

 

 

 

 

Bus Ticketing – Travelled tickets

 

 

13,240

 

 

 

17,682

 

 

 

33.5

%

 

 

 

 

 


Notes:

(1)

Constant currency refers to our financial results assuming constant foreign exchange rates for the current fiscal period based on the reporting for the historical average rate used in the prior year’s comparable fiscal period.

(2)

Represents IFRS revenue after adding back promotion expenses in the nature of customer discount, customer inducement/acquisition costs and loyalty program costs, which are reported as a reduction of revenue, and deducting the cost of acquisition of services primarily relating to sales to customers where the company acts as the principal. IFRS refers to International Financial Reporting Standards as issued by the International Accounting Standards Board.

(3)

Results from operating activities excluding employee share-based compensation costs, amortization of acquisition related intangibles and merger and acquisitions related expenses.

(4)

Profit (Loss) for the period excluding employee share-based compensation costs, amortization of acquisition related intangibles, share of loss (profit) of equity-accounted investees, merger and acquisitions related expenses, net change in value of financial liability in business combination and income tax expense (benefit).

(5)

Represents the total amount paid by our customers for the travel services and products booked through us, including taxes, fees and other charges, net of cancellations, discounts and refunds.

(6)

“Standalone Hotels – Online” refer to Standalone Hotels booked on desktops, laptops, mobiles and other online platforms.

(7)

“Room nights,” also referred to as “hotel-room nights,” is the total number of hotel rooms occupied by a customer or group, multiplied by the number of nights that such customer or group occupies those rooms.

(8)

“Flight segments” means a flight between two cities, whether or not such flight is part of a larger or longer itinerary.

Please see “About Non-IFRS Financial Measures” included within this release to understand the importance of the measures set forth in notes (1) to (8) above. Reconciliations of IFRS financial measures to non-IFRS financial measures, and operating results are included at the end of this release.

Other information

Share Repurchase

On November 6, 2012, our Board of Directors authorized the Company to purchase outstanding ordinary shares, par value $0.0005 per share, of the Company. On January 22, 2016, our Board of Directors authorized the Company to increase the share repurchase plan to an amount aggregating up to $150 million at a price per ordinary share not exceeding $21.50 until November 30, 2021. There were no repurchases pursuant to the share repurchase plan during the fiscal 2020 second quarter. As of September 30, 2019, we had remaining authority to repurchase up to approximately $136.0 million of our outstanding ordinary shares.


Fiscal 2020 Second Quarter Financial Results

Revenue. We generated revenue of $118.0 million in the quarter ended September 30, 2019, an increase of 13.8% (14.2% in constant currency) over revenue of $103.6 million in the quarter ended September 30, 2018. Our Total Adjusted Revenue increased by 13.1% (13.6% in constant currency) to $181.1 million in the quarter ended September 30, 2019 from $160.1 million in the quarter ended September 30, 2018, primarily as a result of a 16.7% (17.2% in constant currency) increase in our Adjusted Revenue - air ticketing, a 1.9% (2.4% in constant currency) increase in our Adjusted Revenue - hotels and packages, a 37.4% (38.3% in constant currency) increase in our Adjusted Revenue - bus ticketing and a 90.5% (91.2% in constant currency) increase in our Adjusted Revenue – others, each as further described below. Adjusted Revenue also includes promotion expenses of $92.7 million in the quarter ended September 30, 2019 and $88.2 million in the quarter ended September 30, 2018, recorded as a reduction of revenue.

For further information on this non-IFRS financial measure, see“— About Non-IFRS Financial Measures” elsewhere in this release.

 

 

 

For the three months ended September 30

 

 

 

 

 

 

 

 

 

 

 

 

Air ticketing

 

 

Hotels and packages

 

 

Bus ticketing

 

 

Others

 

 

Total

 

 

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

 

 

(Amount in USD thousands)

 

 

Revenue as per IFRS

 

 

41,067

 

 

 

45,992

 

 

 

44,860

 

 

 

46,763

 

 

 

11,846

 

 

 

14,257

 

 

 

5,836

 

 

 

10,945

 

 

 

103,609

 

 

 

117,957

 

 

Add: Promotion expenses recorded as a reduction of revenue

 

 

15,450

 

 

 

20,087

 

 

 

70,101

 

 

 

68,241

 

 

 

2,522

 

 

 

3,795

 

 

 

154

 

 

 

529

 

 

 

88,227

 

 

 

92,652

 

 

 

 

 

56,517

 

 

 

66,079

 

 

 

114,961

 

 

 

115,004

 

 

 

14,368

 

 

 

18,052

 

 

 

5,990

 

 

 

11,474

 

 

 

191,836

 

 

 

210,609

 

 

Less: Service cost as per IFRS

 

 

 

 

 

127

 

 

 

29,491

 

 

 

27,934

 

 

 

2,248

 

 

 

1,405

 

 

 

 

(1)

 

65

 

(1)

 

31,739

 

(1)

 

29,531

 

(1)

Adjusted Revenue

 

 

56,517

 

 

 

65,952

 

 

 

85,470

 

 

 

87,070

 

 

 

12,120

 

 

 

16,647

 

 

 

5,990

 

 

 

11,409

 

 

 

160,097

 

 

 

181,078

 

 

 

(1)

Loyalty program costs amounting to $1.2 million have been excluded from service cost (September 30, 2018: $0.7 million) relating to “Others”, and have been included in marketing and sales promotion expenses.

Air Ticketing. Revenue from our air ticketing business increased by 12.0% (12.5% in constant currency) to $46.0 million in the quarter ended September 30, 2019 from $41.1 million in the quarter ended September 30, 2018. Adjusted Revenue from our air ticketing business increased by 16.7% (17.2% in constant currency) to $66.0 million in the quarter ended September 30, 2019, from $56.5 million in the quarter ended September 30, 2018. Adjusted Revenue - air ticketing includes promotion expenses of $20.1 million in the quarter ended September 30, 2019 and $15.5 million in the quarter ended September 30, 2018, recorded as a reduction of revenue. These promotion expenses added back to Adjusted Revenue, with the consequent increase in marketing and sales promotion expenses, is intended to reflect the way we view our ongoing business. Under IFRS, these promotion expenses are required to be recorded as a reduction of revenue. This increase in Adjusted Revenue - air ticketing was due to an increase in gross bookings of 22.4% (23.0% in constant currency) primarily driven by an 11.6% increase in the number of air ticketing flight segments year over year, mainly driven by growth in our outbound air ticketing business. Further, our Adjusted Revenue margin (defined as Adjusted Revenue as a percentage of gross bookings) was 7.2% in the quarter ended September 30, 2019 and 7.5% in the quarter ended September 30, 2018.

Hotels and Packages. Revenue from our hotels and packages business increased by 4.2% (4.3% in constant currency) to $46.8 million in the quarter ended September 30, 2019, from $44.9 million in the quarter ended September 30, 2018. Our Adjusted Revenue – hotels and packages increased by 1.9% (2.4% in constant currency) to $87.1 million in the quarter ended September 30, 2019 from $85.5 million in the quarter ended September 30, 2018. Adjusted Revenue - hotels and packages includes promotion expenses of $68.2 million in the quarter ended September 30, 2019 and $70.1 million in the quarter ended September 30, 2018, recorded as a reduction of revenue. These promotion expenses added back to Adjusted Revenue, with the consequent increase in marketing and sales promotion expenses, is intended to reflect the way we view our ongoing business. Under IFRS, these promotion expenses are required to be recorded as a reduction of revenue. Gross bookings increased by 9.6% (10.1% in constant currency) driven by 12.0% increase in the number of hotels room-nights year over year. Our Adjusted Revenue margin in the quarter ended September 30, 2019 was 22.7%, which was a marginal increase from Adjusted Revenue margin of 22.3% in the quarter ended June 30, 2019, but a decrease from 24.4% in the quarter ended September 30, 2018 mainly due to decrease in margins from our suppliers in line with shift in our pricing strategy in the hotels and packages business.


Bus Ticketing. Revenue from our bus ticketing business increased by 20.4% (21.2% in constant currency) to $14.3 million in the quarter ended September 30, 2019, from $11.8 million in the quarter ended September 30, 2018. Adjusted Revenue from our bus ticketing business increased by 37.4% (38.3% in constant currency) to $16.6 million in the quarter ended September 30, 2019 from $12.1 million in the quarter ended September 30, 2018. Adjusted Revenue - bus ticketing includes promotion expenses of $3.8 million in the quarter ended September 30, 2019 and $2.5 million in the quarter ended September 30, 2018, recorded as a reduction of revenue. These promotion expenses added back to Adjusted Revenue, with the consequent increase in marketing and sales promotion expenses, is intended to reflect the way we view our ongoing business. Under IFRS, these promotion expenses are required to be recorded as a reduction of revenue. Gross bookings increased by 33.4% (34.2 % in constant currency) driven by 33.5% increase in the number of bus tickets travelled year over year, mainly driven by the continued offline to online shift within this travel segment. Our Adjusted Revenue margin increased to 8.7% in the quarter ended September 30, 2019 compared with 8.4% in the quarter ended September 30, 2018.

Other Revenue. Our Other revenue increased by 87.5% (88.3% in constant currency) to $10.9 million in the quarter ended September 30, 2019, from $5.8 million in the quarter ended September 30, 2018. Our Adjusted Revenue - others increased to $11.4 million in the quarter ended September 30, 2019 from $6.0 million in the quarter ended September 30, 2018. This increase was primarily due to an increase in facilitation fees from travel insurance and increase in other ancillary revenue from alliances and affiliate partnerships. Adjusted Revenue - others includes promotion expenses of $0.5 million in the quarter ended September 30, 2019 and $0.2 million in the quarter ended September 30, 2018, recorded as a reduction of revenue. These promotion expenses added back to Adjusted Revenue, with the consequent increase in marketing and sales promotion expenses, is intended to reflect the way we view our ongoing business. Under IFRS, these promotion expenses are required to be recorded as a reduction of revenue.

Personnel Expenses. Personnel expenses increased by 13.3% to $32.6 million in the quarter ended September 30, 2019 from $28.7 million in the quarter ended September 30, 2018. This increase was mainly due to an annual increase in wages in fiscal year 2020 and was partially offset by the favorable impact of foreign currency translation due to the depreciation of the Indian Rupee against the U.S. dollar in the quarter ended September 30, 2019. Excluding employee share-based compensation costs for second quarter of both fiscal years 2020 and 2019, and one-time accelerated personnel cost of $2.5 million due to amendment in share purchase agreement related to a prior acquisition in the second quarter of fiscal year 2020, personnel expenses as a percentage of Adjusted Revenue increased by 0.6%.

Marketing and sales promotion expenses. Marketing and sales promotion expenses decreased by 10.5% to $40.1 million in the quarter ended September 30, 2019 from $44.8 million in the quarter ended September 30, 2018 along with favorable impact of foreign currency translation due to the depreciation of the Indian Rupee against the U.S. dollar in the quarter ended September 30, 2019. Including promotion expenses of $93.9 million in the quarter ended September 30, 2019 and $88.9 million in the quarter ended September 30, 2018 recorded as a reduction of revenue as explained above, marketing and sales promotion expenses increased by 0.2% year over year to $134.0 million. Marketing and sales promotion expenses after including promotion expenses explained above, primarily include significant customer inducement/acquisition costs, customer discount and loyalty program costs incurred to accelerate growth in our standalone hotel booking business, and brand advertisement expenses. These expenses, details of which are provided below, totaled $134.0 million (74.0% of Total Adjusted Revenue) in the quarter ended September 30, 2019 as compared to $133.7 million (83.5% of Total Adjusted Revenue) in the quarter ended September 30, 2018. The details of expenses in the nature of marketing and sales promotion is as follows:

 

 

 

For the three months

ended September 30

 

 

 

2018

 

 

2019

 

 

 

(Amounts in USD thousands)

 

Marketing and sales promotion expenses as per IFRS

 

 

44,755

 

 

 

40,054

 

Promotion expenses recorded as a reduction of revenue

 

 

88,227

 

 

 

92,652

 

Certain loyalty program costs related to Others revenue

 

 

714

 

 

 

1,221

 

 

Other Operating Expenses. Other operating expenses increased by 23.0% to $38.1 million in the quarter ended September 30, 2019 from $31.0 million in the quarter ended September 30, 2018, primarily due to an increase in payment gateway charges, website hosting charges and outsourcing fees in line with the growth in our business, partially offset by favorable impact of foreign currency translation due to the depreciation of the Indian Rupee against the U.S. dollar in the quarter ended September 30, 2019.


Depreciation and Amortization. Our depreciation and amortization expenses were $8.5 million in the quarter ended September 30, 2019 post adoption of IFRS 16 on April 1, 2019 wherein depreciation has been recorded on right-of-use assets and interest on lease liabilities instead of rent expense on leasehold properties in the quarter ended September 30, 2019. Depreciation and amortization expense in the quarter ended September 30, 2018 was $6.6 million.

Results from Operating Activities. As a result of the foregoing factors, our results from operating activities were a loss of $31.9 million in the quarter ended September 30, 2019 as compared to a loss of $39.8 million in the quarter ended September 30, 2018. Excluding the effects of our employee share-based compensation costs and amortization of acquisition related intangibles for the second quarter of both fiscal years 2020 and 2019, and merger and acquisitions related expenses in the second quarter of fiscal year 2020, we would have recorded an Adjusted Operating Loss of $19.3 million in the quarter ended September 30, 2019 which includes one-time accelerated personnel cost of $2.5 million described above, as compared with Adjusted Operating Loss of $25.4 million in the quarter ended September 30, 2018. For a description of the components and calculation of “Adjusted Operating Profit (Loss)” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Results from operating activities”, see “— Certain Non-IFRS Measures” elsewhere in this release.

Net Finance Cost. Our net finance cost was $4.7 million in the quarter ended September 30, 2019 as compared to a net finance cost of $7.0 million in the quarter ended September 30, 2018, primarily due to the lower net foreign exchange loss in quarter ended September 30, 2019, partially offset by interest on lease liabilities instead of rent expense on leasehold properties in the quarter ended September 30, 2019 post adoption of IFRS 16 on April 1, 2019.

Loss for the period. As a result of the foregoing factors, our loss for the quarter ended September 30, 2019 was $36.8 million as compared to a loss of $47.0 million in the quarter ended September 30, 2018. Excluding the effects of employee share-based compensation costs, amortization of acquisition related intangibles, share of loss (profit) of equity-accounted investees and income tax expense (benefit) for the second quarter of both fiscal years 2020 and 2019, and merger and acquisitions related expenses and net change in value of financial liability in business combination in the second quarter of fiscal year 2020, we would have recorded an Adjusted Net Loss of $23.6 million in the quarter ended September 30, 2019 which includes one-time accelerated personnel cost of $2.5 million described above, as compared to Adjusted Net Loss of $32.4 million in the quarter ended September 30, 2018. For a description of the components and calculation of “Adjusted Net Profit (Loss)” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Loss for the period”, see “— Certain Non-IFRS Measures” elsewhere in this release.

Diluted Loss per share. Diluted loss per share was $0.35 for the quarter ended September 30, 2019 as compared to diluted loss per share of $0.45 in the quarter ended September 30, 2018. After adjusting for employee share-based compensation costs, amortization of acquisition related intangibles, share of loss (profit) of equity accounted investees and income tax expense (benefit) for the second quarter of both fiscal years 2020 and 2019, and merger and acquisitions related expenses, and net change in value of financial liability in business combination in the second quarter of fiscal year 2020, Adjusted Diluted Loss per share would have been $0.22 in the quarter ended September 30, 2019 which includes one-time accelerated personnel cost of $2.5 million described above, as compared to compared to Adjusted Diluted Loss per share of $0.31 in the quarter ended September 30, 2018. For a description of the components and calculation of “Adjusted Diluted Earnings (Loss) per Share” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “diluted earnings (loss) per share”, see “— Certain Non-IFRS Measures” elsewhere in this release.

Liquidity. As at September 30, 2019, the balance of cash and cash equivalents (net of bank overdraft) and term deposits on our balance sheet was $249.3 million.

Conference Call

MakeMyTrip will host a conference call to discuss the Company’s results for the quarter ended September 30, 2019 beginning at 7:30 AM EST on November 4, 2019. To participate, please dial + 1-(844)-883-3862 from within the U.S. or +1-(574)-990-9829 from any other country. Thereafter, callers will be prompted to enter the participant passcode 8037617. A live webcast of the conference call will also be available through the “Investor Relations” section of the Company’s website at http://investors.makemytrip.com.

A telephonic replay of the conference call will be available for one week by dialing +1-(855)-859-2056 and using passcode 8037617. A one month replay of the live webcast will also be available at “Investor Relations” section of the Company’s website at http://investors.makemytrip.com, shortly following the conclusion of the call.


About Non-IFRS Financial Measures

The Company’s revenues are recognized on a “net” basis when we are acting as an agent, and on a “gross” basis when it is the principal. Income from packages, including income on airline tickets sold to customers as a part of tours and packages is accounted for on a gross basis as the Company controls the services before such services are transferred to the traveler. Revenue from the packages business which is accounted for on a “gross” basis represents the total amount paid by customers for these travel services and products, while the cost of procuring the relevant services and products for sale to customers in this business is classified as service cost. The Company evaluates its financial performance based on Adjusted Revenue, which is a non-IFRS financial measure calculated as revenue after adding back promotion expenses in the nature of customer discount, customer inducement/acquisition cost and loyalty program costs, which are reported as a reduction of revenue, and deducting the cost of acquisition of services primarily relating to sales to customers where the Company acts as the principal, as it believes that Adjusted Revenue reflects the value addition of the travel services that it provides to customers in its packages business where it is the principal and is similar to the revenue on a “net” basis for its air ticketing, hotels and bus ticketing business where it acts as an agent. The presentation of this non-IFRS information is not meant to be considered in isolation or as a substitute for our consolidated financial results prepared in accordance with IFRS as issued by the IASB. The Company’s Adjusted Revenue may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.

Constant currency results are financial measures that are not in accordance with IFRS, and assume constant currency exchange rates used for translation based on the rates in effect during the comparable period in the prior fiscal year.

The Company believes that Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss), Adjusted Diluted Earnings (Loss) per share and change in constant currency are useful in measuring the results of the Company. The Company believes that its current calculations of Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss), Adjusted Diluted Earnings (Loss) per share and change in constant currency represent a balanced approach to adjusting for the impact of certain discrete, unusual or non-cash items which are useful in measuring the results of the Company and provide investors and analysts a representation of its operating results. The Company believes that investors and analysts in its industry use these non-IFRS measures to compare the Company and its performance to that of its global peers.

The IFRS measures most directly comparable to Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) and Adjusted Diluted Earnings (Loss) per share are results from operating activities, profit (loss) for the period and diluted earnings (loss) per share, respectively. The Company believes that adjustments to these IFRS measures (including employee share-based compensation costs, expenses such as amortization of acquisition related intangibles (including trade name, customer relationship and non-compete), share of loss (profit) of equity-accounted investees, merger and acquisitions related expenses, net change in value of financial liability in business combination and income tax expense (benefit)) provide investors and analysts a representation of the Company’s operating results.

A limitation of using Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) and Adjusted Diluted Earnings (Loss) per share instead of operating profit (loss), profit (loss) and diluted earnings (loss) per share calculated in accordance with IFRS as issued by the IASB is that these non-GAAP financial measures exclude a recurring cost, namely share-based compensation. Management compensates for this limitation by providing specific information on the IFRS amounts excluded from Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) and Adjusted Diluted Earnings (Loss) per share.


Safe Harbor Statement

This release contains certain statements concerning the Company’s future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company’s current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate", "believe", "estimate", "expect", "intend", "will", "project", "seek", "should" and similar expressions. Such statements include, among other things, quotations from management as well as MakeMyTrip’s (MMYT) strategic and operational plans. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the slow-down of economic growth in India and the global economic downturn, general declines or disruptions in the travel industry, volatility in the trading price of MMYT’s shares, MMYT’s reliance on its relationships with travel suppliers and strategic alliances, failure to further increase MMYT’s brand recognition to obtain new business partners and consumers, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in India and overseas, failure to successfully develop MMYT’s corporate travel business, damage to or failure of MMYT's infrastructure and technology, loss of services of MMYT's key executives, and inflation in India and in other countries. These and other factors are more fully discussed in the “Risk Factors” section of MMYT's 20-F dated July 23, 2019, filed with the United States Securities and Exchange Commission. All information provided in this release is provided as of the date of issuance of this release, and MMYT does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About MakeMyTrip Limited

MakeMyTrip Limited is India's leading online travel company. We own and operate well recognized online brands, including MakeMyTrip, goibibo and redbus. Through our primary websites, www.makemytrip.com, www.goibibo.com, www.redbus.in, and mobile platforms, travelers can research, plan and book a wide range of travel services and products in India as well as overseas. Our services and products include air ticketing, hotel and alternative accommodations bookings, holiday planning and packaging, rail ticketing, bus ticketing, car hire and ancillary travel requirements such as facilitating access to third-party travel insurance and visa processing.

We provide our customers with access to all major domestic full-service and low-cost airlines operating in India and all major airlines operating to and from India, over 66,500 domestic accommodation properties in India and more than 500,000 properties outside India, Indian Railways and all major Indian bus operators.

For more details, please contact:

Jonathan Huang

Vice President - Investor Relations

MakeMyTrip Limited

+1 (917) 769-2027

jonathan.huang@go-mmt.com



MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

(UNAUDITED)

(Amounts in USD thousands)

 

 

 

As at

March 31,

2019

 

 

As at

September 30,

2019

 

Assets

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

13,499

 

 

 

39,050

 

Intangible assets and goodwill

 

 

1,068,876

 

 

 

1,062,101

 

Trade and other receivables, net

 

 

2,267

 

 

 

2,553

 

Investment in equity-accounted investees

 

 

5,244

 

 

 

5,643

 

Other investments

 

 

5,662

 

 

 

6,073

 

Term deposits

 

 

139

 

 

 

196

 

Non-current tax assets

 

 

31,681

 

 

 

36,131

 

Other non-current assets

 

 

2,273

 

 

 

211

 

Total non-current assets

 

 

1,129,641

 

 

 

1,151,958

 

Inventories

 

 

606

 

 

 

180

 

Contract assets

 

 

313

 

 

 

2,152

 

Current tax assets

 

 

1,415

 

 

 

29

 

Trade and other receivables, net

 

 

53,195

 

 

 

63,667

 

Term deposits

 

 

133,994

 

 

 

77,761

 

Other current assets

 

 

73,132

 

 

 

78,948

 

Cash and cash equivalents

 

 

177,990

 

 

 

171,852

 

Total current assets

 

 

440,645

 

 

 

394,589

 

Total assets

 

 

1,570,286

 

 

 

1,546,547

 

Equity

 

 

 

 

 

 

 

 

Share capital

 

 

52

 

 

 

52

 

Share premium

 

 

1,977,318

 

 

 

1,979,185

 

Reserves

 

 

634

 

 

 

1,045

 

Accumulated deficit

 

 

(682,054

)

 

 

(779,240

)

Share based payment reserve

 

 

102,427

 

 

 

118,460

 

Foreign currency translation reserve

 

 

(41,202

)

 

 

(56,865

)

Total equity attributable to equity holders of the Company

 

 

1,357,175

 

 

 

1,262,637

 

Non-controlling interests

 

 

193

 

 

 

4,220

 

Total equity

 

 

1,357,368

 

 

 

1,266,857

 

Liabilities

 

 

 

 

 

 

 

 

Loans and borrowings

 

 

474

 

 

 

22,596

 

Employee benefits

 

 

4,789

 

 

 

5,477

 

Contract liabilities

 

 

84

 

 

 

184

 

Deferred tax liabilities, net

 

 

601

 

 

 

2,270

 

Other non-current liabilities

 

 

2,400

 

 

 

15,200

 

Total non-current liabilities

 

 

8,348

 

 

 

45,727

 

Bank overdraft

 

 

 

 

 

465

 

Loans and borrowings

 

 

233

 

 

 

3,684

 

Trade and other payables

 

 

110,970

 

 

 

108,167

 

Contract liabilities

 

 

70,251

 

 

 

92,085

 

Other current liabilities

 

 

23,116

 

 

 

29,562

 

Total current liabilities

 

 

204,570

 

 

 

233,963

 

Total liabilities

 

 

212,918

 

 

 

279,690

 

Total equity and liabilities

 

 

1,570,286

 

 

 

1,546,547

 

 


MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

(Amounts in USD thousands, except per share data and share count)

 

 

For the three months ended

September 30

 

 

For the six months ended

September 30

 

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air ticketing

 

 

41,067

 

 

 

45,992

 

 

 

81,515

 

 

 

90,605

 

Hotels and packages

 

 

44,860

 

 

 

46,763

 

 

 

121,138

 

 

 

115,287

 

Bus ticketing

 

 

11,846

 

 

 

14,257

 

 

 

26,927

 

 

 

32,578

 

Other revenue

 

 

5,836

 

 

 

10,945

 

 

 

11,439

 

 

 

21,224

 

Total revenue

 

 

103,609

 

 

 

117,957

 

 

 

241,019

 

 

 

259,694

 

Other  income

 

 

78

 

 

 

152

 

 

 

78

 

 

 

187

 

Service cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Procurement cost of hotels and packages services

 

 

29,491

 

 

 

27,934

 

 

 

86,752

 

 

 

74,057

 

Other cost of providing services

 

 

2,962

 

 

 

2,818

 

 

 

6,065

 

 

 

6,247

 

Personnel expenses

 

 

28,745

 

 

 

32,564

 

 

 

55,706

 

 

 

63,721

 

Marketing and sales promotion expenses

 

 

44,755

 

 

 

40,054

 

 

 

100,684

 

 

 

94,580

 

Other operating expenses

 

 

30,961

 

 

 

38,072

 

 

 

63,942

 

 

 

79,335

 

Depreciation and amortization

 

 

6,610

 

 

 

8,547

 

 

 

13,328

 

 

 

16,719

 

Result from operating activities

 

 

(39,837

)

 

 

(31,880

)

 

 

(85,380

)

 

 

(74,778

)

Finance income

 

 

1,047

 

 

 

827

 

 

 

2,483

 

 

 

2,162

 

Finance costs

 

 

8,063

 

 

 

5,493

 

 

 

14,866

 

 

 

6,619

 

Net finance income (costs)

 

 

(7,016

)

 

 

(4,666

)

 

 

(12,383

)

 

 

(4,457

)

Share of profit (loss) of equity-accounted investees

 

 

(142

)

 

 

(51

)

 

 

(428

)

 

 

14

 

Loss before tax

 

 

(46,995

)

 

 

(36,597

)

 

 

(98,191

)

 

 

(79,221

)

Income tax benefit (expense)

 

 

30

 

 

 

(206

)

 

 

(5

)

 

 

(174

)

Loss for the period

 

 

(46,965

)

 

 

(36,803

)

 

 

(98,196

)

 

 

(79,395

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Items that will not be reclassified to profit or loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Remeasurement of defined benefit liability

 

 

(258

)

 

 

(119

)

 

 

(258

)

 

 

(119

)

Equity instruments at FVOCI - net change in fair value

 

 

(342

)

 

 

330

 

 

 

(556

)

 

 

411

 

 

 

 

(600

)

 

 

211

 

 

 

(814

)

 

 

292

 

Items that are or may be reclassified subsequently to profit or loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation differences on foreign operations

 

 

(59,024

)

 

 

(22,840

)

 

 

(114,591

)

 

 

(15,705

)

Other comprehensive income (loss) for the period, net of tax

 

 

(59,624

)

 

 

(22,629

)

 

 

(115,405

)

 

 

(15,413

)

Total comprehensive loss for the period

 

 

(106,589

)

 

 

(59,432

)

 

 

(213,601

)

 

 

(94,808

)

Profit (Loss) attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owners of the Company

 

 

(46,907

)

 

 

(36,934

)

 

 

(97,994

)

 

 

(79,556

)

Non-controlling interests

 

 

(58

)

 

 

131

 

 

 

(202

)

 

 

161

 

Profit (Loss) for the period

 

 

(46,965

)

 

 

(36,803

)

 

 

(98,196

)

 

 

(79,395

)

Total comprehensive Income (loss) attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owners of the Company

 

 

(106,529

)

 

 

(59,474

)

 

 

(213,389

)

 

 

(94,927

)

Non-controlling interests

 

 

(60

)

 

 

42

 

 

 

(212

)

 

 

119

 

Total comprehensive Income (loss) for the period

 

 

(106,589

)

 

 

(59,432

)

 

 

(213,601

)

 

 

(94,808

)

Loss per share (in USD)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

(0.45

)

 

 

(0.35

)

 

 

(0.94

)

 

 

(0.76

)

Diluted

 

 

(0.45

)

 

 

(0.35

)

 

 

(0.94

)

 

 

(0.76

)

Weighted average number of shares (including Class B Shares)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

104,744,071

 

 

 

105,120,107

 

 

 

104,553,980

 

 

 

104,861,074

 

Diluted

 

 

104,744,071

 

 

 

105,120,107

 

 

 

104,553,980

 

 

 

104,861,074

 


MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

(UNAUDITED)

(Amounts in USD thousands)

 

 

Attributable to equity holders of the Company

 

 

 

 

 

 

 

 

 

 

 

Share

Capital

 

 

Share

Premium

 

 

Fair

Value

Reserves

 

 

Accumulated

Deficit

 

 

Share

Based

Payment

Reserve

 

 

Foreign

Currency

Translation

Reserve

 

 

Total

 

 

Non-

Controlling

Interests

 

 

Total

Equity

 

Balance as at April 1, 2019

 

 

52

 

 

 

1,977,318

 

 

 

634

 

 

 

(682,054

)

 

 

102,427

 

 

 

(41,202

)

 

 

1,357,175

 

 

 

193

 

 

 

1,357,368

 

Total comprehensive income (loss) for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profit (loss) for the period

 

 

 

 

 

 

 

 

 

 

 

(79,556

)

 

 

 

 

 

 

 

 

(79,556

)

 

 

161

 

 

 

(79,395

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation differences

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,663

)

 

 

(15,663

)

 

 

(42

)

 

 

(15,705

)

Equity instruments at FVOCI - net change in fair value

 

 

 

 

 

 

 

 

411

 

 

 

 

 

 

 

 

 

 

 

 

411

 

 

 

 

 

 

411

 

Remeasurement of defined benefit (asset) liability

 

 

 

 

 

 

 

 

 

 

 

(119

)

 

 

 

 

 

 

 

 

(119

)

 

 

 

 

 

(119

)

Total other comprehensive income (loss)

 

 

 

 

 

 

 

 

411

 

 

 

(119

)

 

 

 

 

 

(15,663

)

 

 

(15,371

)

 

 

(42

)

 

 

(15,413

)

Total comprehensive income (loss) for the period

 

 

 

 

 

 

 

 

411

 

 

 

(79,675

)

 

 

 

 

 

(15,663

)

 

 

(94,927

)

 

 

119

 

 

 

(94,808

)

Transactions with owners, recorded directly in equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contributions by owners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based payment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,927

 

 

 

 

 

 

17,927

 

 

 

 

 

 

17,927

 

Issue of ordinary shares on exercise of share based awards

 

 

 

 

 

1,867

 

 

 

 

 

 

 

 

 

(1,867

)

 

 

 

 

 

 

 

 

 

 

 

 

Transfer to accumulated deficit on expiry of share based awards

 

 

 

 

 

 

 

 

 

 

 

217

 

 

 

(27

)

 

 

 

 

 

190

 

 

 

(190

)

 

 

 

Total contributions by owners

 

 

 

 

 

1,867

 

 

 

 

 

 

217

 

 

 

16,033

 

 

 

 

 

 

18,117

 

 

 

(190

)

 

 

17,927

 

Changes in ownership interests in subsidiaries that do not result in a loss of control

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liability for acquisition of non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

(14,550

)

 

 

 

 

 

 

 

 

(14,550

)

 

 

 

 

 

(14,550

)

Acquisition of non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

(3,178

)

 

 

 

 

 

 

 

 

(3,178

)

 

 

 

 

 

(3,178

)

Acquisition of subsidiary with non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,098

 

 

 

4,098

 

Total changes in ownership interest in subsidiaries

 

 

 

 

 

 

 

 

 

 

 

(17,728

)

 

 

 

 

 

 

 

 

(17,728

)

 

 

4,098

 

 

 

(13,630

)

Total transactions with owners

 

 

 

 

 

1,867

 

 

 

 

 

 

(17,511

)

 

 

16,033

 

 

 

 

 

 

389

 

 

 

3,908

 

 

 

4,297

 

Balance as at September 30, 2019

 

 

52

 

 

 

1,979,185

 

 

 

1,045

 

 

 

(779,240

)

 

 

118,460

 

 

 

(56,865

)

 

 

1,262,637

 

 

 

4,220

 

 

 

1,266,857

 

 


MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

(UNAUDITED)

(Amounts in USD thousands)

 

 

For the six months ended

September 30

 

 

 

2018

 

 

2019

 

Loss for the period

 

 

(98,196

)

 

 

(79,395

)

Adjustments for non-cash items

 

 

46,288

 

 

 

39,219

 

Change in working capital

 

 

(12,336

)

 

 

2,798

 

Net cash generated from (used in) operating activities

 

 

(64,244

)

 

 

(37,378

)

Net cash generated from (used in) investing activities

 

 

93,926

 

 

 

38,881

 

Net cash generated from (used in) financing activities

 

 

(155

)

 

 

(7,121

)

Increase (decrease) in cash and cash equivalents

 

 

29,527

 

 

 

(5,618

)

Cash and cash equivalents at beginning of the period

 

 

187,647

 

 

 

177,990

 

Effect of exchange rate fluctuations on cash held

 

 

830

 

 

 

(985

)

Cash and cash equivalents (net of bank overdraft) at end of the period

 

 

218,004

 

 

 

171,387

 

 



MAKEMYTRIP LIMITED

RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES

(Unaudited)

(Amounts in USD thousands, except per share data)

 

Reconciliation of Adjusted Revenue

 

 

 

For the three months ended September 30

 

 

 

 

 

 

 

 

 

 

 

 

Air ticketing

 

 

Hotels and packages

 

 

Bus ticketing

 

 

Others

 

 

Total

 

 

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

 

 

(Amount in USD thousands)

 

 

Revenue as per IFRS

 

 

41,067

 

 

 

45,992

 

 

 

44,860

 

 

 

46,763

 

 

 

11,846

 

 

 

14,257

 

 

 

5,836

 

 

 

10,945

 

 

 

103,609

 

 

 

117,957

 

 

Add: Promotion expenses recorded as a reduction of revenue

 

 

15,450

 

 

 

20,087

 

 

 

70,101

 

 

 

68,241

 

 

 

2,522

 

 

 

3,795

 

 

 

154

 

 

 

529

 

 

 

88,227

 

 

 

92,652

 

 

 

 

 

56,517

 

 

 

66,079

 

 

 

114,961

 

 

 

115,004

 

 

 

14,368

 

 

 

18,052

 

 

 

5,990

 

 

 

11,474

 

 

 

191,836

 

 

 

210,609

 

 

Less: Service cost as per IFRS

 

 

 

 

 

127

 

 

 

29,491

 

 

 

27,934

 

 

 

2,248

 

 

 

1,405

 

 

 

 

(1)

 

65

 

(1)

 

31,739

 

(1)

 

29,531

 

(1)

Adjusted Revenue

 

 

56,517

 

 

 

65,952

 

 

 

85,470

 

 

 

87,070

 

 

 

12,120

 

 

 

16,647

 

 

 

5,990

 

 

 

11,409

 

 

 

160,097

 

 

 

181,078

 

 

 

(1)

Loyalty program costs amounting to $1.2 million have been excluded from service cost for the three months ended September 30, 2019 (September 30, 2018: $0.7 million) relating to “Others”, and have been included in marketing and sales promotion expenses.

 

 

 

For the six months ended September 30

 

 

 

 

 

 

 

 

 

 

 

 

Air ticketing

 

 

Hotels and packages

 

 

Bus ticketing

 

 

Others

 

 

Total

 

 

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

 

 

(Amount in USD thousands)

 

 

Revenue as per IFRS

 

 

81,515

 

 

 

90,605

 

 

 

121,138

 

 

 

115,287

 

 

 

26,927

 

 

 

32,578

 

 

 

11,439

 

 

 

21,224

 

 

 

241,019

 

 

 

259,694

 

 

Add: Promotion expenses recorded as a reduction of revenue

 

 

29,400

 

 

 

40,668

 

 

 

144,923

 

 

 

147,215

 

 

 

5,930

 

 

 

9,054

 

 

 

347

 

 

 

1,042

 

 

 

180,600

 

 

 

197,979

 

 

 

 

 

110,915

 

 

 

131,273

 

 

 

266,061

 

 

 

262,502

 

 

 

32,857

 

 

 

41,632

 

 

 

11,786

 

 

 

22,266

 

 

 

421,619

 

 

 

457,673

 

 

Less: Service cost as per IFRS

 

 

 

 

 

288

 

 

 

86,752

 

 

 

74,057

 

 

 

4,681

 

 

 

3,634

 

 

 

 

(2)

 

117

 

(2)

 

91,433

 

(2)

 

78,096

 

(2)

Adjusted Revenue

 

 

110,915

 

 

 

130,985

 

 

 

179,309

 

 

 

188,445

 

 

 

28,176

 

 

 

37,998

 

 

 

11,786

 

 

 

22,149

 

 

 

330,186

 

 

 

379,577

 

 

 

(2)

Loyalty program costs amounting to $2.2 million have been excluded from service cost for the six months ended September 30, 2019 (September 30, 2018: $1.4 million) relating to “Others”, and have been included in marketing and sales promotion expenses.

 

Reconciliation of Adjusted Operating Profit (Loss)

 

For the three months ended

September 30

 

 

For the six months ended

September 30

 

(Unaudited)

 

2018

 

 

2019

 

 

2018

 

 

2019

 

Results from operating activities as per IFRS

 

 

(39,837

)

 

 

(31,880

)

 

 

(85,380

)

 

 

(74,778

)

Add: Employee share-based compensation costs

 

 

10,950

 

 

 

8,808

 

 

 

20,140

 

 

 

17,910

 

Add: Acquisition related intangibles amortization

 

 

3,513

 

 

 

3,689

 

 

 

7,075

 

 

 

7,416

 

Add: Merger and acquisitions related expenses

 

 

 

 

 

46

 

 

 

 

 

 

936

 

Adjusted Operating Profit (Loss)

 

 

(25,374

)

 

 

(19,337

)

 

 

(58,165

)

 

 

(48,516

)


 

Reconciliation of Adjusted Net Loss

 

For the three months ended

September 30

 

 

For the six months ended

September 30

 

(Unaudited)

 

2018

 

 

2019

 

 

2018

 

 

2019

 

Profit (Loss) for the period as per IFRS

 

 

(46,965

)

 

 

(36,803

)

 

 

(98,196

)

 

 

(79,395

)

Add: Employee share-based compensation costs

 

 

10,950

 

 

 

8,808

 

 

 

20,140

 

 

 

17,910

 

Add: Acquisition related intangibles amortization

 

 

3,513

 

 

 

3,689

 

 

 

7,075

 

 

 

7,416

 

Add: Merger and acquisitions related expenses

 

 

 

 

 

46

 

 

 

 

 

 

936

 

Add (Less): Share of (profit) loss of equity-accounted investees

 

 

142

 

 

 

51

 

 

 

428

 

 

 

(14

)

Add: Net change in value of financial liability in business combination

 

 

 

 

 

392

 

 

 

 

 

 

655

 

Add (Less): Income tax (benefit) expense

 

 

(30

)

 

 

206

 

 

 

5

 

 

 

174

 

Adjusted Net Loss

 

 

(32,390

)

 

 

(23,611

)

 

 

(70,548

)

 

 

(52,318

)

Adjusted Earnings (Loss) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

 

(0.31

)

 

 

(0.22

)

 

 

(0.67

)

 

 

(0.50

)

 

Reconciliation of Adjusted Diluted Earnings (Loss) per Share

 

For the three months

ended September 30

 

 

For the six months

ended September 30

 

(Unaudited)

 

2018

 

 

2019

 

 

2018

 

 

2019

 

Diluted Earnings (Loss) per share for the period as per IFRS

 

 

(0.45

)

 

 

(0.35

)

 

 

(0.94

)

 

 

(0.76

)

Add: Employee share-based compensation costs

 

 

0.11

 

 

 

0.09

 

 

 

0.20

 

 

 

0.17

 

Add: Acquisition related intangibles amortization

 

 

0.03

 

 

 

0.04

 

 

 

0.07

 

 

 

0.07

 

Add: Merger and acquisitions related expenses

 

 

 

 

*

 

 

 

 

 

 

0.01

 

Add (Less): Share of (profit) loss of equity-accounted investees

 

*

 

 

*

 

 

*

 

 

*

 

Add: Net change in value of financial liability in business combination

 

 

 

 

*

 

 

 

 

 

 

0.01

 

Add (Less): Income tax (benefit) expense

 

*

 

 

*

 

 

*

 

 

*

 

Adjusted Diluted Earnings (Loss) per share

 

 

(0.31

)

 

 

(0.22

)

 

 

(0.67

)

 

 

(0.50

)

 

* Less than $0.01.

 

(Unaudited)

 

For the three months ended September 30, 2019

 

 

 

Revenue

 

 

Adjusted Revenue

 

Reported Growth and Constant Currency Growth (YoY)

 

Air

Ticketing

 

 

Hotels and

Packages

 

 

Bus

Ticketing

 

 

Others

 

 

Total

 

 

Air

Ticketing

 

 

Hotels and

Packages

 

 

Bus

Ticketing

 

 

Others

 

 

Total

 

Reported Growth

 

 

12.0

%

 

 

4.2

%

 

 

20.4

%

 

 

87.5

%

 

 

13.8

%

 

 

16.7

%

 

 

1.9

%

 

 

37.4

%

 

 

90.5

%

 

 

13.1

%

Impact of Foreign Currency Translation

 

 

0.5

%

 

 

0.1

%

 

 

0.8

%

 

 

0.8

%

 

 

0.4

%

 

 

0.5

%

 

 

0.5

%

 

 

0.9

%

 

 

0.7

%

 

 

0.5

%

Constant Currency Growth

 

 

12.5

%

 

 

4.3

%

 

 

21.2

%

 

 

88.3

%

 

 

14.2

%

 

 

17.2

%

 

 

2.4

%

 

 

38.3

%

 

 

91.2

%

 

 

13.6

%

 

(Unaudited)

 

For the six months ended September 30, 2019

 

 

 

Revenue

 

 

Adjusted Revenue

 

Reported Growth and Constant Currency Growth (YoY)

 

Air

Ticketing

 

 

Hotels and

Packages

 

 

Bus

Ticketing

 

 

Others

 

 

Total

 

 

Air

Ticketing

 

 

Hotels and

Packages

 

 

Bus

Ticketing

 

 

Others

 

 

Total

 

Reported Growth

 

 

11.2

%

 

 

-4.8

%

 

 

21.0

%

 

 

85.5

%

 

 

7.7

%

 

 

18.1

%

 

 

5.1

%

 

 

34.9

%

 

 

87.9

%

 

 

15.0

%

Impact of Foreign Currency Translation

 

 

2.3

%

 

 

1.5

%

 

 

2.5

%

 

 

3.6

%

 

 

2.0

%

 

 

2.5

%

 

 

2.2

%

 

 

2.8

%

 

 

3.7

%

 

 

2.3

%

Constant Currency Growth

 

 

13.5

%

 

 

-3.3

%

 

 

23.5

%

 

 

89.1

%

 

 

9.7

%

 

 

20.6

%

 

 

7.3

%

 

 

37.7

%

 

 

91.6

%

 

 

17.3

%

 


MAKEMYTRIP LIMITED

SELECTED OPERATING AND FINANCIAL DATA (Unaudited)

 

 

 

For the three months

ended September 30,

 

 

For the six months

ended September 30,

 

 

 

2018

 

 

2019

 

 

2018

 

 

2019

 

 

 

(in thousands, except

percentages)

 

 

(in thousands, except

percentages)

 

Unit Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Ticketing - Flight segments

 

 

10,005

 

 

 

11,161

 

 

 

19,176

 

 

 

21,770

 

Hotels and Packages - Room nights

 

 

6,706

 

 

 

7,510

 

 

 

13,452

 

 

 

15,068

 

Standalone Hotels Online – Room nights

 

 

6,574

 

 

 

7,385

 

 

 

13,068

 

 

 

14,765

 

Bus Ticketing - Travelled tickets

 

 

13,240

 

 

 

17,682

 

 

 

28,134

 

 

 

38,662

 

Adjusted Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Ticketing

 

$

56,517

 

 

$

65,952

 

 

$

110,915

 

 

$

130,985

 

Hotels and Packages

 

 

85,470

 

 

 

87,070

 

 

 

179,309

 

 

 

188,445

 

Bus Ticketing

 

 

12,120

 

 

 

16,647

 

 

 

28,176

 

 

 

37,998

 

Others

 

 

5,990

 

 

 

11,409

 

 

 

11,786

 

 

 

22,149

 

 

 

$

160,097

 

 

$

181,078

 

 

$

330,186

 

 

$

379,577

 

Gross Bookings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Ticketing

 

$

749,092

 

 

$

916,947

 

 

$

1,553,831

 

 

$

1,902,568

 

Hotels and Packages

 

 

350,240

 

 

 

383,717

 

 

 

774,294

 

 

 

838,302

 

Bus Ticketing

 

 

144,110

 

 

 

192,254

 

 

 

331,673

 

 

 

445,641

 

 

 

$

1,243,442

 

 

$

1,492,918

 

 

$

2,659,798

 

 

$

3,186,511

 

Adjusted Revenue Margin

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Ticketing

 

 

7.5

%

 

 

7.2

%

 

 

7.1

%

 

 

6.9

%

Hotels and Packages

 

 

24.4

%

 

 

22.7

%

 

 

23.2

%

 

 

22.5

%

Bus Ticketing

 

 

8.4

%

 

 

8.7

%

 

 

8.5

%

 

 

8.5

%