MakeMyTrip Limited Announces Fiscal 2013 Third Quarter Results

MakeMyTrip Limited Announces Fiscal 2013 Third Quarter Results

Financial Highlights for Fiscal 2013 Third Quarter
(Year over Year (YoY) growth % are on constant currency basis^(1); please see
table below for YoY growth % on actual basis)

  *Gross bookings^(5) for Hotels and packages increased by 67.2% yoy in 3Q13.
    Gross bookings for Air ticketing increased by 38.4% yoy in 3Q13.
  *Transactions for Hotels and packages improved by 68.2% yoy in 3Q13.
    Transactions for air ticketing grew by 15.5% yoy in 3Q13.
  *Revenue rose 24.5% yoy to $63.8 million in 3Q13 versus $53.8 million in
    3Q12.
  *Revenue less service costs^(2) for Hotels and packages increased by 52.4%
    yoy in 3Q13. Hotels and packages contribution increased to 34.7% in 3Q13
    versus 22.6% in 3Q12.

GURGAON, India and NEW YORK, Feb. 7, 2013 (GLOBE NEWSWIRE) --

MakeMyTrip Limited (Nasdaq:MMYT), India's leading online travel company, today
announced its unaudited financial and operating results for its third fiscal
quarter ended December 31, 2012.

"MakeMyTrip has gained significant market share in both the air ticketing and
hotels and packages business during this past high season quarter." said Deep
Kalra, Chairman and CEO. "We continue to lead the Indian OTA market in
offering customers comprehensive set of travel products, including the
broadest choice of online domestic and international hotels, while constantly
improving their overall experience with MakeMyTrip."

(in thousands except     3 months Ended  3 months Ended  YoY    YoY Change in
EPS)                     December 31,    December 31,    Change Constant
                         2011            2012                   Currency^(1)
Financial Summary as per                                     
IFRS
Revenue                  $53,806.9     $63,830.0     18.6%  24.5%
Revenue Less Service     $23,654.7     $22,353.7     -5.5%  -0.4%
Costs^(2)
Air Ticketing            $17,367.4     $13,538.9     -22.0% -17.2%
Hotels & packages        $5,340.4      $7,848.5      47.0%  52.4%
Other                    $947.0        $966.3        2.0%   6.9%
Results from Operating   $1,282.9      $(6,148.3)          
Activities
Adjusted Operating       $4,316.4      $(2,226.5)          
Profit (Loss)^(3)
Income (Loss) for the    $41.5         $(5,235.9)          
Period
Adjusted Net Income      $3,126.1      $(2,552.6)          
(Loss) ^ (4)
Diluted Earnings (Loss)  $0.001        $(0.14)             
per Share
Adjusted Diluted
Earnings (Loss) per      $0.08         $(0.07)             
Share^(4)
                                                            
Operating Metrics                                            
Gross Bookings^(5)       $237,333.6    $324,424.1    36.7%  43.7%
Air Ticketing            $193,323.6    $253,514.0    31.1%  38.4%
Hotels & packages        $44,010.0     $70,910.1     61.1%  67.2%
Number of Transactions                                       
Air Ticketing            882.4           1019.5          15.5%  
Hotels & packages        110.9           186.5           68.2%  

(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) Results from operating activities excluding employee share-based
compensation costs, merger and acquisitions related expenses and amortization
of acquisition related intangibles.

(4) Income (loss) 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.

(5) 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
(5) above. Reconciliations of IFRS financial measures to non-IFRS operating
results are included at the end of this release.

OTHER INFORMATION

Share Repurchase

The following table provides information about purchases by us during the
three months ended December 31, 2012 of our outstanding ordinary shares, par
value USD 0.0005 per share:

                                                             (d)
                                             (c)             Maximum Number
                                             Total Number of (or Approximate
                                             Shares          Dollar Value) of
Period                                       Purchased as    Shares that May
                  (a)                        Part of         Yet
                  Total Number (b)           Publicly        Be Purchased
                  of           Average Price Announced Plans Under
                  Shares       Paid          or              the Plans or
                  Purchased    per Share(2)  Programs        Programs(1)
10/01/12 –        NIL          NIL          NIL             NIL
10/31/12
11/01/12 –        NIL          NIL           NIL             $25,000,000
11/30/12
12/01/12 –        40,142       $ 12.63      40,142          $24,492,145
12/31/12
Total             40,142       $12.63        40,142          $24,492,145

(1) On November 6, 2012, our Board of Directors authorized the Company to
purchase outstanding ordinary shares, par value $0.0005 per share, of the
Company. The authorizations permit us to purchase our ordinary shares on the
open market, in privately negotiated transactions or otherwise in an aggregate
amount of up to $25 million. In the three months ended December 31, 2012, we
repurchased 40,142 ordinary shares at an average price of approximately $12.63
per share (excluding broker and transaction fees). As of December 31, 2012, we
had remaining authority to repurchase up to approximately $24.49 million of
our outstanding ordinary shares.

(2) The average price paid per share excludes broker and transaction fees.

Fiscal 2013 Third Quarter Financial Results

Revenue. We generated revenue of $63.8 million in the quarter ended December
31, 2012, an increase of 18.6% (24.5% in constant currency) over revenue of
$53.8 million in the quarter ended December 31, 2011.

Air Ticketing. Revenue from our air ticketing business decreased by 33.7%
(29.0% in constant currency) to $14.3 million in the quarter ended December
31, 2012 from $21.6 million in the quarter ended December 31, 2011. Our
revenue less service costs^(2) decreased by 22.0% (17.2% in constant currency)
to $13.5 million in the quarter ended December 31, 2012 from $17.4 million in
the quarter ended December 31, 2011. The materially higher airfares caused the
gross bookings to grow by 31.1% (38.4% in constant currency) year on year. The
decline in revenue less service costs was mainly due to decrease in our net
revenue margin (defined as Revenue less service cost as a percentage of gross
bookings) to 5.3% from 9.0% a year ago, mainly due to reduction in airlines
commission.

Hotels and Packages. Revenue from our hotels and packages business increased
by 55.2% (61.3% in constant currency) to $48.6 million in the quarter ended
December 31, 2012 from $31.3 million in the quarter ended December 31, 2011.
Our revenue less service costs^(2) increased by 47.0% (52.4% in constant
currency) to $7.8 million including contribution from Hotel Travel Group that
we acquired in the quarter ended December 31, 2012 from $5.3 million in the
quarter ended December 31, 2011. This was due to increase in gross bookings by
61.1% (67.2% in constant currency) which was partly offset by decrease in net
revenue margin from 12.1% in the quarter ended December 31, 2011 to 11.1% in
the quarter ended December 31, 2012 as we lead the offline booking market
towards online hotel bookings through selective offers.

Other Revenue.Our other revenue increased to $1.0 million in the quarter
ended December 31, 2012 from $0.9 million in the quarter ended December 31,
2011, primarily due to increases in the sale of online bus tickets and
miscellaneous income, partially offset by decrease in sale of rail tickets.

Total Revenue less Service Costs. Our total revenue less service costs
decreased by 5.5% (0.4% in constant currency) to $22.4 million in the quarter
ended December 31, 2012 from $23.7 million in the quarter ended December 31,
2011 as a result of a 22.0% (17.2% in constant currency) decrease in our air
ticketing revenue less service costs, offset by an increase of 47.0% (52.4% in
constant currency) in our hotels and packages revenue less service costs.

Personnel Expenses. Personnel expenses increased to $9.6 million in the
quarter ended December 31, 2012 from $8.0 million in the quarter ended
December 31, 2011, mainly as a result of employee share-based compensation
costs of $3.2 million in the quarter ended December 31, 2012 as against $2.9
million in quarter ended December 31, 2011. Excluding employee share-based
compensation costs, personnel expenses as a percentage of net revenue
increased by 6.8 percentage points year over year, in line with the growth in
our business and recent acquisitions.

Other Operating Expenses. Other operating expenses increased by 31.0% to $17.9
million in the quarter ended December 31, 2012 from $13.7 million in the
quarter ended December 31, 2011, primarily as a result of an increase in
outsourcing fees and advertisement expenses in line with the growth in our
business and recent acquisitions. Other operating expenses include merger and
acquisitions related expenses of $0.5 million in the quarter ended December
31, 2012 as against $0.1 million in quarter ended December 31, 2011. Merger
and acquisitions related expenses include professional fees and certain other
expenses associated with acquisitions and certainnon-routine 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 $6.1 million in the quarter
ended December 31, 2012 from a profit of $1.3 million in the quarter ended
December 31, 2011. Excluding the effects of our employee share-based
compensation costs, merger and acquisitions related expenses and amortization
of acquisition related intangibles for both quarters ended December, 2012 and
2011, we would have recorded an operating loss of $2.2 million in the quarter
ended December 31, 2012 compared with an operating profit of $4.3 million in
the quarter ended December 31, 2011.

Net Finance Income (costs). Our net finance cost was $0.4 million in the
quarter ended December 31, 2012 as against $1.2 million in the quarter ended
December 31, 2011. This was mainly due to higher interest income earned on
term deposits with banks in the quarter ended December 31, 2012.

Profit (Loss) for the Period. As a result of the foregoing factors, including
the effects of employee share-based compensation costs, merger and
acquisitions related expenses and amortization of acquisition related
intangibles, our loss for the quarter ended December 31, 2012 was $5.2 million
as compared to a profit of $0.04 million in the quarter ended December 31,
2011.Excluding the effects of employee share-based compensation costs, merger
and acquisitions related expenses, amortization of acquisition related
intangibles, 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 for the third quarter of both fiscal years
2013 and 2012, we would have recorded a net loss of $2.6 million in the
quarter ended December 31, 2012 and a net profit of $3.1 million in the
quarter ended December 31, 2011.

Diluted Earnings (Loss) per share. Diluted loss per share was $0.14 for the
quarter ended December 31, 2012 as compared to diluted earnings per share of
$0.001 in the quarter ended December 31, 2011. After adjusting for employee
share-based compensation costs, merger and acquisitions related expenses,
amortization of acquisition related intangibles, 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 for the third
quarter of both fiscal years 2013 and 2012, as mentioned in the preceding
paragraph, diluted loss per share were $0.07 in the quarter ended December 31,
2012, compared to diluted earnings per share of $0.08 in the quarter ended
December 31, 2011.

Fiscal Year 2012-13 Outlook

The Company is maintaining 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 maintaining our revenue less service cost guidance in the range of $89
million to $91 million based on the current 3Q13 average exchange rate of INR
54 to a U.S. Dollar.

Conference Call

MakeMyTrip will host a conference call to discuss the company's results for
the quarter ended December 31, 2012 beginning at 10:00 a.m. EST on February 7,
2013.To participate, please dial + 1-866-356-4279 from within the U.S. or
+1-617-597-5394 from any other country. Thereafter, callers will be prompted
to enter the participant passcode 92653770. 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 92602219. 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, amortization
of acquisition related intangibles (including trade name, customer
relationship and non-compete), 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.,Hotel
Travel Group, Luxury Tours & Travel Pte Ltd, ITC Group (Thailand) 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 websites, www.makemytrip.com and www.hoteltravel.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 10,700 hotels and guesthouses in
India, more than 73,000 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, As at December 31,
                                        2012            2012
                                       (in USD)
Assets                                                 
Property, plant and equipment           7,064,373      9,147,376
Intangible assets                       8,349,403      34,716,850
Trade and other receivables, net        807,159        763,474
Investment in equity-accounted investee 838,212        717,620
Other investments                       4,416,543      5,003,634
Derivatives instruments                 202,054        113,058
Term deposits                           648,506        816,507
Other non-current assets                449,559        545,017
Deferred tax assets                     8,892,842      10,460,300
Total non-current assets                31,668,651     62,283,836
                                                      
Inventories                             2,367,548      1,089,027
Current tax assets                      5,908,213      7,107,884
Trade and other receivables, net        20,575,261     32,193,892
Term deposits                           43,676,624     51,683,763
Other current assets                    21,792,776     23,867,241
Cash and cash equivalents               43,798,230     22,689,504
Assets held for sale                    404,109        --
Total current assets                    138,522,761    138,631,311
Total assets                            170,191,412    200,915,147
                                                      
Equity                                                 
Share capital                           18,576         18,751
Share premium                           150,144,112    153,230,184
Reserves                                (428,937)      (450,347)
Accumulated deficit                     (31,827,379)   (40,863,582)
Share based payment reserve             9,388,239      17,638,161
Foreign currency translation reserve    (8,578,442)    (11,232,371)
Total equity attributable to equity     118,716,169    118,340,796
holders of the Company
Non-controlling interest                75,620         612,202
Total equity                            118,791,789    118,952,998
                                                      
Liabilities                                            
Loans and borrowings                    177,280        287,044
Employee benefits                       681,135        991,906
Deferred tax liabilities                --            404,800
Other non-current liabilities           1,487,658      7,216,527
Total non-current liabilities           2,346,073      8,900,277
                                                      
Bank overdraft                          --            403,252
Loans and borrowings                    82,083         155,396
Derivatives instruments                 149,135        194,023
Trade and other payables                46,697,644     70,414,883
Deferred income                         23,122         58,375
Other current liabilities               2,101,566      1,835,943
Total current liabilities               49,053,550     73,061,872
Total liabilities                       51,399,623     81,962,149
Total equity and liabilities            170,191,412    200,915,147


MAKEMYTRIP LIMITED
CONSOLIDATED STATEMENTS OF COMPREHENSHIVE INCOME (LOSS)
(UNAUDITED)                                                              
                                                      
                   For the three months      For the nine months ended
                  ended                     December 31,
                   December 31,
                  2011         2012         2011         2012
                  (in USD)
Revenue                                                
Air ticketing      21,566,642  14,302,280  55,275,143  46,791,005
Hotels and         31,293,216  48,561,397  91,731,166  123,969,738
packages
Other revenue      947,004     966,286     2,638,202   2,872,235
Total revenue      53,806,862  63,829,963  149,644,511 173,632,978
                                                      
Service cost                                           
Procurement cost
of hotel and       25,952,834  40,712,851  76,690,562  104,074,354
packages services
Cost of air        4,199,286   763,400     6,861,225   3,166,716
tickets coupon
Personnel expenses 7,982,765   9,560,566   18,969,805  24,712,168
Other operating    13,681,742  17,925,475  41,177,805  48,544,886
expenses
Depreciation and   707,355     1,015,925   1,937,784   2,504,088
amortization
Result from
operating          1,282,880   (6,148,254) 4,007,330   (9,369,234)
activities
                                                      
Finance income     433,044     954,242     1,317,504   3,121,154
Finance costs      1,666,133   1,371,326   4,454,807   2,912,404
Net finance income (1,233,089) (417,084)   (3,137,303) 208,750
(costs)
Share of loss of
equity-accounted   (11,272)    (44,071)    (11,272)    (120,592)
investee
Profit (Loss)      38,519      (6,609,409) 858,755     (9,281,076)
before tax
Income tax benefit 2,972       1,373,503   7,892       2,006,959
Profit (Loss) for  41,491      (5,235,906) 866,647     (7,274,117)
the period
                                                      
Other
comprehensive                                          
income (loss)
Foreign currency
translation        (4,234,204) (1,954,122) (9,163,783) (2,628,925)
differences on
foreign operations
Net change in fair
value of           (527,211)   58,034      (527,211)   503,688
available-for-sale
financial assets
Defined benefit
plan actuarial     --         --         2,646       (70,113)
gain (loss)
Other
comprehensive
income (loss) for  (4,761,415) (1,896,088) (9,688,348) (2,195,350)
the period, net of
tax
Total
comprehensive      (4,719,924) (7,131,994) (8,821,701) (9,469,467)
income (loss) for
the period
                                                      
Profit (Loss)                                          
attributable to:
Owners of the      39,570      (5,218,716) 917,477     (7,185,465)
Company
Non-controlling    1,921       (17,190)    (50,830)    (88,652)
interest
Profit (Loss) for  41,491      (5,235,906) 866,647     (7,274,117)
the period
                                                      
Total
comprehensive                                          
income (loss)
attributable to:
Owners of the      (4,719,071) (7,123,095) (8,734,235) (9,390,326)
Company
Non-controlling    (853)       (8,899)     (87,466)    (79,141)
interest
Total
comprehensive      (4,719,924) (7,131,994) (8,821,701) (9,469,467)
income (loss) for
the period
                                                      
Earnings (Loss)                                        
per share
Basic              0.001       (0.14)      0.03        (0.19)
Diluted            0.001       (0.14)      0.02        (0.19)
                                                      
Weighted average                                       
number of shares
Basic              36,998,163  37,409,676  36,529,043  37,256,055
Diluted            38,412,815  37,409,676  38,046,100  37,256,055


MAKEMYTRIP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(UNAUDITED)                                                                                                                                              
                                                                                                                         
                  Attributable to equity holders of the Company                                                                  
                                                                                        Foreign
                                       Reserve                             Share based currency
                   Share   Share        for own    Fair value Accumulated   payment     translation                Non-controlling
                   capital premium      shares     reserve    deficit       reserve     reserve       Total        interest        Total equity
                  (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       --    --         --       --       (7,185,465)  --        --          (7,185,465) (88,652)       (7,274,117)
period
                                                                                                                         
Other
comprehensive                                                                                                             
income (loss)
Foreign currency
translation        --    --         --       --       --          --        (2,638,436)  (2,638,436) 9,511          (2,628,925)
differences
Net change in fair
value of           --    --         --       503,688   --          --        --          503,688     --            503,688
available-for-sale
financial assets
Defined benefit
plan actuarial     --    --         --       --       (70,113)     --        --          (70,113)    --            (70,113)
loss, net of tax
Total other
comprehensive      --    --         --       503,688   (70,113)     --        (2,638,436)  (2,204,861) 9,511          (2,195,350)
income (loss)
Total
comprehensive      --    --         --       503,688   (7,255,578)  --        (2,638,436)  (9,390,326) (79,141)       (9,469,467)
income (loss) for
the period
                                                                                                                         
Transactions with
owners, recorded                                                                                                          
directly in equity
Contributions by                                                                                                          
owners
Share-based        --    --         --       --       --          8,800,055  --          8,800,055   --            8,800,055
payment
Issue of ordinary
shares on exercise 70     738,230     --       --       --          (550,133)  --          188,167     --            188,167
of share options
Own shares         --    --         (525,098) --       --          --        --          (525,098)   --            (525,098)
acquired
Issue of ordinary
shares related to  105    2,347,842   --       --       --          --        --          2,347,947   --            2,347,947
business
combination
Total
contributions by   175    3,086,072   (525,098) --       --          8,249,922  --          10,811,071  --            10,811,071
owners
                                                                                                                         
Changes in
ownership                                                                                                                 
interests in
subsidiaries
Financial
liability for
acquisition of     --    --         --       --       (1,801,496)  --        --          (1,801,496) --            (1,801,496)
non-controlling
interest
Acquisition of
subsidiary with    --    --         --       --       --          --        --          --         621,101        621,101
non-controlling
interests
Acquisition of
non-controlling    --    --         --       --       20,871       --        (15,493)     5,378       (5,378)        --
interests
Total changes in
ownership interest --    --         --       --       (1,780,625)  --        (15,493)     (1,796,118) 615,723        (1,180,395)
in subsidiaries
Total transactions 175    3,086,072   (525,098) --       (1,780,625)  8,249,922  (15,493)     9,014,953   615,723        9,630,676
with owners
Balance as at      18,751 153,230,184 (525,098) 74,751    (40,863,582) 17,638,161 (11,232,371) 118,340,796 612,202        118,952,998
December 31, 2012


MAKEMYTRIP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
                                                               
                                                  For the nine months ended
                                                   December 31,
                                                  2011          2012
                                                  (in USD)
Profit (Loss) for the period                       866,647      (7,274,117)
Adjustments for non-cash items                     9,301,617    9,173,750
Change in working capital                         (10,200,408) 1,214,091
Net cash from (used in) operating activities       (32,144)     3,113,724
Net cash used in investing activities              (38,996,142) (21,141,130)
Net cash from (used in) financing activities       35,345,943   (1,457,936)
Decrease in cash and cash equivalents              (3,682,343)  (19,485,342)
Cash and cash equivalents at beginning of the      47,874,344   43,798,230
period
Effect of exchange rate fluctuations on cash held  (3,953,267)  (2,026,636)
Cash and cash equivalents at end of the period     40,238,734   22,286,252


MAKEMYTRIP LIMITED
RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES
                                                                                    
       Three months ended December 31,
       Air ticketing           Hotels and packages      Others                Total
       2011        2012        2011        2012         2011       2012       2011         2012
                                                                                    
Revenue 21,566,642 14,302,280 31,293,216 48,561,397  947,004   966,286   53,806,862  63,829,963
                                                                                    
Less:                                                                                
Service 4,199,286  763,400    25,952,834 40,712,851  --       --       30,152,120  41,476,251
cost
Revenue
less    17,367,356 13,538,880 5,340,382  7,848,546   947,004   966,286   23,654,742  22,353,712
service
cost
                                                                                    
                                                                                    
       Nine months ended December 31,
       Air ticketing           Hotels and packages      Others                Total
       2011        2012        2011        2012         2011       2012       2011         2012
                                                                                    
Revenue 55,275,143 46,791,005 91,731,166 123,969,738 2,638,202 2,872,235 149,644,511 173,632,978
                                                                                    
Less:                                                                                
Service 6,861,225  3,166,716  76,690,562 104,074,354 --       --       83,551,787  107,241,070
cost
Revenue
less    48,413,918 43,624,289 15,040,604 19,895,384  2,638,202 2,872,235 66,092,724  66,391,908
service
cost

                                                   
Reconciliation of         For the three months ended For the nine months ended
Adjusted Operating Profit December 31,               December 31,
(Loss)
(Unaudited)               2011         2012          2011        2012
                         (in USD)
Result from operating     1,282,880   (6,148,254)  4,007,330  (9,369,234)
activities as per IFRS
Add: Employee share-based 2,908,411   3,245,524    4,162,668  8,800,055
compensation costs
Add: Merger and
acquisitions related      107,578     460,608      191,118    696,027
expenses
Add: Acquisition related  17,484      215,583      46,423     251,422
intangibles amortization
Adjusted Operating Profit 4,316,353   (2,226,539)  8,407,539  378,271
(Loss)
                                                             
Reconciliation of         For the three months ended For the nine months ended
Adjusted Net Income       December 31,               December 31,
(Loss)
(Unaudited)               2011         2012          2011        2012
                         (in USD)
Income (Loss) for the     41,491      (5,235,906)  866,647    (7,274,117)
period as per IFRS
Add: Employee share-based 2,908,411   3,245,524    4,162,668  8,800,055
compensation costs
Add: Merger and
acquisitions related      107,578     460,608      191,118    696,027
expenses
Add: Acquisition related  17,484      215,583      46,423     251,422
intangibles amortization
Add: Cost related to      --         --          879,994    --
follow-on public offering
Add (Less): Net (gain)
loss on change in fair    --         (8,494)      --        133,883
value of derivative
financial instrument
Add (Less): Net change in
fair value of financial   54,130      143,544      143,186    (118,953)
liability in business
combination
Less: Income tax benefit  (2,972)     (1,373,503)  (7,892)    (2,006,959)
Adjusted Net Income       3,126,122   (2,552,644)  6,282,144  481,359
(Loss)
                                                             
Adjusted Earnings (Loss)                                      
per share
Diluted                   0.08        (0.07)       0.17       0.01
                                                             

            For the three months ended December 31, 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     -33.7%    55.2%    2.0%   18.6%  -22.0%    47.0%    2.0%   -5.5%
Growth
Impact of
Foreign      4.7%      6.1%     4.9%   5.9%   4.8%      5.5%     4.9%   5.1%
Currency
Translation
Constant
Currency     -29.0%    61.3%    6.9%   24.5%  -17.2%    52.4%    6.9%   -0.4%
Growth
                                                                
                                                                
            For the nine months ended December 31, 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     -15.3%    35.1%    8.9%   16.0%  -9.9%     32.3%    8.9%   0.5%
Growth
Impact of
Foreign      12.7%     13.4%    -20.0% 12.5%  13.5%     21.9%    -20.0% 14.1%
Currency
Translation
Constant
Currency     -2.7%     48.5%    -11.1% 28.6%  3.6%      54.2%    -11.1% 14.5%
Growth


MAKEMYTRIP LIMITED
OPERATING DATA                                                 
                                                              
                         For the three months ended For the nine months ended
                          December 31,               December 31,
                         2011          2012         2011         2012
                         (in thousands, except percentages)
Number of transactions                                         
Air ticketing             882.4        1,019.5     2,782.4     2,739.9
Hotels and packages       110.9        186.5       258.4        401.1
                                                              
Revenue less service                                           
cost:
Air ticketing             17,367.4     13,538.9    48,413.9    43,624.3
Hotels and packages       5,340.4      7,848.5     15,040.6    19,895.4
Other revenue             947.0        966.3       2,638.2     2,872.2
                         23,654.7     22,353.7    66,092.7    66,391.9
Gross Bookings                                                 
Air ticketing             193,323.6    253,514.0   625,852.3   690,758.3
Hotels and packages       44,010.0     70,910.1    120,547.3   167,118.2
                         237,333.6    324,424.1   746,399.6   857,876.4
Net revenue margins                                            
Air ticketing             9.0%          5.3%         7.7%         6.3%
Hotels and packages       12.1%         11.1%        12.5%        11.9%
Combined net revenue
margin for air ticketing  9.6%          6.6%         8.5%         7.4%
and hotels and packages

CONTACT: INVESTOR RELATIONS
         Jonathan Huang
         MakeMyTrip Limited
         +1 (646) 405-1311
         jonathan.huang@makemytrip.com