MakeMyTrip Limited Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended September 30, 2012; Revised Earnings Guidance for the Fiscal Year 2013; Appoints Rajesh Magow and Keyur Joshi as Directors, Effective November 6, 2012
November 06, 2012 at 08:49 am EST
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MakeMyTrip Limited reported unaudited consolidated earnings results for the second quarter and six months ended September 30, 2012. For the quarter, the company reported total revenues of $45,668,819 compared to $43,789,969 a year ago. Negative result from operating activities was $3,023,147 compared to positive result from operating activities of $932,679 a year ago. Loss before tax was $1,689,010 compared to profit before tax was $71,116 a year ago. Loss attributable to the owners of the company was $1,161,470 or $0.03 per basic and diluted share compared to profit attributable to the owners of the company of $121,058 or $0.003 per basic and diluted share a year ago. Adjusted operating profit was $37,779 compared to $2,376,339 a year ago. Adjusted net income was $1,153,576 or $0.03 per adjusted diluted share compared to $1,571,458 or $0.04 per adjusted diluted share a year ago. The high growth of gross bookings was offset by the decline in net revenue margin to 6.5%, down from 7.8% a year ago and resulting net revenue growth was about 5% in constant currency year-over-year.
For the six months period, the company reported total revenues of $109,803,015 compared to $95,837,649 a year ago. Negative result from operating activities was $3,220,980 compared to positive result from operating activities of $2,724,450 a year ago. Loss before tax was $2,671,667 compared to profit before tax was $820,236 a year ago. Loss attributable to the owners of the company was $1,966,749 or $0.02 per basic and diluted share compared to profit attributable to the owners of the company of $877,907 or $0.05 per basic and diluted share a year ago. Net cash generated from operating activities was $9,055,019 compared to net cash used in operating activities of $20,053,663 a year ago. Adjusted operating profit was $2,568,970 compared to $4,062,247 a year ago. Adjusted net income was $2,998,164 or $0.08 per adjusted diluted share compared to $3,127,083 or $0.08 per adjusted diluted share a year ago.
The company has appointed Mr. Rajesh Magow, co-founder and group chief financial and operating officer and Mr. Keyur Joshi, co-founder and group chief commercial officer, as directors of the company effective November 6, 2012.
The company is revising its fiscal year 2013 constant-currency net revenue growth guidance to 13% to 16% or $89 million to $91 million at an exchange rate of INR 54 per $1.
MakeMyTrip Limited is an online travel provider. The Company's segments include Air Ticketing, Hotels and Packages and Bus Ticketing. The Air ticketing segment provides the facility to book domestic and international air tickets through Internet-based platforms. The Hotels and packages segment provides holiday packages and hotel reservations through Internet-based platforms, call centers, and franchise stores. The Bus ticketing segment provides the facility to book domestic and international bus tickets through Internet-based platforms. Through its primary websites, such as www.makemytrip.com, www.goibibo.com, and www.redbus.in, and mobile platforms, travelers can research, plan and book a range of travel services and products in India, as well as overseas. The Company's services and products include air ticketing, hotels and packages, bus tickets, rail tickets, car hire, activities and experiences, and ancillary travel requirements. It also provides an inter-city car rental service.
MakeMyTrip Limited Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended September 30, 2012; Revised Earnings Guidance for the Fiscal Year 2013; Appoints Rajesh Magow and Keyur Joshi as Directors, Effective November 6, 2012