MakeMyTrip(MMYT) - 2023 Q4 - Annual Report

Revenue Growth - Revenue for Q4 FY23 was $148.5 million, a 67.7% increase YoY, and$ 593.0 million for the full year, a 95.1% increase YoY[11]. - Total revenue for the fiscal year 2023 was $593.0 million, a 95.1% increase from$ 303.9 million in fiscal year 2022[27]. - Revenue for the three months ended March 31, 2023, reached $148.52 million, a 67.7% increase year-over-year[78]. - For the year ended March 31, 2023, the company reported a total revenue growth of 95.1% year-over-year, with air ticketing growing by 66.6%, hotels and packages by 114.7%, and bus ticketing by 87.7%[79]. Gross Bookings - Gross Bookings reached$ 1,673.9 million in Q4 FY23, up 80.7% YoY, and $6,566.2 million for the full year, up 122.0% YoY[7]. - The company achieved a gross booking of$ 6.57 billion for the year ended March 31, 2023, compared to $3.19 billion in the previous year, representing a growth of 106.5%[81]. Profitability - Adjusted Operating Profit for Q4 FY23 was$ 19.0 million, an increase of $7.0 million YoY, and$ 70.3 million for the full year, up $47.1 million YoY[7]. - Adjusted Net Profit for FY23 was$ 52.9 million, significantly up from $21.7 million in FY22[7]. - The company reported a profit of$ 5.4 million for Q4 FY23, compared to a loss of $4.1 million in Q4 FY22[2]. - The company reported a profit (loss) before tax of$ (12,144) thousand for the year ended March 31, 2023, compared to $(46,674) thousand in 2022, showing an improvement in pre-tax losses[73]. Segment Performance - Air Ticketing revenue increased by 53.5% YoY in Q4 FY23 to$ 38.9 million, with an Adjusted Margin of $74.3 million, up 65.8% YoY[13]. - Hotels and Packages revenue grew by 81.9% YoY in Q4 FY23 to$ 82.1 million, with an Adjusted Margin of $63.5 million, up 64.2% YoY[7]. - Bus Ticketing revenue increased by 49.8% YoY in Q4 FY23 to$ 18.9 million, with an Adjusted Margin of $19.3 million, up 70.8% YoY[7]. - Revenue from the hotels and packages business increased by 114.7% to$ 337.7 million for the year ended March 31, 2023, compared to $157.3 million in the previous year[32]. - Revenue from the bus ticketing business increased by 87.7% to$ 74.9 million, with Adjusted Margin rising by 101.8% to $77.3 million for the year ended March 31, 2023[33]. Expenses - Personnel expenses increased by 12.9% to$ 132.0 million, primarily due to annual wage increases[35]. - Marketing and sales promotion expenses surged by 99.1% to $101.6 million, reflecting increased variable costs and discretionary expenditures[36]. - Other operating expenses rose by 79.1% to$ 34.1 million in Q1 2023, up from $19.0 million in Q1 2022[21]. - Customer inducement costs recorded as a reduction of revenue increased to$ 60.4 million in Q1 2023 from $33.7 million in Q1 2022[21]. Cash and Liquidity - As of March 31, 2023, the company had cash and cash equivalents of$ 486.7 million and no amounts outstanding under existing credit facilities[44]. - Cash and cash equivalents increased to $284.018 million as of March 31, 2023, up from$ 213.283 million a year earlier, indicating improved liquidity[64]. - The company recorded a net cash generated from investing activities of $46,776 thousand in 2023, a turnaround from a cash outflow of$ 77,604 thousand in 2022[71]. Market Outlook and Strategy - The strong recovery in travel demand was attributed to increased consumer sentiment and vaccination rates, leading to improved results across all segments[9]. - The company plans to continue investing in product innovation to enhance customer experience in the upcoming fiscal year[6]. - The company plans to continue expanding its market presence and investing in new technologies to enhance user experience and operational efficiency[80].