MakeMyTrip(US:MMYT)2024-05-15 10:31Revenue Growth - Revenue increased by 36.6% YoY to $202.9 million in Q4 2024, driven by growth in air ticketing (41.6%), hotels and packages (28.5%), bus ticketing (25.7%), and others (115.5%)[9] - Revenue for fiscal year 2024 increased by 32.0% to $782.5 million, driven by growth in air ticketing, hotels, packages, and bus ticketing businesses[28] - Total revenue for the year ended March 31, 2024 increased to $782.5 million, up from $593.0 million in the previous year, representing a growth of 32%[72] - Revenue for the year ended March 31, 2024, grew by 32.0% YoY to $782.5 million, with constant currency growth at 35.7%[83] Gross Bookings - Gross Bookings grew by 23.0% YoY to $2,039.0 million in Q4 2024 and by 24.9% YoY to $7,954.4 million in FY24[8] - Gross bookings for Air Ticketing reached $1,282,805 thousand in Q1 2024, up 19.7% from $1,071,744 thousand in Q1 2023[85] - Gross bookings for Hotels and Packages grew to $495,592 thousand in Q1 2024, a 27.5% increase from $388,606 thousand in Q1 2023[85] - Gross bookings for Bus Ticketing rose to $260,562 thousand in Q1 2024, up 22.0% from $213,504 thousand in Q1 2023[85] Adjusted Operating Profit - Adjusted Operating Profit improved by 70.4% YoY to $32.4 million in Q4 2024 and by 76.7% YoY to $124.2 million in FY24[8] - Adjusted Operating Profit for Q1 2024 increased to $32.4 million, up from $19.0 million in Q1 2023[80] Adjusted Net Profit - Adjusted Net Profit grew by 60.1% YoY to $36.9 million in Q4 2024 and by 159.3% YoY to $137.2 million in FY24[8] - Adjusted Net Profit for Q1 2024 was $36.9 million, compared to $23.1 million in Q1 2023[81] - Profit for the year surged to $216.7 million in FY 2024, compared to a loss of $11.2 million in FY 2023, with Adjusted Net Profit reaching $137.2 million[44] - Profit for Q1 2024 was $171.9 million, compared to $5.4 million in Q1 2023, with an Adjusted Net Profit of $36.9 million[24] - Profit for the year ended March 31, 2024 was $216.7 million, a significant improvement from a loss of $11.2 million in the previous year[72] Segment Revenue Growth - Air Ticketing revenue increased by 41.6% YoY to $55.1 million in Q4 2024, with Adjusted Margin rising by 13.7% YoY to $83.7 million[11] - Hotels and Packages revenue grew by 28.5% YoY to $105.5 million in Q4 2024, with Adjusted Margin increasing by 41.3% YoY to $88.9 million[12] - Bus Ticketing revenue rose by 25.7% YoY to $23.8 million in Q4 2024, with Adjusted Margin up by 36.6% YoY to $26.1 million[13] - Others revenue surged by 115.5% YoY to $18.5 million in Q4 2024, with Adjusted Margin increasing by 55.1% YoY to $13.8 million[8] - Revenue from the others business increased by 115.5% to $18.5 million in Q1 2024, driven by elevated travel demand in India[15] - Revenue from the others business increased by 62.3% to $53.0 million in FY 2024, driven by elevated travel demand in India[34] - Air ticketing revenue grew to $201.2 million for the year ended March 31, 2024, a 36% increase compared to $147.8 million in the previous year[72] - Hotels and packages revenue reached $435.5 million for the year ended March 31, 2024, up 29% from $337.7 million in the previous year[72] - Bus ticketing revenue increased to $92.7 million for the year ended March 31, 2024, a 24% rise compared to $74.9 million in the previous year[72] - Other revenue surged to $53.0 million for the year ended March 31, 2024, a 62% increase from $32.7 million in the previous year[72] - Revenue for Air Ticketing increased by 41.6% YoY to $55.1 million in Q1 2024, with constant currency growth at 42.9%[83] - Hotels and Packages revenue grew by 28.5% YoY to $105.5 million in Q1 2024, with constant currency growth at 30.0%[83] - Bus Ticketing revenue rose by 25.7% YoY to $23.8 million in Q1 2024, with constant currency growth at 27.1%[83] Adjusted Margin - Adjusted Margin – Air ticketing increased by 13.4% to $317.7 million in fiscal year 2024, with customer inducement costs of $116.4 million[30] - Adjusted Margin – Others rose by 43.0% to $48.8 million in FY 2024, with customer inducement costs decreasing to $0.4 million[34] - Adjusted Margin for Air Ticketing increased by 12.7% YoY to $83.7 million in Q1 2024, with constant currency growth at 13.7%[83] - Adjusted Margin for Hotels and Packages grew by 39.9% YoY to $88.9 million in Q1 2024, with constant currency growth at 41.3%[83] - Adjusted Margin for the year ended March 31, 2024, increased by 13.4% YoY to $317.7 million, with constant currency growth at 16.7%[83] - Adjusted Margin for the year increased to $817.425 million in 2024 from $651.221 million in 2023[78] Segment Performance Metrics - The number of air ticketing flight segments increased by 2.9% YoY, driven by elevated travel demand in India[11] - Hotel-room nights increased by 19.9% YoY, contributing to the growth in Hotels and Packages revenue[12] - Air Ticketing flight segments increased to 12,815 thousand in Q1 2024, up 2.9% from 12,454 thousand in Q1 2023[85] - Hotels and Packages room nights grew to 7,757 thousand in Q1 2024, a 19.9% increase from 6,468 thousand in Q1 2023[85] - Bus Ticketing travelled tickets rose to 22,719 thousand in Q1 2024, up 21.3% from 18,735 thousand in Q1 2023[85] - Air Ticketing adjusted margin decreased to 6.5% in Q1 2024 from 6.9% in Q1 2023[85] - Hotels and Packages adjusted margin improved to 17.9% in Q1 2024 from 16.3% in Q1 2023[85] - Bus Ticketing adjusted margin increased to 10.0% in Q1 2024 from 9.1% in Q1 2023[85] Cost and Expenses - Service cost increased by 23.4% to $52.9 million in Q1 2024, primarily due to elevated travel demand in India and car booking business costs[17] - Personnel expenses increased by 28.3% to $43.3 million in Q1 2024, driven by share-based compensation and annual wage increases[18] - Marketing and sales promotion expenses increased by 36.2% to $31.6 million in Q1 2024, with customer inducement costs of $62.5 million[19] - Service cost increased by 21.1% to $215.1 million in FY 2024, primarily due to higher travel demand in India and car booking business costs[36] - Personnel expenses grew by 11.8% to $147.6 million in FY 2024, driven by share-based compensation and annual wage increases[37] - Marketing and sales promotion expenses increased by 21.4% to $123.3 million in FY 2024, reflecting higher variable costs and brand-building initiatives[38] Financial Performance - Results from operating activities showed a profit of $16.7 million in Q1 2024, compared to $8.0 million in Q1 2023[21] - Net finance income was $31.3 million in Q1 2024, compared to a net finance cost of $2.6 million in Q1 2023[22] - Net finance income improved to $27.7 million in FY 2024, compared to a net finance cost of $35.8 million in FY 2023, due to higher interest income and reduced foreign exchange losses[42] - Income tax benefit of $123.8 million was recognized in FY 2024, driven by deferred tax assets on tax losses and temporary differences[43] - Profit before tax for the year ended March 31, 2024, was $92.938 million, a significant improvement from a loss of $12.144 million in 2023[78] Earnings Per Share - Diluted earnings per share improved to $1.74 in FY 2024, compared to a diluted loss per share of $0.10 in FY 2023[45] - Basic earnings per share for the year ended March 31, 2024 was $1.95, compared to a loss per share of $0.10 in the previous year[72] - Adjusted Diluted Earnings per Share for Q1 2024 was $0.38, up from $0.21 in Q1 2023[81] Cash and Cash Equivalents - Cash and cash equivalents, including term deposits, stood at $607.8 million as of March 31, 2024[46] - Cash and cash equivalents grew to $327.1 million as of March 31, 2024, compared to $284.0 million as of March 31, 2023[70] - Cash and cash equivalents at the end of the year grew to $327.065 million from $284.018 million in the previous year[76] Total Assets and Equity - Total assets increased to $1.66 billion as of March 31, 2024, up from $1.36 billion as of March 31, 2023[70] - Total equity attributable to owners of the Company increased to $1.11 billion as of March 31, 2024, up from $869.6 million as of March 31, 2023[70] Comprehensive Income - Total comprehensive income for the year was $205.917 million, with a profit for the year of $216.743 million and other comprehensive loss of $10.826 million[74] Cash Flow - Net cash generated from operating activities increased to $125.740 million in 2024 from $32.213 million in 2023[76] Consolidated Financials - Consolidated revenue for the year ended March 31, 2024, was $782.524 million, up from $593.036 million in 2023[78] - Hotels and packages segment revenue grew to $435.542 million in 2024 from $337.686 million in 2023[78] - Air ticketing segment revenue increased to $201.246 million in 2024 from $147.793 million in 2023[78] - Bus ticketing segment revenue rose to $92.693 million in 2024 from $74.873 million in 2023[78] - All other segments revenue increased to $53.043 million in 2024 from $32.684 million in 2023[78]