MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2024 FIRST QUARTER RESULTS | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------|-------|--------------------------------------------|-------|--------------------------------------------|------------|-------------------------------------| | (in thousands) \nFinancial Summary as per IFRS | | For the three months ended June 30, 2022 | | For the three months ended June 30, 2023 | YoY Change | YoY Change in constant currency (1) | | Rev ...

[Fiscal 2024 First Quarter Highlights](index=1&type=section&id=Fiscal%202024%20First%20Quarter%20Highlights) MakeMyTrip Limited achieved its strongest ever fiscal first quarter, reporting all-time high gross bookings and profits driven by robust travel demand and significant financial growth [Overall Performance Summary](index=1&type=section&id=Overall%20Performance%20Summary) MakeMyTrip Limited reported its strongest ever fiscal first quarter, achieving all-time high gross bookings and profits, driven by robust travel demand across all customer segments in India - The company delivered its **strongest ever quarter** with all-time high gross bookings and profits[3](index=3&type=chunk) - Robust travel demand across customer segments in a seasonally strong quarter for leisure travel contributed to the positive results[3](index=3&type=chunk) [Key Financial Metrics](index=1&type=section&id=Key%20Financial%20Metrics) The company reported significant year-over-year growth in both IFRS and non-IFRS financial measures, with total revenue increasing by 37.8% (46.2% in constant currency) and Adjusted Net Profit surging to $33.6 million from $6.0 million in the prior year Key Financial Metrics Overview | Metric | Q1 FY23 (USD thousands) | Q1 FY24 (USD thousands) | YoY Change (%) | YoY Change (Constant Currency %) | | :-------------------------- | :---------------------- | :---------------------- | :------------- | :------------------------------- | | Revenue | 142,733 | 196,731 | 37.8 | 46.2 | | Air Ticketing Revenue | 30,941 | 45,878 | 48.3 | 57.4 | | Hotels and Packages Revenue | 84,045 | 115,215 | 37.1 | 45.2 | | Bus Ticketing Revenue | 20,307 | 24,927 | 22.8 | 30.5 | | Others Revenue | 7,440 | 10,711 | 44.0 | 53.0 | | Results from Operating Activities | 4,266 | 19,132 | - | - | | Profit (loss) for the period | (10,009) | 18,598 | - | - | | Adjusted Margin – Air Ticketing | 60,624 | 74,533 | 22.9 | 30.4 | | Adjusted Margin – Hotels and Packages | 66,925 | 85,568 | 27.9 | 36.1 | | Adjusted Margin – Bus Ticketing | 20,763 | 27,277 | 31.4 | 39.7 | | Adjusted Margin – Others | 7,899 | 10,919 | 38.2 | 46.9 | | Adjusted Operating Profit | 16,469 | 30,139 | - | - | | Adjusted Net Profit | 5,998 | 33,588 | - | - | | Gross Bookings | 1,612,475 | 1,987,489 | 23.3 | 31.4 | - Gross Bookings increased by **31.4% YoY** in 1Q24 to **$1,987.5 million**[4](index=4&type=chunk) - Adjusted Net Profit increased significantly to **$33.6 million** in 1Q24 from **$6.0 million** in 1Q23, an improvement of **$27.6 million** YoY[4](index=4&type=chunk) [Detailed Financial Results](index=2&type=section&id=Fiscal%202024%20First%20Quarter%20Financial%20Results) The company's detailed financial results show substantial revenue growth across all segments, increased operating expenses due to higher demand, and a significant turnaround in overall profitability and earnings [Revenue Analysis by Segment](index=2&type=section&id=Revenue%20Analysis%20by%20Segment) The company experienced significant revenue growth across all segments, primarily driven by sustained elevated travel demand in India. Adjusted Margins also saw healthy increases, reflecting improved operational performance - Total revenue increased by 37.8% (46.2% in constant currency) to **$196.7 million**, primarily due to sustained elevated travel demand in India[5](index=5&type=chunk) Revenue by Segment | Segment | Revenue Q1 FY23 (USD thousands) | Revenue Q1 FY24 (USD thousands) | YoY Change (%) | YoY Change (Constant Currency %) | | :------------------ | :------------------------------ | :------------------------------ | :------------- | :------------------------------- | | Air Ticketing | 30,941 | 45,878 | 48.3 | 57.4 | | Hotels and Packages | 84,045 | 115,215 | 37.1 | 45.2 | | Bus Ticketing | 20,307 | 24,927 | 22.8 | 30.5 | | Others | 7,440 | 10,711 | 44.0 | 53.0 | [Air Ticketing](index=2&type=section&id=Air%20Ticketing%20Revenue) Air ticketing revenue and adjusted margin saw strong growth, driven by increased flight segments, while the adjusted margin percentage remained stable - Revenue from air ticketing increased by 48.3% (57.4% in constant currency) to **$45.9 million**[7](index=7&type=chunk) - Adjusted Margin – Air ticketing increased by 22.9% (30.4% in constant currency) to **$74.5 million**, driven by a **31.7% increase in flight segments**[7](index=7&type=chunk) - Adjusted Margin % for Air ticketing remained stable at **6.1%** in Q1 FY24[7](index=7&type=chunk) [Hotels and Packages](index=2&type=section&id=Hotels%20and%20Packages%20Revenue) Hotels and packages revenue and adjusted margin experienced significant increases, primarily due to a rise in hotel-room nights, maintaining a stable adjusted margin percentage - Revenue from hotels and packages increased by 37.1% (45.2% in constant currency) to **$115.2 million**[8](index=8&type=chunk) - Adjusted Margin – Hotels and packages increased by 27.9% (36.1% in constant currency) to **$85.6 million**, primarily due to a **20.0% increase in hotel-room nights**[8](index=8&type=chunk) - Adjusted Margin % for Hotels and packages remained stable at **17.2%** in Q1 FY24[8](index=8&type=chunk) [Bus Ticketing](index=2&type=section&id=Bus%20Ticketing%20Revenue) Bus ticketing revenue and adjusted margin grew substantially, fueled by an increase in travelled tickets, with an improved adjusted margin percentage - Revenue from bus ticketing increased by 22.8% (30.5% in constant currency) to **$24.9 million**[9](index=9&type=chunk) - Adjusted Margin – Bus ticketing increased by 31.4% (39.7% in constant currency) to **$27.3 million**, driven by an **18.7% increase in bus tickets travelled**[9](index=9&type=chunk) - Adjusted Margin % for Bus ticketing increased to **9.9%** in Q1 FY24 from **8.8%** in Q1 FY23, partly due to reclassification of distribution costs[9](index=9&type=chunk) [Others](index=3&type=section&id=Others%20Revenue) Revenue and adjusted margin from other services increased significantly, reflecting higher demand from marketing alliances and ancillary travel services - Revenue from the 'Others' business increased by 44.0% (53.0% in constant currency) to **$10.7 million**[10](index=10&type=chunk) - Adjusted Margin – Others increased by 38.2% (46.9% in constant currency) to **$10.9 million**[10](index=10&type=chunk) - The increase was due to higher revenue from marketing alliances and other travel and ancillary services, reflecting sustained elevated travel demand[11](index=11&type=chunk) [Operating Expenses](index=4&type=section&id=Operating%20Expenses) Operating expenses increased across most categories, primarily due to higher variable costs and strategic investments in marketing and operations to capitalize on increased travel demand. Personnel expenses saw a modest rise, while depreciation remained stable - Other income increased significantly to **$0.3 million** in Q1 FY24 from **$0.05 million** in Q1 FY23[12](index=12&type=chunk) [Personnel Expenses](index=4&type=section&id=Personnel%20Expenses) Personnel expenses increased modestly due to annual wage adjustments, partially offset by a reduction in share-based compensation costs - Personnel expenses increased by **5.8%** to **$33.8 million**, mainly due to annual wage increases, partially offset by reduced share-based compensation costs[13](index=13&type=chunk) [Marketing and Sales Promotion Expenses](index=4&type=section&id=Marketing%20and%20Sales%20Promotion%20Expenses) Marketing and sales promotion expenses rose due to higher variable costs and strategic discretionary spending to capitalize on elevated travel demand - Marketing and sales promotion expenses increased by **23.5%** to **$30.6 million**, driven by higher variable costs and discretionary spending on events and brand building due to elevated travel demand[14](index=14&type=chunk) - Customer inducement costs recorded as a reduction of revenue increased to **$61.2 million** in Q1 FY24 from **$56.8 million** in Q1 FY23[15](index=15&type=chunk) [Other Operating Expenses](index=4&type=section&id=Other%20Operating%20Expenses) Other operating expenses increased significantly, primarily driven by higher booking-linked costs, including distribution and payment gateway charges - Other operating expenses increased by **49.6%** to **$47.1 million**, primarily due to a **$15.2 million** increase in operating expenses linked to higher bookings, including distribution costs, payment gateway charges, and outsourcing fees[15](index=15&type=chunk) - Distribution costs were reclassified as a component of 'other operating expenses' from 'service cost' in the current quarter[15](index=15&type=chunk) [Depreciation, Amortization and Impairment](index=4&type=section&id=Depreciation%2C%20Amortization%20and%20Impairment) Depreciation, amortization, and impairment expenses saw a marginal decrease during the quarter - Depreciation, amortization and impairment expenses marginally decreased by **1.8%** to **$6.8 million**[16](index=16&type=chunk) [Profitability and Earnings](index=4&type=section&id=Profitability%20and%20Earnings) The company achieved a significant turnaround in profitability, moving from an operating profit of $4.3 million to $19.1 million, and from a net loss to a net profit, largely due to increased revenue and reduced net finance costs [Results from Operating Activities](index=4&type=section&id=Results%20from%20Operating%20Activities) Operating activities shifted from a modest profit to a significantly higher profit, reflecting improved operational efficiency and increased revenue - Results from operating activities improved to a profit of **$19.1 million** in Q1 FY24, compared to a profit of **$4.3 million** in Q1 FY23[17](index=17&type=chunk) - Adjusted Operating Profit increased to **$30.1 million** in Q1 FY24 from **$16.5 million** in Q1 FY23[17](index=17&type=chunk) [Net Finance Costs](index=4&type=section&id=Net%20Finance%20Costs) Net finance costs decreased substantially, primarily due to a significant reduction in net foreign exchange loss - Net finance cost significantly decreased to **$0.6 million** in Q1 FY24 from **$14.4 million** in Q1 FY23[18](index=18&type=chunk) - The decrease was primarily due to an **$11.2 million reduction in net foreign exchange loss**, driven by the appreciation of the Indian Rupee against the U.S. dollar[18](index=18&type=chunk) [Profit (Loss) for the Period](index=4&type=section&id=Profit%20%28Loss%29%20for%20the%20Period) The company achieved a significant turnaround, reporting a net profit for the period compared to a loss in the prior year - The company reported a profit of **$18.6 million** in Q1 FY24, a significant turnaround from a loss of **$10.0 million** in Q1 FY23[19](index=19&type=chunk) - Adjusted Net Profit increased to **$33.6 million** in Q1 FY24 from **$6.0 million** in Q1 FY23[19](index=19&type=chunk) [Diluted Earnings (Loss) per Share](index=4&type=section&id=Diluted%20Earnings%20%28Loss%29%20per%20Share) Diluted earnings per share turned positive, reflecting the company's improved profitability compared to a loss per share in the previous year - Diluted earnings per share was **$0.17** for Q1 FY24, compared to a diluted loss per share of **$0.09** in Q1 FY23[20](index=20&type=chunk) - Adjusted Diluted Earnings per share was **$0.30** in Q1 FY24, up from **$0.05** in Q1 FY23[20](index=20&type=chunk) [Financial Position and Capital Management](index=5&type=section&id=Financial%20Position%20and%20Capital%20Management) The company maintains a robust financial position with strong liquidity and an active capital management strategy, including share and convertible note repurchase authorizations [Liquidity](index=5&type=section&id=Liquidity) As of June 30, 2023, the company maintained a strong liquidity position with substantial cash and cash equivalents, supplemented by available credit facilities - Cash and cash equivalents and term deposits totaled **$521.8 million** as of June 30, 2023[21](index=21&type=chunk) - The company has existing credit facilities of approximately **$119.4 million**, with only **$0.05 million** drawn as of June 30, 2023[21](index=21&type=chunk) [Repurchases of Shares and Convertible Notes](index=5&type=section&id=Repurchases%20of%20Shares%20and%20Convertible%20Notes) The company has an active share repurchase plan, recently amended to extend its term and remove price limits, and has also authorized the repurchase of its 2028 convertible senior notes, with a combined remaining authority of $136.0 million - The share repurchase plan was extended until March 31, 2026, and the limit on the repurchase price per ordinary share was removed[22](index=22&type=chunk) - No repurchases were made under the share repurchase plan during Q1 FY24, with **$136.0 million** remaining authority[22](index=22&type=chunk) - The Board authorized the repurchase of 0.00% convertible senior notes due 2028, with the aggregate repurchase amount for shares and notes not to exceed **$136.0 million**[23](index=23&type=chunk) [Company Information and Disclosures](index=5&type=section&id=Company%20Information%20and%20Disclosures) This section provides details on investor communications, explanations of non-IFRS financial measures, a safe harbor statement, and an overview of MakeMyTrip Limited's business operations [Conference Call](index=5&type=section&id=Conference%20Call) MakeMyTrip hosted a live Zoom webinar on August 1, 2023, to discuss its fiscal first quarter results, with a replay available on its investor relations website - A live Zoom webinar was held on August 1, 2023, at 7:30 AM EDT / 5:00 PM IST to discuss the Q1 FY24 results[24](index=24&type=chunk) - A replay of the event is available on the company's Investor Relations website[24](index=24&type=chunk) [About Key Performance Indicators and Non-IFRS Measures](index=5&type=section&id=About%20Key%20Performance%20Indicators%20and%20Non-IFRS%20Measures) The company utilizes several non-IFRS measures, including Adjusted Operating Profit, Adjusted Net Profit, Adjusted Diluted Earnings per Share, Adjusted Margin, and constant currency results, to evaluate financial performance and provide investors with a clearer view of its core operations, despite the exclusion of certain recurring costs like share-based compensation - Key non-IFRS measures include Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss), Adjusted Diluted Earnings (Loss) per Share, Adjusted Margin, Adjusted Margin %, and constant currency results[25](index=25&type=chunk)[26](index=26&type=chunk)[31](index=31&type=chunk) - Adjusted Margin is calculated by adding back customer inducement costs to IFRS revenue and deducting service acquisition costs, reflecting the value addition of travel services[26](index=26&type=chunk)[27](index=27&type=chunk) - These non-IFRS measures exclude items like share-based compensation, amortization of acquired intangibles, and net change in financial liability relating to acquisitions, to facilitate comparisons with competitors[28](index=28&type=chunk)[29](index=29&type=chunk) [Safe Harbor Statement](index=6&type=section&id=Safe%20Harbor%20Statement) This release contains forward-looking statements subject to various risks and uncertainties, including economic slowdowns, industry disruptions, and competition, and the company does not undertake to update these statements except as required by law - The release contains forward-looking statements regarding future growth prospects, identifiable by terms like 'may', 'will', 'expect', 'anticipate', 'aim', 'estimate', 'intend', 'plan', 'believe', 'potential', 'continue', 'is/are likely to', 'project', 'seek', 'should'[33](index=33&type=chunk) - These statements are subject to risks and uncertainties, including economic slowdowns in India and globally, travel industry disruptions, volatility in share price, reliance on travel suppliers, competition, and the impact of COVID-19[33](index=33&type=chunk) - The company does not undertake any obligation to update forward-looking statements, except as required under applicable law[33](index=33&type=chunk) [About MakeMyTrip Limited](index=6&type=section&id=About%20MakeMyTrip%20Limited) MakeMyTrip Limited is India's leading travel group, operating prominent brands like MakeMyTrip, Goibibo, and redBus, offering a comprehensive range of online travel services and products for both domestic and international travel - MakeMyTrip Limited is India's leading travel group, operating brands including MakeMyTrip, Goibibo, and redBus[34](index=34&type=chunk) - The company provides a wide range of travel services and products, including air ticketing, hotel and alternative accommodations, holiday planning, rail and bus ticketing, car hire, and ancillary services like travel insurance and visa processing[34](index=34&type=chunk)[35](index=35&type=chunk) [Condensed Consolidated Interim Financial Statements](index=8&type=section&id=Condensed%20Consolidated%20Interim%20Financial%20Statements) The condensed consolidated interim financial statements provide a comprehensive overview of the company's financial position, profit or loss, changes in equity, and cash flows for the period [Condensed Consolidated Interim Statement of Financial Position](index=8&type=section&id=MAKEMYTRIP%20LIMITED%20CONDENSED%20CONSOLIDATED%20INTERIM%20STATEMENT%20OF%20FINANCIAL%20POSITION) The unaudited interim condensed consolidated statement of financial position provides a snapshot of the company's assets, liabilities, and equity as of June 30, 2023, compared to March 31, 2023 Condensed Consolidated Interim Statement of Financial Position (USD thousands) | | As at March 31, 2023 (USD thousands) | As at June 30, 2023 (USD thousands) | | :-------------------------------- | :----------------------------------- | :---------------------------------- | | **Assets** | | | | Property, plant and equipment | 25,380 | 24,801 | | Intangible assets and goodwill | 628,974 | 627,219 | | Total non-current assets | 687,915 | 687,710 | | Cash and cash equivalents | 284,018 | 333,601 | | Total current assets | 671,910 | 728,175 | | **Total assets** | **1,359,825** | **1,415,885** | | **Equity** | | | | Total equity attributable to owners of the Company | 869,566 | 897,364 | | Total equity | **876,056** | **904,016** | | **Liabilities** | | | | Total non-current liabilities | 30,111 | 29,619 | | Total current liabilities | 453,658 | 482,250 | | **Total liabilities** | **483,769** | **511,869** | | **Total equity and liabilities** | **1,359,825** | **1,415,885** | [Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income](index=9&type=section&id=MAKEMYTRIP%20LIMITED%20CONDENSED%20CONSOLIDATED%20INTERIM%20STATEMENT%20OF%20PROFIT%20OR%20LOSS%20AND%20OTHER%20COMPREHENSIVE%20INCOME) This statement details the company's revenues, expenses, and net profit or loss for the three months ended June 30, 2023, highlighting a significant shift from a loss to a profit year-over-year Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income (USD thousands) | Metric | Q1 FY23 (USD thousands) | Q1 FY24 (USD thousands) | | :------------------------------------------ | :---------------------- | :---------------------- | | Total revenue | 142,733 | 196,731 | | Other income | 48 | 322 | | Service cost | 43,346 | 59,598 | | Personnel expenses | 31,988 | 33,831 | | Marketing and sales promotion expenses | 24,771 | 30,587 | | Other operating expenses | 31,484 | 47,101 | | Depreciation, amortization and impairment | 6,926 | 6,804 | | Results from operating activities | 4,266 | 19,132 | | Net finance costs | (14,414) | (593) | | Profit (loss) before tax | (10,123) | 18,587 | | Income tax benefit | 114 | 11 | | Profit (loss) for the period | (10,009) | 18,598 | | Total comprehensive income (loss) for the period | (35,208) | 19,154 | | Earnings (loss) per share (Diluted) | (0.09) | 0.17 | [Condensed Consolidated Interim Statement of Changes in Equity](index=10&type=section&id=MAKEMYTRIP%20LIMITED%20CONDENSED%20CONSOLIDATED%20INTERIM%20STATEMENT%20OF%20CHANGES%20IN%20EQUITY) This statement outlines the changes in the company's equity components for the three months ended June 30, 2023, including profit for the period, other comprehensive income, and transactions with owners Condensed Consolidated Interim Statement of Changes in Equity (USD thousands) | Equity Component | Balance as at April 1, 2023 (USD thousands) | Total comprehensive income (loss) for the period (USD thousands) | Transactions with owners (USD thousands) | Balance as at June 30, 2023 (USD thousands) | | :-------------------------------- | :------------------------------------------ | :----------------------------------------------- | :--------------------------------------- | :------------------------------------------ | | Share Capital | 53 | — | * | 53 | | Share Premium | 2,057,362 | — | 2,788 | 2,060,150 | | Other components of equity | 40,137 | 546 | 6,081 | 46,764 | | Accumulated Deficit | (1,227,986) | 18,458 | (75) | (1,209,603) | | Total equity attributable to owners of the Company | 869,566 | 19,004 | 8,794 | 897,364 | | Non-controlling interests | 6,490 | 150 | 12 | 6,652 | | **Total Equity** | **876,056** | **19,154** | **8,806** | **904,016** | [Condensed Consolidated Interim Statement of Cash Flows](index=11&type=section&id=MAKEMYTRIP%20LIMITED%20CONDENSED%20CONSOLIDATED%20INTERIM%20STATEMENT%20OF%20CASH%20FLOWS) This statement presents the cash flows from operating, investing, and financing activities for the three months ended June 30, 2023, showing a significant increase in cash generated from operating activities Condensed Consolidated Interim Statement of Cash Flows (USD thousands) | Cash Flow Activity | Q1 FY23 (USD thousands) | Q1 FY24 (USD thousands) | | :------------------------------------------ | :---------------------- | :---------------------- | | Profit (loss) for the period | (10,009) | 18,598 | | Adjustments for non-cash items | 30,055 | 15,175 | | Changes in working capital | (28,367) | 2,765 | | Net cash generated from (used in) operating activities | (8,321) | 36,538 | | Net cash generated from investing activities | 49,653 | 13,861 | | Net cash used in financing activities | (797) | (1,256) | | Increase in cash and cash equivalents | 40,535 | 49,143 | | Cash and cash equivalents at beginning of the period | 213,283 | 284,018 | | Effect of exchange rate fluctuations on cash held | (33) | 395 | | Cash and cash equivalents (net of bank overdraft) at end of the period | 253,785 | 333,556 | [Segment Information and Non-IFRS Reconciliations](index=12&type=section&id=Segment%20Information%20and%20Non-IFRS%20Reconciliations) This section details the company's performance by reportable segment and provides reconciliations of IFRS to non-IFRS financial measures for enhanced transparency [Information About Reportable Segments](index=12&type=section&id=MAKEMYTRIP%20LIMITED%20INFORMATION%20ABOUT%20REPORTABLE%20SEGMENTS) This section provides a breakdown of the company's consolidated revenue and Adjusted Margin by reportable segment, illustrating the contribution of Air Ticketing, Hotels and Packages, Bus Ticketing, and Other segments to overall performance Reportable Segments Performance (USD thousands) | Particulars | Air Ticketing 2022 (USD thousands) | Air Ticketing 2023 (USD thousands) | Hotels and Packages 2022 (USD thousands) | Hotels and Packages 2023 (USD thousands) | Bus Ticketing 2022 (USD thousands) | Bus Ticketing 2023 (USD thousands) | All other segments 2022 (USD thousands) | All other segments 2023 (USD thousands) | Total 2022 (USD thousands) | Total 2023 (USD thousands) | | :------------------------------------------ | :--------------------------------- | :--------------------------------- | :--------------------------------------- | :--------------------------------------- | :--------------------------------- | :--------------------------------- | :-------------------------------------- | :-------------------------------------- | :------------------------- | :------------------------- | | Consolidated Revenue | 30,941 | 45,878 | 84,045 | 115,215 | 20,307 | 24,927 | 7,440 | 10,711 | 142,733 | 196,731 | | Add: Customer inducement costs | 30,191 | 28,655 | 23,966 | 29,951 | 2,200 | 2,350 | 467 | 208 | 56,824 | 61,164 | | Less: Service cost | 508 | — | 41,086 | 59,598 | 1,744 | — | 8 | — | 43,346 | 59,598 | | Adjusted Margin | 60,624 | 74,533 | 66,925 | 85,568 | 20,763 | 27,277 | 7,899 | 10,919 | 156,211 | 198,297 | - Adjusted Margin is calculated by adding back customer inducement costs (customer incentives, acquisition costs, loyalty program costs) to revenue and reducing service cost, as reported to the Chief Operating Decision Maker[47](index=47&type=chunk) [Reconciliation of IFRS to Non-IFRS Financial Measures and Key Performance Indicators](index=13&type=section&id=RECONCILIATION%20OF%20IFRS%20TO%20NON-IFRS%20FINANCIAL%20MEASURES%20AND%20KEY%20PERFORMANCE%20INDICATORS) This section provides detailed reconciliations between IFRS measures and the company's non-IFRS financial measures and key performance indicators, including Adjusted Margin, Adjusted Operating Profit, Adjusted Net Profit, and Adjusted Diluted Earnings per Share, along with constant currency adjustments Reconciliation of Adjusted Operating Profit (Loss) and Adjusted Net Profit (Loss) (USD thousands) | Metric | Q1 FY23 (USD thousands) | Q1 FY24 (USD thousands) | | :------------------------------------------ | :---------------------- | :---------------------- | | **Reconciliation of Adjusted Operating Profit (Loss)** | | | | Results from operating activities as per IFRS | 4,266 | 19,132 | | Add: Acquisition related intangibles amortization | 3,334 | 3,135 | | Add: Employee share-based compensation costs | 8,869 | 7,872 | | **Adjusted Operating Profit (Loss)** | **16,469** | **30,139** | | **Reconciliation of Adjusted Net Profit (Loss)** | | | | Profit (Loss) for the period as per IFRS | (10,009) | 18,598 | | Add: Acquisition related intangibles amortization | 3,334 | 3,135 | | Add: Employee share-based compensation costs | 8,869 | 7,872 | | Add: Interest expense on financial liabilities measured at amortized cost | 3,709 | 3,935 | | Less: Income tax benefit | (114) | (11) | | Add: Net change in value of financial liability in business combination | 234 | 107 | | Less: Share of profit of equity-accounted investees | (25) | (48) | | **Adjusted Net Profit (Loss)** | **5,998** | **33,588** | Reconciliation of Adjusted Diluted Earnings (Loss) per Share (USD) | Metric | Q1 FY23 (USD) | Q1 FY24 (USD) | | :------------------------------------------ | :------------ | :------------ | | **Reconciliation of Adjusted Diluted Earnings (Loss) per Share** | | | | Diluted Earnings (Loss) per Share as per IFRS | (0.09) | 0.17 | | Add: Acquisition related intangibles amortization | 0.03 | 0.03 | | Add: Employee share-based compensation costs | 0.08 | 0.07 | | Add: Interest expense on financial liabilities measured at amortized cost | 0.03 | 0.03 | | Less: Income tax benefit | * | * | | Add: Net change in value of financial liability in business combination | * | * | | Less: Share of profit of equity-accounted investees | * | * | | **Adjusted Diluted Earnings (Loss) per Share** | **0.05** | **0.30** | Revenue and Adjusted Margin Growth (YoY %) | Segment | Revenue Reported Growth (YoY %) | Revenue Constant Currency Growth (YoY %) | Adjusted Margin Reported Growth (YoY %) | Adjusted Margin Constant Currency Growth (YoY %) | | :------------------ | :------------------------------ | :--------------------------------------- | :-------------------------------------- | :----------------------------------------------- | | Air Ticketing | 48.3 | 57.4 | 22.9 | 30.4 | | Hotels and Packages | 37.1 | 45.2 | 27.9 | 36.1 | | Bus Ticketing | 22.8 | 30.5 | 31.4 | 39.7 | | Others | 44.0 | 53.0 | 38.2 | 46.9 | | Total | 37.8 | 46.2 | - | - | [Selected Operating and Financial Data](index=15&type=section&id=Selected%20Operating%20and%20Financial%20Data) This section presents key operating metrics and gross bookings data, highlighting performance across various segments and overall business growth [Unit Metrics and Gross Bookings](index=15&type=section&id=Unit%20Metrics%20and%20Gross%20Bookings) The selected operating data highlights strong growth in key unit metrics across all segments, including flight segments, hotel room nights, and bus tickets, contributing to a substantial increase in gross bookings Unit Metrics (thousands) | Unit Metric | Q1 FY23 (thousands) | Q1 FY24 (thousands) | | :-------------------------------- | :------------------ | :------------------ | | Air Ticketing – Flight segments | 9,592 | 12,793 | | Hotels and Packages – Room nights | 6,566 | 7,876 | | Standalone Hotels – Online – Room nights | 6,357 | 7,610 | | Bus Ticketing – Travelled tickets | 18,719 | 22,223 | Gross Bookings by Segment (USD thousands) | Gross Bookings Segment | Q1 FY23 (USD thousands) | Q1 FY24 (USD thousands) | | :--------------------- | :---------------------- | :---------------------- | | Air Ticketing | 987,323 | 1,212,718 | | Hotels and Packages | 388,550 | 497,987 | | Bus Ticketing | 236,602 | 276,784 | | **Total Gross Bookings** | **1,612,475** | **1,987,489** | Adjusted Margin % by Segment (%) | Adjusted Margin % Segment | Q1 FY23 (%) | Q1 FY24 (%) | | :------------------------ | :---------- | :---------- | | Air Ticketing | 6.1 | 6.1 | | Hotels and Packages | 17.2 | 17.2 | | Bus Ticketing | 8.8 | 9.9 |

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12 (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF ...

[Performance Overview](index=1&type=section&id=Performance%20Overview) The company achieved robust financial growth in fiscal year 2023, driven by a strong recovery in travel demand and strategic operational improvements [Management Commentary](index=1&type=section&id=Management%20Commentary) The Group CEO reported strong FY2023 financial results, driven by robust travel demand recovery and strategic cost optimization - Gross Bookings saw a year-over-year (YoY) constant currency growth of over **120%** in fiscal year 2023[6](index=6&type=chunk) - Adjusted Operating Profit for fiscal year 2023 increased by over **200% YoY**, demonstrating significant profitability expansion[6](index=6&type=chunk) - The company's strategy focused on targeted investments and cost optimization, which helped strengthen its market position[6](index=6&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) FY2023 financial highlights include substantial growth in gross bookings and revenue, with Adjusted Operating Profit reaching $70.3 million Full Year Fiscal 2023 vs 2022 Financial Summary | Financial Metric | FY 2022 ($) | FY 2023 ($) | YoY Change | YoY Change (Constant Currency) | | :--- | :--- | :--- | :--- | :--- | | Gross Bookings | $3,188.9M | $6,566.2M | +105.9% | +122.0% | | Revenue | $303.9M | $593.0M | +95.1% | +110.3% | | Results from Operating Activities | ($30.4M) | $23.6M | - | - | | Profit (Loss) for the period | ($45.6M) | ($11.2M) | - | - | | Adjusted Operating Profit | $23.2M | $70.3M | +203.3% | - | | Adjusted Net Profit | $21.7M | $52.9M | +144.0% | - | Q4 Fiscal 2023 vs 2022 Financial Summary | Financial Metric | Q4 2022 ($) | Q4 2023 ($) | YoY Change | YoY Change (Constant Currency) | | :--- | :--- | :--- | :--- | :--- | | Gross Bookings | $1,012.3M | $1,673.9M | +65.4% | +80.7% | | Revenue | $88.6M | $148.5M | +67.7% | +82.9% | | Results from Operating Activities | $3.4M | $8.0M | +135.3% | - | | Profit (Loss) for the period | ($4.1M) | $5.4M | - | - | | Adjusted Operating Profit | $12.0M | $19.0M | +58.3% | - | [Impact of the COVID-19 Pandemic](index=2&type=section&id=Impact%20of%20the%20COVID-19%20Pandemic) Fiscal year 2023 saw significant travel demand recovery, improving results across all segments, despite lingering uncertainties - Fiscal year 2023 experienced significant growth in travel demand due to high pent-up demand and improved consumer sentiment as the impact of the pandemic diminished[9](index=9&type=chunk) - The recovery in FY2023, coupled with cost optimization efforts, led to improved results across all operating segments compared to FY2022[9](index=9&type=chunk) - The long-term effects of the pandemic on the business remain uncertain and depend on factors like the severity of new variants and their impact on travel and consumer spending[10](index=10&type=chunk) [Financial Performance Analysis](index=2&type=section&id=Financial%20Performance%20Analysis) The company achieved a significant financial turnaround in FY2023, marked by substantial revenue growth, improved profitability, and robust liquidity [Q4 FY2023 Performance](index=2&type=section&id=Fiscal%202023%20Fourth%20Quarter%20Financial%20Results) Q4 FY2023 revenue grew to $148.5 million, turning a net loss into a $5.4 million profit, driven by strong segment recovery [Revenue and Segment Performance](index=2&type=section&id=Q4%20Revenue%20and%20Segment%20Performance) Q4 FY2023 revenue increased by 67.7% to $148.5 million, driven by strong recovery across all segments, notably Hotels and Packages - Total revenue for Q4 FY2023 increased by **67.7% YoY** (**82.9% in constant currency**) to **$148.5 million**, primarily due to strong recovery in travel demand[11](index=11&type=chunk) Q4 FY2023 Segment Performance (YoY Growth, Constant Currency) | Segment | Revenue Growth (%) | Adjusted Margin Growth (%) | | :--- | :--- | :--- | | Air Ticketing | +67.6% | +81.0% | | Hotels and Packages | +98.1% | +64.2% | | Bus Ticketing | +63.3% | +70.8% | | Others | +72.3% | +73.5% | - The Hotels and Packages segment's Adjusted Margin % decreased to **16.3%** from **17.7% YoY**, mainly due to a higher proportion of lower-margin packages and international hotel bookings[16](index=16&type=chunk) [Operating Expenses](index=4&type=section&id=Q4%20Operating%20Expenses) Q4 FY2023 operating expenses increased across personnel, marketing, and other categories, reflecting higher variable costs and strategic investments - Personnel expenses rose **11.3% YoY** to **$33.7 million** due to annual wage increases[19](index=19&type=chunk) - Marketing and sales promotion expenses increased by **92.4% YoY** to **$23.2 million**, driven by higher variable costs and discretionary spending on brand initiatives in response to travel recovery[20](index=20&type=chunk) - Other operating expenses grew **79.1% YoY** to **$34.1 million**, primarily due to increased booking-related costs like payment gateway charges and a one-time reversal of a provision in the prior-year quarter[21](index=21&type=chunk) [Profitability and Earnings](index=5&type=section&id=Q4%20Profitability%20and%20Earnings) Q4 FY2023 profitability improved significantly, with operating profit increasing and a turnaround to net profit, alongside reduced net finance costs Q4 FY2023 Profitability Metrics | Metric | Q4 2022 ($) | Q4 2023 ($) | | :--- | :--- | :--- | | Results from Operating Activities | $3.4M | $8.0M | | Adjusted Operating Profit | $12.0M | $19.0M | | Profit (Loss) for the Period | ($4.1M) | $5.4M | | Adjusted Net Profit | $8.7M | $23.1M | | Diluted EPS | ($0.04) | $0.05 | | Adjusted Diluted EPS | $0.08 | $0.21 | - Net finance costs decreased to **$2.6 million** from **$6.9 million YoY**, mainly due to a lower net foreign exchange loss[24](index=24&type=chunk) [Full Year FY2023 Performance](index=5&type=section&id=Fiscal%202023%20Full%20Year%20Financial%20Results) FY2023 saw revenue nearly double to $593.0 million, transforming an operating loss into a $23.6 million profit, with net loss significantly narrowing [Revenue and Segment Performance](index=5&type=section&id=FY2023%20Revenue%20and%20Segment%20Performance) FY2023 total revenue increased by 95.1% to $593.0 million, driven by strong recovery across all segments, particularly Hotels and Packages - Total revenue for FY2023 increased by **95.1% YoY** (**110.3% in constant currency**) to **$593.0 million**, driven by the diminishing impact of the COVID-19 pandemic[27](index=27&type=chunk) FY2023 Segment Performance (YoY Growth, Constant Currency) | Segment | Revenue Growth (%) | Adjusted Margin Growth (%) | | :--- | :--- | :--- | | Air Ticketing | +79.6% | +94.2% | | Hotels and Packages | +131.5% | +94.2% | | Bus Ticketing | +102.0% | +117.2% | | Others | +95.9% | +98.6% | - The Air Ticketing segment's Adjusted Margin % decreased to **6.8%** from **8.0% YoY**, primarily due to increased air fares without a corresponding increase in fixed revenue earned per booking[31](index=31&type=chunk) [Operating Expenses](index=7&type=section&id=FY2023%20Operating%20Expenses) FY2023 operating expenses increased across personnel, marketing, and other categories, reflecting higher variable costs and strategic investments - Personnel expenses increased **12.9% YoY** to **$132.0 million** due to annual wage increases[35](index=35&type=chunk) - Marketing and sales promotion expenses rose **99.1% YoY** to **$101.6 million**, reflecting increased variable costs and discretionary spending to capture the travel demand recovery[36](index=36&type=chunk) - Other operating expenses increased **63.9% YoY** to **$133.7 million**, mainly due to a **$46.2 million** rise in booking-related costs like payment gateway and outsourcing fees[38](index=38&type=chunk) [Profitability and Earnings](index=8&type=section&id=FY2023%20Profitability%20and%20Earnings) FY2023 profitability significantly improved, with a turnaround to operating profit and a substantial narrowing of net loss, despite increased finance costs Full Year FY2023 Profitability Metrics | Metric | FY 2022 ($) | FY 2023 ($) | | :--- | :--- | :--- | | Results from Operating Activities | ($30.4M) | $23.6M | | Adjusted Operating Profit | $23.2M | $70.3M | | Profit (Loss) for the Period | ($45.6M) | ($11.2M) | | Adjusted Net Profit | $21.7M | $52.9M | | Diluted EPS | ($0.42) | ($0.10) | | Adjusted Diluted EPS | $0.20 | $0.48 | - Net finance costs increased to **$35.8 million** from **$16.3 million YoY**, primarily due to a **$17.4 million** increase in net foreign exchange loss resulting from the depreciation of the Indian Rupee against the U.S. dollar[41](index=41&type=chunk) [Liquidity and Financial Position](index=8&type=section&id=Liquidity) As of March 31, 2023, the company maintained strong liquidity with $486.7 million in cash and $119.2 million in undrawn credit facilities - The balance of cash and cash equivalents and term deposits was **$486.7 million** as of March 31, 2023[44](index=44&type=chunk) - The company has existing credit facilities of approximately **$119.2 million**, none of which were drawn as of March 31, 2023[44](index=44&type=chunk) [Corporate Developments](index=8&type=section&id=Corporate%20Developments) This section outlines recent corporate actions, including the impact of a key airline supplier's insolvency and strategic share and note repurchase authorizations [Recent Developments (Go First Insolvency)](index=8&type=section&id=Recent%20Developments) The voluntary insolvency filing by Go First, a key airline supplier, poses a risk of reduced air ticket supply and potential impact on gross bookings - On May 2, 2023, Go Airlines (India) Limited (Go First), a top five domestic airline supplier, filed for voluntary insolvency resolution proceedings[45](index=45&type=chunk) - The disruption could reduce the supply of air tickets available on MakeMyTrip's platform, potentially impacting gross bookings, revenue, and operating results[46](index=46&type=chunk) - MakeMyTrip is extending cooperation to its customers impacted by the suspension of Go First flights[47](index=47&type=chunk) [Share and Note Repurchases](index=9&type=section&id=Repurchases%20of%20Shares%20and%20Convertible%20Notes) The Board extended the share repurchase plan and authorized repurchases of 2028 convertible notes, with a combined cap of $136.0 million - The Board of Directors extended the term of the share repurchase plan until March 31, 2026[48](index=48&type=chunk) - As of March 31, 2023, the company had remaining authority to repurchase up to **$136.0 million** of its outstanding ordinary shares[48](index=48&type=chunk) - On May 16, 2023, the Board authorized the company to also use the **$136.0 million** authority to repurchase its **0.00% convertible senior notes due 2028**[49](index=49&type=chunk) [Appendix: Financial Statements and Reconciliations](index=9&type=section&id=Appendix%3A%20Financial%20Statements%20and%20Reconciliations) This appendix provides detailed consolidated financial statements, non-IFRS reconciliations, and key operating metrics supporting the reported financial performance [Consolidated Financial Statements](index=12&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements detail the company's financial health, showing increased assets, significant revenue growth, narrowed net loss, and positive cash flow [Statement of Financial Position (Balance Sheet)](index=12&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) The Statement of Financial Position shows total assets increased to $1.36 billion, with changes in cash, intangible assets, liabilities, and equity Key Balance Sheet Items (in thousands USD) | Item | As at March 31, 2022 (USD thousands) | As at March 31, 2023 (USD thousands) | | :--- | :--- | :--- | | **Total Assets** | **$1,322,744** | **$1,359,825** | | Cash and cash equivalents | $213,283 | $284,018 | | Intangible assets and goodwill | $685,658 | $628,974 | | **Total Liabilities** | **$426,269** | **$483,769** | | **Total Equity** | **$896,475** | **$876,056** | [Statement of Profit or Loss (Income Statement)](index=13&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) The Statement of Profit or Loss highlights significant revenue growth to $593.0 million and a substantial narrowing of the net loss in FY2023 Key Income Statement Items (in thousands USD) | Item | For the year ended March 31, 2022 (USD thousands) | For the year ended March 31, 2023 (USD thousands) | | :--- | :--- | :--- | | Total Revenue | $303,922 | $593,036 | | Result from operating activities | ($30,366) | $23,604 | | Profit (loss) for the period | ($45,567) | ($11,168) | | Diluted Earnings (loss) per share | ($0.42) | ($0.10) | [Statement of Cash Flows](index=15&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) The Statement of Cash Flows indicates positive cash generation from operating activities and a shift to positive cash flow from investing activities Net Cash Flow Summary (in thousands USD) | Activity | For the year ended March 31, 2022 (USD thousands) | For the year ended March 31, 2023 (USD thousands) | | :--- | :--- | :--- | | Net cash from operating activities | $5,998 | $32,065 | | Net cash from investing activities | ($77,604) | $46,776 | | Net cash from financing activities | ($9,569) | ($6,207) | | **Increase (decrease) in cash** | **($81,175)** | **$72,634** | [Non-IFRS Reconciliations and Key Metrics](index=17&type=section&id=Non-IFRS%20Reconciliations%20and%20Key%20Metrics) This section reconciles IFRS to non-IFRS measures like Adjusted Operating Profit and presents key operating metrics, highlighting significant increases in travel bookings Reconciliation of Operating Results to Adjusted Operating Profit (FY2023, in thousands USD) | Item | Amount (USD thousands) | | :--- | :--- | | Results from operating activities (IFRS) | $23,604 | | Add: Acquisition related intangibles amortization | $12,812 | | Add: Employee share-based compensation costs | $35,643 | | Less: Gain on discontinuation of equity accounted investment | ($2,017) | | Add: Merger and acquisitions related expenses | $270 | | **Adjusted Operating Profit (Non-IFRS)** | **$70,312** | Selected Operating Metrics (Units in thousands) | Unit Metric | FY 2022 (thousands) | FY 2023 (thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Air Ticketing – Flight segments | 24,704 | 43,882 | +77.6% | | Hotels and Packages – Room nights | 15,595 | 26,101 | +67.4% | | Bus Ticketing – Travelled tickets | 39,491 | 73,048 | +85.0% |

Exhibit 99.1 MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2023 THIRD QUARTER RESULTS Impact of the COVID-19 Pandemic The impact of the global COVID-19 pandemic has severely impacted travel demand in terms of affecting consumers' sentiment and their willingness to travel, which has caused airlines and hotels in India and around the world to operate at significantly reduced service levels throughout much of fiscal years 2021 and 2022. The COVID-19 pandemic has also resulted in significant weakness in the macroeconomic ...

MakeMyTrip Limited (NASDAQ:MMYT) Q2 2023 Earnings Conference Call November 1, 2022 7:30 AM ET Company Participants Vipul Garg - Vice President of Investor Relations Deep Kalra - Founder and Chairman Rajesh Magow - Co-Founder and Chief Executive Officer Mohit Kabra - Chief Financial Officer Conference Call Participants Aditya Chandrasekar - UBS Vijit Jain - Citi Vipul Garg Hello, everyone. I'm Vipul Garg, Vice President, Investor Relations at MakeMyTrip Limited. And welcome to our Fiscal Year 2023 Second Qua ...

Financial Performance - Gross Bookings reached $1,541.7 million in Q2 2023, a significant increase from $734.1 million in Q2 2022, representing a growth of 109.0% year-over-year[4] - Revenue for Q2 2023 was $131.2 million, up 94.5% from $67.5 million in Q2 2022, driven by strong recovery in travel demand[8] - Air Ticketing Revenue improved to $39.6 million in Q2 2023, an increase of 85.9% from $21.3 million in Q2 2022, with Adjusted Margin rising to $75.0 million[4] - Hotels and Packages Revenue increased by 103.6% to $68.2 million in Q2 2023, with Adjusted Margin improving to $57.4 million[12] - Bus Ticketing Revenue rose by 91.8% to $16.1 million in Q2 2023, with Adjusted Margin increasing to $16.9 million[13] - Other Revenue grew by 71.0% to $7.3 million in Q2 2023, with Adjusted Margin reaching $7.5 million[14] - Total revenue for the six months ended September 30, 2022, was $273.987 million, a significant increase from $100.312 million in the same period of 2021, representing a growth of 172%[47] - Consolidated revenue for the three months ended September 30, 2022, was $131.25 million, a significant increase from $67.47 million in the same period of 2021, representing a growth of 94.5%[53] - Total revenue for the six months ended September 30, 2022, was $273.98 million, a substantial increase from $100.3 million in 2021, reflecting a growth of 172.5%[53] Profitability - Operating Activities resulted in a profit of $3.9 million in Q2 2023, a turnaround from a loss of $8.0 million in Q2 2022, reflecting an improvement of $11.9 million year-over-year[4] - Adjusted Operating Profit improved to $15.1 million in Q2 2023, compared to $6.6 million in Q2 2022, marking an increase of $8.5 million[4] - The loss for the quarter ended September 30, 2022, was $6.8 million, an improvement from a loss of $8.0 million in the same quarter of 2021, with an Adjusted Net Profit of $8.0 million compared to $9.7 million[23] - Loss before tax for the three months ended September 30, 2022, was $7.17 million, an improvement from a loss of $8.59 million in the same period of 2021[53] - Adjusted operating profit for the three months ended September 30, 2022, was $15.14 million, compared to $6.56 million in 2021, marking a growth of 130.5%[55] Costs and Expenses - Customer inducement costs recorded as a reduction of revenue were $57.8 million in Q2 2023, up from $27.7 million in Q2 2022[18] - Other operating expenses increased by 77.7% to $32.5 million for the quarter ended September 30, 2022, compared to $18.3 million for the same period in 2021, driven by higher payment gateway charges, outsourcing fees, and website hosting charges due to increased bookings[19] - Marketing and sales promotion expenses for the three months ended September 30, 2022, increased to $24.75 million from $11.53 million in 2021, representing a rise of 114.5%[53] Cash and Assets - As of September 30, 2022, the balance of cash and cash equivalents and term deposits was $466.3 million, with existing credit facilities of approximately $128.2 million, of which only $0.1 million has been drawn[25] - Cash and cash equivalents increased to $274.725 million as of September 30, 2022, compared to $213.283 million at the beginning of the period[51] - Total assets as of September 30, 2022, were $1.329 billion, slightly up from $1.322 billion as of March 31, 2022[45] - Total equity attributable to owners of the company decreased to $850.941 million as of September 30, 2022, from $894.134 million as of March 31, 2022[45] - The company’s total liabilities increased to $470.342 million as of September 30, 2022, from $426.269 million as of March 31, 2022[45] Investments and Acquisitions - On September 28, 2022, the company acquired an additional equity interest in Simplotel Technologies Private Limited for an estimated cash consideration of $3.9 million, increasing its stake to 64.8%[26] Regulatory and Legal Matters - The Competition Commission of India imposed a penalty of Rs. 2,234.8 million (approximately $27.0 million) on the company's subsidiaries for anti-competitive conduct[28] - The company plans to assess the findings from the Competition Commission of India order and will seek legal counsel to determine future actions[30] Foreign Exchange and Other Income - Other income surged by 537.1% to $2.4 million in Q2 2023, primarily due to a gain on the discontinuation of an equity-accounted investment[15] - Net finance costs rose to $11.1 million for the quarter ended September 30, 2022, from $0.6 million in the same quarter of 2021, primarily due to a net foreign exchange loss of $9.6 million[22] - The company recognized a foreign currency translation loss of $(44.534) million for the six months ended September 30, 2022[47]

[Fiscal 2023 First Quarter Results Announcement](index=1&type=section&id=MAKEMYTRIP%20LIMITED%20ANNOUNCES%20FISCAL%202023%20FIRST%20QUARTER%20RESULTS) [Financial Highlights](index=1&type=section&id=Financial%20Highlights%20for%20Fiscal%202023%20First%20Quarter) MakeMyTrip reported a strong Q1 FY2023 recovery with gross bookings surging to **$1.61 billion** and revenue reaching **$142.7 million**, achieving operating profitability - CEO Rajesh Magow noted a strong recovery driven by summer holiday and pent-up leisure travel demand, despite high aviation fuel prices impacting international travel recovery[3](index=3&type=chunk) Q1 FY2023 Key Financial Metrics (vs. Q1 FY2022) | Metric | Q1 FY2023 | Q1 FY2022 | | :--- | :--- | :--- | | Gross Bookings | **$1.61 billion** | $286.7 million | | Revenue | $142.7 million | $32.8 million | | Results from Operating Activities | $4.3 million profit | $19.5 million loss | | Adjusted Operating Profit | $16.5 million profit | $8.6 million loss | [Business and Operating Environment](index=2&type=section&id=Impact%20of%20the%20COVID-19%20Pandemic) Q1 FY2023 performance was significantly boosted by recovering travel demand due to summer holidays, higher vaccination rates, and lower COVID-19 infection rates, though long-term pandemic effects remain uncertain - Travel demand recovery in Q1 FY2023 was primarily driven by the summer holiday season, increased COVID-19 vaccination rates, and lower infection rates[6](index=6&type=chunk) - The company maintained its focus on cost optimization by leveraging a highly variable and efficient fixed cost structure[6](index=6&type=chunk) - Long-term uncertainty persists regarding the pandemic's effects, contingent on future virus mutations and their impact on the travel industry[7](index=7&type=chunk) [Detailed Financial Performance Analysis](index=2&type=section&id=Fiscal%202023%20First%20Quarter%20Financial%20Results) Q1 FY2023 total revenue surged **334.7%** to **$142.7 million**, achieving an operating profit of **$4.3 million** and narrowing the net loss to **$10.0 million**, while maintaining **$464.8 million** in cash and term deposits - Total revenue for Q1 FY2023 increased by **334.7%** year-over-year to **$142.7 million**, driven by strong domestic travel demand recovery[8](index=8&type=chunk) - The company achieved an operating profit of **$4.3 million** from a prior-year loss of **$19.5 million**, with Adjusted Operating Profit reaching **$16.5 million**[19](index=19&type=chunk) - As of June 30, 2022, the company held **$464.8 million** in cash, cash equivalents, and term deposits, plus **$130.1 million** in credit facilities[23](index=23&type=chunk) [Revenue and Adjusted Margin Analysis by Segment](index=2&type=section&id=Revenue%20and%20Adjusted%20Margin%20Analysis) All segments showed remarkable year-over-year growth in Q1 FY2023, with Hotels and Packages leading at **638.9%** revenue increase, and total Adjusted Margin reaching **$156.2 million** Segment Revenue and Adjusted Margin (Q1 FY2023 vs Q1 FY2022) | Segment | Revenue Q1'23 (USD thousands) | Revenue Q1'22 (USD thousands) | Adjusted Margin Q1'23 (USD thousands) | Adjusted Margin Q1'22 (USD thousands) | | :--- | :--- | :--- | :--- | :--- | | Air ticketing | 30,941 | 14,711 | 60,624 | 19,191 | | Hotels and packages | 84,045 | 11,374 | 66,925 | 12,253 | | Bus ticketing | 20,307 | 4,197 | 20,763 | 3,934 | | Others | 7,440 | 2,551 | 7,899 | 2,544 | | **Total** | **142,733** | **32,833** | **156,211** | **37,922** | [Operating Expenses Analysis](index=3&type=section&id=Operating%20Expenses) Operating expenses increased significantly with business recovery, notably marketing and sales promotion expenses surging **381.3%** to **$24.8 million** due to higher variable costs and brand-building initiatives - Personnel expenses increased by **20.9%** to **$32.0 million**, driven by annual wage increases and higher share-based compensation costs[15](index=15&type=chunk) - Marketing and sales promotion expenses surged by **381.3%** to **$24.8 million**, reflecting increased variable costs and discretionary spending due to strong travel demand[16](index=16&type=chunk) - Other operating expenses grew by **179.3%** to **$31.5 million**, primarily due to higher payment gateway charges and booking-related costs[17](index=17&type=chunk) - Depreciation and amortization expenses decreased by **6.4%** to **$6.9 million** due to an increase in fully depreciated and amortized assets[18](index=18&type=chunk) [Profitability and Earnings per Share](index=4&type=section&id=Profitability%20and%20Earnings%20per%20Share) Profitability dramatically improved, with net loss narrowing to **$10.0 million** and Adjusted Net Profit reaching **$6.0 million**, resulting in Adjusted Diluted Earnings per share of **$0.05** - Net finance costs increased to **$14.4 million** from **$5.4 million**, primarily due to an **$8.1 million** foreign exchange loss from Indian Rupee depreciation against the U.S. dollar[20](index=20&type=chunk) Profitability and EPS (Q1 FY2023 vs Q1 FY2022) | Metric | Q1 FY2023 (in USD million) | Q1 FY2022 (in USD million) | | :--- | :--- | :--- | | Loss for the Period | ($10.0) | ($24.5) | | Adjusted Net Profit (Loss) | $6.0 | ($10.2) | | Diluted Loss per Share (in USD) | ($0.09) | ($0.22) | | Adjusted Diluted Earnings (Loss) per Share (in USD) | $0.05 | ($0.09) | [Share Repurchase and Conference Call](index=5&type=section&id=Share%20Repurchase) The **$150 million** share repurchase program was extended to November 30, 2023, with **$136.0 million** remaining authority, and no shares repurchased in Q1 FY2023 - The Board of Directors extended the share repurchase plan until November 30, 2023[25](index=25&type=chunk) - No shares were repurchased in Q1 FY2023, leaving approximately **$136.0 million** in remaining authority as of June 30, 2022[25](index=25&type=chunk) [Non-IFRS Measures and Safe Harbor](index=5&type=section&id=About%20Key%20Performance%20Indicators%20and%20Non-IFRS%20Measures) The company uses non-IFRS measures like Adjusted Margin and Adjusted Operating Profit for internal evaluation and peer comparison, while forward-looking statements are subject to significant risks including COVID-19 and economic volatility - Segment performance is evaluated using Adjusted Margin, which adjusts IFRS revenue for customer inducement costs and service acquisition costs to reflect value addition[28](index=28&type=chunk)[29](index=29&type=chunk) - Non-IFRS measures like Adjusted Operating Profit and Adjusted Net Profit exclude share-based compensation, amortization of acquired intangibles, and certain interest and tax expenses for decision-making and competitor comparison[31](index=31&type=chunk) - Forward-looking statements are subject to risks including economic slowdowns, travel industry disruptions, competition, and ongoing COVID-19 pandemic effects[36](index=36&type=chunk) [Condensed Consolidated Interim Financial Statements (Unaudited)](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20INTERIM%20FINANCIAL%20STATEMENTS) [Statement of Financial Position](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20INTERIM%20STATEMENT%20OF%20FINANCIAL%20POSITION) As of June 30, 2022, total assets were **$1.314 billion**, total liabilities **$440.3 million**, and total equity **$874.2 million**, with cash and cash equivalents improving to **$254.0 million** Key Balance Sheet Items (in USD thousands) | Account | June 30, 2022 | March 31, 2022 | | :--- | :--- | :--- | | Total assets | 1,314,457 | 1,322,744 | | Cash and cash equivalents | 253,974 | 213,283 | | Total liabilities | 440,252 | 426,269 | | Total equity | 874,205 | 896,475 | [Statement of Profit or Loss and Other Comprehensive Income](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20INTERIM%20STATEMENT%20OF%20PROFIT%20OR%20LOSS%20AND%20OTHER%20COMPREHENSIVE%20INCOME) Q1 FY2023 total revenue was **$142.7 million**, with operating activities yielding a **$4.3 million** profit, net loss narrowing to **$10.0 million**, but a total comprehensive loss of **$35.2 million** due to foreign currency translation Income Statement Summary (in USD thousands) | Account | Q1 FY2023 | Q1 FY2022 | | :--- | :--- | :--- | | Total revenue | 142,733 | 32,833 | | Result from operating activities | 4,266 | (19,515) | | Loss for the period | (10,009) | (24,453) | | Total comprehensive loss for the period | (35,208) | (9,553) | | Diluted loss per share (in USD) | (0.09) | (0.22) | [Statement of Changes in Equity](index=9&type=section&id=CONDENSED%20CONSOLIDATED%20INTERIM%20STATEMENT%20OF%20CHANGES%20IN%20EQUITY) Total equity decreased from **$896.5 million** to **$874.2 million**, primarily due to a **$35.2 million** total comprehensive loss, partially offset by **$12.9 million** from share-based payments - Total equity decreased by **$22.3 million** during the quarter, from **$896.5 million** to **$874.2 million**[45](index=45&type=chunk) - The equity decrease was primarily driven by a **$10.1 million** net loss and **$24.9 million** in negative foreign currency translation differences[45](index=45&type=chunk) [Statement of Cash Flows](index=10&type=section&id=CONDENSED%20CONSOLIDATED%20INTERIM%20STATEMENT%20OF%20CASH%20FLOWS) Q1 FY2023 saw **$8.3 million** net cash used in operating activities, **$49.7 million** generated from investing activities, and a **$40.5 million** increase in cash and cash equivalents, ending at **$253.8 million** Cash Flow Summary (in USD thousands) | Activity | Q1 FY2023 | Q1 FY2022 | | :--- | :--- | :--- | | Net cash (used in) operating activities | (8,321) | (31,845) | | Net cash generated from (used in) investing activities | 49,653 | (112,830) | | Net cash (used in) financing activities | (797) | (1,386) | | Increase (decrease) in cash and cash equivalents | 40,535 | (146,061) | | Cash and cash equivalents at end of period | 253,785 | 149,042 | [Supplementary Financial Information](index=11&type=section&id=SUPPLEMENTARY%20FINANCIAL%20INFORMATION) [Information About Reportable Segments](index=11&type=section&id=INFORMATION%20ABOUT%20REPORTABLE%20SEGMENTS) This section details segment performance, reconciling IFRS revenue to Adjusted Margin, with Q1 FY2023 total Adjusted Margin at **$156.2 million** on **$142.7 million** revenue Reconciliation of Revenue to Adjusted Margin - Q1 FY2023 (in USD thousands) | Segment | Revenue | Add: Customer Inducement Costs | Less: Service Cost | Adjusted Margin | | :--- | :--- | :--- | :--- | :--- | | Air ticketing | 30,941 | 30,191 | 508 | 60,624 | | Hotels and packages | 84,045 | 23,966 | 41,086 | 66,925 | | Bus ticketing | 20,307 | 2,200 | 1,744 | 20,763 | | All other segments | 7,440 | 467 | 8 | 7,899 | | **Total** | **142,733** | **56,824** | **43,346** | **156,211** | [Reconciliation of IFRS to Non-IFRS Measures](index=12&type=section&id=RECONCILIATION%20OF%20IFRS%20TO%20NON-IFRS%20FINANCIAL%20MEASURES%20AND%20KEY%20PERFORMANCE%20INDICATORS) This section reconciles IFRS results to non-IFRS metrics, showing Q1 FY2023 IFRS operating profit of **$4.3 million** adjusted to **$16.5 million** Adjusted Operating Profit, and IFRS net loss of **$10.0 million** to **$6.0 million** Adjusted Net Profit Reconciliation of Operating Profit (in USD thousands) | Description | Q1 FY2023 | Q1 FY2022 | | :--- | :--- | :--- | | Results from operating activities (IFRS) | 4,266 | (19,515) | | Add: Acquisition related intangibles amortization | 3,334 | 3,493 | | Add: Employee share-based compensation costs | 8,869 | 7,444 | | **Adjusted Operating Profit (Loss)** | **16,469** | **(8,578)** | Reconciliation of Net Profit (in USD thousands) | Description | Q1 FY2023 | Q1 FY2022 | | :--- | :--- | :--- | | Profit (Loss) for the period (IFRS) | (10,009) | (24,453) | | Add: Adjustments (amortization, share-based costs, etc.) | 16,007 | 14,245 | | **Adjusted Net Profit (Loss)** | **5,998** | **(10,208)** | [Selected Operating and Financial Data](index=13&type=section&id=SELECTED%20OPERATING%20AND%20FINANCIAL%20DATA) Q1 FY2023 operating metrics showed massive year-over-year growth, with Air Ticketing flight segments growing to **9.6 million** and total gross bookings reaching **$1.61 billion**, a **462%** increase Key Operating Metrics (in thousands) | Unit Metric | Q1 FY2023 | Q1 FY2022 | | :--- | :--- | :--- | | Air Ticketing – Flight segments | 9,592 | 2,466 | | Hotels and Packages – Room nights | 6,566 | 1,462 | | Bus Ticketing – Travelled tickets | 18,719 | 4,150 | Gross Bookings (in USD thousands) | Segment | Q1 FY2023 | Q1 FY2022 | | :--- | :--- | :--- | | Air Ticketing | 987,323 | 180,095 | | Hotels and Packages | 388,550 | 60,750 | | Bus Ticketing | 236,602 | 45,869 | | **Total** | **1,612,475** | **286,714** | Adjusted Margin % | Segment | Q1 FY2023 | Q1 FY2022 | | :--- | :--- | :--- | | Air Ticketing | 6.1% | 10.7% | | Hotels and Packages | 17.2% | 20.2% | | Bus Ticketing | 8.8% | 8.6% |

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR (G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to (Title of Class) (Trading Symbol) (Name of Exchange On Which Re ...

Financial Performance - Gross Bookings reached $1,012.3 million in Q4 FY22, up 33.2% from $759.2 million in Q4 FY21, and $3,188.9 million for FY22, up 95.1% from $1,635.4 million in FY21[4] - Revenue for Q4 FY22 was $88.6 million, an increase of 11.8% from $79.2 million in Q4 FY21, and $303.9 million for FY22, up 85.6% from $163.4 million in FY21[4] - Adjusted Operating Profit for Q4 FY22 improved to $12.0 million from $11.1 million in Q4 FY21, and for FY22 increased to $23.2 million from an Adjusted Operating Loss of $18.0 million in FY21[4] - Revenue for the year ended March 31, 2022, was $303.9 million, an increase of 86.0% compared to $163.4 million for the year ended March 31, 2021[25] - The company reported a loss for the year of $45,567 million, an improvement from a loss of $56,042 million in the previous year[63] - The company’s marketing and sales promotion expenses increased to $51,033 million for the year, up from $22,741 million, reflecting a growth of 124.5%[59] - Adjusted Net Profit for the year ended March 31, 2022, was $21.7 million, compared to an Adjusted Net Loss of $9.2 million in the prior year[38] Revenue Breakdown - Revenue from the air ticketing business increased by 4.6% to $25.3 million in Q4 FY22, with an Adjusted Margin of $44.8 million, up 17.1%[11] - Revenue from hotels and packages increased by 18.6% to $45.1 million in Q4 FY22, with an Adjusted Margin of $42.3 million, up 18.8%[12] - Revenue from bus ticketing increased by 7.0% to $12.6 million in Q4 FY22, with an Adjusted Margin of $12.4 million, up 12.4%[13] - Revenue from other business segments increased by 6.9% to $5.5 million in Q4 FY22, with an Adjusted Margin of $5.7 million, up 10.4%[14] - Revenue from the air ticketing business increased by 55.6% to $88.7 million for the year ended March 31, 2022, from $57.0 million in the previous year[28] - Revenue from hotels and packages increased by 131.4% to $157.3 million for the year ended March 31, 2022, from $68.0 million in the previous year[29] - Revenue from air ticketing for the year ended March 31, 2022, was $88.71 million, a substantial increase from $57.01 million in 2021, representing a 55.7% growth[68] - Revenue from hotels and packages for the year ended March 31, 2022, surged to $157.27 million, compared to $67.98 million in 2021, indicating a 131.1% increase[68] Expenses and Costs - Personnel expenses increased by 5.4% to $30.3 million in Q4 FY22, primarily due to higher share-based compensation and annual wage increases[16] - Marketing and sales promotion expenses increased by 2.5% to $12.1 million in Q4 FY22, reflecting the recovery in domestic travel demand[17] - Customer inducement costs recorded as a reduction of revenue were $33.7 million in Q4 FY22, compared to $24.7 million in Q4 FY21[18] - Other operating expenses increased by 59.7% to $81.6 million for the year ended March 31, 2022, from $51.1 million in the previous year[34] - Finance costs for the year ended March 31, 2022, increased significantly to $26.33 million, compared to $4.80 million in 2021, marking a 448.5% rise[69] Profitability Metrics - Loss for the quarter ended March 31, 2022, was $4.1 million, compared to a profit of $3.2 million in the same quarter of 2021[23] - Adjusted Net Profit for the quarter ended March 31, 2022, was $8.7 million, down from $12.1 million in the same quarter of 2021[23] - Diluted loss per share for the quarter ended March 31, 2022, was $0.04, compared to diluted earnings per share of $0.03 in the same quarter of 2021[24] - For the year ended March 31, 2022, the company reported a loss from operating activities of $30.4 million, an improvement from a loss of $67.7 million in the previous year[36] - The loss for the year ended March 31, 2022, was $45.6 million, reduced from a loss of $56.0 million in the previous year[38] - The basic earnings per share for the year ended March 31, 2022, was $(0.42), compared to $(0.52) in 2021[59] Cash and Assets - The company had cash and cash equivalents of $477.5 million and undrawn credit facilities of approximately $132.5 million as of March 31, 2022[40] - Total assets increased to $1,322.7 million as of March 31, 2022, from $1,309.0 million in the previous year[56] - Total equity attributable to owners of the company was $894.1 million as of March 31, 2022, compared to $887.5 million in the prior year[56] - Loans and borrowings increased to $213.8 million as of March 31, 2022, from $201.6 million in the previous year[56] - Cash and cash equivalents at the end of the year decreased to $213,283 million from $295,066 million, reflecting a decrease of 27.7%[63] - Operating activities generated net cash of $5,998 million for the year, a significant decline from $64,526 million in 2021[63] Growth Metrics - For the three months ended March 31, 2022, reported revenue growth was 11.8%, with air ticketing growing by 4.6%, hotels and packages by 18.6%, and bus ticketing by 7.0%[71] - For the year ended March 31, 2022, total reported revenue growth was 86.0%, with air ticketing increasing by 55.6%, hotels and packages by 131.4%, and bus ticketing by 60.3%[71] - The constant currency growth for the year ended March 31, 2022, was 87.0%, with air ticketing at 56.4%, hotels and packages at 132.5%, and bus ticketing at 61.5%[71] - The impact of foreign currency translation on reported growth for the year was approximately 1.0% across all segments[71]