• Revenue rose 50.3% (67.6% in constant currency) yoy to $53.8 million.
• Revenue less service costs increased 36.9% yoy (52.5% in constant currency) to $23.7 million.
• Net revenue margin for Air ticketing and Hotels and packages combined increased by 1.8 percentage points to 9.6% yoy.
• Adjusted operating profit improved to $4.2 million, versus $1.6 million in the prior year’s fiscal third quarter. Adjusted net income was $3.0 million versus $1.8 million in the prior year’s fiscal third quarter.
• Adjusted Diluted earnings per share was $0.08 ($0.09 in constant currency) versus $0.05 in the prior year’s fiscal third quarter.
Said Deep Kalra, Chairman and CEO, “In the fiscal third quarter we witnessed a rapid weakening of the Indian Rupee as well as volatility in the Indian aviation industry.
“However demand for our services remained strong during the past holiday travel season as more customers chose to use MakeMyTrip for the superior user experience we offer.”
An edited version of the report as follows:
Fiscal 2012 Third Quarter Financial Results Revenue
We generated revenue of $53.8 million in the quarter ended December 31, 2011, an increase of 50.3% (67.6% in constant currency) over revenue of $35.8 million in the quarter ended December 31, 2010.
Air Ticketing
Revenue from our air ticketing business increased by 59.9% (77.4% in constant currency) to $21.6 million in the quarter ended December 31, 2011 from $13.5 million in the quarter ended December 31, 2010.
Hotels and packages
Revenue from our hotels and packages business increased by 45.8% (63.0% in constant currency) to $31.3 million in the quarter ended December 31, 2011 from $21.5 million in the quarter ended December 31, 2010.
Other Revenue
Our other revenue increased to $0.9 million in the quarter ended December 31, 2011 from $0.8 million in the quarter ended December 31, 2010, primarily due to increased sale of rail tickets and bus tickets and other miscellaneous income.
Personnel Expenses
Personnel expenses increased to $8.0 million in the quarter ended December 31, 2011 from $3.9 million in the quarter ended December 31, 2010, mainly as a result of employee share-based compensation costs of $2.9 million in the quarter ended December 31, 2011 as against $0.14 million in quarter ended December 31, 2010 as well as due to increases in annual wages and average employee headcount year over year in the quarter ended December 31, 2011.
Excluding employee share-based compensation costs, personnel expenses as a percentage of net revenue remained at the same level of 21.5% year over year and decreased by 3.5% from 24.9% in the previous quarter.
Results from Operating Activities
Results from operating activities was a profit of $1.3 million in the quarter ended December 31, 2011 from a profit of $1.4 million in the quarter ended December 31, 2010.
