MakeMyTrip Posts Narrower Adj. Loss In Q1

(RTTNews) - MakeMyTrip Limited (MMYT) reported a first quarter adjusted loss per share of $0.20 compared to a loss of $0.27, last year. Adjusted operating loss was $21.3 million compared to a loss of $29.2 million, last year. The company noted that its results for the first quarter have been significantly and negatively impacted by the COVID-19 pandemic and the resulting economic conditions caused the nationwide government imposed lockdown orders.

First quarter revenue was $6.4 million, a decrease of 95.5% (95.1% in constant currency) over $141.7 million, prior year.

As at June 30, 2020, the balance of cash and cash equivalents and term deposits on the company's balance sheet was $173.8 million.

Deep Kalra, Group Executive Chairman, stated: "During the lockdown, we restructured our operating costs, rightsized our staffing needs, further enhanced our online experiences and unified our platforms to drive greater user experiences with greater development efficiencies. Additionally, in order to increase our balance sheet strength, we have secured credit and guarantee facilities of approximately $100 million."