MakeMyTrip(US:MMYT)2022-10-31 16:00Financial Performance - Gross Bookings reached $1,541.7 million in Q2 2023, a significant increase from $734.1 million in Q2 2022, representing a growth of 109.0% year-over-year[4] - Revenue for Q2 2023 was $131.2 million, up 94.5% from $67.5 million in Q2 2022, driven by strong recovery in travel demand[8] - Air Ticketing Revenue improved to $39.6 million in Q2 2023, an increase of 85.9% from $21.3 million in Q2 2022, with Adjusted Margin rising to $75.0 million[4] - Hotels and Packages Revenue increased by 103.6% to $68.2 million in Q2 2023, with Adjusted Margin improving to $57.4 million[12] - Bus Ticketing Revenue rose by 91.8% to $16.1 million in Q2 2023, with Adjusted Margin increasing to $16.9 million[13] - Other Revenue grew by 71.0% to $7.3 million in Q2 2023, with Adjusted Margin reaching $7.5 million[14] - Total revenue for the six months ended September 30, 2022, was $273.987 million, a significant increase from $100.312 million in the same period of 2021, representing a growth of 172%[47] - Consolidated revenue for the three months ended September 30, 2022, was $131.25 million, a significant increase from $67.47 million in the same period of 2021, representing a growth of 94.5%[53] - Total revenue for the six months ended September 30, 2022, was $273.98 million, a substantial increase from $100.3 million in 2021, reflecting a growth of 172.5%[53] Profitability - Operating Activities resulted in a profit of $3.9 million in Q2 2023, a turnaround from a loss of $8.0 million in Q2 2022, reflecting an improvement of $11.9 million year-over-year[4] - Adjusted Operating Profit improved to $15.1 million in Q2 2023, compared to $6.6 million in Q2 2022, marking an increase of $8.5 million[4] - The loss for the quarter ended September 30, 2022, was $6.8 million, an improvement from a loss of $8.0 million in the same quarter of 2021, with an Adjusted Net Profit of $8.0 million compared to $9.7 million[23] - Loss before tax for the three months ended September 30, 2022, was $7.17 million, an improvement from a loss of $8.59 million in the same period of 2021[53] - Adjusted operating profit for the three months ended September 30, 2022, was $15.14 million, compared to $6.56 million in 2021, marking a growth of 130.5%[55] Costs and Expenses - Customer inducement costs recorded as a reduction of revenue were $57.8 million in Q2 2023, up from $27.7 million in Q2 2022[18] - Other operating expenses increased by 77.7% to $32.5 million for the quarter ended September 30, 2022, compared to $18.3 million for the same period in 2021, driven by higher payment gateway charges, outsourcing fees, and website hosting charges due to increased bookings[19] - Marketing and sales promotion expenses for the three months ended September 30, 2022, increased to $24.75 million from $11.53 million in 2021, representing a rise of 114.5%[53] Cash and Assets - As of September 30, 2022, the balance of cash and cash equivalents and term deposits was $466.3 million, with existing credit facilities of approximately $128.2 million, of which only $0.1 million has been drawn[25] - Cash and cash equivalents increased to $274.725 million as of September 30, 2022, compared to $213.283 million at the beginning of the period[51] - Total assets as of September 30, 2022, were $1.329 billion, slightly up from $1.322 billion as of March 31, 2022[45] - Total equity attributable to owners of the company decreased to $850.941 million as of September 30, 2022, from $894.134 million as of March 31, 2022[45] - The company’s total liabilities increased to $470.342 million as of September 30, 2022, from $426.269 million as of March 31, 2022[45] Investments and Acquisitions - On September 28, 2022, the company acquired an additional equity interest in Simplotel Technologies Private Limited for an estimated cash consideration of $3.9 million, increasing its stake to 64.8%[26] Regulatory and Legal Matters - The Competition Commission of India imposed a penalty of Rs. 2,234.8 million (approximately $27.0 million) on the company's subsidiaries for anti-competitive conduct[28] - The company plans to assess the findings from the Competition Commission of India order and will seek legal counsel to determine future actions[30] Foreign Exchange and Other Income - Other income surged by 537.1% to $2.4 million in Q2 2023, primarily due to a gain on the discontinuation of an equity-accounted investment[15] - Net finance costs rose to $11.1 million for the quarter ended September 30, 2022, from $0.6 million in the same quarter of 2021, primarily due to a net foreign exchange loss of $9.6 million[22] - The company recognized a foreign currency translation loss of $(44.534) million for the six months ended September 30, 2022[47]