MakeMyTrip(MMYT) - 2024 Q2 - Quarterly Report

Fiscal 2024 Second Quarter Results Overview 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 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] Fiscal 2024 Second Quarter Key Financial Highlights (YoY Growth in Constant Currency) | Metric | 2Q24 Value ($M) | 2Q23 Value ($M) | YoY Change ($M) | YoY Growth (%) | Constant Currency YoY Growth (%) | | :-------------------------- | :-------------- | :-------------- | :-------------- | :------------- | :----------------------------- | | Gross Bookings | 1,839.7 | 1,541.7 | 298.0 | 19.3% | 23.8% | | Adjusted Margin – Air Ticketing | 80.3 | 75.0 | 5.3 | 7.0% | 10.7% | | Adjusted Margin – Hotels & Packages | 75.7 | 57.4 | 18.3 | 31.9% | 36.7% | | Adjusted Margin – Bus Ticketing | 21.8 | 16.9 | 4.9 | 29.4% | 34.0% | | Adjusted Margin – Others | 11.0 | 7.5 | 3.5 | 45.5% | 50.7% | | Adjusted Operating Profit | 28.2 | 15.1 | 13.1 | - | - | | Adjusted Net Profit | 27.8 | 8.0 | 19.8 | - | - | CEO Commentary Rajesh Magow, Group CEO, highlighted strong year-on-year revenue growth and expansion in Adjusted Operating Profit, attributing success to innovative travel solutions, brand strength, and superior value delivery despite the seasonally weaker leisure travel period - Rajesh Magow, Group Chief Executive Officer, noted strong year-on-year revenue growth and expansion in Adjusted Operating Profit, despite the second quarter being a seasonally weaker period for leisure travel[5] - The profitable growth was driven by innovative travel solutions, brand strength, and the ability to deliver superior value to customers and partners[5] Consolidated Financial Performance The company demonstrated strong financial performance in Q2 FY24, with significant revenue growth across all segments and a notable improvement in profitability and earnings per share Summary Financial Data (IFRS & Non-IFRS) The company reported significant growth in both IFRS revenue and non-IFRS adjusted margins for the three and six months ended September 30, 2023, driven by strong performance across all segments Financial Summary (IFRS) - Three Months Ended September 30 | Metric | Sep 30, 2022 ($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 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] - 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][30] Air Ticketing 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][59] Hotels and Packages 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][59] Bus Ticketing 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][59] Others 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] Operating Expenses 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 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] Service Cost 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] Personnel Expenses 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] Marketing and Sales Promotion Expenses 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 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] - 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] Depreciation and Amortization 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 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 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 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] Profit (Loss) for the Period 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 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 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] Recent Corporate Activities 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 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] - 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] Share and Convertible Note Repurchase Plans 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] - As of September 30, 2023, the company had remaining authority to repurchase up to $136.0 million of its outstanding ordinary shares[26] - 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] About Key Performance Indicators and Non-IFRS Measures 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 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] - 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][31] - 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][36] Reconciliations to IFRS Measures 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 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 ($k) | | :------------------------------------ | :----------------- | :----------------------- | :----------------- | :---------- | | Revenue as per IFRS | 48,597 | 89,366 | 19,789 | 10,938 | | Add: Customer inducement costs | 31,653 | 26,567 | 2,026 | 46 | | Less: Service cost | — | 40,274 | — | — | | Adjusted Margin | 80,250 | 75,659 | 21,815 | 10,984 | Adjusted Operating Profit Reconciliation This reconciliation shows the adjustments made to IFRS Results from operating activities to derive Adjusted Operating Profit, primarily by adding back acquisition-related intangibles amortization, employee share-based compensation costs, and impairment provisions, and subtracting gains on discontinued equity investments Adjusted Operating Profit Reconciliation - Three Months Ended September 30 | Metric | Sep 30, 2022 ($k) | Sep 30, 2023 ($k) | | :------------------------------------------ | :---------------- | :---------------- | | Results from operating activities as per IFRS | 3,899 | 6,714 | | Add: Acquisition related intangibles amortization | 3,225 | 3,000 | | Add: Employee share-based compensation costs | 10,030 | 8,438 | | Less: Gain on discontinuation of equity accounted investment | (2,017) | — | | Add: Impairment provision for non-financial assets | — | 10,047 | | Adjusted Operating Profit (Loss) | 15,137 | 28,199 | Adjusted Net Profit Reconciliation The reconciliation for Adjusted Net Profit details adjustments to IFRS Profit (Loss) for the period, including adding back amortization, share-based compensation, impairment, interest expense on financial liabilities, and net change in financial liability, while adjusting for income tax and share of equity-accounted investees Adjusted Net Profit Reconciliation - Three Months Ended September 30 | Metric | Sep 30, 2022 ($k) | Sep 30, 2023 ($k) | | :------------------------------------------ | :---------------- | :---------------- | | Profit (Loss) for the period as per IFRS | (6,776) | 2,000 | | Add: Acquisition related intangibles amortization | 3,225 | 3,000 | | Add: Employee share-based compensation costs | 10,030 | 8,438 | | Less: Gain on discontinuation of equity accounted investment | (2,017) | — | | Add: Impairment provision for non-financial assets | — | 10,047 | | Add: Interest expense on financial liabilities measured at amortized cost | 3,751 | 3,979 | | Add (Less): Income tax expense (benefit) | (394) | 184 | | Add: Net change in value of financial liability in business combination | 230 | 108 | | Add (Less): Share of loss (profit) of equity-accounted investees | (40) | 49 | | Adjusted Net Profit (Loss) | 8,009 | 27,805 | Adjusted Diluted Earnings (Loss) per Share Reconciliation This reconciliation provides a detailed breakdown of adjustments from IFRS Diluted Earnings (Loss) per Share to Adjusted Diluted Earnings (Loss) per Share, including per-share impacts of amortization, share-based compensation, impairment, and other non-IFRS adjustments Adjusted Diluted Earnings (Loss) per Share Reconciliation - Three Months Ended September 30 | Metric | Sep 30, 2022 ($) | 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 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 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 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] - 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] Safe Harbor Statement 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] - 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] Conference Call Details 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] - A replay of the event is available on the 'Investor Relations' section of the company's website[28] Condensed Consolidated Interim Financial Statements 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 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 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 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] - Transactions with owners, including share-based payments and issue of ordinary shares, contributed $20.1 million to equity[48] Statement of Cash Flows 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 ($k) | | :------------------------------------------ | :-------- | :-------- | | Net cash generated from (used in) operating activities | (3,815) | 54,367 | | Net cash generated from (used in) investing activities | 65,287 | (30,292) | | Net cash generated from (used in) financing activities | 825 | (4,191) | | Increase in cash and cash equivalents | 62,297 | 19,884 | | Cash and cash equivalents at end of the period | 274,654 | 303,607 | Supplemental Operating and Segment Data This section presents detailed operating and financial data by segment, offering granular insights into the performance drivers and efficiency of MakeMyTrip's diverse travel businesses Information About Reportable Segments The reportable segments data provides a detailed breakdown of consolidated revenue and Adjusted Margin for Air Ticketing, Hotels and Packages, Bus Ticketing, and Others, highlighting the contribution of each segment to the overall financial performance for the three and six months ended September 30, 2023 Reportable Segments - Three Months Ended September 30, 2023 | Particulars | Air Ticketing ($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 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 % |