MakeMyTrip Limited Announces Fiscal 2013 Second Quarter Results

MakeMyTrip Limited Announces Fiscal 2013 Second Quarter Results

Financial Highlights for Fiscal 2013 Second Quarter

(YoY growth % are on constant currency basis^(1); please see table below for
YoY growth % on actual basis)

  *Revenue rose 25.8% year over year (yoy) to $45.7 million in 2Q13 versus
    $43.8 million in 2Q12.
  *Revenue less service costs^(2) increased 12.6% yoy to $20.2 million in
    2Q13; Hotels and packages contribution increased to 24.0% in 2Q13 versus
    17.8% in 2Q12.
  *Revenue less service costs^(2) for Hotels and packages increased by 51.3%
    yoy in 2Q13.
  *Net revenue margin^(3) for Hotels and packages increased to 12.5% in 2Q13
    versus 12.1% in 2Q12.
  *Adjusted net income^(5) was $1.2 million in 2Q13 versus $1.6 million in
    2Q12.
  *Adjusted diluted earnings per share^(5) for 2Q13 was $0.03 versus $0.04 in
    2Q12.

GURGAON, India and NEW YORK, Nov. 6, 2012 (GLOBE NEWSWIRE) -- MakeMyTrip
Limited (Nasdaq:MMYT), India's leading online travel company, today announced
its unaudited financial and operating results for its second fiscal quarter
ended September 30, 2012.

"MakeMyTrip was faced with increasingly difficult operating conditions as the
health of our domestic airline industry remain uncertain." said Deep Kalra,
Chairman and CEO. "However, we are confident and optimistic of our vision and
investments in changing the way Indians book their hotels and holidays in the
future, as this segment of the travel market remains largely underpenetrated
online today.

                           3 months Ended 3 months            YoY Change in
                                           Ended
(in thousands except EPS)  September 30,  September 30, YoY    Constant
                            2011           2012          Change Currency(1)
Financial Summary as per IFRS                                 
Revenue                     $43,790.0      $45,668.8     4.3%   25.8%
Revenue Less Service        $21,333.2      $20,155.3     -5.5%  12.6%
Costs^(2)
Air Ticketing               $16,638.0      $14,501.9     -12.8% 4.8%
Hotels & packages           $3,784.7       $4,937.2      30.5%  51.3%
Other                       $910.5         $716.3        -21.3% -6.7%
Results from Operating      $932.7         ($3,023.1)          
Activities
Adjusted Operating          $2,376.3       $37.8               
Profit^(4)
Income (Loss) for the       $74.2          ($1,227.8)          
Period
Adjusted Net Income ^ (5)   $1,571.5       $1,153.6            
Diluted Earnings (Loss) per $0.003         ($0.03)             
Share
Adjusted Diluted Earnings   $0.04          $0.03               
per Share^(5)
                                                            
Operating Metrics                                            
Gross Bookings^(6)          $244,950.1     $261,979.9    7.0%   28.1%
Air Ticketing               $213,709.1     $222,582.1    4.2%   25.0%
Hotels & packages           $31,240.9      $39,397.8     26.1%  49.3%
Number of Transactions                                       
Air Ticketing               995.9          898.3         -9.8%  
Hotels & packages           74.2           108.9         46.8%  
                                                            

(1) Constant currency refers to our financial results assuming constant
foreign exchange rates for the current fiscal period based on the reporting
for the historical average rate used in the prior year's comparable fiscal
period.

(2) Represents IFRS revenue after deducting service costs. IFRS refers to
International Financial Reporting Standards as issued by the International
Accounting Standards Board.

(3) Revenue less service cost as a percentage of gross bookings.

(4) Results from operating activities excluding employee share-based
compensation costs and merger and acquisitions related expenses.

(5) Income for the period excluding employee share-based compensation costs,
merger and acquisitions related expenses, Net change in fair value of
financial liability in business combination, net loss on change in fair value
of derivative financial instrument and income tax benefit.

(6) Represent the total amount paid by our customers for the travel services
and products booked through us, including taxes, fees and other charges, net
of cancellations and refunds.

Please see "About Non-IFRS Financial Measures" included within this release to
understand the importance of the financial measures set forth in notes (1) to
(6) above. Reconciliations of IFRS financial measures to non-IFRS operating
results are included at the end of this release.

Recent Developments

Acquisition of HotelTravel.com

On November 6, 2012, MakeMyTrip has acquired complete stake in the companies
in the 'Hotel Travel Group' (HT Group). HT Group has been operating the
website www.hoteltravel.com (the website) for more than a decade and has its
presence in Thailand, Singapore and Malaysia.

The total consideration payable to the Promoters of the HT Group by MakeMyTrip
for acquiring the HT Group is USD 25 million, of which USD 15 million was paid
partly in cash and partly in the form of MakeMyTrip shares in the first
Closing that occurred on November 6, 2012. The balance USD 10 million is
agreed to be paid in the form of MakeMyTrip shares, in 3 annual tranches
through March 2016. Two of the Promoters of the HT Group will continue in
employment with the HT Group in key capacities, and will be eligible for
additional earn outs and incentives for the next 3 – 4 years based on HT Group
meeting certain revenue and EBIDTA targets. The additional earn outs can range
from NIL to USD 35 million and are payable partly in cash and partly in the
form of MakeMyTrip shares.

HT Group, with the brand 'Hotel Travel' and the website www.hoteltravel.com,
is a well-established travel company in South East Asia, especially Thailand
where it has operating history of over a decade. The Group has tie ups with
approximately 80,000 hotels across the world. This acquisition of the HT Group
will help MakeMyTrip to further strengthen its presence in hotel and holidays
segment in India and South East Asia.

Share Repurchase

The Board of Directors of the Company at a meeting held on November 6, 2012
authorized the Company to purchase outstanding ordinary shares, par value USD
0.0005 per share, of the Company on the open market, in privately negotiated
transactions or otherwise in an aggregate amount of up to USD 25 million. The
timing, amount, date, price and other details relating to the repurchases will
be determined based on a variety of factors, including market conditions,
alternative investment opportunities and other considerations.

Appointment of Directors

The Company has appointed Mr. Rajesh Magow, Co-founder and Group Chief
Financial and Operating Officer and Mr. Keyur Joshi, Co-Founder and Group
Chief Commercial Officer, as directors of the company effective November 6,
2012. With their appointment, the Company has a total of 11 directors on its
Board of Directors.

The following table sets forth the name, age and position of each of our
directors, executive officers and significant employees as of November 6,
2012:

                          
Name                    Age Position/Title
Directors:                 
Deep Kalra              43  Group Chairman and Group Chief Executive Officer
Ravi Adusumalli         36  Director
Aditya Tim Guleri       47  Director
Philip C. Wolf          56  Director^(1)
Vivek N. Gour           49  Independent Director
Frederic Lalonde        38  Independent Director
Ranodeb Roy             44  Independent Director
Gyaneshwarnath Gowrea   46  Director
Mohammad Akhtar Janally 29  Director
Keyur Joshi             39  Director and Group Chief Commercial Officer
Rajesh Magow            44  Director and Group Chief Financial and Operating
                            Officer
Executive Officers^(2):    
Mohit Gupta             39  Group Chief Business Officer
Amit Somani             40  Group Chief Products Officer
Sanket Atal             44  Group Chief Technology Officer

(1) Mr. Philip C. Wolf satisfies the indpendence requirements of Rule 5605 of
the Nasdaq Stock Market, Marketplace Rules but does not satisfy the indendence
requirements of Rule 10A-3 under the Securities Exchange Act of 1934, as
amended, or the Exchange Act.

(2) Other than directors who are also executive officers.

Fiscal 2013 Second Quarter Financial Results

Revenue. We generated revenue of $45.7 million in the quarter ended September
30, 2012, an increase of 4.3% (25.8% in constant currency) over revenue of
$43.8 million in the quarter ended September 30, 2011.

Air Ticketing. Revenue from our air ticketing business decreased by 19.6%
(3.2% in constant currency) to $15.3 million in the quarter ended September
30, 2012 from $19.0 million in the quarter ended September 30, 2011. Our
revenue less service costs^(2) decreased by 12.8% (increased by 4.8% in
constant currency) to $14.5 million in the quarter ended September 30, 2012
from $16.6 million in the quarter ended September 30, 2011. This was due to
transactions decreasing 9.8% year on year as demand for domestic air travel
weakened on much higher airfares due to lowered capacity in the industry.The
materially higher airfares caused gross bookings to grow 4.2% (increase of
25.0% in constant currency) year on year, but growth in revenue less service
costs was offset by the decline in our net revenue margin to 6.5% from 7.8% a
year ago, as we strategically utilized part of the margin to sustain our
market share.

Hotels and Packages. Revenue from our hotels and packages business increased
by 24.3% (50.6% in constant currency) to $29.6 million in the quarter ended
September 30, 2012 from $23.8 million in the quarter ended September 30, 2011.
Our revenue less service costs^(2) increased by 30.5% (51.3% in constant
currency) to $4.9 million in the quarter ended September 30, 2012 from $3.8
million in the quarter ended September 30, 2011. This was due to an increase
in gross bookings by 26.1% (49.3% in constant currency) and an increase in net
revenue margin from 12.1% in the quarter ended September 30, 2011 to 12.5% in
the quarter ended September 30, 2012.

Other Revenue.Our other revenue decreased to $0.7 million in the quarter
ended September 30, 2012 from $0.9 million in the quarter ended September 30,
2011, primarily due to decrease in sale of rail tickets.

Total Revenue less Service Costs. Our total revenue less service costs
decreased by 5.5% (increased by 12.6% in constant currency) to $20.2 million
in the quarter ended September 30, 2012 from $21.3 million in the quarter
ended September 30, 2011 as a result of a 12.8% decrease (increase of 4.8% in
constant currency) in our air ticketing revenue less service costs, offset by
an increase of 30.5% (51.3% in constant currency) in our hotels and packages
revenue less service costs.

Personnel Expenses. Personnel expenses increased to $7.5 million in the
quarter ended September 30, 2012 from $6.7 million in the quarter ended
September 30, 2011, mainly as a result of employee share-based compensation
costs of $2.9 million in the quarter ended September 30, 2012 as against $1.4
million in quarter ended September 30, 2011. Excluding employee share-based
compensation costs, personnel expenses as a percentage of net revenue
decreased by 1.7 percentage points year over year and increased by2.7
percentage points over the previous quarter.

Other Operating Expenses. Other operating expenses increased by 14.3% to $14.9
million in the quarter ended September 30, 2012 from $13.0 million in the
quarter ended September 30, 2011, primarily as a result of an increase in
outsourcing fees and advertisement expenses in line with the growth in our
business. Other operating expenses include merger and acquisitions related
expenses of $0.2 million in the quarter ended September 30, 2012 as against
$0.05 million in quarter ended September 30, 2011. Merger and acquisitions
related expenses include professional fees and certain other expenses
associated with acquisitions and certain extraordinary transactions, whether
or not consummated.

Results from Operating Activities. As a result of the foregoing factors, our
results from operating activities was a loss of $3.0 million in the quarter
ended September 30, 2012 from a profit of $0.9 million in the quarter ended
September 30, 2011. Excluding the effects of our employee share-based
compensation costs and merger and acquisitions related expenses for both
quarters ended September 30, 2012 and 2011, we would have recorded an
operating profit of $0.04 million in the quarter ended September 30, 2012
compared with an operating profit of $2.4 million in the quarter ended
September 30, 2011.

Net Finance Income (costs). Our net finance income was $1.4 million in the
quarter ended September 30, 2012 against a net finance costs of $0.9 million
in the quarter ended September 30, 2011, primarily due to higher forex gain
and higher interest income earned on term deposits with banks in the quarter
ended September 30, 2012.

Profit (Loss) for the Period. As a result of the foregoing factors, including
the effects of employee share-based compensation costs and merger and
acquisitions related expenses, our loss for the quarter ended September 30,
2012 was $1.2 million as compared to a profit of $0.07 million in the quarter
ended September 30, 2011. Excluding the effects of employee share-based
compensation costs, merger and acquisitions related expenses, net change in
fair value of financial liability in business combination and income tax
benefit for the second quarter of both fiscal years 2013 and 2012, net loss on
change in the fair value of derivative financial instruments in the second
quarter of fiscal 2013, we would have recorded a net profit of $1.2 million in
the quarter ended September 30, 2012 and a net profit of $1.6 million in the
quarter ended September 30, 2011.

Diluted Earnings (Loss) per share. Diluted loss per share was $0.03 for the
quarter ended September 30, 2012 as compared to diluted earnings per share of
$0.003 in the quarter ended September 30, 2011. After adjusting for employee
share-based compensation costs, merger and acquisitions related expenses, net
change in fair value of financial liability in business combination and income
tax benefit for the second quarter of both fiscal years 2013 and 2012, net
loss on change in the fair value of derivative financial instruments in the
second quarter of fiscal 2013 as mentioned in the preceding paragraph, diluted
earnings per share were $0.03 in the quarter ended September 30, 2012,
compared to diluted earnings per share of $0.04 in the quarter ended September
30, 2011.

Fiscal Year 2012-13 Outlook

The Company is revising its fiscal year 2013 Revenue less service costs growth
guidance in the range of 13% to 16% on a constant currency basis. This growth
guidance is based on average actual Indian Rupee to U.S. Dollar exchange rate
of 48.23 for full fiscal year 2012.On a U.S. dollar basis, we are updating
our revenue less service cost guidance in the range of $89 million to $91
million solely to reflect the current 3Q13 average exchange rate of INR 54 to
a U.S. Dollar.The previously provided guidance range had assumed an average
exchange rate of INR 55 to a U.S. Dollar.

Conference Call

MakeMyTrip will host a conference call to discuss the company's results for
the quarter ended September 30, 2012 beginning at 10:00 a.m. EST on November
6, 2012.To participate, please dial + 1-866-804-6921 from within the U.S. or
+1-857-350-1667 from any other country. Thereafter, callers will be prompted
to enter the participant passcode 60474271. A live webcast of the conference
call will also be available through the Investor Relations section of the
company's website at http://investors.makemytrip.com.

A telephonic replay of the conference call will be available for two weeks by
dialing +1-888-286-8010 and using passcode 49544018. A one month replay of the
live webcast will also be available at http://investors.makemytrip.com,
shortly following the conclusion of the call.

About Non-IFRS Financial Measures

As certain parts of our revenues are recognized on a "net" basis and other
parts of our revenue are recognized on a "gross" basis, we evaluate our
financial performance based on revenue less service costs, which is a non-IFRS
measure, as we believe that revenue less service costs reflects more
accurately the value addition of the travel services that we provide to our
customers. The presentation of this non-IFRS information is not meant to be
considered in isolation or as a substitute for our consolidated financial
results prepared in accordance with IFRS as issued by the IASB. Our revenue
less service costs may not be comparable to similarly titled measures reported
by other companies due to potential differences in the method of calculation.

Constant currency results are financial measures that are not in accordance
with IFRS, and assume constant currency exchange rates used for translation
based on the rates in effect during the comparable period in the prior fiscal
year.

The Company believes that adjusted operating profit, adjusted net income and
change in constant currency are useful in measuring the results of the
company. The IFRS measures most directly comparable to adjusted operating
profit and adjusted net income are results from operating activities and
income (loss) for the period, respectively.The Company believes that
adjustments to these IFRS measures (including employee stock compensation
costs, expenses such as merger and acquisitions related expenses, follow-on
public offering costs, net change in fair value of financial liability in
business combination, net loss on change in the fair value of derivative
financial instruments and income tax benefit) provide investors and analysts a
more accurate representation of the Company's operating results.

Safe Harbor Statement

This release contains certain statements concerning the Company's future
growth prospects and forward-looking statements, as defined in the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on the Company's current expectations,
assumptions, estimates and projections about the company and its industry.
These forward-looking statements are subject to various risks and
uncertainties. Generally, these forward-looking statements can be identified
by the use of forward-looking terminology such as "anticipate," "believe,"
"estimate," "expect," "intend," "will," "project," "seek," "should" and
similar expressions. Such statements include, among other things, quotations
from management as well as MakeMyTrip's (MMYT) strategic and operational
plans. Forward-looking statements involve inherent risks and uncertainties. A
number of important factors could cause actual results to differ materially
from those contained in any forward-looking statement. Potential risks and
uncertainties include, but are not limited to, the slow-down of economic
growth in India and the global economic downturn, general declines or
disruptions in the travel industry, volatility in the trading price of MMYT's
shares, MMYT's reliance on its relationships with travel suppliers and
strategic alliances, failure to further increase MMYT's brand recognition to
obtain new business partners and consumers, failure to compete against new and
existing competitors, failure to successfully manage current growth and
potential future growth, risks associated with any strategic investments or
acquisitions, seasonality in the travel industry in India and overseas,
failure to successfully develop MMYT's corporate travel business, damage to or
failure of MMYT's infrastructure and technology, loss of services of MMYT's
key executives, and inflation in India and in other countries. These and other
factors are more fully discussed in the "Risk Factors" section of MMYT's 20-F
dated June 25, 2012, filed with the U.S. Securities and Exchange Commission.
All information provided in this release is provided as of the date of
issuance of this release, and MMYT does not undertake any obligation to update
any forward-looking statement, except as required under applicable law.

About MakeMyTrip Limited and MakeMyTrip.com

MakeMyTrip Limited is the parent company of MakeMyTrip (India) Private
Limited, India's largest online travel company, MakeMyTrip.com Inc., Luxury
Tours & Travel Pte Ltd, Singapore and Luxury Tours (Malaysia) Sdn Bhd. The
Company's services and products include air tickets, customized holiday
packages, hotel bookings, railway tickets, bus tickets, car hire and
facilitating access to travel insurance. Through its primary website,
www.makemytrip.com, and other technology-enhanced platforms, the company
provides access to all major domestic full-service and low-cost airlines
operating in India, all major airlines operating to and from India, over
10,300 hotels and guesthouses in India and a wide selection of hotels outside
India, Indian Railways and several major Indian bus operators.

MMYT-G

MAKEMYTRIP LIMITED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(UNAUDITED)
                                                         
                                     As at March 31, 2012 As at September 30,
                                                           2012
                                     (in USD)
Assets                                                    
Property, plant and equipment         7,064,373           7,040,118
Intangible assets                     8,349,403           9,773,591
Trade and other receivables, net      807,159             690,573
Investment in equity-accounted        838,212             761,691
investee
Other investment                      4,416,543           4,862,196
Derivatives instruments               202,054             131,054
Term deposits                         648,506             873,154
Other non-current assets              449,559             528,275
Deferred tax assets                   8,892,842           9,990,003
Total non-current assets              31,668,651          34,650,655
                                                         
Inventories                           2,367,548           543,828
Current tax assets                    5,908,213           6,337,521
Trade and other receivables, net      20,575,261          27,518,394
Term deposits                         43,676,624          51,910,172
Other current assets                  21,792,776          23,132,378
Cash and cash equivalents             43,798,230          41,241,290
Assets held for sale                  404,109             --
Total current assets                  138,522,761         150,683,583
Total assets                          170,191,412         185,334,238
                                                         
Equity                                                    
Share capital                         18,576              18,632
Share premium                         150,144,112         150,747,744
Fair value reserve                    (428,937)           16,717
Accumulated deficit                   (31,827,379)        (33,843,370)
Share based payment reserve           9,388,239           14,476,337
Foreign currency translation reserve  (8,578,442)         (9,269,958)
Total equity attributable to equity   118,716,169         122,146,102
holders of the Company
Non-controlling interest              75,620              --
Total equity                          118,791,789         122,146,102
                                                         
Liabilities                                               
Loans and borrowings                  177,280             134,660
Employee benefits                     681,135             920,209
Other non-current liabilities         1,487,658           636,321
Total non-current liabilities         2,346,073           1,691,190
                                                         
Loans and borrowings                  82,083              69,509
Derivatives instruments               149,135             220,513
Trade and other payables              46,697,644          59,394,487
Deferred income                       23,122              22,822
Other current liabilities             2,101,566           1,789,615
Total current liabilities             49,053,550          61,496,946
Total liabilities                     51,399,623          63,188,136
Total equity and liabilities          170,191,412         185,334,238
                                                         

MAKEMYTRIP LIMITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
                                                              
                         For the three months ended For the six months ended
                         September 30,             September 30,
                         2011          2012         2011         2012
                         (in USD)
Revenue                                                        
Air ticketing             19,030,864   15,304,004  33,708,501  32,488,725
Hotels and packages       23,848,605   29,648,545  60,437,950  75,408,341
Other revenue             910,500      716,270     1,691,198   1,905,949
Total revenue             43,789,969   45,668,819  95,837,649  109,803,015
                                                              
Service cost                                                   
Procurement cost of hotel 20,063,906   24,711,386  50,737,728  63,361,502
and packages services
Cost of air tickets       2,392,904    802,135     2,661,939   2,403,317
coupon
Personnel expenses        6,718,390    7,533,672   10,987,040  15,151,602
Other operating expenses  13,019,479   14,875,851  27,496,063  30,619,411
Depreciation and          662,611      768,922     1,230,429   1,488,163
amortization
Result from operating     932,679      (3,023,147) 2,724,450   (3,220,980)
activities
                                                              
Finance income            428,699      1,779,725   890,532     2,166,912
Finance costs             1,290,262    400,174     2,794,746   1,541,078
Net finance income        (861,563)    1,379,551   (1,904,214) 625,834
(costs)
Share of loss of          --          (45,414)    --         (76,521)
equity-accounted investee
Profit (Loss) before tax  71,116       (1,689,010) 820,236     (2,671,667)
Income tax benefit        3,124        461,258     4,920       633,456
Profit (Loss) for the     74,240       (1,227,752) 825,156     (2,038,211)
period
                                                              
Other comprehensive                                            
income (loss)
Foreign currency
translation differences   (4,869,160)  3,324,264   (4,929,579) (674,803)
on foreign operations
Net change in fair value
of available-for-sale     --          629,108     --         445,654
financial assets
Defined benefit plan      2,646        (70,113)    2,646       (70,113)
actuarial gains (losses)
Other comprehensive
income (loss) for the     (4,866,514)  3,883,259   (4,926,933) (299,262)
period, net of tax
Total comprehensive
income (loss) for the     (4,792,274)  2,655,507   (4,101,777) (2,337,473)
period, net of tax
                                                              
Profit (Loss)                                                  
attributable to:
Owners of the Company     121,058      (1,161,470) 877,907     (1,966,749)
Non-controlling interest  (46,818)     (66,282)    (52,751)    (71,462)
Profit (Loss) for the     74,240       (1,227,752) 825,156     (2,038,211)
period
                                                              
Total comprehensive
income (loss)                                                  
attributable to:
Owners of the Company     (4,714,947)  2,714,378   (4,015,164) (2,267,231)
Non-controlling interest  (77,327)     (58,871)    (86,613)    (70,242)
Total comprehensive
income (loss) for the     (4,792,274)  2,655,507   (4,101,777) (2,337,473)
period
                                                              
Earnings (Loss) per share                                      
Basic                     0.003        (0.03)      0.02        (0.05)
Diluted                   0.003        (0.03)      0.02        (0.05)
                                                              
Weighted average number                                        
of shares
Basic                     36,882,797   37,197,443  36,292,257  37,179,161
Diluted                   38,146,258   37,197,443  37,724,303  37,179,161
                                                              

MAKEMYTRIP LIMITED
CONSOLIDATEDSTATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
                                                                                                              
                  Attributable to equity holders of the Company                                                      
                                                                 Share based Foreign
                  Share   Share        Fair value Accumulated   payment     currency     Total        Non-controlling Total equity
                   capital premium      reserve    deficit       reserve     translation               interest
                                                                             reserve
                                                            (In USD)                                           
                                                                                                                      
Balance as at      18,576 150,144,112 (428,937) (31,827,379) 9,388,239  (8,578,442) 118,716,169 75,620         118,791,789
April 1, 2012
Total
comprehensive                                                                                                  
income (loss) for
the period
Loss for the       --    --         --       (1,966,749)  --        --         (1,966,749) (71,462)       (2,038,211)
period
                                                                                                              
Other
comprehensive                                                                                                  
income (loss)
Foreign currency
translation        --    --         --       --          --        (676,023)   (676,023)   1,220          (674,803)
differences
Net change in fair
value of           --    --         445,654   --          --        --         445,654     --            445,654
available-for-sale
financial assets
Defined benefit
plan actuarial     --    --         --       (70,113)     --        --         (70,113)    --            (70,113)
gains, net of tax
Total other
comprehensive      --    --         445,654   (70,113)     --        (676,023)   (300,482)   1,220          (299,262)
income (loss)
Total
comprehensive      --    --         445,654   (2,036,862)  --        (676,023)   (2,267,231) (70,242)       (2,337,473)
income (loss) for
the period
                                                                                                              
Transactions with
owners, recorded                                                                                               
directly in equity
Contributions by                                                                                               
owners
Share-based        --    --         --       --          5,554,531  --         5,554,531   --            5,554,531
payment
Issue of ordinary
shares on exercise 56     603,632     --       --          (466,433)  --         137,255     --            137,255
of share options
Total
contributions by   56     603,632     --       --          5,088,098  --         5,691,786   --            5,691,786
owners
                                                                                                              
Changes in
ownership                                                                                                      
interests in
subsidiaries
Acquisition of
non-controlling    --    --         --       20,871       --        (15,493)    5,378       (5,378)        --
interests
Total changes in
ownership interest --    --         --       20,871       --        (15,493)    5,378       (5,378)        --
in subsidiaries
Total transactions 56     603,632     --       20,871       5,088,098  (15,493)    5,697,164   (5,378)        5,691,786
with owners
Balance as at      18,632 150,747,744 16,717    (33,843,370) 14,476,337 (9,269,958) 122,146,102 --            122,146,102
September 30, 2012
                                                                                                              

MAKEMYTRIP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
                                                          
                                       For the six months ended September 30,
                                       2011                2012
                                       (in USD)
Profit (Loss) for the period            825,156            (2,038,211)
Adjustments for non-cash items          4,444,942          5,907,867
Change in working capital              (25,323,761)       5,185,363
Net cash from (used in) operating       (20,053,663)       9,055,019
activities
Net cash used in investing activities   (31,629,793)       (9,640,580)
Net cash from (used in) financing       35,174,170         (962,959)
activities
Decrease in cash and cash equivalents   (16,509,286)       (1,548,520)
Cash and cash equivalents at beginning  47,874,344         43,798,230
of the period
Effect of exchange rate fluctuations on (1,156,323)        (1,008,420)
cash held
Cash and cash equivalents at end of the 30,208,735         41,241,290
period



MAKEMYTRIP LIMITED
RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES
                                                                                  
       Three months ended September 30,
       Air ticketing           Hotels and packages     Others                Total
       2011        2012        2011        2012        2011       2012       2011        2012
                                                                                  
Revenue 19,030,864 15,304,004 23,848,605 29,648,545 910,500   716,270   43,789,969 45,668,819
                                                                                  
Less:                                                                              
Service 2,392,904  802,135    20,063,906 24,711,386 --       --       22,456,810 25,513,521
cost
Revenue
less    16,637,960 14,501,869 3,784,699  4,937,159  910,500   716,270   21,333,159 20,155,298
service
cost
                                                                                  
                                                                                  
       Six months ended September 30,
       Air ticketing           Hotels and packages     Others                Total
       2011        2012        2011        2012        2011       2012       2011        2012
                                                                                  
Revenue 33,708,501 32,488,725 60,437,950 75,408,341 1,691,198 1,905,949 95,837,649 109,803,015
                                                                                  
Less:                                                                              
Service 2,661,939  2,403,317  50,737,728 63,361,502 --       --       53,399,667 65,764,819
cost
Revenue
less    31,046,562 30,085,408 9,700,222  12,046,839 1,691,198 1,905,949 42,437,982 44,038,196
service
cost
                                                                                  
                                                                                  

Reconciliation of Adjusted For the three months ended For the six months ended
Operating Profit (Loss)    September 30,              September 30,
(Unaudited)                2011         2012          2011        2012
                          (in USD)
Result from operating      932,679     (3,023,147)  2,724,450  (3,220,980)
activities as per IFRS
Add: Employee share-based  1,398,168   2,850,758    1,254,257  5,554,531
compensation costs
Add: Merger and
acquisitions related       45,492      210,168      83,540     235,419
expenses
Adjusted Operating Profit  2,376,339   37,779       4,062,247  2,568,970
                                                              
Reconciliation of Adjusted For the three months ended For the six months ended
Net Income (Loss)          September 30,              September 30,
(Unaudited)                2011         2012          2011        2012
                          (in USD)
Income (Loss) for the      74,240      (1,227,752)  825,156    (2,038,211)
period as per IFRS
Add: Employee share-based  1,398,168   2,850,758    1,254,257  5,554,531
compensation costs
Add: Merger and
acquisitions related       45,492      210,168      83,540     235,419
expenses
Add: Cost related to       --         --          879,994    --
follow-on public offering
Add: Net loss on change in
fair value of derivative   --         51,340       --        142,378
financial instrument
Add: Interest accretion on --         --          --        --
preference stock
Add (Less): Net change in
fair value of financial    56,682      (269,680)    89,056     (262,497)
liability in business
combination
Less: Income tax benefit   (3,124)     (461,258)    (4,920)    (633,456)
Adjusted Net Income        1,571,458   1,153,576    3,127,083  2,998,164
                                                              
Adjusted Earnings per                                          
share
Diluted                    0.04        0.03         0.08       0.08
                                                              

            For the three months ended September 30, 2012,
            Revenue                          Revenue less service costs
Reported
Growth and             Hotels                           Hotels
Constant     Air       and      Other  Total Air       and      Other  Total
Currency     Ticketing packages               Ticketing packages
Growth
(Unaudited)
Reported     -19.6%    24.3%    -21.3% 4.3%   -12.8%    30.5%    -21.3% -5.5%
Growth
Impact of
Foreign      16.4%     26.3%    14.7%  21.5%  17.6%     20.9%    14.7%  18.1%
Currency
Translation
Constant
Currency     -3.2%     50.6%    -6.7%  25.8%  4.8%      51.3%    -6.7%  12.6%
Growth
                                                                
                                                                
            For the six months ended September 30, 2012,
            Revenue                          Revenue less service costs
Reported
Growth and             Hotels                           Hotels
Constant     Air       and      Other  Total Air       and      Other  Total
Currency     Ticketing packages               Ticketing packages
Growth
(Unaudited)
Reported     -3.6%     24.8%    12.7%  14.6%  -3.1%     24.2%    12.7%  3.8%
Growth
Impact of
Foreign      19.8%     23.7%    21.9%  22.3%  19.9%     21.3%    21.9%  20.3%
Currency
Translation
Constant
Currency     16.2%     48.5%    34.6%  36.9%  16.8%     45.5%    34.6%  24.1%
Growth


MAKEMYTRIP LIMITED
                                                               
OPERATING DATA                                                  
                          For the three months ended For the six months ended
                           September 30,              September 30,
                          2011          2012         2011         2012
                          (in thousands, except percentages)
Number of transactions                                          
Air ticketing              995.9        898.3       1,900.0     1,720.4
Hotels and packages        74.2         108.9       147.5        214.6
                                                               
Revenue less service cost:                                      
Air ticketing              16,638.0     14,501.9    31,046.6    30,085.4
Hotels and packages        3,784.7      4,937.2     9,700.2     12,046.8
Other revenue              910.5        716.3       1,691.2     1,905.9
                          21,333.2     20,155.3    42,438.0    44,038.2
Gross Bookings                                                  
Air ticketing              213,709.1    222,582.1   432,528.7   437,244.3
Hotels and packages        31,240.9     39,397.8    76,537.3    96,208.0
                          244,950.1    261,979.9   509,066.0   533,452.3
Net revenue margins                                             
Air ticketing              7.8%          6.5%         7.2%         6.9%
Hotels and packages        12.1%         12.5%        12.7%        12.5%
Combined net revenue
margin for air ticketing   8.3%          7.4%         8.0%         7.9%
and hotels and packages

CONTACT: INVESTOR RELATIONS
         Jonathan Huang
         MakeMyTrip Limited
         +1 (646) 405-1311
         jonathan.huang@makemytrip.com
 
Press spacebar to pause and continue. Press esc to stop.