Online travel portal MakeMyTrip reported a fourth quarter loss that was over 8 times more than the previous year in the same quarter, due to one-time costs. However, the company said it expected the effect of the Covid-19 related lockdown to have greater impact in the current quarter as the effect of India's lockdown extending into May and June.

"We currently expect the impact of the Covid-19 pandemic on our financial results to be greater in the first quarter of the fiscal year 2021 because India’s nationwide lockdown began on March 25, 2020 and most travel services were largely shutdown during April and May 2020. As a result, our results of operations for the first quarter of fiscal year 2021 will reflect the impact of the pandemic on the full quarter as compared to the partial impact reflected in our financial results for the quarter ended March 31, 2020," MakeMyTrip said in a statement.

MakeMyTrip recorded a loss of $338.6 million for the quarter ended March 31, 2020 compared to a loss of $40.4 million in the same period last year.

This includes a one time increase of 84.2 per cent in other operating expenses to $65.8 million in the Q4FY20 from $35.7 million a year earlier, primarily due to a one-time provision for litigations of $30.8 million in the quarter ended March 2020 for a dispute related to a prior acquisition, and also an increase in personnel cost.

Barring these one time costs, adjusted net loss remained the same at $18.3 million in the quarter ended March 31, 2020.

"In the fourth quarter of fiscal year 2020, as a result of the significant negative impact related to Covid-19 pandemic on the travel industry and our stock price and market capitalization, we concluded that sufficient indicators existed to require us to perform a quantitative assessment of goodwill and, following that assessment, we recorded an impairment charge of our goodwill amounting to $272.2 million primarily related to our Goibibo business, which we had acquired in fiscal year 2017," the company added in its statement.

Revenue in the March-ended quarter fell 12.7 per cent to $104.9 million from the year ago period.