文|《财经》记者 杨立赟 编辑 | 谢丽容 净利润明显增长的一个重要因素是发生在2025年三季度的一笔投资收益——当时，携程出售了印度在线旅游平台MakeMyTrip的部分股权，使当季 财报中的"其他收入"超过170亿元 2月26日，携程集团（9961.HK）公布其2025年第四季度及全年未经审计财务业绩。财报显示，2025年该集团净营业收入624亿元，同比增长 17%；全年净利润334亿元，同比增长94%。经调整EBITDA利润率为30%，较2024年下降2个百分点。 携程在财报中解释称，净利润大幅增长的主要原因是投资获利达199亿元，这部分收入在2024年仅为11亿元。根据财报数据，2025年携程的营业利 润为157.7亿元，这一数字反映了携程在主营业务上的真实利润。营业利润指的是公司靠主要业务（如机票、酒店订单）的获利，净利润包含了投 资、出售资产等所有经营活动的获益。2024年携程的营业利润为141.8亿元，从营业利润的角度，2025年同比上涨11.2%。 其中，2025年四季度，携程集团净营业收入為154亿元人民币，同比上升21%，环比下降16%。携程将这一季度同比的增长归因于旅游需求的韧 性，把环 ...

Core Insights - MakeMyTrip has announced a collaboration with OpenAI to enhance AI-driven travel discovery and capture high-intent travel queries [1] Company Summary - MakeMyTrip is focusing on leveraging artificial intelligence to improve user experience in travel planning and booking [1]

Core Viewpoint - MakeMyTrip Ltd (MMYT) has evolved beyond being a simple domestic air proxy, indicating a positive shift in its business model and potential for growth [1]. Group 1: Company Analysis - The company is now focused on managing its own capital, reflecting a strategic shift towards self-sustained growth and investment management [1]. - The investment approach utilized by the company encompasses fundamental, technical, and momentum investing, suggesting a comprehensive strategy that leverages various market analysis techniques [1]. Group 2: Investor Engagement - The article serves as a platform for tracking investment ideas and connecting with like-minded investors, highlighting the importance of community and shared insights in investment decision-making [1].

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Core Insights - MakeMyTrip Limited (MMYT) is a significant player in the online travel services industry, offering various travel services and competing with companies like Expedia and Booking Holdings [1] Financial Performance - MMYT reported an earnings per share (EPS) of $0.52, surpassing the estimated $0.39, marking a 33.33% positive surprise and a notable improvement from last year's EPS of $0.39 [2][6] - The company's revenue for the quarter was approximately $311 million, slightly below the Zacks Consensus Estimate of $313.62 million, resulting in a negative surprise of 5.72%. However, this represents a 10.6% increase compared to the same period last year [3][6] Financial Metrics - MMYT has a price-to-earnings (P/E) ratio of 83.91, indicating high investor expectations for future growth, while the price-to-sales ratio is 6.17 and the enterprise value to sales ratio is 7.29, suggesting a premium valuation [4] - The company has a negative debt-to-equity ratio of -6.71, indicating reliance on equity financing [4] - A current ratio of 1.91 suggests a strong ability to cover short-term liabilities, reflecting financial stability [5] - The enterprise value to operating cash flow ratio is 43.94, and the earnings yield is 1.19%, providing additional context for evaluating the company's financial health [5]

Core Insights - MakeMyTrip (MMYT) reported revenue of $295.69 million for the quarter ended December 2025, reflecting a year-over-year increase of 10.6% [1] - The earnings per share (EPS) was $0.52, up from $0.39 in the same quarter last year, resulting in an EPS surprise of +33.33% against the consensus estimate of $0.39 [1] - However, the revenue fell short of the Zacks Consensus Estimate of $313.62 million by -5.72% [1] Financial Performance Metrics - Gross Bookings for Air Ticketing reached $1.53 billion, slightly below the estimated $1.55 billion [4] - Gross Bookings for Hotels and Packages were $750.44 million, compared to the average estimate of $794.59 million [4] - Gross Bookings for Bus Ticketing amounted to $420.6 million, close to the estimated $421.52 million [4] - Total Gross Bookings were $2.78 billion, falling short of the $2.8 billion estimate [4] Adjusted Margins - Adjusted Margin for Air Ticketing was $107.88 million, exceeding the estimate of $106.75 million [4] - Adjusted Margin for Others was $27.53 million, surpassing the average estimate of $23.8 million [4] - Adjusted Margin for Bus Ticketing was $42.41 million, below the estimated $44.05 million [4] - Adjusted Margin for Hotels and Packages was $133.18 million, lower than the average estimate of $143.03 million [4] Stock Performance - Shares of MakeMyTrip have declined by -12.8% over the past month, while the Zacks S&P 500 composite decreased by -0.4% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Viewpoint - MakeMyTrip reported quarterly earnings of $0.52 per share, exceeding the Zacks Consensus Estimate of $0.39 per share, marking a year-over-year increase from $0.39 per share [1] Group 1: Earnings Performance - The earnings surprise for the recent quarter was +33.33%, while the previous quarter saw an earnings miss of -17.78% [1][3] - Over the last four quarters, MakeMyTrip has surpassed consensus EPS estimates two times [2] Group 2: Revenue Performance - The company reported revenues of $295.69 million for the quarter, which was 5.72% below the Zacks Consensus Estimate, but an increase from $267.36 million year-over-year [2] - MakeMyTrip has not beaten consensus revenue estimates in the last four quarters [2] Group 3: Stock Performance and Outlook - MakeMyTrip shares have declined approximately 9.2% since the beginning of the year, contrasting with the S&P 500's decline of 0.7% [3] - The current consensus EPS estimate for the upcoming quarter is $0.50, with expected revenues of $296.73 million, and for the current fiscal year, the estimate is $1.55 on $1.11 billion in revenues [7] Group 4: Industry Context - The Internet - Delivery Services industry, to which MakeMyTrip belongs, is currently ranked in the top 41% of over 250 Zacks industries, indicating a favorable industry outlook [8]

Core Insights - MakeMyTrip reported a 73% decline in net profit to $7.3 million for the third quarter, primarily due to increased finance costs [7] - The company recovered from a sequential loss of $5.7 million, with operating revenue increasing by 11% to $295.7 million compared to $267 million in the same quarter of the previous fiscal year [1][7] - Adjusted operating profit rose to $50.7 million in the third quarter, up from $46 million in the corresponding period of the previous fiscal year [1][7] Financial Performance - The hotels and packages business experienced strong volume growth of 20.3% year on year, based on the number of hotel-room nights booked [2][7] - Net finance costs increased significantly to $27.7 million from $4.8 million in the previous quarter, attributed to a $24.2 million rise in interest expenses related to convertible senior notes due in 2030 [6][7] - The increase in finance costs was linked to the accounting effects of a $3.1 billion capital raise, which included ordinary shares and zero-coupon convertible notes maturing in 2030 [6][7] Strategic Focus - The company aims to expand its wallet share with Indian travelers by offering comprehensive and differentiated products for both new and existing customers [5][7] - MakeMyTrip is making progress in its AI initiatives to enhance customer experience and improve organizational efficiency [5][7]

Core Insights - MakeMyTrip Ltd reported an adjusted net profit of USD 51.4 million for Q3 FY26, reflecting a 14.47% increase from USD 44.9 million in the same quarter of the previous fiscal year [5] - The company's revenue grew by 15.4% year-on-year, reaching USD 295.7 million in Q3 FY26 compared to USD 267.4 million in Q3 FY25 [5] Financial Performance - Adjusted net profit for Q3 FY26: USD 51.4 million, up from USD 44.9 million in Q3 FY25 [5] - Revenue for Q3 FY26: USD 295.7 million, an increase from USD 267.4 million in Q3 FY25 [5] Strategic Focus - The diversified product portfolio of transport and accommodation options helped mitigate the impact of slower growth in the domestic air travel market [2][5] - The company aims to expand its wallet share with Indian travelers through comprehensive and differentiated offerings for both new and existing customers [2][5] Technological Advancements - MakeMyTrip is making progress in its AI initiatives to enhance customer experience and improve organizational efficiency and agility [4][5]

Financial Data and Key Metrics Changes - The company reported a strong performance in Q3, with adjusted operating profit exceeding $50 million for the first time, standing at $50.7 million, and adjusted net profit at approximately $51.4 million, reflecting a year-on-year growth of 33% in adjusted diluted EPS [20][21] - The adjusted margin for air ticketing was $107.9 million, showing a year-on-year growth of 20.4% in constant currency, with international air ticketing now accounting for about 43% of the adjusted margin [17][18] - The hotels and packages segment recorded a volume growth of 20.3% year-on-year, while gross booking value growth was more moderate at about 15.9% due to a reduction in GST rates impacting pricing [18][10] Business Line Data and Key Metrics Changes - The air ticketing business experienced a mixed performance, with domestic daily departures growing by 2% and 5% year-on-year in October and November, but declining by 5% in December due to new flight duty rules [8][17] - The accommodation business, including hotels and holiday packages, saw a strong demand driven by leisure travel, with the highest-ever check-ins recorded on December 25 [9][10] - The bus ticketing business witnessed strong growth, aided by festive travel, with inventory addition buoyant throughout Q3, crossing 45,000 daily schedules [13] Market Data and Key Metrics Changes - The company noted that over 45% of Myra users are from tier-two cities and beyond, indicating a growing penetration into smaller markets [5] - The corporate travel business is also witnessing strong growth, with active corporate customers on MyBiz increasing to over 77,500, compared to 64,000 in the same quarter last year [14] Company Strategy and Development Direction - The company is focusing on leveraging AI to enhance customer experience across all aspects of the travel journey, from planning to post-sales support [4][6] - A one-stop-shop strategy is being implemented to meet all travel-related needs, with the recent launch of tours and activities, providing access to over 200,000 bookable activities [7] - The company aims to improve its product relevance and effectiveness through proprietary data and AI-driven insights [5] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the Indian travel market's expansion, driven by economic, social, and technological factors, despite temporary disruptions [3][4] - The company anticipates that the disruption in flight operations will stabilize, with a return to positive growth in domestic air traffic expected in the upcoming quarters [16][46] - Management highlighted the importance of maintaining direct traffic to the company's platforms amidst emerging competition from AI tools in travel planning [56] Other Important Information - The company has repurchased approximately $41.5 million worth of shares during the quarter as part of its capital allocation strategy [21] - The integration of the travel expense management platform Happay has been completed, enhancing the company's corporate travel offerings [14] Q&A Session Summary Question: Can you break down the hotel segment growth by premium and budget segments? - The standalone hotel room nights grew by 20.6%, with the non-premium segment growing at about 23% year-on-year, while margins remained stable at about 17.7% [24][25] Question: What is the underlying margin for the growth in ancillary services? - The growth in ancillary services has been strong, with various new services being added, contributing to overall growth, but specific margins were not disclosed [30] Question: How should we think about normalized growth in the hotel business? - The GST rationalization has impacted growth, but the company expects growth to normalize and potentially return to previous levels over the next four quarters [39][43] Question: What is the outlook for domestic air traffic growth given the capacity cuts by IndiGo? - The company expects domestic air traffic to stabilize and return to positive growth, albeit at a modest rate, as supply issues are resolved [46][47] Question: How is Myra performing since its launch? - Myra has seen significant growth in interactions, with 50,000 daily interactions and a quality score of 3.9, indicating positive user engagement [50][51] Question: What are the implications of AI tools like Google and ChatGPT for the company? - The company views AI as an opportunity rather than a threat, focusing on enhancing its own AI tools while maintaining direct traffic to its platforms [56][57]