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 ...

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, 2019 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 ...