Group 1 - MakeMyTrip's stock closed at $100.42, with a +1.67% change, outperforming the S&P 500's gain of 0.38% [1] - The stock has decreased by 6.01% over the past month, underperforming the Computer and Technology sector's gain of 11.61% and the S&P 500's gain of 6.6% [1] Group 2 - The upcoming earnings report is expected to show an EPS of $0.46, a 17.95% increase year-over-year, with revenue forecasted at $277.12 million, reflecting an 8.88% growth [2] - For the full year, earnings are projected at $1.98 per share and revenue at $1.16 billion, indicating increases of +26.92% and +18.78% respectively from the previous year [3] Group 3 - Recent analyst estimate revisions indicate optimism about MakeMyTrip's business and profitability [3] - The Zacks Rank system, which correlates estimate changes with stock prices, currently ranks MakeMyTrip at 4 (Sell) [5] Group 4 - MakeMyTrip's Forward P/E ratio is 50.01, significantly higher than the industry average of 17.82 [6] - The Internet - Delivery Services industry, part of the Computer and Technology sector, ranks in the top 22% of over 250 industries according to the Zacks Industry Rank [6]

28 May 2025 | 7:23PM IST MakeMyTrip Ltd. (MMYT): TechNet India 2025 - Key Takeaways: Robust growth and FCF outlook; more clarity on capital allocation; Buy We hosted MakeMyTrip at our GS TechNet India in Singapore, where the company shared incremental details in demand outlook, outbound travel, economics and capital allocation. Key takeaways include: (i) MMYT expects to grow more than 2x of the underlying travel market (20% YoY) for the foreseeable future, largely led by volume growth; (ii) MMYT has seen li ...

Core Viewpoint - MakeMyTrip Ltd. (MMYT) continues to be the market leader, with strong support from its 3Q25 results, reinforcing a bullish outlook on the company [1]. Group 1: Company Performance - The 3Q25 results of MMYT were highlighted as very supportive of a positive investment view, indicating the company's strong market position [1]. Group 2: Investment Strategy - The investment approach discussed includes fundamental investing, technical investing, and momentum investing, suggesting a comprehensive strategy that leverages various methodologies [1].

India's Growth and Digital Landscape - India's GDP is expected to surpass Japan and Germany by 2030[6] - India's GDP grew by 6.2% in Q3 FY25[5] - Internet users in India are expected to reach 1 billion by 2025, with a current penetration of 55% (~821 million users)[11] - E-commerce shoppers in India are projected to reach 500 million by 2030, up from ~330 million with a current penetration of 23%[11] - The online travel market in India is expected to grow from $12 billion in 2022 to $60 billion in 2030, a 5x growth[11] MakeMyTrip's Market Position and Reach - MakeMyTrip is among the largest travel platforms in India[12] - The platform has over 82 million lifetime transacted customers and over 505 million app downloads[13] - MakeMyTrip has 4.4 million+ loyalty program members[13] - MakeMyTrip has leading market share of online air ticketing[24] - redBus has sold 327 million+ bus tickets since FY18[41] Financial Performance - MakeMyTrip achieved its highest ever annual gross booking of $9.798 billion in FY25[72] - The company's highest ever adjusted operating profit was $166.8 million in FY25[72] - In Q4FY25, Air Ticketing adjusted margin was $94.2 million, Hotels & Packages was $109.6 million, Bus Ticketing was $36.5 million and Others was $20.9 million[72]

Financial Data and Key Metrics Changes - The company recorded a gross booking value of $9.8 billion for the year, with a year-on-year growth rate of 25.9% in constant currency terms [6] - Adjusted operating profit reached an all-time high of $167.3 million, reflecting a year-on-year growth of 34.7% [6][25] - For Q4, gross booking value growth accelerated to 30.4% year-on-year in constant currency terms, while adjusted operating profit grew at a rate of 37.9% year-on-year [6][27] Business Line Data and Key Metrics Changes - The international air ticketing revenue grew by over 33% year-on-year, significantly outpacing industry growth [9] - The international hotels revenue grew by over 65% year-on-year, making it one of the fastest-growing segments [9] - The accommodation business, including hotels and packages, saw a gross booking value growth of 27.7% year-on-year in Q4 [11] Market Data and Key Metrics Changes - The international business now contributes 25% to overall revenue, up from 22% in the previous fiscal year [10] - Domestic departures crossed pre-pandemic levels, while international departures grew by 18.5% year-on-year [10] - The online penetration in international air ticketing is steadily increasing, aiding gross booking value growth [10] Company Strategy and Development Direction - The company is focused on enhancing user experience through generative AI, with features like trip planning chatbots and AI-driven support for booking changes [8][9] - The strategy includes expanding into underpenetrated international outbound markets and strengthening product propositions [9] - The company aims to maintain a marketing spend around 5% of gross booking value while investing in ancillary travel services and geographic expansion [35][36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovering lost momentum following recent geopolitical disruptions, emphasizing collaboration with airline and hotel partners [22] - The company remains focused on driving growth in the twenties and does not foresee a slowdown in growth trajectory [39][40] - Management highlighted the importance of agility in responding to macroeconomic changes and maintaining a strong execution strategy [21][22] Other Important Information - The company has a capital allocation strategy focused on growth initiatives, exploring niche opportunities, and returning value to shareholders through buybacks [30] - The company has deployed approximately $21.7 million in its share repurchase program [31] Q&A Session Summary Question: On selling and marketing expenses - Management plans to maintain marketing expenses around 5% of gross booking value, focusing on driving growth rather than reducing spend [35][36] Question: Industry growth rate outlook - Management aims for growth in the twenties and believes the current trajectory will continue despite temporary challenges [39][40] Question: Competition from generative AI - Management is confident in leveraging their data and technology to stay ahead of potential competition in the AI space [42][44] Question: Competition in the Indian market - Management views the Indian travel market as underpenetrated and believes there is significant room for growth despite current competition [55][59] Question: Margin guidance and buyback strategy - Management aims to stabilize margins in the 1.8% to 2% range and will continue to be opportunistic with buybacks based on market conditions [70][74]

Financial Data and Key Metrics Changes - The company recorded a gross booking value of $9.8 billion for fiscal year 2025, representing a year-on-year growth rate of 25.9% in constant currency terms [6] - Adjusted operating profit reached an all-time high of $167.3 million, with a year-on-year growth of 34.7% [6][27] - For Q4, gross booking value growth accelerated to 30.4% year-on-year in constant currency terms, while adjusted operating profit grew at a rate of 37.9% year-on-year [6][29] Business Line Data and Key Metrics Changes - The international air ticketing revenue grew by over 33% year-on-year, significantly outpacing industry growth [10] - The international hotels revenue grew by over 65% year-on-year, making it one of the fastest-growing segments [10] - The air ticketing business gross booking value grew by 24.3% year-on-year in constant currency terms for Q4 [11] - The hotels and packages business gross booking value grew by 27.7% year-on-year in constant currency terms for Q4 [12] Market Data and Key Metrics Changes - International air ticketing revenue now contributes 25% to overall revenue, up from 22% in fiscal year 2024 [10] - Domestic departures crossed pre-pandemic levels, while international departures grew by 18.5% year-on-year [11] - The online penetration in international air ticketing is steadily increasing, aiding gross booking value growth [11] Company Strategy and Development Direction - The company is focusing on enhancing customer experience through generative AI innovations and a connected trip strategy [8][10] - The introduction of Myra.ai, a trip planning chatbot, aims to simplify trip discovery and booking [7] - The company is targeting the underpenetrated international outbound market as a growth opportunity [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovering lost momentum following recent geopolitical disruptions [23] - The company remains focused on driving growth in the twenties and does not foresee a slowdown in growth trajectory [40][41] - Management emphasized the importance of agility in responding to macroeconomic changes [24] Other Important Information - The company added over 9 million customers during the year, bringing the lifetime transacted user base to 82 million [6] - The corporate travel business is witnessing strong growth, with active corporate customer counts increasing significantly [22] - The company has deployed approximately $21.7 million in a share repurchase program [33] Q&A Session Summary Question: Selling and marketing expenses strategy - Management plans to maintain marketing expenses around 5% of GMV while investing in ancillary travel services and geographic expansion [36][38] Question: Industry growth rate outlook - The company aims to continue growing faster than the industry, targeting a similar growth trajectory in the coming years despite temporary macro-related impacts [40][41] Question: Competition from generative AI - Management is confident in leveraging their rich data and speed to stay ahead of potential competition in the AI space [44][45] Question: Competition landscape in India - The company views the overall travel market as large with significant headroom for growth, and does not see direct bookings as competition [62][63] Question: Margin guidance and buyback strategy - The company aims to stabilize margins in the 1.8% to 2% range and will continue to be opportunistic with buybacks based on market conditions [72][78]

Exhibit 99.1 MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2025 FOURTH QUARTER AND FULL YEAR RESULTS Gurugram, India and New York, May 14, 2025 — MakeMyTrip Limited (NASDAQ: MMYT), India's leading travel service provider, today announced its unaudited financial and operating results for its fiscal fourth quarter and full fiscal year ended March 31, 2025. | | | | | For the three | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | For the three | | months | | YoY | | | | | Yo ...

Company Performance - MakeMyTrip (MMYT) closed at $105.92, down 0.66% from the previous trading session, underperforming the S&P 500's loss of 0.33% [1] - Over the past month, shares of MakeMyTrip gained 14.24%, outperforming the Computer and Technology sector's loss of 7.14% and the S&P 500's loss of 4.03% [1] Financial Expectations - MakeMyTrip is expected to report EPS of $0.42, reflecting a 10.53% increase from the prior-year quarter, with quarterly revenue projected at $246.18 million, up 21.34% from the year-ago period [2] - For the full year, earnings are projected at $1.59 per share and revenue at $979.28 million, indicating increases of 30.33% and 25.14% respectively from the previous year [3] Analyst Sentiment - Recent changes to analyst estimates for MakeMyTrip indicate optimism about the company's business and profitability, with positive revisions reflecting near-term business trends [3] - The Zacks Rank system, which incorporates estimate changes, currently rates MakeMyTrip at 3 (Hold) [5] Valuation Metrics - MakeMyTrip has a Forward P/E ratio of 67.27, significantly higher than the industry's average Forward P/E of 21.43 [6] - The company also has a PEG ratio of 10.97, compared to the Internet - Delivery Services industry's average PEG ratio of 1.46 [6] Industry Context - The Internet - Delivery Services industry is part of the Computer and Technology sector and holds a Zacks Industry Rank of 78, placing it in the top 32% of over 250 industries [7] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Core Viewpoint - The article discusses the reliability of brokerage recommendations, particularly focusing on MakeMyTrip (MMYT), and highlights the potential misalignment of interests between brokerage analysts and retail investors [1][5][10]. Group 1: Brokerage Recommendations for MakeMyTrip - MakeMyTrip has an average brokerage recommendation (ABR) of 1.36, indicating a consensus between Strong Buy and Buy, with 71.4% of recommendations being Strong Buy and 14.3% being Buy [2][5]. - The ABR suggests a buying opportunity for MakeMyTrip, but relying solely on this information may not be advisable due to the historical ineffectiveness of brokerage recommendations in guiding investors [5][10]. Group 2: Analyst Bias and Zacks Rank - Brokerage analysts tend to exhibit a strong positive bias in their ratings, often issuing five Strong Buy recommendations for every Strong Sell, which can mislead investors [6][10]. - The Zacks Rank, which is based on earnings estimate revisions, is presented as a more reliable indicator of a stock's near-term price performance compared to the ABR [8][11]. Group 3: Current Earnings Estimates for MakeMyTrip - The Zacks Consensus Estimate for MakeMyTrip remains unchanged at $1.59 for the current year, suggesting stable analyst views on the company's earnings prospects [13]. - Due to the unchanged consensus estimate and other factors, MakeMyTrip currently holds a Zacks Rank of 3 (Hold), indicating a cautious approach despite the Buy-equivalent ABR [14].

Group 1 - The stock of MakeMyTrip Limited (MMYT) is experiencing significant attention due to high implied volatility in the options market, particularly for the Apr 17, 2025 $45.00 Call option [1] - Implied volatility indicates the market's expectation of future movement, suggesting that investors anticipate a substantial price change or an upcoming event that could lead to a major rally or sell-off [2] - MakeMyTrip currently holds a Zacks Rank 4 (Sell) in the Internet - Delivery Services industry, with no analysts increasing earnings estimates for the current quarter, resulting in a decrease from 43 cents to 42 cents per share in the Zacks Consensus Estimate [3] Group 2 - The high implied volatility surrounding MakeMyTrip may indicate a developing trading opportunity, as options traders often seek to sell premium on options with elevated implied volatility to capture decay [4]