MakeMyTrip Q1 Profit Rises; Gross Bookings Up 21.6%

(RTTNews) - MakeMyTrip (MMYT) reported first quarter profit of $21 million, including income tax expenses of $8.5 million due to a reversal of the deferred tax assets. This is compared to profit of $18.6 million, last year. Profit per share was $0.19 compared to $0.17. Adjusted operating profit growth was 29.9% to $39.1 million. Adjusted earnings per share was $0.39, compared to $0.30.

On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.28, for the quarter. Analysts' estimates typically exclude special items.

Revenue as per IFRS grew by 31.4% in constant currency to $254.5 million from $196.7 million, last year. The company said this was primarily a result of an increase of 25.4%, or 27.2% in constant currency, in revenue from air ticketing business, an increase of 27.5%, or 29.6% in constant currency, in revenue from hotels and packages business, an increase of 17.2%, or 19.3% in constant currency, in revenue from bus ticketing business, and an increase of 95.2%, or 97.2% in constant currency, in revenue from others business. Gross bookings increased by 21.6% to $2.38 billion. Analysts on average had estimated $242.19 million in revenue.

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