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MakeMyTrip Limited, Q4 2013 Earnings Call, May 22, 2013

MakeMyTrip Limited announced that they will report Q4, 2013 results at 9:00 AM, Indian Standard Time on May 22, 2013

MakeMyTrip Limited is seeking acquisitions. MakeMyTrip has identified three areas for inorganic growth. Deep Kalra, founder and Chief Executive Officer of MakeMyTrip said, "The Company is seeking to buy niche travel technology entities and specialist travel firms dedicated to certain travel segments." Deep added that a third area would be "supplier disintermediation". Kalra said, "We believe that there is scope for one intermediary between suppliers, be it an airline or hotel, and customer, and we believe we are that intermediary. We will look for supplier disintermediation wherever we can see it. To give you an example, if there is a good company for pilgrimages that would be very exciting for us. If we find a company which is fantastic but is very large, we will have to see financial options or structuring." Kalra added that the management was willing to put to use the $70 million MakeMyTrip has in cash reserves and is prepared to debt-finance a large acquisition. Deep said, "We have to now put this cash to good use. Tough time is a good time to get companies. Currently, there are many deals coming the company’s way." Kalra also said that short haul regional travel by Indians to West Asia and South East Asia is seeing strong growth and is a potential opportunity.

MakeMyTrip Limited announced unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2012. For the quarter, the company reported total revenue of USD 53,806,862 against USD 63,829,963 a year ago. Income from operating activities was USD 1,282,880 against USD 6,148,254 a year ago. Profit before tax was USD 38,519 against loss before tax of USD 6,609,409 a year ago. Profit attributable to owners of the company was USD 39,570 or USD 0.001 per diluted share against loss attributable to owners of the company of USD 5,218,716 or USD 0.14 per diluted share a year ago. Adjusted operating profit was USD 4,316,353 against adjusted operating loss of USD 2,226,539 a year ago. Adjusted net income was USD 3,126,122 or USD 0.08 per diluted share against adjusted net loss of USD 2,552,644 or USD 0.07 per diluted share a year ago. For the nine months period, the company reported total revenue of USD 149,644,511 against USD 173,632,978 a year ago. Income from operating activities was USD 4,007,330 against USD 9,369,234 a year ago. Profit before tax was USD 858,755 against loss before tax USD 9,281,076 a year ago. Profit before tax was USD 38,519 against loss before tax USD 6,609,409 a year ago. Profit attributable to owners of the company was USD 917,477 or USD 0.02 per diluted share against loss attributable to owners of the company of USD 7,185,465 or USD 0.19 per diluted share a year ago. Net cash used in operating activities was USD 32,144 against net cash from operating activities of USD 3,113,724 a year ago. Adjusted operating profit was USD 8,407,539 against USD 378,271 a year ago. Adjusted net income was USD 6,282,144 or USD 0.17 per diluted share against USD 481,359 or USD 0.01 per diluted share a year ago. The company maintained 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, the company is maintaining its revenue less service cost guidance in the range of USD 89 million to USD 91 million based on the current third quarter 2013 average exchange rate of INR 54 to a U.S. Dollar.

MakeMyTrip Limited Presents at Morgan Stanley Technology, Media & Telecom Conference, Feb-26-2013 05:00 PM. Venue: Palace Hotel, 2 New Montgomery Street, San Francisco, California, United States. Speakers: Rajesh Magow, Co-Founder, Group Chief Financial & Operating Officer, Group Principal Accounting Officer and Director.