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MakeMyTrip(MMYT) - 2024 Q4 - Annual Report
MMYTMakeMyTrip(MMYT)2024-05-15 10:31
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Revenue Growth - Revenue increased by 36.6% YoY to 202.9millioninQ42024,drivenbygrowthinairticketing(41.6202.9 million in Q4 2024, driven by growth in air ticketing (41.6%), hotels and packages (28.5%), bus ticketing (25.7%), and others (115.5%)[9] - Revenue for fiscal year 2024 increased by 32.0% to 782.5 million, driven by growth in air ticketing, hotels, packages, and bus ticketing businesses[28] - Total revenue for the year ended March 31, 2024 increased to 782.5million,upfrom782.5 million, up from 593.0 million in the previous year, representing a growth of 32%[72] - Revenue for the year ended March 31, 2024, grew by 32.0% YoY to 782.5million,withconstantcurrencygrowthat35.7782.5 million, with constant currency growth at 35.7%[83] Gross Bookings - Gross Bookings grew by 23.0% YoY to 2,039.0 million in Q4 2024 and by 24.9% YoY to 7,954.4millioninFY24[8]−GrossbookingsforAirTicketingreached7,954.4 million in FY24[8] - Gross bookings for Air Ticketing reached 1,282,805 thousand in Q1 2024, up 19.7% from 1,071,744thousandinQ12023[85]−GrossbookingsforHotelsandPackagesgrewto1,071,744 thousand in Q1 2023[85] - Gross bookings for Hotels and Packages grew to 495,592 thousand in Q1 2024, a 27.5% increase from 388,606thousandinQ12023[85]−GrossbookingsforBusTicketingroseto388,606 thousand in Q1 2023[85] - Gross bookings for Bus Ticketing rose to 260,562 thousand in Q1 2024, up 22.0% from 213,504thousandinQ12023[85]AdjustedOperatingProfit−AdjustedOperatingProfitimprovedby70.4213,504 thousand in Q1 2023[85] Adjusted Operating Profit - Adjusted Operating Profit improved by 70.4% YoY to 32.4 million in Q4 2024 and by 76.7% YoY to 124.2millioninFY24[8]−AdjustedOperatingProfitforQ12024increasedto124.2 million in FY24[8] - Adjusted Operating Profit for Q1 2024 increased to 32.4 million, up from 19.0millioninQ12023[80]AdjustedNetProfit−AdjustedNetProfitgrewby60.119.0 million in Q1 2023[80] Adjusted Net Profit - Adjusted Net Profit grew by 60.1% YoY to 36.9 million in Q4 2024 and by 159.3% YoY to 137.2millioninFY24[8]−AdjustedNetProfitforQ12024was137.2 million in FY24[8] - Adjusted Net Profit for Q1 2024 was 36.9 million, compared to 23.1millioninQ12023[81]−Profitfortheyearsurgedto23.1 million in Q1 2023[81] - Profit for the year surged to 216.7 million in FY 2024, compared to a loss of 11.2millioninFY2023,withAdjustedNetProfitreaching11.2 million in FY 2023, with Adjusted Net Profit reaching 137.2 million[44] - Profit for Q1 2024 was 171.9million,comparedto171.9 million, compared to 5.4 million in Q1 2023, with an Adjusted Net Profit of 36.9million[24]−ProfitfortheyearendedMarch31,2024was36.9 million[24] - Profit for the year ended March 31, 2024 was 216.7 million, a significant improvement from a loss of 11.2millioninthepreviousyear[72]SegmentRevenueGrowth−AirTicketingrevenueincreasedby41.611.2 million in the previous year[72] Segment Revenue Growth - Air Ticketing revenue increased by 41.6% YoY to 55.1 million in Q4 2024, with Adjusted Margin rising by 13.7% YoY to 83.7million[11]−HotelsandPackagesrevenuegrewby28.583.7 million[11] - Hotels and Packages revenue grew by 28.5% YoY to 105.5 million in Q4 2024, with Adjusted Margin increasing by 41.3% YoY to 88.9million[12]−BusTicketingrevenueroseby25.788.9 million[12] - Bus Ticketing revenue rose by 25.7% YoY to 23.8 million in Q4 2024, with Adjusted Margin up by 36.6% YoY to 26.1million[13]−Othersrevenuesurgedby115.526.1 million[13] - Others revenue surged by 115.5% YoY to 18.5 million in Q4 2024, with Adjusted Margin increasing by 55.1% YoY to 13.8million[8]−Revenuefromtheothersbusinessincreasedby115.513.8 million[8] - Revenue from the others business increased by 115.5% to 18.5 million in Q1 2024, driven by elevated travel demand in India[15] - Revenue from the others business increased by 62.3% to 53.0millioninFY2024,drivenbyelevatedtraveldemandinIndia[34]−Airticketingrevenuegrewto53.0 million in FY 2024, driven by elevated travel demand in India[34] - Air ticketing revenue grew to 201.2 million for the year ended March 31, 2024, a 36% increase compared to 147.8millioninthepreviousyear[72]−Hotelsandpackagesrevenuereached147.8 million in the previous year[72] - Hotels and packages revenue reached 435.5 million for the year ended March 31, 2024, up 29% from 337.7millioninthepreviousyear[72]−Busticketingrevenueincreasedto337.7 million in the previous year[72] - Bus ticketing revenue increased to 92.7 million for the year ended March 31, 2024, a 24% rise compared to 74.9millioninthepreviousyear[72]−Otherrevenuesurgedto74.9 million in the previous year[72] - Other revenue surged to 53.0 million for the year ended March 31, 2024, a 62% increase from 32.7millioninthepreviousyear[72]−RevenueforAirTicketingincreasedby41.632.7 million in the previous year[72] - Revenue for Air Ticketing increased by 41.6% YoY to 55.1 million in Q1 2024, with constant currency growth at 42.9%[83] - Hotels and Packages revenue grew by 28.5% YoY to 105.5millioninQ12024,withconstantcurrencygrowthat30.0105.5 million in Q1 2024, with constant currency growth at 30.0%[83] - Bus Ticketing revenue rose by 25.7% YoY to 23.8 million in Q1 2024, with constant currency growth at 27.1%[83] Adjusted Margin - Adjusted Margin – Air ticketing increased by 13.4% to 317.7millioninfiscalyear2024,withcustomerinducementcostsof317.7 million in fiscal year 2024, with customer inducement costs of 116.4 million[30] - Adjusted Margin – Others rose by 43.0% to 48.8millioninFY2024,withcustomerinducementcostsdecreasingto48.8 million in FY 2024, with customer inducement costs decreasing to 0.4 million[34] - Adjusted Margin for Air Ticketing increased by 12.7% YoY to 83.7millioninQ12024,withconstantcurrencygrowthat13.783.7 million in Q1 2024, with constant currency growth at 13.7%[83] - Adjusted Margin for Hotels and Packages grew by 39.9% YoY to 88.9 million in Q1 2024, with constant currency growth at 41.3%[83] - Adjusted Margin for the year ended March 31, 2024, increased by 13.4% YoY to 317.7million,withconstantcurrencygrowthat16.7317.7 million, with constant currency growth at 16.7%[83] - Adjusted Margin for the year increased to 817.425 million in 2024 from 651.221millionin2023[78]SegmentPerformanceMetrics−Thenumberofairticketingflightsegmentsincreasedby2.9651.221 million in 2023[78] Segment Performance Metrics - The number of air ticketing flight segments increased by 2.9% YoY, driven by elevated travel demand in India[11] - Hotel-room nights increased by 19.9% YoY, contributing to the growth in Hotels and Packages revenue[12] - Air Ticketing flight segments increased to 12,815 thousand in Q1 2024, up 2.9% from 12,454 thousand in Q1 2023[85] - Hotels and Packages room nights grew to 7,757 thousand in Q1 2024, a 19.9% increase from 6,468 thousand in Q1 2023[85] - Bus Ticketing travelled tickets rose to 22,719 thousand in Q1 2024, up 21.3% from 18,735 thousand in Q1 2023[85] - Air Ticketing adjusted margin decreased to 6.5% in Q1 2024 from 6.9% in Q1 2023[85] - Hotels and Packages adjusted margin improved to 17.9% in Q1 2024 from 16.3% in Q1 2023[85] - Bus Ticketing adjusted margin increased to 10.0% in Q1 2024 from 9.1% in Q1 2023[85] Cost and Expenses - Service cost increased by 23.4% to 52.9 million in Q1 2024, primarily due to elevated travel demand in India and car booking business costs[17] - Personnel expenses increased by 28.3% to 43.3millioninQ12024,drivenbyshare−basedcompensationandannualwageincreases[18]−Marketingandsalespromotionexpensesincreasedby36.243.3 million in Q1 2024, driven by share-based compensation and annual wage increases[18] - Marketing and sales promotion expenses increased by 36.2% to 31.6 million in Q1 2024, with customer inducement costs of 62.5million[19]−Servicecostincreasedby21.162.5 million[19] - Service cost increased by 21.1% to 215.1 million in FY 2024, primarily due to higher travel demand in India and car booking business costs[36] - Personnel expenses grew by 11.8% to 147.6millioninFY2024,drivenbyshare−basedcompensationandannualwageincreases[37]−Marketingandsalespromotionexpensesincreasedby21.4147.6 million in FY 2024, driven by share-based compensation and annual wage increases[37] - Marketing and sales promotion expenses increased by 21.4% to 123.3 million in FY 2024, reflecting higher variable costs and brand-building initiatives[38] Financial Performance - Results from operating activities showed a profit of 16.7millioninQ12024,comparedto16.7 million in Q1 2024, compared to 8.0 million in Q1 2023[21] - Net finance income was 31.3millioninQ12024,comparedtoanetfinancecostof31.3 million in Q1 2024, compared to a net finance cost of 2.6 million in Q1 2023[22] - Net finance income improved to 27.7millioninFY2024,comparedtoanetfinancecostof27.7 million in FY 2024, compared to a net finance cost of 35.8 million in FY 2023, due to higher interest income and reduced foreign exchange losses[42] - Income tax benefit of 123.8millionwasrecognizedinFY2024,drivenbydeferredtaxassetsontaxlossesandtemporarydifferences[43]−ProfitbeforetaxfortheyearendedMarch31,2024,was123.8 million was recognized in FY 2024, driven by deferred tax assets on tax losses and temporary differences[43] - Profit before tax for the year ended March 31, 2024, was 92.938 million, a significant improvement from a loss of 12.144millionin2023[78]EarningsPerShare−Dilutedearningspershareimprovedto12.144 million in 2023[78] Earnings Per Share - Diluted earnings per share improved to 1.74 in FY 2024, compared to a diluted loss per share of 0.10inFY2023[45]−BasicearningspersharefortheyearendedMarch31,2024was0.10 in FY 2023[45] - Basic earnings per share for the year ended March 31, 2024 was 1.95, compared to a loss per share of 0.10inthepreviousyear[72]−AdjustedDilutedEarningsperShareforQ12024was0.10 in the previous year[72] - Adjusted Diluted Earnings per Share for Q1 2024 was 0.38, up from 0.21inQ12023[81]CashandCashEquivalents−Cashandcashequivalents,includingtermdeposits,stoodat0.21 in Q1 2023[81] Cash and Cash Equivalents - Cash and cash equivalents, including term deposits, stood at 607.8 million as of March 31, 2024[46] - Cash and cash equivalents grew to 327.1millionasofMarch31,2024,comparedto327.1 million as of March 31, 2024, compared to 284.0 million as of March 31, 2023[70] - Cash and cash equivalents at the end of the year grew to 327.065millionfrom327.065 million from 284.018 million in the previous year[76] Total Assets and Equity - Total assets increased to 1.66billionasofMarch31,2024,upfrom1.66 billion as of March 31, 2024, up from 1.36 billion as of March 31, 2023[70] - Total equity attributable to owners of the Company increased to 1.11billionasofMarch31,2024,upfrom1.11 billion as of March 31, 2024, up from 869.6 million as of March 31, 2023[70] Comprehensive Income - Total comprehensive income for the year was 205.917million,withaprofitfortheyearof205.917 million, with a profit for the year of 216.743 million and other comprehensive loss of 10.826million[74]CashFlow−Netcashgeneratedfromoperatingactivitiesincreasedto10.826 million[74] Cash Flow - Net cash generated from operating activities increased to 125.740 million in 2024 from 32.213millionin2023[76]ConsolidatedFinancials−ConsolidatedrevenuefortheyearendedMarch31,2024,was32.213 million in 2023[76] Consolidated Financials - Consolidated revenue for the year ended March 31, 2024, was 782.524 million, up from 593.036millionin2023[78]−Hotelsandpackagessegmentrevenuegrewto593.036 million in 2023[78] - Hotels and packages segment revenue grew to 435.542 million in 2024 from 337.686millionin2023[78]−Airticketingsegmentrevenueincreasedto337.686 million in 2023[78] - Air ticketing segment revenue increased to 201.246 million in 2024 from 147.793millionin2023[78]−Busticketingsegmentrevenueroseto147.793 million in 2023[78] - Bus ticketing segment revenue rose to 92.693 million in 2024 from 74.873millionin2023[78]−Allothersegmentsrevenueincreasedto74.873 million in 2023[78] - All other segments revenue increased to 53.043 million in 2024 from $32.684 million in 2023[78]