6-K
MakeMyTrip Ltd (MMYT)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of May 2024
Commission File Number 001-34837
MAKEMYTRIP LIMITED
(Exact name of registrant as specified in its charter)
19th Floor, Building No. 5
DLF Cyber City
Gurugram, India, 122002
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Other Events
Unaudited Business and Financial Highlights for the Quarter and Year ended March 31, 2024
On May 15, 2024, MakeMyTrip Limited (“MakeMyTrip”) issued a press release announcing its unaudited business and financial highlights for the fiscal fourth quarter of 2024 (i.e. quarter ended March 31, 2024) and for the full fiscal year of 2024 (i.e. year ended March 31, 2024). A copy of the press release dated May 15, 2024 is attached hereto as Exhibit 99.1.
Exhibit
| 99.1 | Press release by MakeMyTrip Limited dated May 15, 2024. |
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EXHIBIT INDEX
| 99.1 | Press release by MakeMyTrip Limited dated May 15, 2024. |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: May 15, 2024
| MAKEMYTRIP LIMITED | |
|---|---|
| By: | /s/ Rajesh Magow |
| Name: | Rajesh Magow |
| Title: | Group Chief Executive Officer |
EX-99.1
Exhibit 99.1
EARNINGS PRESS RELEASE
MakeMyTrip ends FY2024 with highest-ever Gross Bookings and Profit
Q4 FY24 Revenue up 38.1%2 YoY in a seasonally slow quarter
National, May 15, 2024 (NASDAQ: MMYT) — MakeMyTrip Limited, India’s leading travel service provider, today announced its unaudited financial and operating results for its fiscal fourth quarter and full year ended March 31, 2024 as attached herewith and available at www.sec.gov/ and on our website at http://investors.makemytrip.com.
Business & Financial Highlights | Q4 FY24 & Full Year FY24
| Q4 FY24<br><br>($ Million) | Q4 FY23<br><br>($ Million) | YoY Change<br><br>(Constant<br><br>Currency)2 | FY24<br><br>($ Million) | FY23<br><br>($ Million) | YoY Change<br><br>(Constant<br><br>Currency)2 | |
|---|---|---|---|---|---|---|
| Gross Bookings | 2,039.0 | 1,673.9 | 23.0% | 7,954.4 | 6,566.2 | 24.9% |
| Revenue as per IFRS | 202.9 | 148.5 | 38.1% | 782.5 | 593.0 | 35.7% |
| Adjusted Margin1 | ||||||
| Air Ticketing | 83.7 | 74.3 | 13.7% | 317.7 | 280.1 | 16.7% |
| Hotels and Packages | 88.9 | 63.5 | 41.3% | 348.9 | 259.8 | 38.4% |
| Bus Ticketing | 26.1 | 19.3 | 36.6% | 102.1 | 77.3 | 36.1% |
| Others | 13.8 | 9.0 | 55.1% | 48.8 | 34.1 | 47.2% |
| Results from Operating Activities | 16.7 | 8.0 | 65.2 | 23.6 | ||
| Adjusted Operating Profit (Loss)1 (also referred to as Adjusted EBIT)3 | 32.4 | 19.0 | 124.2 | 70.3 | ||
| Profit / (Loss) for the period | 171.9 | 5.4 | 216.7 | (11.2) |
• Strong growth across Gross Bookings, Revenue and Profit despite low seasonality in leisure travel in Q4.
• Gross Bookings grew by 23.0% YoY in constant currency2 to $2,039.0 million in Q4 FY24 from $1,673.9 million in Q4 FY23.
• Revenue as per IFRS grew by 38.1% YoY in constant currency2 to $202.9 million in Q4 FY24 from $148.5 million in Q4 FY23.
• Adjusted Operating Profit1 registered growth of 70.4% YoY and reached $32.4 million in Q4 FY24 compared to $19.0 million in Q4 FY23.
• Profit for the quarter was $171.9 million, this includes a one-time credit of $126.1 million on recognition of deferred tax assets and a one-time gain of $30.6 million due to the change in carrying value of our convertible notes due 2028 measured at amortized cost.
Commenting on the results, Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, said,
“Indians are embracing the call to travel with a newfound enthusiasm with both leisure and business-related travel demand in India having crossed pre-pandemic levels. Our strategy to serve millions of our customers and first-time travellers through a comprehensive portfolio of travel and ancillary products with personalised experiences is yielding results. It has helped us deliver strong growth in a quarter that is typically a seasonally slower period for leisure travel. We are pleased that we have bounced back stronger from the COVID-19 pandemic by posting our best-ever financial performance during Fiscal year 2024 in terms of both Gross Bookings and Profit.”
Notes:
(1) This is a non-IFRS measure. Reconciliations of IFRS measures to non-IFRS financial measures, and operating results are included at the end of our earnings release. For more information, see “About Key Performance Indicators and Non-IFRS Measures” in our earnings release.
(2) Constant currency refers to our financial results assuming constant foreign exchange rates for the current fiscal period based on the rates in effect during the comparable period in the prior fiscal year. This is a non-IFRS measure. Reconciliations of IFRS measures to non-IFRS financial measures and operating results are included at the end of our earnings release. For more information, see “About Key Performance Indicators and Non-IFRS Measures” in our earnings release.
(3) Adjusted Operating Profit (Loss) is commonly referred to among investors and analysts in India as Adjusted EBIT.