MakeMyTrip(US:MMYT)2024-10-23 10:04Revenue Growth - Revenue for Q2 FY2025 was $211.0 million, a 25.1% increase from $168.7 million in Q2 FY2024[5] - Total revenue for the three months ended September 30, 2024, increased by 25% to $210,993 thousand compared to $168,690 thousand in the same period of 2023[38] - For the six months ended September 30, 2024, consolidated revenue reached $465.51 million, up from $365.42 million in the same period of 2023, marking a 27% increase[46] - For the three months ended September 30, 2024, total revenue reported was $210.99 million, with a constant currency amount of $213.37 million, reflecting a year-over-year growth of 27.1% in constant currency[48] - For the six months ended September 30, 2024, total revenue reported was $465.51 million, with a constant currency amount of $471.56 million, showing a year-over-year growth of 27.4% in constant currency[48] Segment Performance - Air ticketing revenue increased by 25.6% YoY to $61.0 million, with an adjusted margin of $96.0 million, up 19.7% YoY[7][8] - Hotels and packages revenue rose by 15.5% YoY to $103.2 million, with an adjusted margin of $90.7 million, up 19.9% YoY[8] - Bus ticketing revenue increased by 25.4% YoY to $24.8 million, with an adjusted margin of $27.1 million, up 24.3% YoY[9] - Revenue from other services surged by 100.8% YoY to $22.0 million, with an adjusted margin of $16.4 million, up 49.3% YoY[10] - Adjusted Margin for Air Ticketing was $96.03 million, with a margin percentage of 6.8% for the three months ended September 30, 2024[51] - Adjusted Margin for Hotels and Packages reached $90.73 million, maintaining a margin percentage of 17.5% for the three months ended September 30, 2024[51] Profitability - Operating profit for the quarter was $26.1 million, reflecting a 288.9% increase YoY[2] - Net profit for the period was $17.9 million, a significant increase of 797.0% YoY[2] - Profit for the quarter ended September 30, 2024, was $17.9 million, up from $2.0 million in the same quarter of 2023[19] - Profit before tax for the three months ended September 30, 2024, rose significantly to $25.55 million, compared to $2.18 million in the same period of 2023[44] - Adjusted net profit for the six months ended September 30, 2024, was $85.21 million, compared to $61.39 million in the same period of 2023, indicating a growth of 39%[46] Expenses - Service cost increased by 23.6% to $49.8 million for the quarter ended September 30, 2024, compared to $40.3 million for the same period in 2023[12] - Personnel expenses rose by 12.5% to $39.4 million in the quarter ended September 30, 2024, up from $35.0 million in the prior year[13] - Marketing and sales promotion expenses surged by 43.0% to $35.8 million in the quarter ended September 30, 2024, compared to $25.0 million in the same quarter of 2023[14] - Marketing and sales promotion expenses increased by 44% to $75,876 thousand for the six months ended September 30, 2024, compared to $55,622 thousand in the same period of 2023[38] Financial Position - As of September 30, 2024, cash and cash equivalents and term deposits totaled $717.2 million[21] - Cash and cash equivalents at the end of the period increased by 24% to $401,873 thousand as of September 30, 2024, compared to $327,065 thousand at the beginning of the period[42] - Total assets decreased by 6.7% to $1,660,077 thousand as of March 31, 2024, from $1,779,287 thousand as of September 30, 2024[36] - Loans and borrowings increased to $223,730 thousand as of September 30, 2024, from $216,818 thousand as of March 31, 2024[36] Shareholder Returns - The company has remaining authority to repurchase up to $135.8 million of its outstanding ordinary shares and 2028 Notes[23] - Diluted earnings per share increased to $0.16 for the quarter ended September 30, 2024, compared to $0.02 in the prior year[20] - The company reported a basic earnings per share of $0.16 for the three months ended September 30, 2024, compared to $0.02 in the same period of 2023[38] Strategic Outlook - The company remains optimistic about the long-term outlook of India's travel and tourism market[3] - Focus on innovation and technology to enhance customer experience is a key strategy moving forward[3] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[46] Customer Metrics - Gross bookings for Q2 FY2025 reached $2,257.2 million, a 22.7% increase YoY[4] - The number of Air Ticketing flight segments increased from 13,068 to 15,105, representing a growth of approximately 15.6% year-over-year[51] - The number of Bus Ticketing travelled tickets rose from 19,403 to 23,558, indicating a growth of about 21.0% year-over-year[51] - The company reported a total of 8,504 room nights for Hotels and Packages for the three months ended September 30, 2024, up from 7,238 room nights, marking a growth of 17.5% year-over-year[51] Financial Adjustments - Net finance costs decreased significantly to $0.5 million in the quarter ended September 30, 2024, from $4.5 million in the prior year[17] - The company reported a net finance income of $1,187 thousand for the six months ended September 30, 2024, compared to a net finance cost of $5,074 thousand in the same period of 2023[38] - Finance income for the three months ended September 30, 2024, was $7.28 million, compared to $5.46 million in the same period of 2023, reflecting a growth of 33%[44] Taxation - Income tax expense increased to $7.6 million for the quarter ended September 30, 2024, compared to $0.2 million in the same quarter of 2023[18]