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]

Financial Data and Key Metrics Changes - The company reported total gross bookings of $1,155.7 million, marking a growth of 95% year-on-year and 8.5% quarter-on-quarter, the highest since the pandemic [35][36] - Adjusted operating profit reached $13.2 million, nearly doubling from $6.6 million in the previous quarter and 2.6 times higher than $5.2 million in the same quarter last year [35][36] - Adjusted operating cash profit for the quarter was approximately $7.6 million, the highest achieved to date [35] Business Line Data and Key Metrics Changes - The air ticketing segment saw an adjusted margin of $52.9 million, representing a 105.9% increase year-on-year and a 38.4% increase quarter-on-quarter [36] - The hotels and packages business recorded an adjusted margin of $54.1 million, up 17.6% year-on-year and 53.6% quarter-on-quarter [36] - The bus ticketing business, led by the redBus brand, achieved an adjusted margin of over $14.1 million, a 58.4% increase year-on-year and a 79.1% increase quarter-on-quarter [36] Market Data and Key Metrics Changes - Domestic travel demand showed strong recovery, with a 94% increase in volume of tickets compared to the same quarter last year [17] - International travel demand remained slow, with notable growth only in the Maldives and Dubai, where bookings increased by 300% compared to pre-COVID times [23][36] - The company maintained a market share of approximately 30% in the domestic air ticketing business and 65-70% in the online bus ticketing segment [50] Company Strategy and Development Direction - The company is focusing on increasing online travel bookings, particularly in Tier 2 and 3 cities, by simplifying the travel planning and booking process [9][10] - Investments in new platforms like myBiz and myPartner aim to tap into new demand segments and enhance the user experience [11][30] - The company is committed to enhancing its product offerings, including the introduction of assurance-driven products and personalized booking experiences [22][31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for a strong recovery in the travel and tourism industry in 2022, anticipating a rebound in domestic travel following the Omicron wave [11][41] - The company noted that the vaccination coverage in India provides hope for a decline in daily new infections, which could lead to increased travel demand [5][6] - Management highlighted the importance of maintaining cost efficiencies and a strong cash position, with over $450 million in cash and cash equivalents [80] Other Important Information - The company launched a scholarship program for underprivileged students affected by COVID-19 and is working with the government to boost community-based tourism [13] - The company has seen a significant increase in new user acquisition in the GCC region, with a 96% quarter-on-quarter increase [30] Q&A Session Summary Question: Did the business return to pre-COVID levels in Q3? - Management indicated that there were days when air ticketing business recovery reached 90-95% of pre-COVID levels, with strong demand sentiment across domestic travel [46][47] Question: Updates on the advertisement vertical? - The company is continuously investing in its third-party advertisement platform, enhancing product offerings and gaining traction from partners [48][49] Question: What is the commission structure for the cab business? - The cab business operates on a commission or revenue share model, with a focus on improving the overall product experience [52][53] Question: How do you expect margins to move next year? - Management expects margins to remain stable, with air ticketing margins around 6-7% and hotel margins in the high teens, while maintaining a profitable path [77][79] Question: Any update on India listing plans? - The company has no immediate plans for an India listing but remains open to options in the future [82]

[Financial and Operating Performance](index=1&type=section&id=Financial%20and%20Operating%20Performance) This section details the company's financial and operating performance, including Q3 FY2022 highlights, pandemic impacts, detailed results, and share repurchase program [Overview and Financial Highlights](index=1&type=section&id=Overview%20and%20Financial%20Highlights) MakeMyTrip announced its best Adjusted Operating Profit quarter during the COVID-19 pandemic for Q3 FY2022, driven by significant pent-up travel demand in India. The company saw substantial year-over-year (YoY) and quarter-over-quarter (QoQ) growth across key metrics including Gross Bookings and Revenue. However, the emerging Omicron wave began to impact leisure travel sentiment from January 2022 - The company reported its best Adjusted Operating Profit quarter during the pandemic, supported by pent-up travel demand following the second wave of COVID-19 in India, festive travel, and winter holidays. The Omicron wave has since impacted leisure travel sentiment from January 2022[4](index=4&type=chunk) Q3 FY2022 Financial Highlights | Metric | Value (Q3 FY22) | YoY Growth | QoQ Growth | | :--- | :--- | :--- | :--- | | Gross Bookings | $1,155.7 million | 93.0% | 57.4% | | Revenue | $115.0 million | 102.5% | 70.5% | | Adjusted Operating Profit | $13.2 million | 153.8% | 100.0% | [Impact of the COVID-19 Pandemic](index=1&type=section&id=Impact%20of%20the%20COVID-19%20Pandemic) The COVID-19 pandemic severely impacted travel demand and the company's operations throughout 2020 and 2021. However, the third quarter of fiscal 2022 saw a strong recovery driven by the lifting of travel restrictions and increased vaccination rates in India, leading to a 70.5% sequential revenue increase. Despite this recovery, the future impact of the pandemic remains uncertain due to potential new variants - The pandemic severely impacted travel demand, causing airlines and hotels to operate at reduced levels. A second wave in India from April 2021 negatively impacted revenue compared to pre-pandemic levels (Q3 FY20)[5](index=5&type=chunk) - A gradual lifting of travel restrictions and increased vaccinations in India led to a strong recovery in domestic travel, resulting in a 70.5% revenue increase in Q3 FY22 compared to the previous quarter (Q2 FY22)[5](index=5&type=chunk) - The long-term effects of the pandemic on business operations and cash flows remain uncertain, depending on factors like the severity of new variants and the effectiveness of vaccinations[7](index=7&type=chunk) [Detailed Financial Results (Q3 FY2022)](index=2&type=section&id=Fiscal%202022%20Third%20Quarter%20Financial%20Results) In Q3 FY2022, the company demonstrated a robust year-over-year recovery, with total revenue increasing 102.5% to $115.0 million, propelled by a resurgence in domestic travel. While operating expenses rose in line with increased business activity, the operating loss narrowed to $6.2 million from $7.3 million YoY, and Adjusted Operating Profit grew significantly to $13.2 million [Revenue and Segment Performance](index=2&type=section&id=Revenue%20and%20Segment%20Performance) Total revenue grew 102.5% YoY to $115.0 million. The Hotels and Packages segment was the largest contributor with $67.2 million in revenue, a 175.6% YoY increase. Air Ticketing, Bus Ticketing, and Other segments also posted strong double-digit growth, reflecting a broad-based recovery in domestic travel demand Q3 FY2022 Revenue and Adjusted Margin by Segment (YoY) | Segment | Revenue (Q3'22, $M) | Revenue Growth (YoY) | Adjusted Margin (Q3'22, $M) | Adjusted Margin Growth (YoY) | | :--- | :--- | :--- | :--- | :--- | | Air Ticketing | $27.4M | 50.6% | $52.9M | 103.6% | | Hotels and Packages | $67.2M | 175.6% | $54.1M | 114.9% | | Bus Ticketing | $14.7M | 45.3% | $14.1M | 56.2% | | Others | $5.7M | 38.6% | $5.9M | 42.4% | | **Total** | **$115.0M** | **102.5%** | **$127.0M** | **97.5%** | - Air Ticketing growth was driven by a 61.2% year-over-year increase in flight segments[11](index=11&type=chunk) - Hotels and Packages growth was driven by a 76.7% year-over-year increase in hotel-room nights[13](index=13&type=chunk) - Bus Ticketing growth was driven by a 39.2% year-over-year increase in bus tickets travelled[14](index=14&type=chunk) [Operating Expenses](index=3&type=section&id=Operating%20Expenses) Operating expenses increased significantly year-over-year due to business recovery. Marketing and sales promotion expenses rose 185.2% to $22.2 million. Other operating expenses grew 119.5% to $33.0 million, which included an $8.4 million provision for litigation related to a prior acquisition. Personnel expenses also increased by 14.3% due to annual wage hikes - Personnel expenses increased by 14.3% to $30.4 million, primarily due to annual wage increases and higher share-based compensation costs[17](index=17&type=chunk) - Marketing and sales promotion expenses increased by 185.2% to $22.2 million, reflecting higher variable costs and discretionary spending due to the travel recovery[18](index=18&type=chunk) - Other operating expenses increased by 119.5% to $33.0 million, mainly due to an $8.4 million provision for litigation and higher payment gateway charges from increased bookings[19](index=19&type=chunk) [Profitability and Earnings Per Share](index=4&type=section&id=Profitability%20and%20Earnings%20Per%20Share) The company's IFRS operating loss narrowed to $6.2 million from $7.3 million YoY. However, the net loss widened to $9.0 million from $3.5 million, impacted by higher net finance costs. On a non-IFRS basis, performance was strong, with Adjusted Operating Profit improving to $13.2 million and Adjusted Diluted EPS reaching $0.12, up from $0.07 in the prior year Q3 FY2022 Profitability Metrics (vs. Q3 FY2021) | Metric | Q3 FY2022 | Q3 FY2021 | | :--- | :--- | :--- | | Results from Operating Activities | ($6.2M) | ($7.3M) | | Adjusted Operating Profit | $13.2M | $5.2M | | Loss for the period | ($9.0M) | ($3.5M) | | Adjusted Net Profit | $13.5M | $7.7M | Q3 FY2022 Earnings Per Share (vs. Q3 FY2021) | Metric | Q3 FY2022 | Q3 FY2021 | | :--- | :--- | :--- | | Diluted Loss per share | ($0.08) | ($0.03) | | Adjusted Diluted Earnings per share | $0.12 | $0.07 | [Liquidity](index=4&type=section&id=Liquidity) As of December 31, 2021, MakeMyTrip maintained a robust liquidity position. The company held $486.1 million in cash, cash equivalents, and term deposits, and had access to approximately $133.7 million in undrawn credit facilities - The balance of cash, cash equivalents, and term deposits was $486.1 million as of December 31, 2021[25](index=25&type=chunk) - The company has undrawn credit facilities of approximately $133.7 million[25](index=25&type=chunk) [Share Repurchase Program](index=5&type=section&id=Share%20Repurchase) The company's Board of Directors has authorized a share repurchase plan of up to $150 million, which has been extended until November 30, 2023. No shares were repurchased during the third quarter of fiscal 2022. As of December 31, 2021, approximately $136.0 million remained available under this authorization - The share repurchase plan term was extended to November 30, 2023[27](index=27&type=chunk) - No shares were repurchased during Q3 FY2022[27](index=27&type=chunk) - As of December 31, 2021, the remaining authority for repurchase was approximately $136.0 million[27](index=27&type=chunk) [Financial Statements (Unaudited)](index=8&type=section&id=Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated interim financial statements, including the statement of financial position, profit or loss, changes in equity, and cash flows [Condensed Consolidated Interim Statement of Financial Position](index=8&type=section&id=MAKEMYTRIP%20LIMITED%20CONDENSED%20CONSOLIDATED%20INTERIM%20STATEMENT%20OF%20FINANCIAL%20POSITION) As of December 31, 2021, total assets stood at $1.335 billion, with total liabilities at $433.5 million. Total equity attributable to owners of the company was $899.6 million. The company's liquidity remained strong, with cash and cash equivalents of $178.4 million and term deposits of $307.8 million Statement of Financial Position Highlights (As of Dec 31, 2021) | Account | Value (USD thousands) | | :--- | :--- | | **Total Assets** | **1,335,461** | | Total Current Assets | 563,312 | | Total Non-Current Assets | 772,149 | | **Total Liabilities** | **433,508** | | Total Current Liabilities | 207,235 | | Total Non-Current Liabilities | 226,273 | | **Total Equity** | **901,953** | [Condensed Consolidated Interim Statement of Profit or Loss](index=9&type=section&id=MAKEMYTRIP%20LIMITED%20CONDENSED%20CONSOLIDATED%20INTERIM%20STATEMENT%20OF%20PROFIT%20OR%20LOSS%20AND%20OTHER%20COMPREHENSIVE%20INCOME) For the three months ended December 31, 2021, the company reported total revenue of $115.0 million, an increase from $56.8 million in the prior-year period. The result from operating activities was a loss of $6.2 million, an improvement from a $7.3 million loss YoY. The net loss for the period was $9.0 million, resulting in a diluted loss per share of $0.08 Income Statement Summary (For the three months ended Dec 31) | Account | 2021 (USD thousands) | 2020 (USD thousands) | | :--- | :--- | :--- | | Total Revenue | 115,023 | 56,806 | | Result from operating activities | (6,212) | (7,343) | | Loss for the period | (9,035) | (3,496) | | Loss per share (Diluted) | (0.08) | (0.03) | [Condensed Consolidated Interim Statement of Changes in Equity](index=10&type=section&id=MAKEMYTRIP%20LIMITED%20CONDENSED%20CONSOLIDATED%20INTERIM%20STATEMENT%20OF%20CHANGES%20IN%20EQUITY) Total equity increased from $891.2 million on April 1, 2021, to $902.0 million on December 31, 2021. The increase was driven by transactions with owners, including share-based payments, which offset the comprehensive loss for the period - Total equity increased from $891.1 million at the beginning of the period to $901.9 million as of December 31, 2021[46](index=46&type=chunk) - The change in equity was impacted by a total comprehensive loss of $17.0 million for the nine-month period, offset by $27.8 million in net contributions from owners, primarily related to share-based payments[46](index=46&type=chunk) [Condensed Consolidated Interim Statement of Cash Flows](index=11&type=section&id=MAKEMYTRIP%20LIMITED%20CONDENSED%20CONSOLIDATED%20INTERIM%20STATEMENT%20OF%20CASH%20FLOWS) For the nine months ended December 31, 2021, net cash generated from operating activities was $7.7 million. The company used $115.7 million in investing activities, primarily for term deposits, and $8.8 million in financing activities. This resulted in a net decrease in cash and cash equivalents of $116.8 million during the period Cash Flow Summary (For the nine months ended Dec 31, 2021) | Activity | Value (USD thousands) | | :--- | :--- | | Net cash generated from operating activities | 7,709 | | Net cash used in investing activities | (115,749) | | Net cash used in financing activities | (8,805) | | **Net decrease in cash and cash equivalents** | **(116,845)** | | Cash and cash equivalents at end of the period | 178,368 | [Supplementary Information and Non-IFRS Measures](index=5&type=section&id=Supplementary%20Information%20and%20Non-IFRS%20Measures) This section provides supplementary information, including definitions of key performance indicators, reconciliation of IFRS to non-IFRS measures, reportable segment data, and selected operating and financial metrics [About Key Performance Indicators and Non-IFRS Measures](index=5&type=section&id=About%20Key%20Performance%20Indicators%20and%20Non-IFRS%20Measures) The company utilizes non-IFRS measures such as Adjusted Margin, Adjusted Operating Profit, and Adjusted Net Profit to assess its performance. Adjusted Margin, a key segment profitability indicator, is calculated by taking IFRS revenue, adding back customer inducement costs, and deducting service costs. These measures are intended to provide investors with a clearer view of ongoing business performance by excluding items like share-based compensation and amortization of acquired intangibles - The company's key performance indicator is Adjusted Margin, which represents IFRS revenue adjusted for customer inducement costs and the cost of services where the company acts as a principal[30](index=30&type=chunk) - Adjusted Margin is used because some revenues are recognized on a 'net' basis (as an agent) and others on a 'gross' basis (as a principal), and management believes this metric reflects the value addition of its services[31](index=31&type=chunk) - Non-IFRS measures like Adjusted Operating Profit exclude expenses such as share-based compensation, amortization of acquired intangibles, and provision for litigations to facilitate comparison with competitors and for internal decision-making[33](index=33&type=chunk) [Reconciliation of IFRS to Non-IFRS Measures](index=13&type=section&id=RECONCILIATION%20OF%20IFRS%20TO%20NON-IFRS%20FINANCIAL%20MEASURES%20AND%20KEY%20PERFORMANCE%20INDICATORS) This section provides detailed reconciliations of standard IFRS financial measures to the company's non-IFRS metrics. For Q3 FY2022, an IFRS operating loss of $6.2 million was reconciled to an Adjusted Operating Profit of $13.2 million. Similarly, an IFRS net loss of $9.0 million was reconciled to an Adjusted Net Profit of $13.5 million, primarily by adding back non-cash expenses like amortization and share-based compensation, as well as a provision for litigation Reconciliation of Operating Loss to Adjusted Operating Profit (Q3 FY22) | Item | Value (USD thousands) | | :--- | :--- | | Results from operating activities (IFRS) | (6,212) | | Add: Acquisition related intangibles amortization | 3,436 | | Add: Employee share-based compensation costs | 9,859 | | Less: Gain on discontinuation of an equity-accounted investment | (2,251) | | Add: Provision for litigations | 8,404 | | **Adjusted Operating Profit (Non-IFRS)** | **13,236** | Reconciliation of Net Loss to Adjusted Net Profit (Q3 FY22) | Item | Value (USD thousands) | | :--- | :--- | | Loss for the period (IFRS) | (9,035) | | Add: Total Adjustments (Amortization, Share Comp, etc.) | 23,099 | | Less: Income tax benefit | (553) | | **Adjusted Net Profit (Non-IFRS)** | **13,511** | [Information About Reportable Segments](index=12&type=section&id=INFORMATION%20ABOUT%20REPORTABLE%20SEGMENTS) In Q3 FY2022, the Hotels and Packages segment generated the highest consolidated revenue at $67.2 million, while the Air Ticketing segment produced the highest Adjusted Margin before unallocated expenses at $52.9 million. All segments showed significant year-over-year growth in both revenue and Adjusted Margin, reflecting the broad recovery in travel Q3 FY2022 Segment Performance (USD thousands) | Segment | Consolidated Revenue (USD thousands) | Adjusted Margin (USD thousands) | | :--- | :--- | :--- | | Air ticketing | 27,369 | 52,941 | | Hotels and packages | 67,248 | 54,064 | | Bus ticketing | 14,673 | 14,106 | | All other segments | 5,733 | 5,870 | | **Total** | **115,023** | **126,981** | [Selected Operating and Financial Data](index=16&type=section&id=SELECTED%20OPERATING%20AND%20FINANCIAL%20DATA) Key operating metrics for Q3 FY2022 demonstrated strong year-over-year growth. Air ticketing segments sold increased by 61.2% to 8.6 million, and hotel room nights grew by 76.7% to 5.5 million. Gross bookings surged to $1.16 billion, up from $598.8 million in the prior-year quarter, with Adjusted Margin as a percentage of gross bookings remaining stable or improving across most segments Key Operating Metrics (Q3 FY2022 vs Q3 FY2021) | Unit Metric (in thousands) | Q3 FY2022 | Q3 FY2021 | | :--- | :--- | :--- | | Air Ticketing – Flight segments | 8,604 | 5,337 | | Hotels and Packages – Room nights | 5,517 | 3,123 | | Bus Ticketing – Travelled tickets | 14,378 | 10,328 | Gross Bookings by Segment (Q3 FY2022 vs Q3 FY2021) | Segment (USD thousands) | Q3 FY2022 | Q3 FY2021 | | :--- | :--- | :--- | | Air Ticketing | 679,530 | 348,636 | | Hotels and Packages | 312,595 | 140,386 | | Bus Ticketing | 163,615 | 109,743 | | **Total** | **1,155,740** | **598,765** |

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, 2021 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 TH ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) 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 THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report Commission file number 001-34837 MakeMyTrip Limited (Exact Name of Registrant as specified in its charter) Not Applicable Mauritius (Translation ...