MakeMyTrip(MMYT) - 2022 Q4 - Annual Report

Financial Performance - Gross Bookings reached $1,012.3 million in Q4 FY22, up 33.2% from $759.2 million in Q4 FY21, and $3,188.9 million for FY22, up 95.1% from $1,635.4 million in FY21[4] - Revenue for Q4 FY22 was $88.6 million, an increase of 11.8% from $79.2 million in Q4 FY21, and $303.9 million for FY22, up 85.6% from $163.4 million in FY21[4] - Adjusted Operating Profit for Q4 FY22 improved to $12.0 million from $11.1 million in Q4 FY21, and for FY22 increased to $23.2 million from an Adjusted Operating Loss of $18.0 million in FY21[4] - Revenue for the year ended March 31, 2022, was $303.9 million, an increase of 86.0% compared to $163.4 million for the year ended March 31, 2021[25] - The company reported a loss for the year of $45,567 million, an improvement from a loss of $56,042 million in the previous year[63] - The company’s marketing and sales promotion expenses increased to $51,033 million for the year, up from $22,741 million, reflecting a growth of 124.5%[59] - Adjusted Net Profit for the year ended March 31, 2022, was $21.7 million, compared to an Adjusted Net Loss of $9.2 million in the prior year[38] Revenue Breakdown - Revenue from the air ticketing business increased by 4.6% to $25.3 million in Q4 FY22, with an Adjusted Margin of $44.8 million, up 17.1%[11] - Revenue from hotels and packages increased by 18.6% to $45.1 million in Q4 FY22, with an Adjusted Margin of $42.3 million, up 18.8%[12] - Revenue from bus ticketing increased by 7.0% to $12.6 million in Q4 FY22, with an Adjusted Margin of $12.4 million, up 12.4%[13] - Revenue from other business segments increased by 6.9% to $5.5 million in Q4 FY22, with an Adjusted Margin of $5.7 million, up 10.4%[14] - Revenue from the air ticketing business increased by 55.6% to $88.7 million for the year ended March 31, 2022, from $57.0 million in the previous year[28] - Revenue from hotels and packages increased by 131.4% to $157.3 million for the year ended March 31, 2022, from $68.0 million in the previous year[29] - Revenue from air ticketing for the year ended March 31, 2022, was $88.71 million, a substantial increase from $57.01 million in 2021, representing a 55.7% growth[68] - Revenue from hotels and packages for the year ended March 31, 2022, surged to $157.27 million, compared to $67.98 million in 2021, indicating a 131.1% increase[68] Expenses and Costs - Personnel expenses increased by 5.4% to $30.3 million in Q4 FY22, primarily due to higher share-based compensation and annual wage increases[16] - Marketing and sales promotion expenses increased by 2.5% to $12.1 million in Q4 FY22, reflecting the recovery in domestic travel demand[17] - Customer inducement costs recorded as a reduction of revenue were $33.7 million in Q4 FY22, compared to $24.7 million in Q4 FY21[18] - Other operating expenses increased by 59.7% to $81.6 million for the year ended March 31, 2022, from $51.1 million in the previous year[34] - Finance costs for the year ended March 31, 2022, increased significantly to $26.33 million, compared to $4.80 million in 2021, marking a 448.5% rise[69] Profitability Metrics - Loss for the quarter ended March 31, 2022, was $4.1 million, compared to a profit of $3.2 million in the same quarter of 2021[23] - Adjusted Net Profit for the quarter ended March 31, 2022, was $8.7 million, down from $12.1 million in the same quarter of 2021[23] - Diluted loss per share for the quarter ended March 31, 2022, was $0.04, compared to diluted earnings per share of $0.03 in the same quarter of 2021[24] - For the year ended March 31, 2022, the company reported a loss from operating activities of $30.4 million, an improvement from a loss of $67.7 million in the previous year[36] - The loss for the year ended March 31, 2022, was $45.6 million, reduced from a loss of $56.0 million in the previous year[38] - The basic earnings per share for the year ended March 31, 2022, was $(0.42), compared to $(0.52) in 2021[59] Cash and Assets - The company had cash and cash equivalents of $477.5 million and undrawn credit facilities of approximately $132.5 million as of March 31, 2022[40] - Total assets increased to $1,322.7 million as of March 31, 2022, from $1,309.0 million in the previous year[56] - Total equity attributable to owners of the company was $894.1 million as of March 31, 2022, compared to $887.5 million in the prior year[56] - Loans and borrowings increased to $213.8 million as of March 31, 2022, from $201.6 million in the previous year[56] - Cash and cash equivalents at the end of the year decreased to $213,283 million from $295,066 million, reflecting a decrease of 27.7%[63] - Operating activities generated net cash of $5,998 million for the year, a significant decline from $64,526 million in 2021[63] Growth Metrics - For the three months ended March 31, 2022, reported revenue growth was 11.8%, with air ticketing growing by 4.6%, hotels and packages by 18.6%, and bus ticketing by 7.0%[71] - For the year ended March 31, 2022, total reported revenue growth was 86.0%, with air ticketing increasing by 55.6%, hotels and packages by 131.4%, and bus ticketing by 60.3%[71] - The constant currency growth for the year ended March 31, 2022, was 87.0%, with air ticketing at 56.4%, hotels and packages at 132.5%, and bus ticketing at 61.5%[71] - The impact of foreign currency translation on reported growth for the year was approximately 1.0% across all segments[71]