MakeMyTrip Limited Announces Fiscal 2013 Fourth Quarter and Full Year Results

MakeMyTrip Limited Announces Fiscal 2013 Fourth Quarter and Full Year Results

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

  *Gross bookings^(5) reached $311.7 million in 4Q13 and $1.17 billion in
    FY13, representing a year on year increase of 34.1% and 32.3%,
    respectively.
  *Transactions for Hotels and packages improved by 97.1% yoy in 4Q13 and by
    65.6% yoy in FY13. Transactions for air ticketing grew by 13.0% yoy in
    4Q13 and by 2.1% yoy in FY13.
  *Revenue rose 23.5% yoy to $55.2 million in 4Q13 and grew 29.7% yoy to
    $228.8 million for FY13.
  *Revenue less service costs^(2) increased 4.1% yoy to $21.8 million in 4Q13
    and increased 11.7% yoy to $88.2 million for FY13.
  *Revenue less service costs^(2) for Hotels and packages increased 146.1%
    yoy for 4Q13 and increased 65.7% yoy for FY13 . Hotels and packages
    contribution increased to 34.9% in 4Q13 versus 14.4% in 4Q12 and increased
    to 30.7% in FY13 versus 20.7% in FY12.

GURGAON, India and NEW YORK, May 22, 2013 (GLOBE NEWSWIRE) -- MakeMyTrip
Limited (Nasdaq:MMYT), India's leading online travel company, today announced
its unaudited financial and operating results for its fourth fiscal quarter
and full fiscal year ended March 31, 2013.

"In fiscal year 2013 we succeeded by offering superior user experience and
customer satisfaction, despite facing various operating challenges," said Deep
Kalra, Chairman and CEO. "As part of our long term strategy to grow the Hotels
and packages business, we significantly improved our annual non-air net
revenue mix to over 35%."

(in          3 months   3 months           YoY          Year Ended Year Ended          YoY
thousands    Ended      Ended       YoY    Change in    March 31,  March 31,    YoY    Change in
except EPS)  March 31,  March 31,   Change constant     2012       2013         Change constant
             2012       2013               currency^(1)                                currency^(1)
Financial
Summary as                                                                      
per IFRS
Revenue      $46,954.7  $55,189.0   17.5%  23.5%        $196,599.3 $228,821.9   16.4%  29.7%
Revenue Less
Service      $22,092.2  $21,773.3   -1.4%  4.1%         $88,184.9  $88,165.2    0.0%   11.7%
Costs^(2)
Air          $17,836.8  $13,144.9   -26.3% -21.2%       $66,250.7  $56,769.2    -14.3% -3.3%
Ticketing
Hotels &     $3,185.7   $7,696.8    141.6% 146.1%       $18,226.3  $27,592.2    51.4%  65.7%
packages
Other        $1,069.6   $931.5      -12.9% -7.8%        $3,707.8   $3,803.8     2.6%   13.9%
Results from
Operating    ($2.0)     ($8,692.8)                    $4,005.4   ($18,062.0)        
Activities
Adjusted
Operating    $2,797.6   ($5,496.6)                    $11,205.1  ($5,118.3)         
Profit
(Loss)^(3)
Income
(Loss) for   $6,181.7   ($20,315.0)                   $7,048.4   ($27,589.1)        
the
period^(6)
Adjusted Net
Income       $3,018.2   ($6,523.7)                    $9,300.4   ($6,042.4)         
(Loss)^(4)
Diluted
earnings     $0.161     ($0.54)                       $0.19      $(0.74)           
(loss) per
share
Adjusted
Diluted
earnings     $0.08      ($0.17)                       $0.24      ($0.16)            
(loss) per
share^(5)
Operating                                                                       
Metrics
Gross        $246,557.9 $311,682.2  26.4%  34.1%        $992,957.5 $1,169,558.6 17.8%  32.3%
Bookings^(5)
Air          $213,382.0 $248,879.3  16.6%  24.2%        $839,234.3 $939,637.5   12.0%  26.3%
Ticketing
Hotels &     $33,175.9  $62,802.9   89.3%  97.7%        $153,723.2 $229,921.0   49.6%  65.0%
packages
Number of                                                                       
Transactions
Air          933.0      1054.2      13.0%              3715.4     3794.1       2.1%   
Ticketing
Hotels &     84.7       167.0       97.1%              343.1      568.1        65.6%  
packages

(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, amortization of acquisition related intangibles, 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) expense.
(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.
(6) Includes deferred tax benefit recognised in the quarter and year ended March 31, 2012 of USD
6.1 million and deferred tax expense recognised in the quarter and year ended March 31, 2013 of USD
10.5 million and USD 8.5 million, respectively.

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.

OTHER INFORMATION

Share Repurchase

The following table provides information about purchases by us during the year
ended March 31, 2013 of our outstanding ordinary shares, par value USD 0.0005
per share:

                                             (c)            (d)
                                             Total Number   Maximum Number
                                             of             (or Approximate
             (a)              (b)            Shares         Dollar Value) of
Period       Total Number of  Average Price  Purchased as   Shares that May
             Shares Purchased Paid           Part of        Yet
                              per Share(2)   Publicly       Be Purchased Under
                                             Announced      the Plans or
                                             Plans or       Programs(1)
                                             Programs
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
01/01/13 –   NIL              NIL            NIL            $24,492,145
01/31/13
02/01/12 –   NIL              NIL            NIL            $24,492,145
02/28/13
03/01/13 –   NIL              NIL            NIL            $24,492,145
03/31/13
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 year ended March 31, 2013, we repurchased
40,142 ordinary shares at an average price of approximately $12.63 per share
(excluding broker and transaction fees). As of March 31, 2013, 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 Fourth Quarter Financial Results

Revenue. We generated revenue of $55.2 million in the quarter ended March 31,
2013, an increase of 17.5% (23.5% in constant currency) over revenue of $47.0
million in the quarter ended March 31, 2012.

Air Ticketing. Revenue from our air ticketing business decreased by 32.6%
(27.8% in constant currency) to $14.1 million in the quarter ended March 31,
2013 from $20.9 million in the quarter ended March 31, 2012. Our revenue less
service costs^(2) decreased by 26.3% (21.2% in constant currency) to $13.1
million in the quarter ended March 31, 2013 from $17.8 million in the quarter
ended March 31, 2012. Gross bookings grew by 16.6% (24.2% in constant
currency) year on year mainly due to increase in transactions by 13.0% and
aided by higher airfares in the quarter ended March 31, 2013. 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 8.4% a year ago, mainly due to reduction in airlines'
base commission. Net revenue margin remained at the same level as compared to
the previous quarter.

Hotels and Packages. Revenue from our hotels and packages business increased
by 60.8% (67.0% in constant currency) to $40.2 million in the quarter ended
March 31, 2013 from $25.0 million in the quarter ended March 31, 2012. Our
revenue less service costs^(2) increased by 141.6% (146.1% in constant
currency) to $7.7 million from $3.2 million in the quarter ended March 31,
2012. This was due to increase in gross bookings by 89.3% (97.7% in constant
currency) primarily due to a 97.1% increase in the number of transactions and
increase in net revenue margin from 9.6% in the quarter ended March 31, 2012
to 12.3% in the quarter ended March 31, 2013. Net revenue margin increased
over previous quarter margin of 11.1%. The growth in this segment was further
aided by the acquisition of Hotel Travel Group and ITC Group in the quarter
ended December 31, 2012.

Other Revenue.Our other revenue decreased to $0.9 million in the quarter
ended March 31, 2013 from $1.0 million in the quarter ended March 31, 2012,
primarily due to lower advertisement income on our websites.

Total Revenue less Service Costs. Our total revenue less service costs
decreased by 1.4% (increased by 4.1% in constant currency) to $21.8 million in
the quarter ended March 31, 2013 from $22.1 million in the quarter ended March
31, 2012 as a result of a 26.3% (21.2% in constant currency) decrease in our
air ticketing revenue less service costs, partially offset by an increase of
141.6% (146.1% in constant currency) in our hotels and packages revenue less
service costs.

Personnel Expenses. Personnel expenses increased to $9.8 million in the
quarter ended March 31, 2013 from $7.6 million in the quarter ended March 31,
2012, mainly due to increases in annual wages, growth in employee headcount in
Hotels and package business and due to acquisitions in the previous quarter.
Excluding employee share-based compensation costs, personnel expenses as a
percentage of net revenue increased by 10.1 percentage points year over year,
in line with the growth in our business and acquisitions in the quarter ended
December 31, 2012.

Other Operating Expenses. Other operating expenses increased by 41.8% to $19.4
million in the quarter ended March 31, 2013 from $13.7 million in the quarter
ended March 31, 2012, primarily as a result of an increase in advertisement
expenses, payment gateway charges and outsourcing fees and in line with the
growth in our business and recent acquisitions.

Results from Operating Activities. As a result of the foregoing factors, our
results from operating activities was a loss of $8.7 million in the quarter
ended March 31, 2013 from a loss of $0.002 million in the quarter ended March
31, 2012. 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 March 31, 2013 and
2012, we would have recorded an operating loss of $5.5 million in the quarter
ended March 31, 2013 compared with an operating profit of $2.8 million in the
quarter ended March 31, 2012.

Net Finance Income (costs). Our net finance cost was $1.0 million in the
quarter ended March 31, 2013 as against net finance income of $0.2 million in
the quarter ended March 31, 2012. This was mainly due to higher provisioning
of loss on trade and other receivables in the quarter ended March 31, 2013.

Income tax benefit (expense). Deferred tax assets of $10.5 million had been
recognized in the previous periods, relating to unutilized tax losses and
other temporary differences in respect of our Indian subsidiary.Our Indian
subsidiary after two consecutive years of reported profits had incurred losses
in the fiscal year ended March 31, 2013. Based on evaluation ofconvincing
evidence required by International Accounting Standard – Income Taxes (IAS
12), the management has recorded the impairment of deferred tax asset of $10.5
million in the quarter ended March 31, 2013.The impairment has no impact on
the Company's ability to utilize loss carry forwards or tax assets in the
future and is not a reflection of management's views on its ability to
increase the profitability of the business in the future.

Profit (Loss) for the Period. As a result of the foregoing factors, including
the effects of deferred tax benefit (expense) on previous year's tax losses,
employee share-based compensation costs, merger and acquisitions related
expenses and amortization of acquisition related intangibles, our loss for the
quarter ended March 31, 2013 was $20.3 million as compared to a profit of $6.2
million in the quarter ended March 31, 2012.Excluding the effects of reversal
of deferred tax benefit on previous year's tax losses, 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 and net loss on change in the fair value of
derivative financial instruments for the fourth quarter of both fiscal years
2013 and 2012, we would have recorded a net loss of $6.5 million in the
quarter ended March 31, 2013 and a net profit of $3.0 million in the quarter
ended March 31, 2012.

Diluted Earnings (Loss) per share. Diluted loss per share was $0.54 for the
quarter ended March 31, 2013 as compared to diluted earnings per share of
$0.16 in the quarter ended March 31, 2012. After adjusting for deferred tax
benefit (expense) on previous year's tax losses, 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 and net loss on change in the fair value of
derivative financial instruments for the fourth quarter of both fiscal years
2013 and 2012, as mentioned in the preceding paragraph, diluted loss per share
were $0.17 in the quarter ended March 31, 2013, compared to diluted earnings
per share of $0.08 in the quarter ended March 31, 2012.

Fiscal 2013 Full Year Financial Results

Revenue. We generated revenue of $228.8 million in the year ended March 31,
2013, an increase of 16.4% (29.7% in constant currency) over revenue of $196.6
million in the year ended March 31, 2012.

Air Ticketing. Revenue from our air ticketing business decreased by 20.1%
(9.8% in constant currency) to $60.9 million in the year ended March 31, 2013
from $76.2 million in the year ended March 31, 2012. Our revenue less service
costs^(2) decreased by 14.3% (3.3% in constant currency) to $56.8 million in
the year ended March 31, 2013 from $66.3 million in the year ended March 31,
2012. Gross bookings grew by 12.0% (26.3% in constant currency) year on year
primarily due to materially higher airfares further aided by 2.1% growth in
transactions. The decline in revenue less service costs was mainly due to a
decline in our net revenue margin (defined as Revenue less service cost as a
percentage of gross bookings) to 6.0% from 7.9% a year ago, as airlines in
India reduced their base commissions.

Hotels and Packages. Revenue from our hotels and packages business increased
by 40.6% (56.0% in constant currency) to $164.1 million in the year ended
March 31, 2013 from $116.7 million in the year ended March 31, 2012.Our
revenue less service costs^(2) increased by 51.4% (65.7% in constant currency)
to $27.6 million in the year ended March 31, 2013 from $18.2 million in the
year ended March 31, 2012. This was due to an increase in gross bookings by
49.6% (65.0% in constant currency) primarily due to 65.6% increase in the
number of transactions and marginal increase in net revenue margin from 11.9%
in the year ended March 31, 2012 to 12.0% in the year ended March 31, 2013.
The growth in this segment was further aided by the acquisition of Hotel
Travel Group and ITC Group in the quarter ended December 31, 2012.

Other Revenue.Our other revenue increased to $3.8 million in the year ended
March 31, 2013 from $3.7 million in the year ended March 31, 2012, primarily
due to higher advertisement income on our websites partially offset by
decrease in sale of rail tickets.

Total Revenue less Service Costs. Our total revenue less service costs
remained at same level (increase of 11.7% in constant currency) at $88.2
million in the year ended March 31, 2013 from $88.2 million in the year ended
March 31, 2012 as a result of a decrease of 14.3% (3.3% in constant currency)
in our air ticketing revenue less service costs, offset by an increase of
51.4% (65.7% in constant currency) in our hotels and packages revenue less
service costs.

Personnel Expenses. Personnel expenses increased to $34.5 million in the year
ended March 31, 2013 from $26.5 million in the year ended March 31, 2012,
mainly as a result of employee share-based compensation costs of $11.7 million
in the year ended March 31, 2013 as against $6.9 million in year ended March
31, 2012, as well as due to increases in annual wages and growth in employee
headcount mainly in hotels and packagebusiness and due to the acquisitions in
the previous quarter. Excluding employee share-based compensation costs,
personnel expenses as a percentage of net revenue increased by 367 basis
points year over year.

Other Operating Expenses. Other operating expenses increased by 23.8% to $68.0
million in the year ended March 31, 2013 from $54.9 million in the year ended
March 31, 2012, primarily as a result of an increase in outsourcing fees,
advertising and business promotion expenses and payment gateway charges in
line with the growth in our business and recent acquisitions. Other operating
expenses include merger and acquisitions related expenses of $0.7 million in
the year ended March 31, 2013 as against $0.2 million in year ended March 31,
2012. Merger and acquisitions related expenses include professional fees and
certain other expenses associated with acquisitions and certain non-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 $18.1 million in the year
ended March 31, 2013 versus a profit of $4.0 million in the year ended March
31, 2012. Excluding the effects of our employee share-based compensation
costs, merger and acquisitions related expenses and amortization of
acquisition related intangibles for both fiscal years 2013 and 2012, we would
have recorded an operating loss of $5.1 million in the year ended March 31,
2013 compared with an operating profit of $11.2 million in the year ended
March 31, 2012.

Net Finance Income (Costs). Our net finance cost was $0.7 million in the year
ended March 31, 2013 versus a cost of $3.0 million in the year ended March 31,
2012, primarily due to higher interest income earned on term deposits with
banks in the year ended March 31, 2013, offset by follow-on public offering
costs related to our listing of existing shares in the year ended March 31,
2012.

Income tax benefit (expense). Deferred tax assets of $8.9 million had been
recognized in the previous years, relating to unutilized tax losses and other
temporary differences in respect of its Indian subsidiary.The Indian
subsidiary after two consecutive years of profits has incurred losses in
thefiscal year ended March 31, 2013. Based on evaluation ofconvincing
evidence required by IAS 12, management has recorded impairment of deferred
tax asset of $8.5 million in the year ended March 31, 2013.The impairment has
no impact on the Company's ability to utilize loss carry forwards or tax
assets in the future and is not a reflection of management's views on its
ability to increase the profitability of the business in the future.

Profit (Loss) for the year. As a result of the foregoing factors, including
the effects of deferred tax benefit (expense) on previous year's tax losses,
employee share-based compensation costs, merger and acquisitions related
expenses and amortization of acquisition related intangibles and follow-on
public offering costs, our loss for the year ended March 31, 2013 was $27.6
million as compared to a profit of $7.0 million in the year ended March 31,
2012. Excluding the effects of deferred tax benefit (expense) on previous
year's tax losses, amortization of acquisition related intangibles, employee
share-based compensation costs, net loss on change in the fair value of
derivative financial instruments and interest accretion on financial liability
related to business combination for both fiscal years 2013 and 2012, follow-on
public offering costs in fiscal year 2012, we would have recorded a net loss
of $6.0 million in the year ended March 31, 2013 and a net profit of $9.3
million in year ended March 31, 2012.

Diluted Earnings (Loss) per share. Diluted loss per share was $0.74 for the
year ended March 31, 2013 as compared to earnings per share of $0.19 in the
corresponding prior fiscal year. Adjusted for deferred tax benefit (expense)
on the previous year's tax losses, amortization of acquisition related
intangibles, employee share-based compensation costs, net loss on change in
the fair value of derivative financial instruments and interest accretion on
financial liability related to business combination for both fiscal years 2013
and 2012, follow-on public offering costs in fiscal year 2012, as mentioned in
the preceding paragraph, diluted loss per share were $0.16 in the year ended
March 31, 2013, compared to earnings per share of $0.24 in the year ended
March 31, 2012.

Fiscal Year 2013-14 Outlook

We are encouraged by the transactions growth in the under-penetrated online
hotels and holiday's business, however we continue to be cautious about the
growth in our air ticketing business.Therefore, we are initiating our fiscal
year 2014 revenue less service costs growth guidance in the range of 15% to
20% on constant currency basis, which will result in revenue less service
costs guidance in the range of approximately $101 million to $106 million at a
planned average exchange rate of INR 54.43 to a U.S. Dollar.

Conference Call

MakeMyTrip will host a conference call to discuss the company's results for
the quarter and year ended March 31, 2013 beginning at 10:00 a.m. EDT on May
22, 2013.To participate, please dial +1-800-706-7741 from within the U.S. or
+1-617-614-3471 from any other country. Thereafter, callers will be prompted
to enter the participant passcode 85751092. 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 72906099. 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), Luxury
Tours (Malaysia) Sdn Bhd and MakeMyTrip FZ LLC (UAE). 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
11,100 hotels and guesthouses in India, more than 84,300 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          2013
                                                  (in USD)
Assets                                                          
Property, plant and equipment                      7,064,373    9,203,826
Intangible assets                                  8,349,403    34,987,017
Trade and other receivables, net                   807,159      820,951
Investment in equity-accounted investee            838,212      1,294,082
Other investments                                  4,416,543    4,958,994
Derivatives instruments                            202,054      14,678
Term deposits                                      648,506      911,245
Other non-current assets                           449,559      527,391
Deferred tax assets                                8,892,842    --
Total non-current assets                           31,668,651   52,718,184
                                                               
Inventories                                        2,367,548    1,522,693
Derivatives instruments                            --          188,973
Current tax assets                                 5,908,213    7,535,440
Trade and other receivables, net                   20,575,261   25,290,442
Term deposits                                      43,676,624   47,203,717
Other current assets                               21,792,776   23,659,215
Cash and cash equivalents                          43,798,230   36,501,478
Assets held for sale                               404,109      --
Total current assets                               138,522,761  141,901,958
Total assets                                       170,191,412  194,620,142
                                                               
Equity                                                          
Share capital                                      18,576       18,797
Share premium                                      150,144,112  153,742,563
Reserves                                           (428,937)    (494,988)
Accumulated deficit                                (31,827,379) (60,964,228)
Share based payment reserve                        9,388,239    19,901,803
Foreign currency translation reserve               (8,578,442)  (10,904,046)
Total equity attributable to equity holders of the 118,716,169  101,299,901
Company
Non-controlling interest                           75,620       694,050
Total equity                                       118,791,789  101,993,951
                                                               
Liabilities                                                     
Loans and borrowings                               177,280      284,433
Employee benefits                                  681,135      1,010,293
Deferred tax liabilities                           --          383,444
Other non-current liabilities                      1,487,658    6,804,211
Total non-current liabilities                      2,346,073    8,482,381
                                                               
Bank overdraft                                     --          866,521
Loans and borrowings                               82,083       135,459
Derivatives instruments                            149,135      --
Trade and other payables                           46,697,644   80,592,241
Deferred income                                    23,122       37,901
Other current liabilities                          2,101,566    2,511,688
Total current liabilities                          49,053,550   84,143,810
Total liabilities                                  51,399,623   92,626,191
Total equity and liabilities                       170,191,412  194,620,142



MAKEMYTRIP LIMITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)

                        For the three months ended For the year ended
                         March31,                  March 31,
                        2012         2013          2012         2013
                        (in USD)
Revenue                                                       
Air ticketing            20,915,160  14,097,846   76,190,303  60,888,851
Hotels and packages      24,969,971  40,159,580   116,701,137 164,129,318
Other revenue            1,069,616   931,541      3,707,818   3,803,776
Total revenue            46,954,747  55,188,967   196,599,258 228,821,945
                                                             
Service cost                                                  
Procurement cost of
hotel and packages       21,784,227  32,462,790   98,474,788  136,537,143
services
Cost of air tickets      3,078,330   952,914      9,939,556   4,119,631
coupon
Personnel expenses       7,550,940   9,808,287    26,520,745  34,520,455
Other operating expenses 13,690,850  19,409,091   54,868,655  67,953,977
Depreciation and         852,370     1,248,655    2,790,154   3,752,743
amortization
                                                             
Result from operating    (1,970)     (8,692,770)  4,005,360   (18,062,004)
activities
                                    --                      
Finance income           670,400     1,076,449    1,987,904   4,197,603
Finance costs            502,290     2,027,122    4,957,097   4,939,526
Net finance income       168,110     (950,673)    (2,969,193) (741,923)
(costs)
                                                             
Share of loss of
equity-accounted         (54,685)    (65,538)     (65,957)    (186,130)
investee
Profit (Loss) before tax 111,455     (9,708,981)  970,210     (18,990,057)
Income tax benefit       6,070,254   (10,605,982) 6,078,146   (8,599,023)
(expense)
Profit (Loss) for the    6,181,709   (20,314,963) 7,048,356   (27,589,080)
period
                                                             
Other comprehensive                                           
income (loss)
Foreign currency
translation differences  1,742,739   319,019      (7,421,044) (2,309,906)
on foreign operations
Net change in fair value
of available-for-sale    98,274      (44,641)     (428,937)   459,047
financial assets
Defined benefit plan     20,577      (55,635)     23,223      (125,748)
actuarial gains (losses)
Income tax benefit
(expense) on other       (7,535)     (13,800)     (7,535)     (13,800)
comprehensive income
(loss)
Other comprehensive
income (loss) for the    1,854,055   204,943      (7,834,293) (1,990,407)
period, net of tax
Total comprehensive
income (loss) for the    8,035,764   (20,110,020) (785,937)   (29,579,487)
period
                                                             
Profit (Loss)                                                 
attributable to:
Owners of the Company    6,266,458   (20,407,056) 7,183,935   (27,592,521)
Non-controlling interest (84,749)    92,093       (135,579)   3,441
Profit (Loss) for the    6,181,709   (20,314,963) 7,048,356   (27,589,080)
period
                                                             
Total comprehensive
income (loss)                                                 
attributable to:
Owners of the Company    8,100,590   (20,192,807) (633,645)   (29,583,133)
Non-controlling interest (64,826)    82,787       (152,292)   3,646
Total comprehensive
income (loss) for the    8,035,764   (20,110,020) (785,937)   (29,579,487)
period
                                                             
Earnings (Loss) per                                           
share
Basic                    0.17        (0.54)       0.20        (0.74)
Diluted                  0.16        (0.54)       0.19        (0.74)
                                                             
Weighted average number                                       
of shares
Basic                    37,143,709  37,496,507   36,682,240  37,315,434
Diluted                  38,443,338  37,496,507   38,234,070  37,315,434



MAKEMYTRIP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(UNAUDITED)
                                                                                                                          
                  Attributable to Equity Holders of the Company                                                                   
                                        Reserve                             Share Based Foreign
                  Share   Share        for Own    Fair Value Accumulated   Payment     Currency      Total         Non-Controlling Total Equity
                   Capital Premium      Shares     Reserves   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 year
Profit (loss) for  --    --         --       --       (27,592,521) --        --          (27,592,521) 3,441          (27,589,080)
the year
                                                                                                                          
Other
comprehensive                                                                                                              
income (loss)
Foreign currency
translation        --    --         --       --       --          --        (2,310,111)  (2,310,111)  205            (2,309,906)
differences
Net change in fair
value of           --    --         --       459,047   --          --        --          459,047      --            459,047
available-for-sale
financial assets
Defined benefit
plan actuarial     --    --         --       --       (139,548)    --        --          (139,548)    --            (139,548)
loss, net of tax
Total other
comprehensive      --    --         --       459,047   (139,548)    --        (2,310,111)  (1,990,612)  205            (1,990,407)
income (loss)
Total
comprehensive      --    --         --       459,047   (27,732,069) --        (2,310,111)  (29,583,133) 3,646          (29,579,487)
income (loss) for
the year
                                                                                                                          
Transactions with
owners, recorded                                                                                                           
directly in equity
Contributions by                                                                                                           
owners
Share-based        --    --         --       --       --          11,722,188 --          11,722,188   --            11,722,188
payment
Issue of ordinary
shares on exercise 116    1,250,609   --       --       --          (832,779)  --          417,946      --            417,946
of share options
Transfer to
accumulated        --    --         --       --       375,845      (375,845)  --          --          --            --
deficit on expiry
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   221    3,598,451   (525,098) --       375,845      10,513,564 --          13,962,983   --            13,962,983
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    --    --         --       --       --          --        --          --          620,162        620,162
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)  614,784        (1,181,334)
in subsidiaries
Total transactions 221    3,598,451   (525,098) --       (1,404,780)  10,513,564 (15,493)     12,166,865   614,784        12,781,649
with owners
Balance as at      18,797 153,742,563 (525,098) 30,110    (60,964,228) 19,901,803 (10,904,046) 101,299,901  694,050        101,993,951
March 31, 2013



MAKEMYTRIP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
                                                               
                                                  For the year ended March 31
                                                  2012          2013
                                                  (in USD)
Profit (Loss) for the period                       7,048,356    (27,589,080)
Adjustments for non-cash items                     6,713,054    24,933,929
Change in working capital                         (2,882,476)  16,251,047
Net cash from (used in) operating activities       10,878,934   13,595,897
Net cash used in investing activities              (46,224,556) (17,948,068)
Net cash from (used in) financing activities       35,232,817   (1,393,981)
Decrease in cash and cash equivalents              (112,805)    (5,746,152)
Cash and cash equivalents at beginning of the year 47,874,344   43,798,230
Effect of exchange rate fluctuations on cash held  (3,963,309)  (2,417,121)
Cash and cash equivalents at end of the year       43,798,230   35,634,957



MAKEMYTRIP LIMITED
RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES
                                                                                     
       Three months ended March 31,
       Air ticketing           Hotels and packages       Others                Total
       2012        2013        2012         2013         2012       2013       2012         2013
                                                                                     
Revenue 20,915,160 14,097,846 24,969,971  40,159,580  1,069,616 931,541   46,954,747  55,188,967
                                                                                     
Less:                                                                                 
Service 3,078,330  952,914    21,784,227  32,462,790  --       --       24,862,557  33,415,704
cost
Revenue
less    17,836,830 13,144,932 3,185,744   7,696,790   1,069,616 931,541   22,092,190  21,773,263
service
cost
                                                                                     
                                                                                     
       Year ended March 31,
       Air ticketing           Hotels and packages       Others                Total
       2012        2013        2012         2013         2012       2013       2012         2013
                                                                                     
Revenue 76,190,303 60,888,851 116,701,137 164,129,318 3,707,818 3,803,776 196,599,258 228,821,945
                                                                                     
Less:                                                                                 
Service 9,939,556  4,119,631  98,474,788  136,537,143 --       --       108,414,344 140,656,774
cost
Revenue
less    66,250,747 56,769,220 18,226,349  27,592,175  3,707,818 3,803,776 88,184,914  88,165,171
service
cost

                                                  
                                                  
Reconciliation of        For the three months ended For the year ended
Adjusted Operating       March 31,                  March 31,
Profit (Loss)
(Unaudited)              2012         2013          2012         2013
                        (in USD)
Result from operating    (1,970)     (8,692,770)  4,005,360   (18,062,004)
activities as per IFRS
Add: Employee
share-based compensation 2,731,782   2,867,133    6,894,450   11,667,188
costs
Add: Merger and
acquisitions related     50,000      8,947        241,118     704,974
expenses
Add: Acquisition related 17,797      320,093      64,220      571,516
intangibles amortization
Adjusted Operating       2,797,609   (5,496,597)  11,205,149  (5,118,326)
Profit (Loss)
                                                             
Reconciliation of        For the three months ended For the year ended
Adjusted Net Income      March 31,                  March 31,
(Loss)
(Unaudited)              2012         2013          2012         2013
                        (in USD)
Income (Loss) for the    6,181,709   (20,314,963) 7,048,356   (27,589,080)
period as per IFRS
Add: Employee
share-based compensation 2,731,782   2,867,133    6,894,450   11,667,188
costs
Add: Merger and
acquisitions related     50,000      8,947        241,118     704,974
expenses
Add: Acquisition related 17,797      320,093      64,220      571,516
intangibles amortization
Add: Cost related to
follow-on public         --         --          879,994     --
offering
Add (Less): Net (gain)
loss on change in fair   65,825      (284,615)    65,825      (150,732)
value of derivative
financial instrument
Add (Less): Net change
in fair value of         41,359      273,678      184,545     154,726
financial liability in
business combination
Less: Income tax         (6,070,254) 10,605,982   (6,078,146) 8,599,023
(benefit) expense
Adjusted Net Income      3,018,218   (6,523,745)  9,300,363   (6,042,385)
(Loss)
                                                             
Adjusted Earning (Loss)                                       
per share
Diluted                  0.08        (0.17)       0.24        (0.16)
                                                             

            For the three months ended March 31, 2013,
            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     -32.6%    60.8%    -12.9% 17.5%  -26.3%    141.6%   -12.9% -1.4%
Growth
Impact of
Foreign      4.8%      6.2%     5.1%   5.9%   5.1%      4.5%     5.1%   5.6%
Currency
Translation
Constant
Currency     -27.8%    67.0%    -7.8%  23.5%  -21.2%    146.1%   -7.8%  4.1%
Growth
                                                                
                                                                
            For the year ended March 31, 2013,
            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     -20.1%    40.6%    2.6%   16.4%  -14.3%    51.4%    2.6%   0.0%
Growth
Impact of
Foreign      10.2%     15.4%    11.4%  13.3%  11.0%     14.3%    11.4%  11.7%
Currency
Translation
Constant
Currency     -9.8%     56.0%    13.9%  29.7%  -3.3%     65.7%    13.9%  11.7%
Growth



MAKEMYTRIP LIMITED
OPERATING DATA

                           For the three months ended For the year ended
                            March 31,                  March 31,
                           2012          2013         2012       2013
                           (in thousands, except percentages)
Number of transactions                                         
Air ticketing               933.0        1,054.2     3,715.4   3,794.1
Hotels and packages         84.7         167.0       343.1      568.1
                                                              
Revenue less service cost:                                     
Air ticketing               17,836.8     13,144.9    66,250.7  56,769.2
Hotels and packages         3,185.7      7,696.8     18,226.3  27,592.2
Other revenue               1,069.6      931.5       3,707.8   3,803.8
                           22,092.2     21,773.3    88,184.9  88,165.2
Gross Bookings                                                 
Air ticketing               213,382.0    248,879.3   839,234.3 939,637.5
Hotels and packages         33,175.9     62,802.9    153,723.2 229,921.0
                           246,557.9    311,682.2   992,957.5 1,169,558.6
Net revenue margins                                            
Air ticketing               8.4%          5.3%         7.9%       6.0%
Hotels and packages         9.6%          12.3%        11.9%      12.0%
                                                              
Combined net revenue margin
for air ticketing and       8.5%          6.7%         8.5%       7.2%
hotels and packages

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