MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2021 FIRST QUARTER RESULTS

Gurugram, India and New York, August 21, 2020 - MakeMyTrip Limited (NASDAQ: MMYT), India's leading online travel company, today announced its unaudited interim financial and operating results for its fiscal first quarter ended June 30, 2020.

Our results for the 1Q21 have been significantly and negatively impacted by the COVID-19 pandemic and the resulting economic conditions caused the nationwide government imposed lockdown orders. Revenue for all our reportable segments were significantly impacted in 1Q21 by India's nationwide lockdown which began on March 25, 2020 and continued throughout 1Q21 with only some domestic travel and government approved international travel operations commencing since late May 2020. In view of the COVID-19 pandemic and significant erosion of travel demand due to nationwide travel restrictions and lockdown orders, our focus has been on cost reductions and minimizing operating losses. We implemented various cost saving measures in response to market conditions, including compensation cuts, optimizing our IT infrastructure costs and our office costs and various other general and administrative expense, in addition to a significant reduction in other variable costs.

Results from Operating Activities was a loss of $34.6 million in 1Q21 versus a loss of $42.9 million in 1Q20, reflecting an improvement of $8.3 million YoY. Adjusted Operating Loss(1) was $21.3 million in 1Q21 versus a loss of $29.2 million in 1Q20, reflecting an improvement of $7.9 million YoY.

"MakeMyTrip is very well positioned competitively, operationally and financially to begin its business recovery following India's prolonged nationwide lockdown, which was in full effect in April and most of May." said Deep Kalra, Group Executive Chairman. "During the lockdown, we restructured our operating costs, rightsized our staffing needs, further enhanced our online experiences and unified our platforms to drive greater user experiences with greater development efficiencies. Additionally, in order to increase our balance sheet strength, we have secured credit and guarantee facilities of approximately $100 million."

Fiscal 2021 First Quarter Financial Results

Revenue. We generated revenue of $6.4 million in the quarter ended June 30, 2020, a decrease of 95.5% (95.1% in constant currency(2)) over revenue of $141.7 million in the quarter ended June 30, 2019, primarily as a result of a decrease of 91.6% (90.9% in constant currency) in our Revenue - air ticketing, a decrease of 98.4% (98.2% in constant currency) in our Revenue - hotels and packages, a decrease of 98.2% (98.0% in constant currency) in our Revenue - bus ticketing, and a decrease of 88.9% (87.9% in constant currency) in our Revenue - others, each as further described below. The decrease in Revenue was primarily due to the impact of the COVID-19 pandemic (as further discussed herein), including lower travel demand due to travel restrictions and nationwide lockdown orders implemented in India in March 2020.

The table below summarizes our segment profitability in terms of revenue and Adjusted Margin in each segment. For more information, see "Information About Reportable Segments" in our condensed consolidated interim financial statements included elsewhere in this release. Also see "About Key Performance Indicators and Non-IFRS Measures" elsewhere in this release.

For the three months ended June 30

Air ticketing

Hotels and packages

Bus ticketing

Others*

2019

2020

2019

2020

2019

2020

2019

2020

(Amounts in USD thousands)

Revenue as per IFRS

44,613

3,756

68,524

1,121

18,321

338

10,279

1,146

Add: Customer inducement costs

recorded as a reduction of revenue

20,581

309

78,974

332

5,259

12

513

1

Less: Service cost*

161

-

46,123

237

2,229

18

52

*

1

*

Adjusted Margin(3)

65,033

4,065

101,375

1,216

21,351

332

10,740

1,146

__________________

  • Certain loyalty program costs amounting to $0.1 million have been excluded from service cost (three months ended June 30, 2019: $1.0 million) relating to "Others".

Air Ticketing. Revenue from our air ticketing business decreased by 91.6% (90.9% in constant currency) to $3.8 million in the quarter ended June 30, 2020 from $44.6 million in the quarter ended June 30, 2019. Adjusted Margin from our air ticketing business decreased by 93.7% (93.2% in constant currency) to $4.1 million in the quarter ended June 30, 2020, from $65.0 million in the quarter ended June 30, 2019. Adjusted Margin - air ticketing includes customer inducement costs of $0.3 million in the quarter ended June 30, 2020 and $20.6 million in the quarter ended June 30, 2019, recorded as a reduction of revenue. These customer inducement costs added back to Adjusted Margin is intended to reflect the way we view our ongoing business. Under IFRS, these customer inducement costs are required to be recorded as a reduction of revenue. This decrease in Adjusted Margin- air ticketing was due to a decrease in gross bookings of 94.4% (94.0% in constant currency) primarily driven by a 91.7% decrease in the number of air ticketing flight segments year over year, primarily due to the impact of the COVID-19 pandemic, including lower travel demand due to travel restrictions and nationwide lockdown orders implemented in India in March 2020. Further, our Adjusted Margin % (defined as Adjusted Margin as a percentage of gross bookings and previously labeled adjusted net revenue margin) was 7.4% in the quarter ended June 30, 2020 compared to 6.6% in the quarter ended June 30, 2019 and 6.9% in the quarter ended March 31, 2020.

Hotels and Packages. Revenue from our hotels and packages business decreased by 98.4% (98.2% in constant currency) to $1.1 million in the quarter ended June 30, 2020, from $68.5 million in the quarter ended June 30, 2019. Our Adjusted Margin- hotels and packages decreased by 98.8% (98.7% in constant currency) to $1.2 million in the quarter ended June 30, 2020 from $101.4 million in the quarter ended June 30, 2019. Adjusted Margin - hotels and packages includes customer inducement costs of $0.3 million in the quarter ended June 30, 2020 and $79.0 million in the quarter ended June 30, 2019, recorded as a reduction of revenue. These customer inducement costs added back to Adjusted Margin is intended to reflect the way we view our ongoing business. Under IFRS, these customer inducement costs are required to be recorded as a reduction of revenue. Gross bookings decreased by 98.7% (98.6% in constant currency) primarily driven by a 98.2% decrease in the number of hotel-room nights year over year, primarily due to the impact of the COVID-19 pandemic, including lower travel demand due to travel restrictions and nationwide lockdown orders implemented in India in March 2020. Our Adjusted Margin % in the quarter ended June 30, 2020 was 21.3% as compared to 22.3% in the quarter ended June 30, 2019 and 20.6% in the quarter ended March 31, 2020.

Bus Ticketing. Revenue from our bus ticketing business decreased by 98.2% (98.0% in constant currency) to $0.3 million in the quarter ended June 30, 2020, from $18.3 million in the quarter ended June 30, 2019. Adjusted Margin from our bus ticketing business decreased by 98.4% (98.3% in constant currency) to $0.3 million in the quarter ended June 30, 2020 from $21.4 million in the quarter ended June 30, 2019. Adjusted Margin - bus ticketing includes customer inducement costs of

$0.01 million in the quarter ended June 30, 2020 and $5.3 million in the quarter ended June 30, 2019, recorded as a reduction of revenue. These customer inducement costs added back to Adjusted Margin is intended to reflect the way we view our ongoing business. Under IFRS, these customer inducement costs are required to be recorded as a reduction of revenue. Gross bookings decreased by 98.5% (98.3% in constant currency) driven by a 98.0% decrease in the number of bus tickets travelled year over year, primarily due to the impact of the COVID-19 pandemic, including lower travel demand due to travel restrictions and nationwide lockdown orders implemented in India in March 2020. Our Adjusted Margin % was 8.6% in the quarter ended June 30, 2020, as compared to 8.4% in the quarter ended June 30, 2019 and 8.5% in the quarter ended March 31, 2020.

Other Revenue. Other revenue decreased by 88.9% (87.9% in constant currency) to $1.1 million in the quarter ended June 30, 2020, from $10.3 million in the quarter ended June 30, 2019. Our Adjusted Margin - others has decreased to $1.1 million in the quarter ended June 30, 2020 from $10.7 million in the quarter ended June 30, 2019. This was primarily due to lower insurance income, advertisement income and other ancillary revenues in the quarter ended June 30, 2020 due to the impact of the COVID-19 pandemic, including lower travel demand due to travel restrictions and nationwide lockdown orders implemented in India in March 2020. Adjusted Margin - others include customer inducement costs of $0.01 million in the quarter ended June 30, 2020 and $0.5 million in the quarter ended June 30, 2019, recorded as a reduction of revenue. These customer inducement costs added back to Adjusted Margin is intended to reflect the way we view our ongoing business. Under IFRS, these customer inducement costs are required to be recorded as a reduction of revenue.

Other Income. Other income increased to $1.4 million in the quarter ended June 30, 2020, from $0.04 million in the quarter ended June 30, 2019. This was primarily due gain on lease modifications recorded in the quarter ended June 30, 2020.

Personnel Expenses. Personnel expenses decreased by 19.8% to $25.0 million in the quarter ended June 30, 2020 from $31.2 million in the quarter ended June 30, 2019 due to cost saving measures that we have implemented in response to market conditions beginning in April 2020, including compensation cuts of up to 100% of salary for our Group Executive Chairman and Group CEO, approximately 50% salary reductions for the rest of our senior management team, and smaller reductions for the rest of our managerial positions and right sizing our headcount largely in our packages business by shifting to variable cost driven offline sales channels, away from high fixed cost offline channels and optimizing areas where business recovery is expected to be slower. Excluding employee share-based compensation costs for the first quarter of both fiscal years 2021 and 2020, personnel expenses decreased by 31.1%.

Marketing and sales promotion expenses. Marketing and sales promotion expenses decreased by 98.4% to $0.9 million in the quarter ended June 30, 2020 from $54.5 million in the quarter ended June 30, 2019. The decrease in marketing and sales promotion expenses was due to the significant curtailment of these variable costs and cancellation of all discretionary marketing and sales promotion spends such as events and brand building due to the impact of the COVID-19 pandemic. Our marketing expenses primarily include online video and display advertising on websites, television and in print, search engine marketing, referrals from meta-search and travel research websites and other media costs such as public relations and sponsorships.

Additionally, we have incurred customer inducement costs recorded as a reduction of revenue and certain loyalty program costs of $0.7 million in the quarter ended June 30, 2020 and $106.3 million in the quarter ended June 30, 2019. The details are as follows:

For the three months ended

June 30

2019

2020

(Amounts in USD thousands)

Marketing and sales promotion expenses as per IFRS

54,526

884

Customer inducement costs recorded as a reduction of revenue

105,327

654

Certain loyalty program costs related to Others revenue

987

78

Other Operating Expenses. Other operating expenses decreased by 81.5% to $7.6 million in the quarter ended June 30, 2020 from $41.3 million in the quarter ended June 30, 2019, primarily due to a decrease in payment gateway charges and outsourcing fees as a result of less bookings due to lower travel demand and nation-wide lockdown implement in India due to the COVID-19 pandemic. We have also significantly ramped down our outsourced teams at our call centres and various other general and administrative expenses in response to market conditions, which led to a further decrease in our operating expenses in the quarter ended June 30, 2020.

Depreciation and Amortization. Our depreciation and amortization expenses were $8.5 million in the quarter ended June 30, 2020 in comparison to $8.2 million in the quarter ended June 30, 2019.

Results from Operating Activities. As a result of the foregoing factors, our results from operating activities were a loss of $34.6 million in the quarter ended June 30, 2020 as compared to a loss of $42.9 million in the quarter ended June 30, 2019. Excluding the effects of our employee share-based compensation costs and amortization of acquisition related intangibles for the first quarter of both fiscal years 2021 and 2020 and merger and acquisitions related expenses in the first quarter of fiscal year 2020, we would have recorded an Adjusted Operating Loss of $21.3 million in the quarter ended June 30, 2020 as compared with Adjusted Operating Loss of $29.2 million in the quarter ended June 30, 2019. 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 - "About Key Performance Indicators and Non- IFRS Measures" elsewhere in this release.

Net Finance Cost (Income). Our net finance cost was $0.1 million in the quarter ended June 30, 2020 as compared to net finance income of $0.2 million in the quarter ended June 30, 2019, primarily due to the net foreign exchange loss in quarter ended June 30, 2020 mainly as a result of the depreciation of the Indian Rupee against the U.S. dollar as at June 30, 2020 as compared to March 31, 2020.

Loss for the period. As a result of the foregoing factors, our loss for the quarter ended June 30, 2020 was $34.6 million as compared to a loss of $42.6 million in the quarter ended June 30, 2019. Excluding the effects of employee share-based compensation costs, amortization of acquisition related intangibles, share of loss (profit) of equity-accounted investees, net change in value of financial liability in business combination, and income tax expense (benefit) for the first quarter of both fiscal years 2021 and 2020, and merger and acquisitions related expenses in the first quarter of fiscal year 2020, we would have recorded an Adjusted Net Loss of $21.1 million in the quarter ended June 30, 2020, as compared to Adjusted Net Loss of $28.7 million in the quarter ended June 30, 2019. 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 - "About Key Performance Indicators and Non-IFRS Measures" elsewhere in this release.

Diluted Loss per share. Diluted loss per share was $0.32 for the quarter ended June 30, 2020 as compared to diluted loss per share of $0.41 in the quarter ended June 30, 2019. After adjusting for the effects of employee share-based compensation costs, amortization of acquisition related intangibles, share of loss (profit) of equity-accounted investees, net change in value of financial liability in business combination, and income tax expense (benefit) for the first quarter of both fiscal years 2021 and 2020, and merger and acquisitions related expenses in the first quarter of fiscal year 2020, Adjusted Diluted Loss per share would have been $0.20 in the quarter ended June 30, 2020 as compared to Adjusted Diluted Loss per share of $0.27 in the quarter ended June 30, 2019. 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 - "About Key Performance Indicators and Non-IFRS Measures" elsewhere in this release.

Liquidity. As at June 30, 2020, the balance of cash and cash equivalents and term deposits on our balance sheet was $173.8 million. Additionally, in order to increase our balance sheet flexibility and provide a back-up source of liquidity for any contingencies or investment opportunities, we have secured credit and guarantee facilities of approximately $100 million, which includes a $70 million facility from an affiliate of our largest shareholder and the balance from a commercial bank in India.

Notes:

  1. Reconciliations of non-IFRS measures to IFRS financial measures, and operating results are included at the end of this release.
  2. 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.
  3. Adjusted Margin, our segment profitability measure, represents IFRS revenue after adding back customer inducement costs in the nature of customer incentives, customer 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. This metric was previously titled "Adjusted Revenue" in our past public filings in fiscal years 2019 and 2020. For more information, see "About Key Performance Indicators and Non-IFRS Measures"

elsewhere in this release. IFRS refers to International Financial Reporting Standards as issued by the International Accounting Standards Board.

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 2021 first quarter. As of June 30, 2020, we had remaining authority to repurchase up to approximately $136.0 million of our outstanding ordinary shares.

Conference Call

MakeMyTrip will host a conference call to discuss the Company's results for the quarter ended June 30, 2020 beginning at 7:30 AM EDT on August 21, 2020. 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 6165124. 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 6165124. 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 Key Performance Indicators and Non-IFRS Measures

We evaluate our financial performance in each of our reportable segments based on our key performance indicator, Adjusted Margin, a segment profitability measure, which represents IFRS revenue after adding back customer inducement costs in the nature of customer incentives, customer 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. In fiscal year 2019 and 2020, we referred to Adjusted Margin as "Adjusted Revenue". We believe Adjusted Margin is a more accurate representation reflecting the margins in the business. Similarly, in fiscal year 2019 and 2020, we referred to Adjusted Margin % as "Adjusted Revenue Margin". The presentation of these segment profitability measures and key performance indicators 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. Our Adjusted Margin and Adjusted Margin % may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.

As certain parts of our revenues are recognized on a "net" basis when we are acting as an agent, and other parts of our revenue are recognized on a "gross" basis when we are acting as the principal, we evaluate our financial performance in each of our reportable segments based on Adjusted Margin, which is a segment profitability measure, as we believe that Adjusted Margin reflects the value addition of the travel services that we provide to our customers. 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 travelers. 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 our cost of procuring the relevant services and products for sale to our customers in this business is classified as service cost.

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.

We also refer to Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) and Adjusted Diluted Earnings (Loss) per Share which are non-IFRS measures and most directly comparable to results from operating activities, profit (loss) and diluted earnings (loss) per share for the year, respectively, each of which is an IFRS measure. We use financial measures that exclude share-based compensation expense, all merger and acquisitions related expenses, amortization of acquired intangibles, impairment of intangible assets and goodwill, change in financial liability relating to acquisitions, share of loss (profit) of equity-accounted investees, impairment in respect of equity-accounted investees, gain on disposal of an equity- accounted investee, income tax expense (benefit) and provision for litigations for our internal management reporting, budgeting and decision making purposes, including comparing our operating results to that of our competitors. Because of varying available valuation methodologies and subjective assumptions that companies can use when adopting IFRS 2 "Share based payment," management believes that providing non-IFRS measures that exclude such expenses allows investors to make additional comparisons between our operating results and those of other companies. We believe that our current calculations of Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss), Adjusted Margin %, 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 our results and provide useful information to investors and analysts. We believe that investors and analysts use these non-IFRS measures and key performance indicators to compare our company and our performance to that of our global peers. However, the presentation of these non-IFRS measures and key performance indicators are 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. These non-IFRS measures and key performance indicators may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation. 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.

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, a 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 August 17, 2020, filed with the United States Securities and Exchange Commission. COVID-19, and the volatile regional and global economic conditions stemming from it, and additional or unforeseen effects from the COVID-19 pandemic, could also continue to give rise to or aggravate these risk factors, which in turn could continue to materially adversely affect our business, financial condition, liquidity, results of operations (including revenues and profitability) and/or stock price. Further, COVID-19 may also affect our operating and financial results in a manner that is not presently known to us or that we currently do not consider to present significant risks to our operations. 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 77,000 domestic accommodation properties in India and more than 700,000 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) 769-2027jonathan.huang@go-mmt.com

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

(UNAUDITED)

(Amounts in USD thousands)

As at

As at

March 31,

June 30,

2020

2020

Assets

Property, plant and equipment

35,997

28,031

Intangible assets and goodwill

721,990

713,551

Trade and other receivables, net

2,658

1,871

Investment in equity-accounted investees

5,363

5,369

Other investments

3,683

3,910

Term deposits

207

171

Non-current tax assets

34,160

23,091

Other non-current assets

131

124

Total non-current assets

804,189

776,118

Inventories

36

42

Current tax assets

4,447

11,895

Trade and other receivables, net

53,407

31,617

Term deposits

37,823

2,368

Other current assets

53,428

43,424

Cash and cash equivalents

129,881

171,223

Total current assets

279,022

260,569

Total assets

1,083,211

1,036,687

Equity

Share capital

52

52

Share premium

1,985,555

1,986,527

Reserves

(1,345

)

(1,118

)

Accumulated deficit

(1,147,597

)

(1,182,013

)

Share based payment reserve

135,738

147,331

Foreign currency translation reserve

(114,166

)

(118,484

)

Total equity attributable to equity holders of the Company

858,237

832,295

Non-controlling interests

4,055

3,838

Total equity

862,292

836,133

Liabilities

Loans and borrowings#

21,613

15,436

Employee benefits

6,335

6,432

Contract liabilities

1,548

1,219

Deferred tax liabilities, net

1,777

1,632

Other non-current liabilities

9,775

9,892

Total non-current liabilities

41,048

34,611

Loans and borrowings#

3,971

3,277

Trade and other payables

70,747

52,914

Contract liabilities

33,364

52,105

Other current liabilities

40,989

26,847

Provisions

30,800

30,800

Total current liabilities

179,871

165,943

Total liabilities

220,919

200,554

Total equity and liabilities

1,083,211

1,036,687

____________

#Loan and borrowings includes lease liabilities amounting to $17.7 million as at June 30, 2020 (as at March 31, 2020: $24.6 million) on account of adoption of IFRS 16 Leases from April 1, 2019.

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

June 30

2019

2020

Revenue

Air ticketing

44,613

3,756

Hotels and packages

68,524

1,121

Bus ticketing

18,321

338

Other revenue

10,279

1,146

Total revenue

141,737

6,361

Other income

35

1,360

Service cost

Procurement cost of hotels and packages services

46,123

237

Other cost of providing services

3,429

97

Personnel expenses

31,157

24,980

Marketing and sales promotion expenses

54,526

884

Other operating expenses

41,263

7,627

Depreciation and amortization

8,172

8,483

Result from operating activities

(42,898

)

(34,587

)

Finance income

1,984

1,650

Finance costs

1,775

1,785

Net finance income (costs)

209

(135

)

Share of profit (loss) of equity-accounted investees

65

18

Loss before tax

(42,624

)

(34,704

)

Income tax benefit (expense)

32

134

Loss for the period

(42,592

)

(34,570

)

Other comprehensive income (loss)

Items that will not be reclassified to profit or loss:

Remeasurement of defined benefit liability

-

(78

)

Equity instruments at FVOCI - net change in fair value

81

227

81

149

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

Foreign currency translation differences on foreign operations

7,135

(4,334

)

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

7,216

(4,185

)

Total comprehensive loss for the period

(35,376

)

(38,755

)

Profit (Loss) attributable to:

Owners of the Company

(42,622

)

(34,369

)

Non-controlling interests

30

(201

)

Profit (Loss) for the period

(42,592

)

(34,570

)

Total comprehensive Income (loss) attributable to:

Owners of the Company

(35,453

)

(38,538

)

Non-controlling interests

77

(217

)

Total comprehensive Income (loss) for the period

(35,376

)

(38,755

)

Loss per share (in USD)

Basic

(0.41

)

(0.32

)

Diluted

(0.41

)

(0.32

)

Weighted average number of shares (including Class B Shares)

Basic

104,596,775

106,057,449

Diluted

104,596,775

106,057,449

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

(UNAUDITED)

(Amounts in USD thousands)

Balance as at April 1, 2020

Total comprehensive income (loss) for the period

Profit (loss) for the period

Other comprehensive income (loss)

Foreign currency translation differences

Equity instruments at FVOCI - net change in fair value

Remeasurement of defined benefit liability

Total other comprehensive income (loss)

Total comprehensive income (loss) for the period Transactions with owners, recorded directly in equity Contributions by owners

Share-based payment

Issue of ordinary shares on exercise of share based awards

Transfer to accumulated deficit on expiry of share based awards

Total contributions by owners

Balance as at June 30, 2020

Attributable to equity holders of the Company

Share

Foreign

Fair

Based

Currency

Non-

Share

Share

Value

Accumulated

Payment

Translation

Controlling

Total

Capital

Premium

Reserves

Deficit

Reserve

Reserve

Total

Interests

Equity

52

1,985,555

(1,345 )

(1,147,597 ) 135,738

(114,166 ) 858,237

4,055

862,292

-

-

-

(34,369 )

-

- (34,369 )

(201 )

(34,570 )

-

-

-

-

-

(4,318)

(4,318)

(16)

(4,334)

-

-

227

-

-

-

227

-

227

-

-

-

(78)

-

-

(78)

-

(78)

-

-

227

(78)

-

(4,318)

(4,169)

(16)

(4,185)

-

-

227

(34,447)

-

(4,318) (38,538)

(217) (38,755)

-

-

-

-

12,596

-

12,596

-

12,596

-

972

-

-

(972)

-

-

-

-

-

-

-

31

(31)

-

-

-

-

-

972

-

31

11,593

-

12,596

-

12,596

52

1,986,527

(1,118)

(1,182,013) 147,331

(118,484) 832,295

3,838

836,133

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

(UNAUDITED)

(Amounts in USD thousands)

For the three months ended

June 30

2019

2020

Loss for the period

(42,592

)

(34,570

)

Adjustments for non-cash items

16,964

17,216

Change in working capital

1,716

24,852

Net cash generated from (used in) operating activities

(23,912

)

7,498

Net cash generated from (used in) investing activities

38,958

35,127

Net cash generated from (used in) financing activities

(5,394

)

(1,230

)

Increase (decrease) in cash and cash equivalents

9,652

41,395

Cash and cash equivalents at beginning of the period

177,990

129,881

Effect of exchange rate fluctuations on cash held

(475

)

(53

)

Cash and cash equivalents at end of the period

187,167

171,223

MAKEMYTRIP LIMITED

INFORMATION ABOUT REPORTABLE SEGMENTS

(UNAUDITED)

(Amounts in USD thousands)

Particulars

Consolidated Revenue

Add: Customer inducement costs recorded as a reduction of revenue* Less: Service cost**

Adjusted Margin

Other income Personnel expenses Marketing and sales promotion expenses

Customer inducement costs recorded as a reduction of revenue*

Certain loyalty program costs related to "All other segments"**

Other operating expenses Depreciation and amortization Finance income

Finance costs

Share of profit (loss) of equity- accounted investees

Loss before tax

For the three months ended June 30

Hotels and

All other

Air ticketing

packages

Bus ticketing

segments**

Total

2019

2020

2019

2020

2019

2020

2019

2020

2019

2020

44,613

3,756

68,524

1,121

18,321

338

10,279

1,146

141,737

6,361

20,581

309

78,974

332

5,259

12

513

1

105,327

654

161

-

46,123

237

2,229

18

52

1

48,565

256

65,033

4,065

101,375

1,216

21,351

332

10,740

1,146

198,499

6,759

35

1,360

(31,157 )

(24,980 )

(54,526)

(884)

(105,327)

(654)

(987)

(78)

(41,263 )

(7,627 )

(8,172 )

(8,483 )

1,984

1,650

(1,775 )

(1,785 )

65

18

(42,624 )

(34,704 )

  • For purposes of reporting to the Chief Operating Decision Maker (CODM), the segment profitability measure i.e. Adjusted Margin is arrived by adding back certain customer inducement costs including customers incentives, customer acquisition cost and loyalty programs costs, which are recorded as a reduction of revenue and adding back service cost.
  • Certain loyalty program costs are excluded from service cost amounting to USD 78 (June 30, 2019: USD 987) for "All other segments".

MAKEMYTRIP LIMITED

RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES AND KEY PERFORMANCE

INDICATORS (Unaudited)

(Amounts in USD thousands, except per share data)

The following table reconciles our revenue (an IFRS measure) to Adjusted Margin (a segment profitability measure):

For the three months ended June 30

Air ticketing

Hotels and packages

Bus ticketing

Others*

2019

2020

2019

2020

2019

2020

2019

2020

(Amounts in USD thousands)

Revenue as per IFRS

44,613

3,756

68,524

1,121

18,321

338

10,279

1,146

Add: Customer inducement costs

recorded as a reduction of revenue

20,581

309

78,974

332

5,259

12

513

1

Less: Service cost*

161

-

46,123

237

2,229

18

52

*

1

*

Adjusted Margin(3)

65,033

4,065

101,375

1,216

21,351

332

10,740

1,146

  • Certain loyalty program costs amounting to $0.1 million have been excluded from service cost for the three months ended June 30, 2020 (three months ended June 30, 2019: $1.0 million) relating to "Others".

For the three months ended

Reconciliation of Adjusted Operating Profit (Loss)

June 30

(Unaudited)

2019

2020

Results from operating activities as per IFRS

(42,898

)

(34,587

)

Add: Employee share-based compensation costs

9,102

9,787

Add: Acquisition related intangibles amortization

3,727

3,472

Add: Merger and acquisitions related expenses

890

-

Adjusted Operating Profit (Loss)

(29,179

)

(21,328

)

For the three months ended

Reconciliation of Adjusted Net Loss

June 30

(Unaudited)

2019

2020

Profit (Loss) for the period as per IFRS

(42,592)

(34,570)

Add: Employee share-based compensation costs

9,102

9,787

Add: Acquisition related intangibles amortization

3,727

3,472

Add: Merger and acquisitions related expenses

890

-

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

(65

)

(18

)

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

263

362

Add (Less): Income tax (benefit) expense

(32

)

(134

)

Adjusted Net Loss

(28,707

)

(21,101

)

Adjusted Earnings (Loss) per share

Diluted

(0.27

)

(0.20

)

For the three months ended

Reconciliation of Adjusted Diluted Earnings (Loss) per Share

June 30

(Unaudited)

2019

2020

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

(0.41

)

(0.32

)

Add: Employee share-based compensation costs

0.09

0.09

Add: Acquisition related intangibles amortization

0.04

0.03

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

*

*

Add (Less): Income tax (benefit) expense

*

*

Adjusted Diluted Earnings (Loss) per share

(0.27

)

(0.20

)

* Less than $0.01.

(Unaudited)

For the three months ended June 30, 2020

Revenue

Adjusted Margin

Reported Growth and Constant Currency Growth (YoY)

Reported Growth

Impact of Foreign Currency Translation

Constant Currency Growth

Air

Hotels and

Bus

Ticketing

Packages

Ticketing

-91.6%

-98.4%-98.2%

0.7%

0.2%

0.2%

-90.9%-98.2%-98.0%

Air

Others

Total

Ticketing

-88.9%-95.5%-93.7%

1.0%

0.4%

0.5%

-87.9%

-95.1%

-93.2%

Hotels an

d

Packages

-98.8%

0.1%

-98.7%

Bus

Ticketing

Others

-98.4%-89.3%

0.1%

0.9%

-98.3%

-88.4%

MAKEMYTRIP LIMITED

SELECTED OPERATING AND FINANCIAL DATA

(Unaudited)

Unit Metrics

Air Ticketing - Flight segments(1) Hotels and Packages - Room nights(2) Standalone Hotels - Online(3) - Room nights(2) Bus Ticketing - Travelled tickets

For the three months ended

June 30

20192020

(in thousands, except percentages)

10,609877

7,558133

7,380133

20,980429

Adjusted Margin

Air Ticketing

$

65,033

$

4,065

Hotels and Packages

101,375

1,216

Bus Ticketing

21,351

332

Others

10,740

1,146

Gross Bookings

Air Ticketing

$

985,621

$

54,914

Hotels and Packages

454,585

5,706

Bus Ticketing

253,387

3,858

1,693,593

64,478

Adjusted Margin %

Air Ticketing

6.6

%

7.4

%

Hotels and Packages

22.3

%

21.3

%

Bus Ticketing

8.4

%

8.6

%

Notes:

  1. "Flight segments" means a flight between two cities, whether or not such flight is part of a larger or longer itinerary.
  2. "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.
  3. "Standalone Hotels - Online" refer to Standalone Hotels booked on desktops, laptops, mobiles and other online platforms.

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MakeMyTrip Limited published this content on 21 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 August 2020 10:59:40 UTC