MakeMyTrip has reported revenues of $52.04 million for the quarter ended June, 2011, recording a hike of 54.3 per cent compared to $33.72 million in corresponding quarter of last fiscal. The company’s net profit has fallen 79.7 per cent on a sequential basis to $0.75 million for. The net profit has also dropped 42.7 per cent, as compared to $1.31 million in the corresponding quarter last fiscal.

“Revenue from our air ticketing business increased by 46.9 per cent to $14.7 million in the quarter ended June 30, 2011 from $10.0 million in the quarter ended June 30, 2010. Our Revenue less service cost increased by 44.2 per cent to $14.4 million in the quarter ended June 30, 2011 from $10.0 million in the quarter ended June 30, 2010. This was due to increase in gross bookings of 49.4 per cent partially offset by a decrease in net revenue margin from 6.8 per cent in the quarter ended June 30, 2010 to 6.6 per cent in the quarter ended June 30, 2011,” the company said in a release.

MakeMyTrip has joined hands with its largest shareholder – private equity firm SAIF Partners – to acquire a majority stake in Gurgaon-based Le Travenues Technology Pvt Ltd, which owns and operates travel search engine Ixigo. While MakeMyTrip is picking 19.9 per cent for a cash consideration of $4.8 million, SAIF is acquiring 56.7 per cent for $13.7 million. Representatives from SAIF Partners will be joining the board of Ixigo. 

In May this year, MakeMyTrip had acquired 79 per cent equity stake in Singapore-based Luxury Tours & Travel Pte Ltd for $3 million. It will now acquire the remaining shares of LTT from the existing shareholders in cash, in three tranches and over a three-year earn-out period ending June, 2014. In June, MMT had approximately invested $0.4 million of the total $0.8 million, which it had planned to invest in tranches until June, 2012, for the subscription of new equity shares to be issued by LTT.

(You need to login first to read complete news).
New User? Register for FREE!
» Back to Travel News