MakeMyTrip net loss is at US$ 6.9 million, invested US$ 5 million in Bona Vita

MakeMyTrip announces quarterly results for the quarter ended 30th June 2015 for FY 2016.

MakeMyTrip generated revenue of US$ 93.7 million in the quarter ended June 30, 2015, decrease of 1.2% over revenue of US$94.8 million in the quarter ended June 30, 2014.

Company’s air ticketing business increased by 20.0% to $19.8 million in the quarter ended June 30, 2015 from $16.5 million in the quarter ended June 30, 2014.

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MakeMyTrip revenue from hotels and packages business decreased by 6.3% to US$72.4 million in the quarter ended June 30, 2015, from US$77.3 million in the quarter ended June 30, 2014.

Company’s other revenue increased to US$1.5 million in the quarter ended June 30, 2015 from US$1.1 million in the quarter ended June 30, 2014, primarily due to an increase in facilitation fees on travel insurance.

MakeMyTrip total revenue less service costs increased by 7.5% (14.7% in constant currency) to US$ 38.1 million in the quarter ended June 30, 2015 from US$ 35.5 million in the quarter ended June 30, 2014, primarily as a result of a 10.8% (17.6% in constant currency) increase in our air ticketing revenue less service costs and a 2.8% (10.4% in constant currency) increase in our hotels and packages revenue less service costs.

MakeMyTrip loss for the quarter ended June 30, 2015 was US$ 6.9 million as compared to a loss of US$ 4.0 million in the quarter ended June 30, 2014.

Diluted loss per share was US$ 0.16 for the quarter ended June 30, 2015 as compared to diluted loss per share of US$ 0.09 in the quarter ended June 30, 2014

Gross booking for MakeMyTrip has reached US$ 467.9 million in 1Q16, representing a YoY increase of 15.6% and a QoQ increase of 17.7%.

In July 2015, MakeMyTrip Limited invested US$ 5 million in Bona Vita Technologies Private Limited acquiring majority shareholding on a fully diluted basis.

Bona Vita is a new venture and was founded by Mr. Amitabh Misra who has extensive experience in the technology market and till February 2015 held the position of chief technology officer at Snapdeal.com. Bona Vita intends to use the cash proceeds to build differentiated products in the travel industry.

In this month MakeMyTrip also invested US$ 15 million in Bangalore based HolidayIQ.

“As we begin the new fiscal 2016, we believe we are on the cusp of a second wave of internet penetration driven by unprecedented Smartphone penetration which is helping drive online booking behaviour in the strategic India standalone hotels segment. We were able to leverage our investments on the mobile channel and in the hotels segment to drive 78% transaction growth in India standalone online hotels fuelled by over 200% growth on transactions coming from mobile channel during this quarter” said Deep Kalra, Group Chairman and Group CEO. “This makes us believe that it’s the right time for us to single mindedly focus on accelerating transaction growth in the Hotels and Packages business to grow our market share in this strategic segment with a view of consolidating long term market leadership in the OTA space.”

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