MakeMyTrip Q1 Loss Widens; But Lifts FY17 Revenue Outlook - Quick Facts

(RTTNews) - India-based online travel company MakeMyTrip Ltd. (MMTY) reported a loss for the first quarter of fiscal 2017 that widened from last year as strong revenue growth was more than offset by higher expenses. Adjusted loss per share was wider than analysts' estimates.

The company's net loss for the first quarter widened to $14.31 million or $0.34 per share from $6.94 million or $0.16 per share in the year-ago period.

Adjusted loss per share for the quarter was $0.73, compared to $0.05 per share last year. On average, three analysts polled by Thomson Reuters expected the company to report loss of $0.72 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter rose 29.4 percent to $121.23 million from $93.66 million in the prior-year period. Analysts had a consensus revenue estimate of $47.20 million.

Revenue from the company's air ticketing business increased 20.8 percent, while revenue from the hotels and packages business grew 32.0 percent.

Looking ahead, MakeMyTrip said it remained optimistic of the long term business growth opportunities that are presented by India's low penetration in the online hotels market as well as the growing domestic aviation market.

For fiscal 2017, the company now projects net revenue growth in constant currency in a range of 35 percent to 40 percent, which will be a 10 percentage points increase over the previously rolled out growth guidance range of 25 percent to 30 percent.