MMYT 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 August 2023
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 ended June 30, 2023
On August 1, 2023, MakeMyTrip Limited (“MakeMyTrip”) issued a press release announcing its unaudited business and financial highlights for the fiscal first quarter of 2024 (i.e. quarter ended June 30, 2023). A copy of the press release dated August 1, 2023 is attached hereto as Exhibit 99.1.
Exhibit
| 99.1 | Press release by MakeMyTrip Limited dated August 1, 2023. |
|---|
EXHIBIT INDEX
| 99.1 | Press release by MakeMyTrip Limited dated August 1, 2023. |
|---|
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: August 1, 2023
| MAKEMYTRIP LIMITED | |
|---|---|
| By: | /s/ Rajesh Magow |
| Name: | Rajesh Magow |
| Title: | Group Chief Executive Officer |
EX-99.1
Exhibit 99.1
EARNINGS PRESS RELEASE
MakeMyTrip delivers highest ever Quarterly Gross Bookings and Profits in Q1 FY24
National, August 01, 2023 (NASDAQ: MMYT) — MakeMyTrip Limited, India’s leading travel service provider, today announced its unaudited financial and operating results for its fiscal first quarter ended June 30, 2023 as attached herewith and available at www.sec.gov/ and on our website at http://investors.makemytrip.com.
Business & Financial Highlights | Q1 FY24
| Q1 FY24<br><br>($ Million) | Q1 FY23<br><br>($ Million) | YoY Change<br><br>(Constant<br><br>Currency)2 | |
|---|---|---|---|
| Gross Bookings | 1,987.5 | 1,612.5 | 31.4% |
| Revenue as per IFRS | 196.7 | 142.7 | 46.2% |
| Adjusted Margin1 | |||
| Air Ticketing | 74.5 | 60.6 | 30.4% |
| Hotels and Packages | 85.6 | 66.9 | 36.1% |
| Bus Ticketing | 27.3 | 20.8 | 39.7% |
| Others | 10.9 | 7.9 | 46.9% |
| EBITDA | 25.9 | 11.2 | |
| Results from Operating Activities | 19.1 | 4.3 | |
| Adjusted Operating Profit (Loss)1 (also referred to as Adjusted EBIT)3 | 30.1 | 16.5 | |
| Profit / (Loss) for the period | 18.6 | (10.0) |
• Travel demand for both leisure and business travel witnessed strong growth during the quarter leading to all-time high Gross Bookings in our company’s history. For Q1 FY24, Gross Bookings grew by 31.4% YoY in constant currency2 to $2.0 billion.
• Adjusted Operating Profit1 was $30.1 million in Q1 FY24, as compared to $16.5 million in Q1 FY23 registering a growth of 83.0% YoY.
• EBITDA was $25.9 million in Q1 FY24, witnessing a growth of 131.7% YoY. EBITDA margin was at 13.2% for the current quarter, an expansion of about 530 basis points as compared to the same quarter last year.
• Profit for the period was $18.6 million in Q1 FY24 as compared to a loss of $10.0 million in Q1 FY23.
Commenting on the results, Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, said,
“We have started the new financial year on a positive note, delivering our strongest ever quarter with all-time high gross bookings and profits. Travel demand across customer segments stayed robust in a seasonally strong quarter for leisure travel. The depth of travel-related offerings and quality customer experience that we deliver, powered by robust technology and product innovations, along with our strong brand are helping us cater to the evolving consumer preferences and stay ahead of the market.”
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.