MakeMyTrip Q2 net loss at $62.3 mn, revenue at $152.9 million
PTI|
Updated: Nov 01, 2017, 11.48 PM IST
Online travel firm MakeMyTrip today reported a net loss of $62.3 million (over Rs 400 crore) for the quarter ended September 30, 2017.
The company had posted a net loss of $39.5 million (over Rs 250 crore) for the corresponding period of the previous fiscal, MakeMyTrip said in its earnings release.
The company's revenue stood at $152.9 million for the September quarter. It was $83.1 million for the same period year ago.
As the results for the second quarter include the financial and operating results of ibibo Group, which was acquired on January 31, 2017, the results may not be comparable, MakeMyTrip said.
Commenting on the results, MakeMyTrip Group Chairman and Group CEO Deep Kalra said the results reflected the successful execution of the company's strategy to deliver high growth with increased operational efficiency leveraging increasing scale.
The group also embarked on a comprehensive multi-brand strategy to leverage the strengths of its various brands in differentiated customer segments and travel services, he added.
The revenue from air ticketing business of the company rose to $40.3 million for the September quarter from $23.6 million for the same period a year ago, MakeMyTrip said.
For the Hotels and Packages business, revenue rose to $98.3 million for the quarter under consideration. It was $57.6 million for the same quarter a year ago, it added.
The other revenue of the company stood at $14.3 million for the quarter ended September 30. It was $1.9 million for the same period a year ago.
The marketing and sales promotion expenses increased by 139.8 per cent to $115.9 million for the quarter from $48.4 million in the corresponding period previous fiscal, MakeMyTrip said.
"Primary drivers of this year on year increase include significant customer inducement and acquisition programs expenses incurred to accelerate growth in our standalone hotel booking business...," it said.
Besides, there was also an increase in brand advertisement expenses that was incurred in the quarter and consolidation of marketing and sales promotion expenses of the ibibo Group, MakeMyTrip said.
The company had posted a net loss of $39.5 million (over Rs 250 crore) for the corresponding period of the previous fiscal, MakeMyTrip said in its earnings release.
The company's revenue stood at $152.9 million for the September quarter. It was $83.1 million for the same period year ago.
As the results for the second quarter include the financial and operating results of ibibo Group, which was acquired on January 31, 2017, the results may not be comparable, MakeMyTrip said.
Commenting on the results, MakeMyTrip Group Chairman and Group CEO Deep Kalra said the results reflected the successful execution of the company's strategy to deliver high growth with increased operational efficiency leveraging increasing scale.
The group also embarked on a comprehensive multi-brand strategy to leverage the strengths of its various brands in differentiated customer segments and travel services, he added.
The revenue from air ticketing business of the company rose to $40.3 million for the September quarter from $23.6 million for the same period a year ago, MakeMyTrip said.
For the Hotels and Packages business, revenue rose to $98.3 million for the quarter under consideration. It was $57.6 million for the same quarter a year ago, it added.
The other revenue of the company stood at $14.3 million for the quarter ended September 30. It was $1.9 million for the same period a year ago.
The marketing and sales promotion expenses increased by 139.8 per cent to $115.9 million for the quarter from $48.4 million in the corresponding period previous fiscal, MakeMyTrip said.
"Primary drivers of this year on year increase include significant customer inducement and acquisition programs expenses incurred to accelerate growth in our standalone hotel booking business...," it said.
Besides, there was also an increase in brand advertisement expenses that was incurred in the quarter and consolidation of marketing and sales promotion expenses of the ibibo Group, MakeMyTrip said.
