The market expects MakeMyTrip (MMYT) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released o ...

triloks/E+ via Getty Images Elevator Pitch I rate MakeMyTrip Limited (NASDAQ:MMYT) as a Buy. The long-term top-line growth prospects for MMYT are positive, and the company is well-positioned for margin expansion with multiple profitability improvement levers. Company Description MakeMyTrip calls itself a "travel service provider in India" that owns "well-recognized travel brands" in the company's announcements. MMYT's Key Statistics At A Glance MakeMyTrip's Investor Presentation Slides An Overview Of MakeMy ...

Financial Data and Key Metrics Changes - The company reported gross bookings for the quarter at $2.5 billion, reflecting a year-on-year growth of 21.7% in constant currency terms [20] - Adjusted operating profit grew by 70% year-on-year to $33.4 million compared to $19.7 million in the same quarter last year [24] - EBITDA more than doubled to $29.4 million from $14.3 million during the same quarter last year [24] Business Line Data and Key Metrics Changes - The international air ticketing business has fully recovered and is growing above pre-pandemic levels, with gross bookings reaching $1.3 billion, a year-on-year growth of 19.8% [21][57] - The accommodation business, including hotels and packages, saw strong growth, with over 63,000 unique domestic hotels sold across 1,760 cities [54] - The bus ticketing business reported gross bookings of $269.8 million, growing at 20.3% year-on-year in constant currency [128] Market Data and Key Metrics Changes - Domestic aviation traffic is expected to double by 2030, with significant investments in travel infrastructure, including $11 billion in airport modernization [20] - India is projected to become the fifth largest outbound market by 2027, with outbound travel recovering to pre-pandemic levels [52][53] Company Strategy and Development Direction - The company aims to enhance its platform by adding more products and use cases, focusing on personalization for corporate travelers [2] - There is a strong emphasis on improving customer experience and leveraging technology to drive efficiencies and growth in both B2B and B2C segments [115][119] - The company is committed to maintaining a competitive edge through continuous innovation and enhancing customer journeys [101][142] Management's Comments on Operating Environment and Future Outlook - Management noted a positive outlook driven by increased consumer travel frequency and infrastructure improvements [35][137] - The company is optimistic about the growth potential in the outbound travel segment, driven by rising disposable incomes and improved connectivity [42][74] - There is a recognition of healthy competition in the market, with a focus on profitability rather than aggressive market capture [47][120] Other Important Information - The company has a strong cash position of approximately $608 million, allowing for potential buybacks and investments [117][81] - The integration of new features, such as multi-room booking and enhanced personalization, is expected to drive customer engagement [123][72] Q&A Session Summary Question: What specific benefits did the hotels and packages business experience this quarter? - Management indicated that demand across all segments increased, with the Cricket World Cup contributing to heightened travel appetite [27][28] Question: How is the international outbound travel segment performing? - The company reported strong growth in holiday packages, particularly in the outbound segment, with significant contributions from B2B channels [31][32] Question: What is the outlook for competition in the travel market? - Management believes that competition remains healthy, with a focus on profitability rather than aggressive tactics [47][120] Question: How does the company view the operating leverage in the business? - The company aims to maintain growth while managing costs effectively, with expectations of improved margins over the next few years [48][95] Question: What are the plans for cash utilization moving forward? - The company is considering buybacks as a viable option, given its strong cash reserves and limited M&A opportunities [81][96]

[Executive Summary & Financial Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Financial%20Highlights) MakeMyTrip Limited reported record Q3 FY2024 gross bookings, revenue, and profit, driven by robust leisure travel demand and strong growth across all segments [Overall Performance Summary](index=1&type=section&id=Overall%20Performance%20Summary) MakeMyTrip Limited reported strong unaudited interim financial and operating results for its fiscal third quarter ended December 31, 2023, achieving its highest-ever quarterly gross bookings, revenue, and profit, driven by robust leisure travel demand - MakeMyTrip Limited announced its unaudited interim financial and operating results for its fiscal third quarter ended December 31, 2023[1](index=1&type=chunk) - The company witnessed robust demand for leisure travel across all domestic and international destinations, leading to the **highest-ever quarterly gross bookings, revenue, and profit** for the Group[5](index=5&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) Group CEO Rajesh Magow highlighted robust leisure travel demand and expressed optimism for future growth, citing increased government investment in travel infrastructure and rising disposable incomes in India as key drivers for the travel and tourism sector - Group Chief Executive Officer, Rajesh Magow, noted **robust demand for leisure travel** across all domestic and international destinations, resulting in **record quarterly gross bookings, revenue, and profit**[5](index=5&type=chunk) - The CEO expressed excitement about future opportunities, anticipating benefits from increased government investments in travel infrastructure and growing disposable incomes of the middle class in India[5](index=5&type=chunk) [Key Financial Highlights (Q3 FY2024)](index=1&type=section&id=Key%20Financial%20Highlights%20(Q3%20FY2024)) For Q3 FY2024, MakeMyTrip reported significant year-over-year growth in key financial metrics, with Gross Bookings increasing by 21.7% and Adjusted Operating Profit rising by 69.5%. All segments showed strong growth in Adjusted Margin, particularly Hotels and Packages at 38.8% Key Financial Highlights (Q3 FY2024) | Metric | Q3 FY2024 (USD millions) | YoY Change (Constant Currency) | | :------------------------- | :----------------------- | :----------------------------- | | Gross Bookings | $2,088.3 | 21.7% | | Adjusted Margin – Air Ticketing | $79.2 | 14.2% | | Adjusted Margin – Hotels and Packages | $98.8 | 38.8% | | Adjusted Margin – Bus Ticketing | $26.9 | 33.8% | | Adjusted Margin – Others | $13.0 | 36.8% | | Adjusted Operating Profit | $33.4 | $13.7 million increase (69.5%) | [Detailed Financial Results (Q3 FY2024)](index=2&type=section&id=Detailed%20Financial%20Results%20(Q3%20FY2024)) MakeMyTrip's Q3 FY2024 results show strong revenue growth across all segments, increased operating expenses due to demand and reclassifications, and significant improvements in overall profitability and EPS [Consolidated Revenue](index=2&type=section&id=Consolidated%20Revenue) Total revenue for Q3 FY2024 increased by 25.6% (26.9% in constant currency) year-over-year to $214.2 million, primarily driven by sustained elevated travel demand in India across all business segments Consolidated Revenue (Q3 FY2024) | Metric | Q3 FY2022 (USD thousands) | Q3 FY2023 (USD thousands) | YoY Change | YoY Change (Constant Currency) | | :----- | :------------------------ | :------------------------ | :--------- | :----------------------------- | | Revenue | $170,526 | $214,216 | 25.6% | 26.9% | - The increase in revenue was primarily due to the **sustained elevated travel demand in India**[7](index=7&type=chunk) [Segment Performance](index=2&type=section&id=Segment%20Performance) All segments demonstrated strong revenue and Adjusted Margin growth in Q3 FY2024, reflecting robust travel demand. Hotels and Packages showed the highest Adjusted Margin growth, while Air Ticketing saw a slight decrease in Adjusted Margin percentage [Air Ticketing](index=2&type=section&id=Air%20Ticketing) Air ticketing revenue grew by 34.8% (36.4% in constant currency) to $51.7 million, with Adjusted Margin increasing by 12.8% (14.2% in constant currency) to $79.2 million. This was driven by an 18.2% increase in gross bookings and a 9.1% rise in flight segments, though Adjusted Margin % slightly decreased to 6.3% Air Ticketing Performance (Q3 FY2024) | Metric | Q3 FY2022 (USD thousands) | Q3 FY2023 (USD thousands) | YoY Change (Constant Currency) | | :-------------------- | :------------------------ | :------------------------ | :----------------------------- | | Revenue | $38,360 | $51,695 | 36.4% | | Adjusted Margin | $70,179 | $79,177 | 14.2% | | Gross Bookings | $1,065,377 | $1,259,314 | 19.8% | | Flight segments | 11,289 | 12,469 | 9.1% | | Adjusted Margin % | 6.6% | 6.3% | (0.3 p.p.) | - The increase was primarily due to **sustained elevated travel demand in India**[9](index=9&type=chunk) [Hotels and Packages](index=2&type=section&id=Hotels%20and%20Packages) Hotels and packages revenue increased by 21.5% (22.6% in constant currency) to $125.5 million, and Adjusted Margin surged by 37.2% (38.8% in constant currency) to $98.8 million. This growth was fueled by a 25.5% increase in gross bookings and a 17.4% rise in hotel-room nights, with Adjusted Margin % improving to 17.7% due to a lower proportion of lower-margin package bookings Hotels and Packages Performance (Q3 FY2024) | Metric | Q3 FY2022 (USD thousands) | Q3 FY2023 (USD thousands) | YoY Change (Constant Currency) | | :-------------------- | :------------------------ | :------------------------ | :----------------------------- | | Revenue | $103,290 | $125,482 | 22.6% | | Adjusted Margin | $71,989 | $98,789 | 38.8% | | Gross Bookings | $445,655 | $559,206 | 27.0% | | Room nights | 7,021 | 8,240 | 17.4% | | Adjusted Margin % | 16.2% | 17.7% | 1.5 p.p. | - Adjusted Margin % increased primarily due to the comparatively **lower proportion of bookings of packages**, which have relatively lower margins[10](index=10&type=chunk) [Bus Ticketing](index=2&type=section&id=Bus%20Ticketing) Bus ticketing revenue rose by 23.7% (25.1% in constant currency) to $24.2 million, and Adjusted Margin increased by 32.3% (33.8% in constant currency) to $26.9 million. This was driven by an 18.8% increase in gross bookings and a 16.8% rise in travelled tickets, with Adjusted Margin % improving to 10.0% due to reclassification of distribution costs Bus Ticketing Performance (Q3 FY2024) | Metric | Q3 FY2022 (USD thousands) | Q3 FY2023 (USD thousands) | YoY Change (Constant Currency) | | :-------------------- | :------------------------ | :------------------------ | :----------------------------- | | Revenue | $19,542 | $24,177 | 25.1% | | Adjusted Margin | $20,341 | $26,911 | 33.8% | | Gross Bookings | $227,149 | $269,753 | 20.3% | | Travelled tickets | 19,245 | 22,470 | 16.8% | | Adjusted Margin % | 9.0% | 10.0% | 1.0 p.p. | - Adjusted Margin % increased primarily due to the **reclassification of distribution costs** as a component of 'other operating expenses' from 'service cost'[11](index=11&type=chunk) [Others](index=4&type=section&id=Others) Revenue from the 'Others' business increased by 37.8% (39.4% in constant currency) to $12.9 million, with Adjusted Margin growing by 35.2% (36.8% in constant currency) to $13.0 million. This growth was mainly attributed to increased revenue from marketing alliances and other travel services, driven by sustained elevated travel demand Others Segment Performance (Q3 FY2024) | Metric | Q3 FY2022 (USD thousands) | Q3 FY2023 (USD thousands) | YoY Change (Constant Currency) | | :-------------------- | :------------------------ | :------------------------ | :----------------------------- | | Revenue | $9,334 | $12,862 | 39.4% | | Adjusted Margin | $9,626 | $13,011 | 36.8% | - The increase was primarily on account of an increase in revenue from marketing alliances and other travel services due to the **sustained elevated travel demand in India**[12](index=12&type=chunk) [Operating Expenses](index=4&type=section&id=Operating%20Expenses) The company experienced increases in most operating expenses, notably marketing and sales promotion and other operating expenses, driven by increased travel demand and reclassification of costs. Personnel expenses also rose due to wage increases, while service costs saw a moderate increase [Other Income](index=4&type=section&id=Other%20Income) Other income decreased significantly by 62.8% to $0.06 million in Q3 FY2024 from $0.16 million in the prior year Other Income (Q3 FY2024) | Metric | Q3 FY2022 (USD millions) | Q3 FY2023 (USD millions) | YoY Change | | :----------- | :----------------------- | :----------------------- | :--------- | | Other Income | $0.16 | $0.06 | (62.8%) | [Service Cost](index=4&type=section&id=Service%20Cost) Service cost increased by 5.5% to $62.4 million in Q3 FY2024, primarily due to elevated travel demand, partially offset by the reclassification of distribution costs to 'other operating expenses' Service Cost (Q3 FY2024) | Metric | Q3 FY2022 (USD millions) | Q3 FY2023 (USD millions) | YoY Change | | :----------- | :----------------------- | :----------------------- | :--------- | | Service Cost | $59.1 | $62.4 | 5.5% | - Increase primarily due to **sustained elevated travel demand**, partially offset by the reclassification of distribution costs[14](index=14&type=chunk) [Personnel Expenses](index=4&type=section&id=Personnel%20Expenses) Personnel expenses increased by 8.2% to $35.5 million in Q3 FY2024, mainly due to annual wage increases, partially offset by a reduction in share-based compensation costs Personnel Expenses (Q3 FY2024) | Metric | Q3 FY2022 (USD millions) | Q3 FY2023 (USD millions) | YoY Change | | :---------------- | :----------------------- | :----------------------- | :--------- | | Personnel Expenses | $32.8 | $35.5 | 8.2% | - Primarily due to **annual wage increases** effected in Q1 FY2024, partially offset by a reduction in share-based compensation costs[15](index=15&type=chunk) [Marketing and Sales Promotion Expenses](index=4&type=section&id=Marketing%20and%20Sales%20Promotion%20Expenses) Marketing and sales promotion expenses increased by 25.0% to $36.1 million in Q3 FY2024, driven by higher variable costs and discretionary spending on events and brand building in response to increased travel demand. Customer inducement costs recorded as a reduction of revenue also increased to $66.0 million Marketing and Sales Promotion Expenses (Q3 FY2024) | Metric | Q3 FY2022 (USD thousands) | Q3 FY2023 (USD thousands) | YoY Change | | :--------------------------------------- | :------------------------ | :------------------------ | :--------- | | Marketing and sales promotion expenses | $28,868 | $36,084 | 25.0% |\n| Customer inducement costs (reduction of revenue) | $60,733 | $66,039 | 8.7% | - Increase due to **higher variable costs and discretionary expenditures** on events and brand building initiatives in response to increased travel demand[16](index=16&type=chunk) [Other Operating Expenses](index=4&type=section&id=Other%20Operating%20Expenses) Other operating expenses increased by 43.0% to $50.9 million in Q3 FY2024, mainly due to the reclassification of distribution costs from 'service cost' and an increase in operating expenses such as payment gateway charges, outsourcing fees, and website hosting charges linked to higher bookings Other Operating Expenses (Q3 FY2024) | Metric | Q3 FY2022 (USD millions) | Q3 FY2023 (USD millions) | YoY Change | | :---------------------- | :----------------------- | :----------------------- | :--------- | | Other Operating Expenses | $35.6 | $50.9 | 43.0% | - Primarily due to the **reclassification of distribution costs** and an increase in operating expenses (payment gateway charges, outsourcing fees, website hosting charges) linked to an increase in bookings[16](index=16&type=chunk) [Depreciation, Amortization and Impairment](index=4&type=section&id=Depreciation%2C%20Amortization%20and%20Impairment) Depreciation, amortization, and impairment expenses marginally decreased by 0.9% to $6.7 million in Q3 FY2024 Depreciation, Amortization and Impairment (Q3 FY2024) | Metric | Q3 FY2022 (USD millions) | Q3 FY2023 (USD millions) | YoY Change | | :------------------------------------ | :----------------------- | :----------------------- | :--------- | | Depreciation, Amortization and Impairment | $6.8 | $6.7 | (0.9%) | [Profitability and EPS](index=4&type=section&id=Profitability%20and%20EPS) The company demonstrated significant improvements in profitability, with operating profit and net profit increasing substantially, both on an IFRS and Adjusted basis, leading to a strong rise in diluted earnings per share [Results from Operating Activities](index=4&type=section&id=Results%20from%20Operating%20Activities) Results from operating activities increased significantly to a profit of $22.6 million in Q3 FY2024, up from $7.5 million in the prior year. Adjusted Operating Profit also rose to $33.4 million from $19.7 million Results from Operating Activities (Q3 FY2024) | Metric | Q3 FY2022 (USD millions) | Q3 FY2023 (USD millions) | YoY Change | | :----------------------------- | :----------------------- | :----------------------- | :--------- | | Results from Operating Activities (IFRS) | $7.5 | $22.6 | 201.3% |\n| Adjusted Operating Profit | $19.7 | $33.4 | 69.5% | [Net Finance Income (Costs)](index=4&type=section&id=Net%20Finance%20Income%20(Costs)) The company shifted from a net finance cost of $7.7 million in Q3 FY2023 to a net finance income of $1.5 million in Q3 FY2024, primarily due to increased interest income on term deposits and a decrease in net foreign exchange losses Net Finance Income (Costs) (Q3 FY2024) | Metric | Q3 FY2022 (USD millions) | Q3 FY2023 (USD millions) | | :---------------------- | :----------------------- | :----------------------- | | Net Finance Income (Costs) | ($7.7) | $1.5 | - Primarily due to an increase of **$4.8 million in interest income on term deposits** and a decrease in net foreign exchange loss of **$5.0 million**[19](index=19&type=chunk) [Profit (Loss) for the Period](index=4&type=section&id=Profit%20(Loss)%20for%20the%20Period) Profit for the period dramatically increased to $24.2 million in Q3 FY2024 from $0.2 million in the prior year. Adjusted Net Profit also saw substantial growth, reaching $38.9 million compared to $15.9 million Profit (Loss) for the Period (Q3 FY2024) | Metric | Q3 FY2022 (USD millions) | Q3 FY2023 (USD millions) | | :---------------------- | :----------------------- | :----------------------- | | Profit (Loss) for the Period (IFRS) | $0.2 | $24.2 |\n| Adjusted Net Profit | $15.9 | $38.9 | [Diluted Earnings (Loss) per Share](index=6&type=section&id=Diluted%20Earnings%20(Loss)%20per%20Share) Diluted earnings per share significantly increased to $0.22 in Q3 FY2024 from $0.001 in the prior year. Adjusted Diluted Earnings per Share also rose to $0.35 from $0.14 Diluted Earnings (Loss) per Share (Q3 FY2024) | Metric | Q3 FY2022 (USD) | Q3 FY2023 (USD) | | :------------------------------------ | :-------------- | :-------------- | | Diluted Earnings (Loss) per Share (IFRS) | $0.001 | $0.22 |\n| Adjusted Diluted Earnings per Share | $0.14 | $0.35 | [Liquidity](index=6&type=section&id=Liquidity) As of December 31, 2023, the company maintained a strong liquidity position with cash and cash equivalents and term deposits totaling $608.5 million - As at December 31, 2023, the balance of **cash and cash equivalents and term deposits** (including restricted cash and cash equivalents and term deposits of $6.9 million) on our balance sheet was **$608.5 million**[23](index=23&type=chunk) [Recent Business Developments](index=6&type=section&id=Recent%20Business%20Developments) MakeMyTrip recently acquired a majority interest in Savaari, received a favorable CESTAT order regarding a significant service tax demand, and outlined details for potential share and convertible note repurchases [Acquisition of Majority Interest in Savaari](index=6&type=section&id=Acquisition%20of%20Majority%20Interest%20in%20Savaari) On December 1, 2023, MakeMyTrip (India) Private Limited acquired a majority interest in Savaari Car Rentals Private Limited, a provider of inter-city car rental services in India, aiming to expand its presence in this market - On December 1, 2023, MakeMyTrip (India) Private Limited completed its acquisition of a **majority interest in Savaari Car Rentals Private Limited**, a provider of inter-city car rental services in India[24](index=24&type=chunk) - This acquisition is intended to **expand MakeMyTrip's presence** in the inter-city car rental market in India[24](index=24&type=chunk) [CESTAT Order Relating to Service Tax Demand](index=6&type=section&id=CESTAT%20Order%20Relating%20to%20Service%20Tax%20Demand) MMT India received a favorable order from the Customs Excise & Service Tax Appellate Tribunal (CESTAT) on January 10, 2024, setting aside in full a service tax demand of approximately $97.1 million (INR 7,981 million) plus interest and penalties. The Commissioner of Service Tax has 90 days to appeal the decision - On January 10, 2024, MMT India received a **favorable order from CESTAT**, setting aside in full a demand order from the Commissioner of Service Tax[26](index=26&type=chunk) - The original demand was for approximately **INR 7,981 million (approximately $97.1 million)** along with interest and penalties[25](index=25&type=chunk) - The CESTAT order is appealable by the Commissioner of Service Tax within **90 days** from the receipt of the order[26](index=26&type=chunk) [Repurchases of Shares and Convertible Notes](index=6&type=section&id=Repurchases%20of%20Shares%20and%20Convertible%20Notes) Holders of 0.00% convertible senior notes due 2028 have a repurchase right on February 15, 2024. The company's share repurchase plan remains effective until March 31, 2026, with remaining authority to repurchase up to $136.0 million of ordinary shares and 2028 Notes. No repurchases occurred in Q3 FY2024 - Holders of **0.00% convertible senior notes due 2028** have the right to require the Company to repurchase the notes on February 15, 2024[27](index=27&type=chunk) - The Company's share repurchase plan remains effective until **March 31, 2026**, with remaining authority to repurchase up to **$136.0 million** of outstanding ordinary shares and 2028 Notes as of December 31, 2023[28](index=28&type=chunk)[29](index=29&type=chunk) - **No repurchases** were made pursuant to the share repurchase plan or of 2028 Notes during the third quarter of fiscal year 2024[29](index=29&type=chunk) [About Key Performance Indicators and Non-IFRS Measures](index=7&type=section&id=About%20Key%20Performance%20Indicators%20and%20Non-IFRS%20Measures) MakeMyTrip uses various non-IFRS measures like Adjusted Operating Profit and Adjusted Margin to assess financial performance, aiding internal management and competitive analysis by adjusting for non-cash or unusual items [Definitions and Rationale](index=7&type=section&id=Definitions%20and%20Rationale) MakeMyTrip utilizes non-IFRS measures such as Adjusted Operating Profit, Adjusted Net Profit, Adjusted Diluted EPS, Adjusted Margin, Adjusted Margin %, and constant currency results to evaluate financial performance. These measures are crucial for internal management, budgeting, and competitive analysis, as they adjust for non-cash or unusual items and reflect the value added by travel services - 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[31](index=31&type=chunk) - Adjusted Margin represents IFRS revenue after adding back customer inducement costs (recorded as a reduction of revenue) and deducting the cost of acquisition of services, reflecting the **value addition of the travel services**[32](index=32&type=chunk)[33](index=33&type=chunk) - These non-IFRS measures are used for **internal management reporting, budgeting, decision-making, and comparing operating results to competitors**, as they exclude items like share-based compensation expense and amortization of acquired intangibles[34](index=34&type=chunk)[35](index=35&type=chunk) [Company Information & Investor Relations](index=7&type=section&id=Company%20Information%20%26%20Investor%20Relations) MakeMyTrip, India's leading travel group, provides comprehensive online travel services, while also issuing a safe harbor statement regarding forward-looking information and offering conference call details for Q3 FY2024 results [About MakeMyTrip Limited](index=9&type=section&id=About%20MakeMyTrip%20Limited) MakeMyTrip Limited is India's leading travel group, operating well-recognized brands like MakeMyTrip, Goibibo, and redBus. It offers a comprehensive suite of online travel services and products, including air ticketing, hotel and alternative accommodations, holiday planning, rail, bus, and car rentals, catering to both domestic and international travelers - MakeMyTrip Limited is **India's leading travel group** operating well-recognized travel brands including MakeMyTrip, Goibibo and redBus[40](index=40&type=chunk) - The company provides a wide range of travel services and products in India and overseas, including air ticketing, hotel and alternative accommodations bookings, holiday planning and packaging, rail ticketing, bus ticketing, car hire and ancillary travel requirements[40](index=40&type=chunk) [Safe Harbor Statement](index=9&type=section&id=Safe%20Harbor%20Statement) The release contains forward-looking statements, as defined by the U.S. Private Securities Litigation Reform Act of 1995, which are subject to various risks and uncertainties. These include economic slowdowns, travel industry disruptions, reliance on suppliers, competition, and inflation. The company does not undertake to update these statements except as required by applicable law - This release contains certain statements concerning the Company's future growth prospects and **forward-looking statements**, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995[39](index=39&type=chunk) - Forward-looking statements involve inherent **risks and uncertainties**, such as economic slowdowns, general declines or disruptions in the travel industry, reliance on travel suppliers, competition, and inflation[39](index=39&type=chunk) - MakeMyTrip does not undertake any obligation to update any forward-looking statement, except as required under applicable law[39](index=39&type=chunk) [Conference Call Details](index=7&type=section&id=Conference%20Call%20Details) MakeMyTrip hosted a live Zoom webinar on January 23, 2024, to discuss its Q3 FY2024 results. A replay of the event is available on the company's Investor Relations website - MakeMyTrip hosted a live Zoom webinar on **January 23, 2024**, to discuss the Company's results for the quarter ended December 31, 2023[30](index=30&type=chunk) - A replay of the event will be available on the 'Investor Relations' section of the Company's website[30](index=30&type=chunk) [Condensed Consolidated Interim Financial Statements](index=10&type=section&id=Condensed%20Consolidated%20Interim%20Financial%20Statements) The condensed consolidated interim financial statements for Q3 FY2024 show increased total assets and equity, significant profit growth, and a positive shift in operating cash flow [Statement of Financial Position](index=10&type=section&id=Statement%20of%20Financial%20Position) The condensed consolidated interim statement of financial position shows total assets increased to $1,525.5 million as of December 31, 2023, from $1,359.8 million as of March 31, 2023. Total equity also increased to $941.2 million, while total liabilities rose to $584.3 million Condensed Consolidated Interim Statement of Financial Position (Selected Items) | Metric | As at March 31, 2023 (USD thousands) | As at December 31, 2023 (USD thousands) | | :------------------------ | :----------------------------------- | :-------------------------------------- | | Total assets | $1,359,825 | $1,525,491 |\n| Total equity | $876,056 | $941,213 |\n| Total liabilities | $483,769 | $584,278 | [Statement of Profit or Loss and Other Comprehensive Income](index=11&type=section&id=Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The condensed consolidated interim statement of profit or loss shows total revenue for the three months ended December 31, 2023, was $214.2 million, up from $170.5 million in the prior year. Profit for the period significantly increased to $24.2 million from $0.2 million Condensed Consolidated Interim Statement of Profit or Loss (Selected Items) | Metric | For the three months ended Dec 31, 2022 (USD thousands) | For the three months ended Dec 31, 2023 (USD thousands) | | :------------------------------------ | :-------------------------------------- | :-------------------------------------- | | Total revenue | $170,526 | $214,216 |\n| Results from operating activities | $7,466 | $22,645 |\n| Profit (loss) for the period | $174 | $24,217 |\n| Diluted Earnings (loss) per share | $0.001 | $0.22 | [Statement of Changes in Equity](index=12&type=section&id=Statement%20of%20Changes%20in%20Equity) The condensed consolidated interim statement of changes in equity shows total equity attributable to owners of the Company increased from $869.6 million as of April 1, 2023, to $936.5 million as of December 31, 2023, primarily driven by profit for the period and share-based payments Condensed Consolidated Interim Statement of Changes in Equity (Selected Items) | Metric | As at April 1, 2023 (USD thousands) | As at December 31, 2023 (USD thousands) | | :------------------------------------ | :---------------------------------- | :-------------------------------------- | | Total equity attributable to owners of the Company | $869,566 | $936,517 |\n| Profit (loss) for the period | N/A | $44,791 (for nine months) |\n| Share-based payment | N/A | $25,162 (for nine months) | [Statement of Cash Flows](index=13&type=section&id=Statement%20of%20Cash%20Flows) The condensed consolidated interim statement of cash flows indicates a significant shift from net cash used in operating activities of $12.1 million for the nine months ended December 31, 2022, to net cash generated of $126.4 million for the same period in 2023. Cash and cash equivalents increased to $309.8 million Condensed Consolidated Interim Statement of Cash Flows (Selected Items) | Metric | For the nine months ended Dec 31, 2022 (USD thousands) | For the nine months ended Dec 31, 2023 (USD thousands) | | :------------------------------------ | :------------------------------------- | :------------------------------------- | | Net cash generated from (used in) operating activities | ($12,135) | $126,378 |\n| Net cash generated from (used in) investing activities | $30,840 | ($95,468) |\n| Net cash generated used in financing activities | ($5,007) | ($4,800) |\n| Cash and cash equivalents at end of the period | $227,089 | $309,753 | [Information About Reportable Segments](index=14&type=section&id=Information%20About%20Reportable%20Segments) The report provides a detailed breakdown of revenue and Adjusted Margin by reportable segment (Air Ticketing, Hotels and Packages, Bus Ticketing, Others) for both the three and nine months ended December 31, 2023 and 2022, illustrating the contribution of each segment to overall performance - Detailed segment profitability is provided for Air Ticketing, Hotels and Packages, Bus Ticketing, and Others, showing revenue and Adjusted Margin[53](index=53&type=chunk) Segment Revenue and Adjusted Margin (Q3 FY2024) | Segment | Revenue (Q3 2023, USD thousands) | Adjusted Margin (Q3 2023, USD thousands) | | :-------------- | :------------------------------- | :--------------------------------------- | | Air Ticketing | $51,695 | $79,177 |\n| Hotels & Packages | $125,482 | $98,789 |\n| Bus Ticketing | $24,177 | $26,911 |\n| Others | $12,862 | $13,011 | [Reconciliation of IFRS to Non-IFRS Financial Measures and Key Performance Indicators](index=15&type=section&id=Reconciliation%20of%20IFRS%20to%20Non-IFRS%20Financial%20Measures%20and%20Key%20Performance%20Indicators) The report provides detailed reconciliations of IFRS measures (revenue, results from operating activities, profit/loss for the period, diluted EPS) to their corresponding non-IFRS measures (Adjusted Margin, Adjusted Operating Profit, Adjusted Net Profit, Adjusted Diluted EPS). It also presents revenue and Adjusted Margin in terms of reported and constant currency amounts and growth rates - The report includes detailed reconciliations for **Adjusted Margin, Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss), and Adjusted Diluted Earnings (Loss) per Share**[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk) - Reconciliations also include the impact of foreign currency translation on revenue and Adjusted Margin for both reported amounts and growth rates[58](index=58&type=chunk) [Selected Operating and Financial Data](index=19&type=section&id=Selected%20Operating%20and%20Financial%20Data) The company reported growth in key unit metrics for Q3 FY2024, including a 9.1% increase in Air Ticketing flight segments, a 17.4% increase in Hotels and Packages room nights, and a 16.8% increase in Bus Ticketing travelled tickets, all contributing to the overall growth in Gross Bookings and Adjusted Margins Selected Operating Data (Q3 FY2024) | Metric | Q3 FY2022 | Q3 FY2023 | YoY Change | | :------------------------------------ | :-------- | :-------- | :--------- | | Air Ticketing – Flight segments | 11,289 | 12,469 | 9.1% |\n| Hotels and Packages – Room nights | 7,021 | 8,240 | 17.4% |\n| Standalone Hotels – Online – Room nights | 6,780 | 7,967 | 17.5% |\n| Bus Ticketing – Travelled tickets | 19,245 | 22,470 | 16.8% | Gross Bookings by Segment (Q3 FY2024) | Segment | Q3 FY2022 (USD thousands) | Q3 FY2023 (USD thousands) | YoY Change | | :-------------- | :------------------------ | :------------------------ | :--------- | | Air Ticketing | $1,065,377 | $1,259,314 | 18.2% |\n| Hotels & Packages | $445,655 | $559,206 | 25.5% |\n| Bus Ticketing | $227,149 | $269,753 | 18.8% |\n| Total Gross Bookings | $1,738,181 | $2,088,273 | 20.1% |

[Fiscal 2024 Second Quarter Results Overview](index=1&type=section&id=Fiscal%202024%20Second%20Quarter%20Results%20Overview) MakeMyTrip Limited reported robust unaudited interim financial and operating results for Q2 FY24, showcasing substantial year-over-year growth in key profitability metrics [Announcement and Key Financial Highlights](index=1&type=section&id=1.1.%20Announcement%20and%20Key%20Financial%20Highlights) MakeMyTrip Limited announced strong unaudited interim financial and operating results for its fiscal second quarter ended September 30, 2023, demonstrating significant year-over-year growth across key metrics, particularly in Adjusted Operating Profit and Adjusted Net Profit - MakeMyTrip Limited (NASDAQ: MMYT) announced its unaudited interim financial and operating results for its fiscal second quarter ended September 30, 2023[1](index=1&type=chunk) Fiscal 2024 Second Quarter Key Financial Highlights (YoY Growth in Constant Currency) | Metric | 2Q24 Value ($M) | 2Q23 Value ($M) | YoY Change ($M) | YoY Growth (%) | Constant Currency YoY Growth (%) | | :-------------------------- | :-------------- | :-------------- | :-------------- | :------------- | :----------------------------- | | Gross Bookings | 1,839.7 | 1,541.7 | 298.0 | 19.3% | 23.8% | | Adjusted Margin – Air Ticketing | 80.3 | 75.0 | 5.3 | 7.0% | 10.7% | | Adjusted Margin – Hotels & Packages | 75.7 | 57.4 | 18.3 | 31.9% | 36.7% | | Adjusted Margin – Bus Ticketing | 21.8 | 16.9 | 4.9 | 29.4% | 34.0% | | Adjusted Margin – Others | 11.0 | 7.5 | 3.5 | 45.5% | 50.7% | | Adjusted Operating Profit | 28.2 | 15.1 | 13.1 | - | - | | Adjusted Net Profit | 27.8 | 8.0 | 19.8 | - | - | [CEO Commentary](index=1&type=section&id=1.2.%20CEO%20Commentary) Rajesh Magow, Group CEO, highlighted strong year-on-year revenue growth and expansion in Adjusted Operating Profit, attributing success to innovative travel solutions, brand strength, and superior value delivery despite the seasonally weaker leisure travel period - Rajesh Magow, Group Chief Executive Officer, noted **strong year-on-year revenue growth** and expansion in Adjusted Operating Profit, despite the second quarter being a seasonally weaker period for leisure travel[5](index=5&type=chunk) - The profitable growth was driven by innovative travel solutions, brand strength, and the ability to deliver superior value to customers and partners[5](index=5&type=chunk) [Consolidated Financial Performance](index=1&type=section&id=Consolidated%20Financial%20Performance) The company demonstrated strong financial performance in Q2 FY24, with significant revenue growth across all segments and a notable improvement in profitability and earnings per share [Summary Financial Data (IFRS & Non-IFRS)](index=1&type=section&id=2.1.%20Summary%20Financial%20Data%20%28IFRS%20%26%20Non-IFRS%29) The company reported significant growth in both IFRS revenue and non-IFRS adjusted margins for the three and six months ended September 30, 2023, driven by strong performance across all segments Financial Summary (IFRS) - Three Months Ended September 30 | Metric | Sep 30, 2022 ($k) | Sep 30, 2023 ($k) | YoY Change (%) | Constant Currency YoY Change (%) | | :---------------------- | :---------------- | :---------------- | :------------- | :----------------------------- | | Revenue | 131,254 | 168,690 | 28.5% | 32.8% | | Air Ticketing | 39,608 | 48,597 | 22.7% | 27.0% | | Hotels and Packages | 68,246 | 89,366 | 30.9% | 35.1% | | Bus Ticketing | 16,088 | 19,789 | 23.0% | 27.3% | | Others | 7,312 | 10,938 | 49.6% | 54.7% | | Results from Operating Activities | 3,899 | 6,714 | - | - | | Profit (loss) for the period | (6,776) | 2,000 | - | - | Financial Summary (Non-IFRS) - Three Months Ended September 30 | Metric | Sep 30, 2022 ($k) | Sep 30, 2023 ($k) | YoY Change (%) | Constant Currency YoY Change (%) | | :-------------------------- | :---------------- | :---------------- | :------------- | :----------------------------- | | Adjusted Margin – Air Ticketing | 74,998 | 80,250 | 7.0% | 10.7% | | Adjusted Margin – Hotels & Packages | 57,360 | 75,659 | 31.9% | 36.7% | | Adjusted Margin – Bus Ticketing | 16,858 | 21,815 | 29.4% | 34.0% | | Adjusted Margin – Others | 7,548 | 10,984 | 45.5% | 50.7% | | Adjusted Operating Profit | 15,137 | 28,199 | - | - | | Adjusted Net Profit | 8,009 | 27,805 | - | - | | Gross Bookings | 1,541.7 ($M) | 1,839.7 ($M) | 19.3% | 23.8% | [Revenue and Adjusted Margin by Segment](index=2&type=section&id=2.2.%20Revenue%20and%20Adjusted%20Margin%20by%20Segment) All segments experienced robust revenue and Adjusted Margin growth, primarily driven by sustained elevated travel demand in India. Hotels and Packages, and Others segments showed the highest growth rates - Overall revenue increased by **28.5%** (**32.8% in constant currency**) to **$168.7 million**, primarily due to sustained elevated travel demand in India[7](index=7&type=chunk) - Adjusted Margin is calculated by adding back customer inducement costs (customer incentives, acquisition costs, loyalty programs) to IFRS revenue and deducting service costs, reflecting the company's view of ongoing business[8](index=8&type=chunk)[30](index=30&type=chunk) [Air Ticketing](index=2&type=section&id=2.2.1.%20Air%20Ticketing) Air ticketing revenue grew by 22.7% (27.0% in constant currency) to $48.6 million, with Adjusted Margin increasing by 7.0% (10.7% in constant currency) to $80.3 million, driven by a 23.0% increase in flight segments Air Ticketing Performance - Q2 FY24 | Metric | Sep 30, 2022 ($M) | Sep 30, 2023 ($M) | YoY Growth (%) | Constant Currency YoY Growth (%) | | :---------------- | :---------------- | :---------------- | :------------- | :----------------------------- | | Revenue | 39.6 | 48.6 | 22.7% | 27.0% | | Adjusted Margin | 75.0 | 80.3 | 7.0% | 10.7% | | Gross Bookings | 1,019.8 | 1,187.6 | 16.4% | 20.8% | | Flight Segments | 10,547 (k) | 13,068 (k) | 23.0% | - | - Adjusted Margin % for Air Ticketing marginally decreased to **6.8%** in Q2 FY24 from 7.4% in Q2 FY23[9](index=9&type=chunk)[59](index=59&type=chunk) [Hotels and Packages](index=2&type=section&id=2.2.2.%20Hotels%20and%20Packages) Hotels and Packages revenue surged by 30.9% (35.1% in constant currency) to $89.4 million, with Adjusted Margin growing by 31.9% (36.7% in constant currency) to $75.7 million, primarily due to a 19.7% increase in hotel-room nights Hotels and Packages Performance - Q2 FY24 | Metric | Sep 30, 2022 ($M) | Sep 30, 2023 ($M) | YoY Growth (%) | Constant Currency YoY Growth (%) | | :---------------- | :---------------- | :---------------- | :------------- | :----------------------------- | | Revenue | 68.2 | 89.4 | 30.9% | 35.1% | | Adjusted Margin | 57.4 | 75.7 | 31.9% | 36.7% | | Gross Bookings | 333.5 | 432.4 | 29.7% | 34.5% | | Room Nights | 6,046 (k) | 7,238 (k) | 19.7% | - | - Adjusted Margin % for Hotels and Packages marginally increased to **17.5%** in Q2 FY24 from 17.2% in Q2 FY23[10](index=10&type=chunk)[59](index=59&type=chunk) [Bus Ticketing](index=2&type=section&id=2.2.3.%20Bus%20Ticketing) Bus Ticketing revenue increased by 23.0% (27.3% in constant currency) to $19.8 million, and Adjusted Margin rose by 29.4% (34.0% in constant currency) to $21.8 million, driven by an 18.7% increase in bus tickets travelled Bus Ticketing Performance - Q2 FY24 | Metric | Sep 30, 2022 ($M) | Sep 30, 2023 ($M) | YoY Growth (%) | Constant Currency YoY Growth (%) | | :---------------- | :---------------- | :---------------- | :------------- | :----------------------------- | | Revenue | 16.1 | 19.8 | 23.0% | 27.3% | | Adjusted Margin | 16.9 | 21.8 | 29.4% | 34.0% | | Gross Bookings | 188.3 | 219.7 | 16.7% | 21.2% | | Travelled Tickets | 16,349 (k) | 19,403 (k) | 18.7% | - | - Adjusted Margin % for Bus Ticketing increased to **9.9%** in Q2 FY24 from 9.0% in Q2 FY23[11](index=11&type=chunk)[59](index=59&type=chunk) [Others](index=3&type=section&id=2.2.4.%20Others) Revenue from the 'Others' business grew significantly by 49.6% (54.7% in constant currency) to $10.9 million, with Adjusted Margin increasing by 45.5% (50.7% in constant currency) to $11.0 million, primarily from marketing alliances and ancillary travel services Others Segment Performance - Q2 FY24 | Metric | Sep 30, 2022 ($M) | Sep 30, 2023 ($M) | YoY Growth (%) | Constant Currency YoY Growth (%) | | :---------------- | :---------------- | :---------------- | :------------- | :----------------------------- | | Revenue | 7.3 | 10.9 | 49.6% | 54.7% | | Adjusted Margin | 7.5 | 11.0 | 45.5% | 50.7% | - The growth was primarily due to increased revenue from marketing alliances and other travel and ancillary services, driven by sustained elevated travel demand in India[13](index=13&type=chunk) [Operating Expenses](index=4&type=section&id=2.3.%20Operating%20Expenses) Operating expenses saw varied changes, with significant increases in service costs and other operating expenses, partly offset by a decrease in net finance costs, impacting overall profitability [Other Income](index=4&type=section&id=2.3.1.%20Other%20Income) Other income decreased significantly by 91.5% to $0.2 million in Q2 FY24, primarily due to a $2.0 million gain on discontinuation of an equity-accounted investment recorded in the prior year Other Income - Q2 FY24 | Metric | Sep 30, 2022 ($M) | Sep 30, 2023 ($M) | YoY Change (%) | | :----------- | :---------------- | :---------------- | :------------- | | Other Income | 2.4 | 0.2 | -91.5% | - The decrease was primarily due to a **$2.0 million gain** on discontinuation of an equity-accounted investment recorded in Q2 FY23[14](index=14&type=chunk) [Service Cost](index=4&type=section&id=2.3.2.%20Service%20Cost) Service cost increased by 24.8% to $40.3 million in Q2 FY24, driven by the sustained elevated travel demand in India Service Cost - Q2 FY24 | Metric | Sep 30, 2022 ($M) | Sep 30, 2023 ($M) | YoY Change (%) | | :----------- | :---------------- | :---------------- | :------------- | | Service Cost | 32.3 | 40.3 | 24.8% | - The increase was primarily due to sustained elevated travel demand in India[15](index=15&type=chunk) [Personnel Expenses](index=4&type=section&id=2.3.3.%20Personnel%20Expenses) Personnel expenses increased marginally by 4.6% to $35.0 million, mainly due to annual wage increases, partially offset by reduced share-based compensation costs Personnel Expenses - Q2 FY24 | Metric | Sep 30, 2022 ($M) | Sep 30, 2023 ($M) | YoY Change (%) | | :---------------- | :---------------- | :---------------- | :------------- | | Personnel Expenses | 33.5 | 35.0 | 4.6% | - The increase was primarily due to annual wage increases effected in Q1 FY24, partially offset by a reduction in share-based compensation costs[16](index=16&type=chunk) [Marketing and Sales Promotion Expenses](index=4&type=section&id=2.3.4.%20Marketing%20and%20Sales%20Promotion%20Expenses) Marketing and sales promotion expenses increased marginally by 1.1% to $25.0 million, while customer inducement costs recorded as a reduction of revenue also increased to $60.3 million Marketing and Sales Promotion Expenses - Q2 FY24 | Metric | Sep 30, 2022 ($M) | Sep 30, 2023 ($M) | YoY Change (%) | | :------------------------------------------ | :---------------- | :---------------- | :------------- | | Marketing and sales promotion expenses | 24.8 | 25.0 | 1.1% | | Customer inducement costs (reduction of revenue) | 57.8 | 60.3 | 4.3% | [Other Operating Expenses](index=4&type=section&id=2.3.5.%20Other%20Operating%20Expenses) Other operating expenses significantly increased by 69.4% to $55.1 million, primarily due to a $12.6 million increase in operating expenses linked to higher bookings and a $10.0 million impairment provision related to Go Airlines (India) Limited Other Operating Expenses - Q2 FY24 | Metric | Sep 30, 2022 ($M) | Sep 30, 2023 ($M) | YoY Change (%) | | :-------------------- | :---------------- | :---------------- | :------------- | | Other Operating Expenses | 32.5 | 55.1 | 69.4% | - The increase was primarily due to a **$12.6 million rise** in operating expenses (distribution costs, payment gateway charges, outsourcing fees, website hosting) linked to increased bookings[17](index=17&type=chunk) - A **$10.0 million impairment provision** was made towards amounts recoverable from Go Airlines (India) Limited, which filed for insolvency and suspended flight operations[17](index=17&type=chunk) [Depreciation and Amortization](index=4&type=section&id=2.3.6.%20Depreciation%20and%20Amortization) Depreciation and amortization expenses remained relatively stable, decreasing marginally by 0.5% to $6.7 million in Q2 FY24 Depreciation and Amortization - Q2 FY24 | Metric | Sep 30, 2022 ($M) | Sep 30, 2023 ($M) | YoY Change (%) | | :-------------------------- | :---------------- | :---------------- | :------------- | | Depreciation and Amortization | 6.8 | 6.7 | -0.5% | [Profitability and Earnings Per Share](index=4&type=section&id=2.4.%20Profitability%20and%20Earnings%20Per%20Share) The company achieved a significant turnaround from a loss to a profit for the period, with substantial improvements in both IFRS and Adjusted profitability metrics and diluted earnings per share [Results from Operating Activities](index=4&type=section&id=2.4.1.%20Results%20from%20Operating%20Activities) Results from operating activities increased to a profit of $6.7 million in Q2 FY24 from $3.9 million in Q2 FY23, while Adjusted Operating Profit significantly improved to $28.2 million from $15.1 million Operating Profitability - Q2 FY24 | Metric | Sep 30, 2022 ($M) | Sep 30, 2023 ($M) | | :------------------------------ | :---------------- | :---------------- | | Results from Operating Activities (IFRS) | 3.9 | 6.7 | | Adjusted Operating Profit (Non-IFRS) | 15.1 | 28.2 | [Net Finance Costs](index=4&type=section&id=2.4.2.%20Net%20Finance%20Costs) Net finance costs decreased by 59.5% to $4.5 million in Q2 FY24, primarily due to a reduction in net foreign exchange loss Net Finance Costs - Q2 FY24 | Metric | Sep 30, 2022 ($M) | Sep 30, 2023 ($M) | YoY Change (%) | | :------------- | :---------------- | :---------------- | :------------- | | Net Finance Cost | 11.1 | 4.5 | -59.5% | - The decrease was primarily due to a **$4.5 million decrease in net foreign exchange loss**, resulting from reduced unrealized foreign exchange losses from Indian Rupee to U.S. dollar translations[20](index=20&type=chunk) [Profit (Loss) for the Period](index=4&type=section&id=2.4.3.%20Profit%20%28Loss%29%20for%20the%20Period) The company reported a profit of $2.0 million in Q2 FY24, a significant improvement from a loss of $6.8 million in Q2 FY23. Adjusted Net Profit also saw substantial growth, reaching $27.8 million from $8.0 million Net Profitability - Q2 FY24 | Metric | Sep 30, 2022 ($M) | Sep 30, 2023 ($M) | | :-------------------------- | :---------------- | :---------------- | | Profit (Loss) for the period (IFRS) | (6.8) | 2.0 | | Adjusted Net Profit (Non-IFRS) | 8.0 | 27.8 | [Diluted Earnings (Loss) per Share](index=5&type=section&id=2.4.4.%20Diluted%20Earnings%20%28Loss%29%20per%20Share) Diluted earnings per share turned positive at $0.02 in Q2 FY24, compared to a loss of $0.06 in Q2 FY23. Adjusted Diluted Earnings per Share significantly increased to $0.25 from $0.07 Diluted Earnings (Loss) per Share - Q2 FY24 | Metric | Sep 30, 2022 ($) | Sep 30, 2023 ($) | | :------------------------------------ | :--------------- | :--------------- | | Diluted Earnings (Loss) per Share (IFRS) | (0.06) | 0.02 | | Adjusted Diluted Earnings per Share (Non-IFRS) | 0.07 | 0.25 | [Liquidity](index=5&type=section&id=2.5.%20Liquidity) As of September 30, 2023, MakeMyTrip maintained a strong liquidity position with $538.1 million in cash and cash equivalents and term deposits - As at September 30, 2023, the balance of cash and cash equivalents and term deposits (including restricted cash and cash equivalents and term deposits of $6.5 million) on our balance sheet was **$538.1 million**[24](index=24&type=chunk) [Recent Corporate Activities](index=5&type=section&id=Recent%20Corporate%20Activities) MakeMyTrip engaged in strategic corporate activities, including the acquisition of Savaari Car Rentals and the extension of share and convertible note repurchase plans [Acquisition of Savaari Car Rentals](index=5&type=section&id=3.1.%20Acquisition%20of%20Savaari%20Car%20Rentals) MakeMyTrip (India) Private Limited entered into an agreement to acquire a majority interest in Savaari Car Rentals Private Limited, aiming to expand its presence in the inter-city car rental market in India, with completion expected by December 31, 2023 - MakeMyTrip (India) Private Limited agreed to acquire a majority interest in Savaari Car Rentals Private Limited, an inter-city car rental service provider in India[25](index=25&type=chunk) - The acquisition is expected to be completed prior to December 31, 2023, and is intended to expand MakeMyTrip's presence in the Indian inter-city car rental market[25](index=25&type=chunk) [Share and Convertible Note Repurchase Plans](index=5&type=section&id=3.2.%20Share%20and%20Convertible%20Note%20Repurchase%20Plans) The company's share repurchase plan was extended until March 31, 2026, with the repurchase price limit removed. Additionally, the Board authorized repurchases of 0.00% convertible senior notes due 2028, with a combined remaining authority of up to $136.0 million, though no repurchases occurred in Q2 FY24 - The share repurchase plan was amended on March 9, 2023, extending its term until **March 31, 2026**, and removing the limit on the repurchase price per ordinary share[26](index=26&type=chunk) - As of September 30, 2023, the company had remaining authority to repurchase up to **$136.0 million** of its outstanding ordinary shares[26](index=26&type=chunk) - The Board authorized the repurchase of 0.00% convertible senior notes due 2028, with the aggregate amount of shares and notes repurchased not to exceed **$136.0 million**[27](index=27&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 employs various non-IFRS measures and key performance indicators to provide a comprehensive and transparent view of its operational and financial performance [Definitions and Rationale](index=5&type=section&id=4.1.%20Definitions%20and%20Rationale) The company utilizes non-IFRS measures such as Adjusted Operating Profit, Adjusted Net Profit, Adjusted Diluted Earnings per Share, Adjusted Margin, Adjusted Margin %, and constant currency results to evaluate financial performance, provide a clearer view of ongoing business, and facilitate comparisons with peers, while acknowledging their limitations - 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[29](index=29&type=chunk) - Adjusted Margin represents IFRS revenue after adding back customer inducement costs (customer incentives, acquisition costs, loyalty program costs) and deducting the cost of acquisition of services, reflecting the value addition of travel services[30](index=30&type=chunk)[31](index=31&type=chunk) - These non-IFRS measures exclude items like share-based compensation, amortization of acquired intangibles, and impairment provisions, to provide a balanced approach for evaluating operating results and comparing with competitors[33](index=33&type=chunk)[36](index=36&type=chunk) [Reconciliations to IFRS Measures](index=14&type=section&id=4.2.%20Reconciliations%20to%20IFRS%20Measures) Detailed reconciliations are provided to bridge IFRS financial measures to their corresponding non-IFRS counterparts, including Adjusted Margin, Adjusted Operating Profit, Adjusted Net Profit, Adjusted Diluted EPS, and constant currency figures, offering transparency on adjustments made [Adjusted Margin Reconciliation](index=14&type=section&id=4.2.1.%20Adjusted%20Margin%20Reconciliation) The reconciliation details how IFRS revenue is adjusted to arrive at Adjusted Margin for each segment by adding back customer inducement costs and deducting service costs for both the three and six months ended September 30, 2023 Adjusted Margin Reconciliation - Three Months Ended September 30, 2023 | Metric | Air Ticketing ($k) | Hotels and Packages ($k) | Bus Ticketing ($k) | Others ($k) | | :------------------------------------ | :----------------- | :----------------------- | :----------------- | :---------- | | Revenue as per IFRS | 48,597 | 89,366 | 19,789 | 10,938 | | Add: Customer inducement costs | 31,653 | 26,567 | 2,026 | 46 | | Less: Service cost | — | 40,274 | — | — | | **Adjusted Margin** | **80,250** | **75,659** | **21,815** | **10,984** | [Adjusted Operating Profit Reconciliation](index=14&type=section&id=4.2.2.%20Adjusted%20Operating%20Profit%20Reconciliation) This reconciliation shows the adjustments made to IFRS Results from operating activities to derive Adjusted Operating Profit, primarily by adding back acquisition-related intangibles amortization, employee share-based compensation costs, and impairment provisions, and subtracting gains on discontinued equity investments Adjusted Operating Profit Reconciliation - Three Months Ended September 30 | Metric | Sep 30, 2022 ($k) | Sep 30, 2023 ($k) | | :------------------------------------------ | :---------------- | :---------------- | | Results from operating activities as per IFRS | 3,899 | 6,714 | | Add: Acquisition related intangibles amortization | 3,225 | 3,000 | | Add: Employee share-based compensation costs | 10,030 | 8,438 | | Less: Gain on discontinuation of equity accounted investment | (2,017) | — | | Add: Impairment provision for non-financial assets | — | 10,047 | | **Adjusted Operating Profit (Loss)** | **15,137** | **28,199** | [Adjusted Net Profit Reconciliation](index=14&type=section&id=4.2.3.%20Adjusted%20Net%20Profit%20Reconciliation) The reconciliation for Adjusted Net Profit details adjustments to IFRS Profit (Loss) for the period, including adding back amortization, share-based compensation, impairment, interest expense on financial liabilities, and net change in financial liability, while adjusting for income tax and share of equity-accounted investees Adjusted Net Profit Reconciliation - Three Months Ended September 30 | Metric | Sep 30, 2022 ($k) | Sep 30, 2023 ($k) | | :------------------------------------------ | :---------------- | :---------------- | | Profit (Loss) for the period as per IFRS | (6,776) | 2,000 | | Add: Acquisition related intangibles amortization | 3,225 | 3,000 | | Add: Employee share-based compensation costs | 10,030 | 8,438 | | Less: Gain on discontinuation of equity accounted investment | (2,017) | — | | Add: Impairment provision for non-financial assets | — | 10,047 | | Add: Interest expense on financial liabilities measured at amortized cost | 3,751 | 3,979 | | Add (Less): Income tax expense (benefit) | (394) | 184 | | Add: Net change in value of financial liability in business combination | 230 | 108 | | Add (Less): Share of loss (profit) of equity-accounted investees | (40) | 49 | | **Adjusted Net Profit (Loss)** | **8,009** | **27,805** | [Adjusted Diluted Earnings (Loss) per Share Reconciliation](index=16&type=section&id=4.2.4.%20Adjusted%20Diluted%20Earnings%20%28Loss%29%20per%20Share%20Reconciliation) This reconciliation provides a detailed breakdown of adjustments from IFRS Diluted Earnings (Loss) per Share to Adjusted Diluted Earnings (Loss) per Share, including per-share impacts of amortization, share-based compensation, impairment, and other non-IFRS adjustments Adjusted Diluted Earnings (Loss) per Share Reconciliation - Three Months Ended September 30 | Metric | Sep 30, 2022 ($) | Sep 30, 2023 ($) | | :------------------------------------------ | :--------------- | :--------------- | | Diluted Earnings (Loss) per Share as per IFRS | (0.06) | 0.02 | | Add: Acquisition related intangibles amortization | 0.03 | 0.03 | | Add: Employee share-based compensation costs | 0.09 | 0.07 | | Less: Gain on discontinuation of equity accounted investment | (0.02) | — | | Add: Impairment provision for non-financial assets | — | 0.09 | | Add: Interest expense on financial liabilities measured at amortized cost | 0.03 | 0.04 | | Add (Less): Income tax expense (benefit) | * | * | | Add: Net change in value of financial liability in business combination | * | * | | Add (Less): Share of loss (profit) of equity-accounted investees | * | * | | **Adjusted Diluted Earnings (Loss) per Share** | **0.07** | **0.25** | [Constant Currency Reconciliation](index=16&type=section&id=4.2.5.%20Constant%20Currency%20Reconciliation) Reconciliations are provided for revenue and Adjusted Margin, showing both reported amounts/growth and constant currency amounts/growth, highlighting the impact of foreign currency translation on the company's performance for both the three and six months ended September 30, 2023 Revenue and Adjusted Margin - Constant Currency Reconciliation (YoY Growth) - Three Months Ended September 30, 2023 | Metric | Air Ticketing | Hotels and Packages | Bus Ticketing | Others | Total | | :-------------------------- | :------------ | :------------------ | :------------ | :----- | :---- | | **Revenue** | | | | | | | Reported Growth | 22.7 % | 30.9 % | 23.0 % | 49.6 % | 28.5 % | | Impact of Foreign Currency Translation | 4.3 % | 4.2 % | 4.3 % | 5.1 % | 4.3 % | | **Constant Currency Growth** | **27.0 %** | **35.1 %** | **27.3 %** | **54.7 %** | **32.8 %** | | **Adjusted Margin** | | | | | | | Reported Growth | 7.0 % | 31.9 % | 29.4 % | 45.5 % | - | | Impact of Foreign Currency Translation | 3.7 % | 4.8 % | 4.6 % | 5.2 % | - | | **Constant Currency Growth** | **10.7 %** | **36.7 %** | **34.0 %** | **50.7 %** | - | [Company Information and Forward-Looking Statements](index=7&type=section&id=Company%20Information%20and%20Forward-Looking%20Statements) MakeMyTrip Limited, a leading Indian travel group, provides essential company information, a safe harbor statement regarding forward-looking projections, and details on its Q2 FY24 conference call [About MakeMyTrip Limited](index=8&type=section&id=5.1.%20About%20MakeMyTrip%20Limited) MakeMyTrip Limited is India's leading travel group, operating brands like MakeMyTrip, Goibibo, and redBus, offering a wide range of domestic and international travel services including air, hotel, bus, rail, and holiday packages through its online platforms - MakeMyTrip Limited is India's leading travel group, operating well-recognized travel brands including MakeMyTrip, Goibibo and redBus[39](index=39&type=chunk) - The company provides a wide range of travel services and products in India and overseas, such as air ticketing, hotel and alternative accommodations, holiday planning, rail and bus ticketing, car hire, and ancillary travel requirements[39](index=39&type=chunk) [Safe Harbor Statement](index=7&type=section&id=5.2.%20Safe%20Harbor%20Statement) The release contains forward-looking statements subject to various risks and uncertainties, including economic slowdowns, industry disruptions, and reliance on travel suppliers, as detailed in the company's Form 20-F. The company does not undertake to update these statements - The release contains forward-looking statements regarding future growth prospects, subject to risks and uncertainties such as economic slowdowns, travel industry disruptions, and reliance on travel suppliers[38](index=38&type=chunk) - These statements are based on current expectations and are not guarantees of future performance, with potential risks discussed in the 'Risk Factors' section of MMYT's 20-F dated July 25, 2023[38](index=38&type=chunk) [Conference Call Details](index=5&type=section&id=5.3.%20Conference%20Call%20Details) MakeMyTrip hosted a live Zoom webinar on October 31, 2023, to discuss the Q2 FY24 results, with a replay available on the Investor Relations section of the company's website - MakeMyTrip hosted a live Zoom webinar on October 31, 2023, at 7:30 AM EDT / 5:00 PM IST to discuss the Q2 FY24 results[28](index=28&type=chunk) - A replay of the event is available on the 'Investor Relations' section of the company's website[28](index=28&type=chunk) [Condensed Consolidated Interim Financial Statements](index=9&type=section&id=Condensed%20Consolidated%20Interim%20Financial%20Statements) The condensed consolidated interim financial statements for Q2 FY24 reflect the company's financial position, profit or loss, changes in equity, and cash flows, indicating overall financial health and operational performance [Statement of Financial Position](index=9&type=section&id=6.1.%20Statement%20of%20Financial%20Position) The condensed consolidated interim statement of financial position shows an increase in total assets to $1,465.8 million as of September 30, 2023, from $1,359.8 million as of March 31, 2023, driven by growth in current assets, particularly term deposits and cash and cash equivalents Condensed Consolidated Interim Statement of Financial Position (Selected Items) | Metric | As at March 31, 2023 ($k) | As at September 30, 2023 ($k) | | :-------------------------- | :------------------------ | :---------------------------- | | Total non-current assets | 687,915 | 688,101 | | Total current assets | 671,910 | 777,686 | | **Total assets** | **1,359,825** | **1,465,787** | | Total equity | 876,056 | 908,575 | | Total non-current liabilities | 30,111 | 30,092 | | Total current liabilities | 453,658 | 527,120 | | **Total liabilities** | **483,769** | **557,212** | | **Total equity and liabilities** | **1,359,825** | **1,465,787** | [Statement of Profit or Loss and Other Comprehensive Income](index=10&type=section&id=6.2.%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The statement reflects a significant turnaround from a net loss of $6.8 million in Q2 FY23 to a net profit of $2.0 million in Q2 FY24, driven by strong revenue growth across all segments and improved net finance costs Condensed Consolidated Interim Statement of Profit or Loss (Selected Items) - Three Months Ended September 30 | Metric | 2022 ($k) | 2023 ($k) | | :------------------------------------------ | :-------- | :-------- | | Total revenue | 131,254 | 168,690 | | Results from operating activities | 3,899 | 6,714 | | Net finance costs | (11,109) | (4,481) | | Profit (loss) for the period | (6,776) | 2,000 | | Total comprehensive income (loss) for the period | (24,972) | (6,738) | | Diluted Earnings (loss) per share ($) | (0.06) | 0.02 | [Statement of Changes in Equity](index=11&type=section&id=6.3.%20Statement%20of%20Changes%20in%20Equity) The statement of changes in equity shows an increase in total equity from $876.1 million as of April 1, 2023, to $908.6 million as of September 30, 2023, primarily due to profit for the period and contributions by owners, partially offset by other comprehensive losses Condensed Consolidated Interim Statement of Changes in Equity (Selected Items) | Metric | Balance as at April 1, 2023 ($k) | Balance as at September 30, 2023 ($k) | | :------------------------------------------ | :------------------------------- | :------------------------------------ | | Total equity attributable to owners of the Company | 869,566 | 903,841 | | Non-controlling interests | 6,490 | 4,734 | | **Total equity** | **876,056** | **908,575** | - Total comprehensive income for the period was **$12.4 million**, contributing to the increase in equity[48](index=48&type=chunk) - Transactions with owners, including share-based payments and issue of ordinary shares, contributed **$20.1 million** to equity[48](index=48&type=chunk) [Statement of Cash Flows](index=12&type=section&id=6.4.%20Statement%20of%20Cash%20Flows) The condensed consolidated interim statement of cash flows indicates a positive shift, with net cash generated from operating activities of $54.4 million for the six months ended September 30, 2023, compared to a net cash outflow in the prior period, leading to an overall increase in cash and cash equivalents Condensed Consolidated Interim Statement of Cash Flows (Selected Items) - Six Months Ended September 30 | Metric | 2022 ($k) | 2023 ($k) | | :------------------------------------------ | :-------- | :-------- | | Net cash generated from (used in) operating activities | (3,815) | 54,367 | | Net cash generated from (used in) investing activities | 65,287 | (30,292) | | Net cash generated from (used in) financing activities | 825 | (4,191) | | Increase in cash and cash equivalents | 62,297 | 19,884 | | Cash and cash equivalents at end of the period | 274,654 | 303,607 | [Supplemental Operating and Segment Data](index=13&type=section&id=Supplemental%20Operating%20and%20Segment%20Data) This section presents detailed operating and financial data by segment, offering granular insights into the performance drivers and efficiency of MakeMyTrip's diverse travel businesses [Information About Reportable Segments](index=13&type=section&id=7.1.%20Information%20About%20Reportable%20Segments) The reportable segments data provides a detailed breakdown of consolidated revenue and Adjusted Margin for Air Ticketing, Hotels and Packages, Bus Ticketing, and Others, highlighting the contribution of each segment to the overall financial performance for the three and six months ended September 30, 2023 Reportable Segments - Three Months Ended September 30, 2023 | Particulars | Air Ticketing ($k) | Hotels and Packages ($k) | Bus Ticketing ($k) | All other segments ($k) | Total ($k) | | :------------------------------------------ | :----------------- | :----------------------- | :----------------- | :---------------------- | :--------- | | Consolidated Revenue | 48,597 | 89,366 | 19,789 | 10,938 | 168,690 | | Add: Customer inducement costs | 31,653 | 26,567 | 2,026 | 46 | 60,292 | | Less: Service cost | — | 40,274 | — | — | 40,274 | | **Adjusted Margin** | **80,250** | **75,659** | **21,815** | **10,984** | **188,708** | [Selected Operating and Financial Data](index=18&type=section&id=7.2.%20Selected%20Operating%20and%20Financial%20Data) This section presents key operating metrics and financial data, including unit metrics (flight segments, room nights, travelled tickets), Adjusted Margin, Gross Bookings, and Adjusted Margin % for each segment, providing insights into operational performance and efficiency Selected Operating Data - Three Months Ended September 30 | Unit Metrics | 2022 (in thousands) | 2023 (in thousands) | | :-------------------------------- | :------------------ | :------------------ | | Air Ticketing – Flight segments | 10,547 | 13,068 | | Hotels and Packages – Room nights | 6,046 | 7,238 | | Bus Ticketing – Travelled tickets | 16,349 | 19,403 | Selected Financial Data - Three Months Ended September 30 | Metric | 2022 ($k) | 2023 ($k) | | :-------------------------- | :-------- | :-------- | | Adjusted Margin – Air Ticketing | 74,998 | 80,250 | | Adjusted Margin – Hotels and Packages | 57,360 | 75,659 | | Adjusted Margin – Bus Ticketing | 16,858 | 21,815 | | Adjusted Margin – Others | 7,548 | 10,984 | | Gross Bookings | 1,541.7 ($M) | 1,839.7 ($M) | | Adjusted Margin % – Air Ticketing | 7.4 % | 6.8 % | | Adjusted Margin % – Hotels and Packages | 17.2 % | 17.5 % | | Adjusted Margin % – Bus Ticketing | 9.0 % | 9.9 % |

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 ...