Makemytrip Losses are Continued Even after merger with Ibibo Group
Online travel portal MakeMyTrip has announced its unaudited financial and operating results for the quarter ending on December 31, 2017. As per its earnings report, the company’s overall revenue increased to $172.5 Mn, up by 36% YoY from $123.2 Mn clocked in the corresponding period of the previous fiscal year.
Due to increased expenses following the merger with Ibibo Group, the Gurugram-headquartered online travel aggregator witnessed a jump in losses to $45.3 Mn in Q3 of FY18. Compared to that, it had earlier reported profits of $16.6 Mn in the three months ending on December 31, 2016.
ommenting on the results, MakeMyTrip Group Chairman and Group CEO Deep Kalra said, “Our fiscal third quarter financial results reflect our focus on delivering strong growth with improving operational efficiencies. We continued to leverage our scale and multi-brand strategy to broaden our reach to customers and deliver highly differentiated travel services.”
According to the company’s SEC filings, MakeMyTrip posted a 5.9% jump (2.8% in constant currency) in revenue from its air ticketing business to $40.5 Mn in the last quarter of 2017. Compared to that, the online travel startup generated $38.2 Mn revenue from its air ticketing business in Q3 FY17.Looking for
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Similarly, revenue from the company’s hotels and packages business surged to $113.7 Mn in the quarter ended December 31, 2017, reporting a 34.1% increase in constant currency from $82.2 Mn clocked in the year-ago period.
MakeMyTrip stated in its earnings report, “Gross bookings increased by 101.5% (96.2% in constant currency) driven by 131.9% increase in the number of hotels room-nights year over year including the impact of consolidation of the Ibibo Group acquired in January 31, 2017. Net revenue margin has improved from 19.4% in the quarter ended December 31, 2016 to 22.8% in the quarter end.”
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