MakeMyTrip Turns To Profit In Q4, Revenues Down; Warns On Q1 - Quick Facts

(RTTNews) - MakeMyTrip Ltd. (MMYT), an Indian online travel company, on Tuesday reported its fourth-quarter profit attributable to owners of the company of $3.17 million, compared to a loss of $338.6 million last year.

Earnings per share were $0.03 for the quarter, compared to loss per share of $3.20 a year ago.

Adjusted net profit was $12.1 million or $0.11 per share, compared to prior year's adjusted net loss of $18.3 million or $0.17 per share. The results also improved sequentially due to gradual recovery in travel demand.

The company generated revenue of $79.22 million in the quarter, a decrease of 24.5 percent from last year's $104.95 million. Revenues fell 23.1 percent in constant currency.

The weak revenues primarily reflected a decrease of 32.4 percent in Revenue - air ticketing, a decrease of 19.9 percent in hotels and packages, and a decrease of 19.6 percent in bus ticketing.

The decrease in revenue was primarily due to the continued impact of the COVID-19 pandemic, including lower travel demand due to travel restrictions.

Gross Bookings in the fourth quarter reached $759.24 million, down from $1.21 billion a year ago.

Looking ahead, MakeMyTrip currently expects the impact of the second wave of COVID-19 pandemic on its financial results to be greater in the first quarter of the fiscal 2022 year as several state governments in India have imposed lockdowns and travel demand has been significantly impacted during April and May 2021.

The extent of the effects of the COVID-19 pandemic on our business, results of operations, cash flows and growth prospects remain uncertain and would be dependent on future developments.

The company said it is cautiously optimistic of some domestic travel recovery starting from the second quarter of the fiscal year ending March 31, 2022.