Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

For the quarter ended September 30, 2023

Commission File Number 001-34837

MAKEMYTRIP LIMITED

(Translation of registrant’s name into English)

19th Floor, Building No. 5

DLF Cyber City

Gurugram, India, 122002

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Other Events

Announcement of Unaudited Financial Results for the Quarter ended September 30, 2023

On October 31, 2023, MakeMyTrip Limited (“MakeMyTrip”) issued an earnings release announcing its unaudited financial results for the fiscal second quarter of 2024 (i.e. quarter ended September 30, 2023). A copy of the earnings release dated October 31, 2023 is attached hereto as Exhibit 99.1.

Exhibit


99.1		Earnings release of MakeMyTrip Limited dated October 31, 2023.

EXHIBIT INDEX


99.1		Earnings release of MakeMyTrip Limited dated October 31, 2023.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: October 31, 2023


MAKEMYTRIP LIMITED

By:		/s/ Rajesh Magow
Name:		Rajesh Magow
Title:		Group Chief Executive Officer

Exhibit 99.1

MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2024 SECOND QUARTER RESULTS

Gurugram, India and New York, October 31, 2023 — MakeMyTrip Limited (NASDAQ: MMYT), India’s leading travel service provider, today announced its unaudited interim financial and operating results for its fiscal second quarter ended September 30, 2023.


(in thousands)	For the three months ended September 30, 2022			For the three months ended September 30, 2023		YoY Change			YoY Change in constant currency(1)			For the six months ended September 30, 2022			For the six months ended September 30, 2023		YoY Change			YoY Change in constant currency(1)
Financial Summary as per IFRS
Revenue	$	131,254		$	168,690		28.5	%		32.8	%	$	273,987		$	365,421		33.4	%		39.6	%
Air Ticketing	$	39,608		$	48,597		22.7	%		27.0	%	$	70,549		$	94,475		33.9	%		40.3	%
Hotels and Packages	$	68,246		$	89,366		30.9	%		35.1	%	$	152,291		$	204,581		34.3	%		40.4	%
Bus Ticketing	$	16,088		$	19,789		23.0	%		27.3	%	$	36,395		$	44,716		22.9	%		28.8	%
Others	$	7,312		$	10,938		49.6	%		54.7	%	$	14,752		$	21,649		46.8	%		53.9	%
Results from Operating Activities	$	3,899		$	6,714							$	8,165		$	25,846
Profit (loss) for the period	$	(6,776	)	$	2,000							$	(16,785	)	$	20,598
Financial Summary as per non-IFRS measures
Adjusted Margin(2)
Air Ticketing	$	74,998		$	80,250		7.0	%		10.7	%	$	135,622		$	154,783		14.1	%		19.6	%
Hotels and Packages	$	57,360		$	75,659		31.9	%		36.7	%	$	124,285		$	161,227		29.7	%		36.2	%
Bus Ticketing	$	16,858		$	21,815		29.4	%		34.0	%	$	37,621		$	49,092		30.5	%		36.9	%
Others	$	7,548		$	10,984		45.5	%		50.7	%	$	15,447		$	21,903		41.8	%		48.7	%
Adjusted Operating Profit(2)	$	15,137		$	28,199							$	31,606		$	58,338
Adjusted Net Profit(2)	$	8,009		$	27,805							$	14,007		$	61,393
Gross Bookings	$	1,541,668		$	1,839,700		19.3	%		23.8	%	$	3,154,143		$	3,827,189		21.3	%		27.6	%

Notes:

(1)

Constant currency refers to our financial results assuming constant foreign exchange rates for the current fiscal period based on the rates in effect during the comparable fiscal period in the prior fiscal year. This is a non-IFRS measure. For more information, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release. IFRS refers to International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB). Reconciliations of IFRS measures to non-IFRS financial measures and operating results are included at the end of this release.

(2)

This is a non-IFRS measure. For more information, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release. Reconciliations of IFRS measures to non-IFRS financial measures and operating results are included at the end of this release.

Financial Highlights for Fiscal 2024 Second Quarter

(Year over Year (YoY) growth % is based on constant currency(1))

•

Gross Bookings increased by 23.8% YoY in 2Q24 to $1,839.7 million.

•

Adjusted Margin(2) – Air Ticketing increased by 10.7% YoY in 2Q24 to $80.3 million.

•

Adjusted Margin(2) – Hotels and Packages increased by 36.7% YoY in 2Q24 to $75.7 million.

•

Adjusted Margin(2) – Bus Ticketing increased by 34.0% YoY in 2Q24 to $21.8 million.

•

Adjusted Margin(2) – Others increased by 50.7% YoY in 2Q24 to $11.0 million.

•

Adjusted Operating Profit(2) increased to $28.2 million in 2Q24 versus $15.1 million in 2Q23, reflecting an improvement of $13.1 million YoY.

•

Adjusted Net Profit(2) increased to $27.8 million in 2Q24 versus $8.0 million in 2Q23, reflecting an improvement of $19.8 million YoY.

Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, commenting on the results, said,

“While the second quarter of fiscal year tends to be a seasonally weaker period for leisure travel, we are pleased to report strong year on year revenue growth and expansion in Adjusted Operating Profit. Our innovative travel solutions, brand strength and ability to deliver superior value to our customers and our partners are helping us to drive profitable growth.”

Fiscal 2024 Second Quarter Financial Results

Revenue. We generated revenue of $168.7 million in the quarter ended September 30, 2023, an increase of 28.5% (32.8% in constant currency(1)) over revenue of $131.3 million in the quarter ended September 30, 2022, primarily as a result of an increase of 22.7% (27.0% in constant currency) in revenue from our air ticketing business, an increase of 30.9% (35.1% in constant currency) in revenue from our hotels and packages business, an increase of 23.0% (27.3% in constant currency) in revenue from our bus ticketing business, and an increase of 49.6% (54.7% in constant currency) in revenue from our others business, each as further described below. The increase in revenue was primarily due to the sustained elevated travel demand in India in the quarter ended September 30, 2023 as compared to the quarter ended September 30, 2022.

The table below summarizes our segment profitability in terms of revenue and Adjusted Margin in each segment. Customer inducement costs have been added back to revenue to calculate Adjusted Margin and are intended to reflect the way we view our ongoing business. Under IFRS, these customer inducement costs are required to be recorded as a reduction of revenue. For more information, see “Information About Reportable Segments” in our condensed consolidated interim financial statements included elsewhere in this release. Also see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release.


	For the three months ended September 30
	Air ticketing				Hotels and packages				Bus ticketing				Others
	2022		2023		2022		2023		2022		2023		2022		2023
	(Amounts in USD thousands)
Revenue as per IFRS		39,608		48,597		68,246		89,366		16,088		19,789		7,312		10,938
Add: Customer inducement costs recorded as a reduction of revenue		36,148		31,653		19,261		26,567		1,971		2,026		403		46
Less: Service cost		758		—		30,147		40,274		1,201		—		167		—
Adjusted Margin(2)		74,998		80,250		57,360		75,659		16,858		21,815		7,548		10,984

Air Ticketing. Revenue from our air ticketing business increased by 22.7% (27.0% in constant currency) to $48.6 million in the quarter ended September 30, 2023, from $39.6 million in the quarter ended September 30, 2022. Our Adjusted Margin – Air ticketing increased by 7.0% (10.7% in constant currency) to $80.3 million in the quarter ended September 30, 2023, from $75.0 million in the quarter ended September 30, 2022. Adjusted Margin – Air ticketing includes customer inducement costs of $31.7 million in the quarter ended September 30, 2023 and $36.1 million in the quarter ended September 30, 2022, recorded as a reduction of revenue. The increase in revenue from our air ticketing business and Adjusted Margin – Air ticketing was primarily due to an increase in gross bookings of 16.4% (20.8% in constant currency) primarily driven by a 23.0% increase in the number of air ticketing flight segments year over year (excluding flight segments booked as a component of bookings for our Hotels and Packages segment), primarily due to the sustained elevated travel demand in India in the quarter ended September 30, 2023 as compared to the quarter ended September 30, 2022. Further, our Adjusted Margin % (defined as Adjusted Margin as a percentage of gross bookings) – Air ticketing decreased marginally to 6.8% in the quarter ended September 30, 2023 as compared to 7.4% in the quarter ended September 30, 2022.

Hotels and Packages. Revenue from our hotels and packages business increased by 30.9% (35.1% in constant currency) to $89.4 million in the quarter ended September 30, 2023, from $68.2 million in the quarter ended September 30, 2022. Our Adjusted Margin – Hotels and packages increased by 31.9% (36.7% in constant currency) to $75.7 million in the quarter ended September 30, 2023 from $57.4 million in the quarter ended September 30, 2022. Adjusted Margin – Hotels and packages includes customer inducement costs of $26.6 million in the quarter ended September 30, 2023 and $19.3 million in the quarter ended September 30, 2022, recorded as a reduction of revenue. The increase in revenue from our hotels and packages business and Adjusted Margin – Hotels and packages was primarily due to an increase in gross bookings by 29.7% (34.5% in constant currency) primarily driven by a 19.7% increase in the number of hotel-room nights in the quarter ended September 30, 2023 as compared to the quarter ended September 30, 2022, primarily due to the sustained elevated travel demand in India in the quarter ended September 30, 2023 as compared to the quarter ended September 30, 2022. Our Adjusted Margin % – Hotels and packages increased marginally to 17.5% in the quarter ended September 30, 2023 as compared to 17.2% in the quarter ended September 30, 2022.

Bus Ticketing. Revenue from our bus ticketing business increased by 23.0% (27.3% in constant currency) to $19.8 million in the quarter ended September 30, 2023, from $16.1 million in the quarter ended September 30, 2022. Our Adjusted Margin – Bus ticketing increased by 29.4% (34.0% in constant currency) to $21.8 million in the quarter ended September 30, 2023 from $16.9 million in the quarter ended September 30, 2022. Adjusted Margin – Bus ticketing includes customer inducement costs of $2.0 million in the quarter ended September 30, 2023 and $2.0 million in the quarter ended September 30, 2022, recorded as a reduction of revenue. The increase in revenue from our bus ticketing business and Adjusted Margin – Bus ticketing was due to an increase in gross bookings by 16.7% (21.2% in constant currency) driven by a 18.7% increase in the number of bus tickets travelled year over year, primarily due to the sustained elevated travel demand in India in the quarter ended September 30, 2023 as compared to the quarter ended September 30, 2022. Our Adjusted Margin % – Bus ticketing increased marginally to 9.9% in the quarter ended September 30, 2023 as compared to 9.0% in the quarter ended September 30, 2022.

Others. Revenue from our others business increased by 49.6% (54.7% in constant currency) to $10.9 million in the quarter ended September 30, 2023, from $7.3 million in the quarter ended September 30, 2022. Our Adjusted Margin – Others increased by 45.5% (50.7% in constant

currency) to $11.0 million in the quarter ended September 30, 2023 from $7.5 million in the quarter ended September 30, 2022. Adjusted Margin – Others includes customer inducement costs of $0.05 million in the quarter ended September 30, 2023 and $0.4 million in the quarter ended September 30, 2022, recorded as a reduction of revenue. The increase in revenue from our others business and Adjusted Margin – Others was primarily on account of an increase in revenue from marketing alliances and other travel and ancillary services primarily due to the sustained elevated travel demand in India in the quarter ended September 30, 2023 as compared to the quarter ended September 30, 2022.

Other Income. Other income decreased by 91.5% to $0.2 million in the quarter ended September 30, 2023 from $2.4 million in the quarter ended September 30, 2022, primarily due to a gain on discontinuation of equity-accounted investment of $2.0 million recorded in the quarter

ended September 30, 2022.

Service Cost. Service cost increased by 24.8% to $40.3 million in the quarter ended September 30, 2023 from $32.3 million in the quarter ended September 30, 2022, primarily due to the sustained elevated travel demand in India in the quarter ended September 30, 2023 as compared to the quarter ended September 30, 2022.

Personnel Expenses. Personnel expenses increased by 4.6% to $35.0 million in the quarter ended September 30, 2023 from $33.5 million in the quarter ended September 30, 2022, primarily due to annual wage increases effected in the quarter ended June 30, 2023, partially offset by a reduction in share-based compensation costs in the quarter ended September 30, 2023 as compared to the quarter ended September 30, 2022.

Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses increased marginally by 1.1% to $25.0 million in the quarter ended September 30, 2023 from $24.8 million in the quarter ended September 30, 2022. Additionally, we incurred customer inducement costs recorded as a reduction of revenue of $60.3 million in the quarter ended September 30, 2023 and $57.8 million in the quarter ended September 30, 2022. The details are as follows:


	For the three months ended September 30
	2022		2023
	(Amounts in USD thousands)
Marketing and sales promotion expenses		24,756		25,035
Customer inducement costs recorded as a reduction of revenue		57,783		60,292

Other Operating Expenses. Other operating expenses increased by 69.4% to $55.1 million in the quarter ended September 30, 2023 from $32.5 million in the quarter ended September 30, 2022, primarily due to a $12.6 million increase in operating expenses, including distribution costs, payment gateway charges, outsourcing fees and website hosting charges linked to an increase in bookings and a $10.0 million impairment provision towards amounts recoverable from Go Airlines (India) Limited ("Go First"). On May 2, 2023, Go First filed an application for voluntary insolvency resolution proceedings before the National Company Law Tribunal in India and suspended all of its flight operations from May 3, 2023, as further described in “Item 8. Financial Information — Significant Changes” in our Annual Report on Form 20-F dated July 25, 2023. As of the date of this release, Go First’s flight operations remain suspended and there is heightened uncertainty relating to the resumption of Go First’s operations.

Depreciation and Amortization. Our depreciation and amortization expenses decreased marginally by 0.5% to $6.7 million in the quarter ended September 30, 2023 from $6.8 million in the quarter ended September 30, 2022.

Results from Operating Activities. As a result of the foregoing factors, our results from operating activities were a profit of $6.7 million in the quarter ended September 30, 2023 as compared to a profit of $3.9 million in the quarter ended September 30, 2022. Our Adjusted Operating Profit was $28.2 million in the quarter ended September 30, 2023 as compared to $15.1 million in the quarter ended September 30, 2022. For a description of the components and calculation of “Adjusted Operating Profit (Loss)” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Results from operating activities”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release.

Net Finance Costs. Our net finance cost was $4.5 million in the quarter ended September 30, 2023 as compared to net finance cost of $11.1 million in the quarter ended September 30, 2022. The decrease in our net finance cost was primarily due to a decrease in net foreign exchange loss of $4.5 million in the quarter ended September 30, 2023, primarily due to decrease in unrealized foreign exchange losses resulting from translations of monetary assets and liabilities from Indian Rupees to U.S. dollars as at September 30, 2023 as compared to the quarter ended September 30, 2022.

Profit (Loss) for the Period. As a result of the foregoing factors, our profit for the quarter ended September 30, 2023 was $2.0 million as compared to a loss of $6.8 million in the quarter ended September 30, 2022. Our Adjusted Net Profit was $27.8 million in the quarter ended September 30, 2023, as compared to $8.0 million in the quarter ended September 30, 2022. For a description of the components and

calculation of “Adjusted Net Profit (Loss)” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Profit (loss) for the period”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release.

Diluted Earnings (Loss) per Share. As a result of the foregoing factors, diluted earnings per share was $0.02 for the quarter ended September 30, 2023 as compared to diluted loss per share of $0.06 in the quarter ended September 30, 2022. Our Adjusted Diluted Earnings per share was $0.25 in the quarter ended September 30, 2023, as compared to $0.07 in the quarter ended September 30, 2022. For a description of the components and calculation of “Adjusted Diluted Earnings (Loss) per Share” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Diluted earnings (loss) per share”, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release.

Liquidity. As at September 30, 2023, the balance of cash and cash equivalents and term deposits (including restricted cash and cash equivalents and term deposits of $6.5 million) on our balance sheet was $538.1 million.

Recent Developments

On October 31, 2023, our wholly-owned subsidiary, MakeMyTrip (India) Private Limited, entered into an agreement to acquire a majority interest in Savaari Car Rentals Private Limited, provider of inter-city car rental services in India. The transaction is expected to be completed prior to December 31, 2023. This acquisition is intended to expand our presence in the inter-city car rental market in India.

Repurchases of Shares and Convertible Notes

The Company’s share repurchase plan was initially approved by our Board of Directors on November 6, 2012 and was amended on March 9, 2023 to further extend the term of such plan until March 31, 2026 and to remove the limit on the repurchase price per ordinary share whereby the Company can henceforth repurchase ordinary shares at any price determined by our Board of Directors from time to time. There were no repurchases pursuant to the share repurchase plan during the second quarter of fiscal year 2024. As at September 30, 2023, we had remaining authority to repurchase up to $136.0 million of our outstanding ordinary shares.

On May 16, 2023, our Board of Directors authorized the Company to repurchase the 0.00% convertible senior notes due 2028, or 2028 Notes, from time to time through open market purchases, privately negotiated transactions with individual holders or otherwise, in accordance with applicable securities laws, provided that the aggregate amount of ordinary shares and aggregate amount of 2028 Notes that may be repurchased by the Company shall not exceed $136.0 million. The price and timing of any repurchases of 2028 Notes will depend on prevailing market conditions, liquidity requirements, contractual restrictions and other factors as determined by the Board from time to time. There can be no assurance that we will execute any such repurchase.

Conference Call

MakeMyTrip will host a live Zoom webinar to discuss the Company’s results for the quarter ended September 30, 2023 beginning at 7:30 AM EDT or 5:00 PM IST on October 31, 2023 through the Company’s Investor Relations website at https://investors.makemytrip.com/. To participate, please use the following link https://makemytrip.zoom.us/webinar/register/WN_xJy_zumxQ8GyTfxyB9dX6A#/registration to register for the live event. Registered participants will receive a confirmation email containing the Zoom access link and alternative phone dial-in details. A replay of the event will be available on the “Investor Relations” section of the Company’s website at http://investors.makemytrip.com, approximately two hours after the conclusion of the live event.

About Key Performance Indicators and Non-IFRS Measures

We refer to certain non-IFRS measures in various places within this release, including “Adjusted Operating Profit (Loss)”, “Adjusted Net Profit (Loss)”, “Adjusted Diluted Earnings (Loss) per Share” and constant currency results. Our key performance indicators are “Adjusted Margin” and “Adjusted Margin %” which are also non-IFRS measures referred to in various places within this release.

We evaluate our financial performance in each of our reportable segments based on our key performance indicators, Adjusted Margin and Adjusted Margin %, which are non-IFRS measures and segment profitability measures. Adjusted Margin represents IFRS revenue after adding back customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs which are reported as a reduction of revenue, and deducting the cost of acquisition of services primarily relating to sales to customers where we act as the principal. Adjusted Margin % represents Adjusted Margin as a percentage of gross bookings.

As certain parts of our revenues are recognized on a “net” basis when we are acting as an agent, and other parts of our revenue are recognized on a “gross” basis when we are acting as the principal, we evaluate our financial performance in each of our reportable segments based on Adjusted Margin, which is a non-IFRS measure and a segment profitability measure, as we believe that Adjusted Margin reflects the value addition of the travel services that we provide to our customers. Income from packages, including income on airline tickets sold to customers as a part of tours and packages is accounted for on a "gross" basis as the Company controls the services before such services are transferred to travelers. Revenue from the packages business which is accounted for on a “gross” basis represents the total amount paid by customers

for these travel services and products, while our cost of procuring the relevant services and products for sale to our customers in this business is classified as service cost.

We also refer to Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) and Adjusted Diluted Earnings (Loss) per Share which are non-IFRS measures and most directly comparable to results from operating activities, profit (loss) for the period and diluted earnings (loss) per share for the period, respectively, each of which is an IFRS measure. We use financial measures that exclude share-based compensation expense, amortization of acquired intangibles, gain on discontinuation of equity accounted investment, impairment provision for non-financial assets, net change in financial liability relating to acquisitions, share of loss (profit) of equity-accounted investees, interest expense on financial liabilities measured at amortized cost and income tax expense (benefit) for our internal management reporting, budgeting and decision making purposes, including comparing our operating results to that of our competitors.

A limitation of using Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) and Adjusted Diluted Earnings (Loss) per Share instead of results from operating activities, profit (loss) for the period and diluted earnings (loss) per share calculated in accordance with IFRS as issued by the IASB is that these non-GAAP financial measures exclude a recurring cost, for example, share-based compensation. Management compensates for this limitation by providing specific information on the IFRS amounts excluded from Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) and Adjusted Diluted Earnings (Loss) per Share. Because of varying available valuation methodologies and subjective assumptions that companies can use when adopting IFRS 2 “Share based payment,” management believes that providing non-IFRS measures that exclude such expense allows investors to make additional comparisons between our operating results and those of other companies. In addition, reconciliations of IFRS measures to non-IFRS financial measures and operating results are included at the end of this release.

Constant currency results are financial measures that are not prepared 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 period. Because the impact of changing foreign currency exchange rates may not provide an accurate baseline for analyzing trends in our business, management believes percentage growth in constant currency is an important metric for evaluating our operations. Constant currency is a non-IFRS measure and it should not be considered as a substitute for measures prepared in accordance with IFRS.

We believe that our current calculations of Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss), Adjusted Diluted Earnings (Loss) per Share, Adjusted Margin, Adjusted Margin % and change in constant currency represent a balanced approach to adjusting for the impact of certain discrete, unusual or non-cash items and other items such as customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs, which we believe are representative of our operating results and provide useful information to investors and analysts. We believe that investors and analysts in our industry use these non-IFRS measures and key performance indicators to compare our company and our performance to that of our global peers.

However, the presentation of these non-IFRS measures and key performance indicators are 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. These non-IFRS measures and key performance indicators may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.

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 “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “intend”, “plan”, “believe”, “potential”, “continue”, “is/are likely to”, “project”, “seek”, “should” or other 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, a slow-down of economic growth in India and the global economic downturn, the adverse impact of the COVID-19 pandemic, 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 July 25, 2023, filed with the United States 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

MakeMyTrip Limited is India's leading travel group operating well-recognized travel brands including MakeMyTrip, Goibibo and redBus. Through our primary websites www.makemytrip.com, www.goibibo.com, www.redbus.in, and mobile platforms, travellers can research, plan and book a wide range of travel services and products in India as well as overseas. Our services and products include air ticketing, hotel and alternative accommodations bookings, holiday planning and packaging, rail ticketing, bus ticketing, car hire and ancillary travel requirements such as facilitating access to third-party travel insurance, visa processing and foreign exchange.

We provide our customers with access to all major domestic full-service and low-cost airlines operating in India and all major airlines operating to and from India, a comprehensive set of domestic accommodation properties in India and a wide selection of properties outside of India, Indian Railways and all major Indian bus operators. For more information, visit https://www.makemytrip.com/about-us/company_profile.php

For more details, please contact:

Vipul Garg

Vice President - Investor Relations

MakeMyTrip Limited

Vipul.garg@go-mmt.com

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

(UNAUDITED)

(Amounts in USD thousands)


	As at March 31, 2023			As at September 30, 2023
Assets
Property, plant and equipment		25,380			24,795
Intangible assets and goodwill		628,974			615,902
Trade and other receivables, net		6,179			6,823
Investment in equity-accounted investees		2,070			2,046
Other investments		1,268			1,321
Term deposits		5,618			13,996
Non-current tax assets		18,373			23,176
Other non-current assets		53			42
Total non-current assets		687,915			688,101
Inventories		25			5
Contract assets		—			4,775
Trade and other receivables, net		68,847			80,621
Term deposits		197,056			220,476
Other current assets		121,964			168,202
Cash and cash equivalents		284,018			303,607
Total current assets		671,910			777,686
Total assets		1,359,825			1,465,787
Equity
Share capital		53			54
Share premium		2,057,362			2,111,091
Other components of equity		40,137			1,199
Accumulated deficit		(1,227,986	)		(1,208,503	)
Total equity attributable to owners of the Company		869,566			903,841
Non-controlling interests		6,490			4,734
Total equity		876,056			908,575
Liabilities
Loans and borrowings(#)		15,650			14,972
Employee benefits		8,886			9,674
Contract liabilities		163			240
Deferred tax liabilities, net		822			459
Other non-current liabilities		4,590			4,747
Total non-current liabilities		30,111			30,092
Loans and borrowings(#)		219,514			227,753
Trade and other payables		89,780			116,198
Contract liabilities		75,206			98,759
Other current liabilities		69,158			84,410
Total current liabilities		453,658			527,120
Total liabilities		483,769			557,212
Total equity and liabilities		1,359,825			1,465,787

# Loans and borrowings include lease liabilities amounting to $15.4 million as at September 30, 2023 (as at March 31, 2023: $16.4 million).

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

(UNAUDITED)

(Amounts in USD thousands, except per share data and share count)


	For the three months ended September 30						For the six months ended September 30
	2022			2023			2022			2023
Revenue
Air ticketing		39,608			48,597			70,549			94,475
Hotels and packages		68,246			89,366			152,291			204,581
Bus ticketing		16,088			19,789			36,395			44,716
Other revenue		7,312			10,938			14,752			21,649
Total revenue		131,254			168,690			273,987			365,421
Other income		2,440			207			2,488			529
Service cost
Procurement cost of hotels and packages services		30,147			40,274			71,233			99,872
Other cost of providing services		2,126			—			4,386			—
Personnel expenses		33,450			34,996			65,438			68,827
Marketing and sales promotion expenses		24,756			25,035			49,527			55,622
Other operating expenses		32,543			55,141			64,027			102,242
Depreciation and amortization		6,773			6,737			13,699			13,541
Results from operating activities		3,899			6,714			8,165			25,846
Finance income		3,020			5,459			4,679			9,920
Finance costs		14,129			9,940			30,202			14,994
Net finance costs		(11,109	)		(4,481	)		(25,523	)		(5,074	)
Share of profit (loss) of equity-accounted investees		40			(49	)		65			(1	)
Profit (loss) before tax		(7,170	)		2,184			(17,293	)		20,771
Income tax benefit (expense)		394			(184	)		508			(173	)
Profit (loss) for the period		(6,776	)		2,000			(16,785	)		20,598
Other comprehensive income (loss)
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit liability, net of tax		1,139			(369	)		1,139			(369	)
Items that are or may be reclassified subsequently to profit or loss:
Foreign currency translation differences on foreign operations, net of tax		(19,335	)		(8,369	)		(44,534	)		(7,813	)
Other comprehensive loss for the period, net of tax		(18,196	)		(8,738	)		(43,395	)		(8,182	)
Total comprehensive income (loss) for the period		(24,972	)		(6,738	)		(60,180	)		12,416
Profit (loss) attributable to:
Owners of the Company		(6,980	)		2,071			(17,078	)		20,529
Non-controlling interests		204			(71	)		293			69
Profit (loss) for the period		(6,776	)		2,000			(16,785	)		20,598
Total comprehensive income (loss) attributable to:
Owners of the Company		(24,925	)		(6,571	)		(59,881	)		12,433
Non-controlling interests		(47	)		(167	)		(299	)		(17	)
Total comprehensive income (loss) for the period		(24,972	)		(6,738	)		(60,180	)		12,416
Earnings (loss) per share (in USD)
Basic		(0.06	)		0.02			(0.16	)		0.19
Diluted		(0.06	)		0.02			(0.16	)		0.18
Weighted average number of shares (including Class B Shares)
Basic		109,689,510			110,959,137			109,400,517			110,759,314
Diluted		109,689,510			112,474,404			109,400,517			112,213,985

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

(UNAUDITED)

(Amounts in USD thousands)


	Attributable to owners of the Company
					Other components of equity
	Share Capital		Share Premium		Equity Component of Convertible Notes		Fair Value Reserves		Share Based Payment Reserve			Foreign Currency Translation Reserve			Accumulated Deficit			Total			Non- Controlling Interests			Total Equity
Balance as at April 1, 2023		53		2,057,362		31,122		368		176,836			(168,189	)		(1,227,986	)		869,566			6,490			876,056
Total comprehensive income (loss) for the period
Profit (loss) for the period		—		—		—		—		—			—			20,529			20,529			69			20,598
Other comprehensive income (loss)
Foreign currency translation differences		—		—		—		—		—			(7,728	)		—			(7,728	)		(85	)		(7,813	)
Remeasurement of defined benefit liability		—		—		—		—		—			—			(368	)		(368	)		(1	)		(369	)
Total other comprehensive income (loss)		—		—		—		—		—			(7,728	)		(368	)		(8,096	)		(86	)		(8,182	)
Total comprehensive income (loss) for the period		—		—		—		—		—			(7,728	)		20,161			12,433			(17	)		12,416
Transactions with owners, recorded directly in equity
Contributions by owners
Share-based payment		—		—		—		—		17,314			—			—			17,314			23			17,337
Issue of ordinary shares on exercise of share based awards		1		53,729		—		—		(48,323	)		—			—			5,407			—			5,407
Transfer to accumulated deficit on expiry of share based awards		—		—		—		—		(27	)		—			27			—			—			—
Total contributions by owners		1		53,729		—		—		(31,036	)		—			27			22,721			23			22,744
Changes in ownership interests
Acquisition of non-controlling interest		—		—		—		—		—			(229	)		(418	)		(647	)		(1,762	)		(2,409	)
Change in fair value of financial liability for acquisition of non-controlling interest		—		—		—		—		—			55			(287	)		(232	)		—			(232	)
Total changes in ownership interests in subsidiaries		—		—		—		—		—			(174	)		(705	)		(879	)		(1,762	)		(2,641	)
Total transactions with owners		1		53,729		—		—		(31,036	)		(174	)		(678	)		21,842			(1,739	)		20,103
Balance as at September 30, 2023		54		2,111,091		31,122		368		145,800			(176,091	)		(1,208,503	)		903,841			4,734			908,575

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

(UNAUDITED)

(Amounts in USD thousands)


	For the six months ended September 30
	2022			2023
Profit (loss) for the period		(16,785	)		20,598
Adjustments for non-cash items		55,382			45,061
Changes in working capital		(42,412	)		(11,292	)
Net cash generated from (used in) operating activities		(3,815	)		54,367
Net cash generated from (used in) investing activities		65,287			(30,292	)
Net cash generated from (used in) financing activities		825			(4,191	)
Increase in cash and cash equivalents		62,297			19,884
Cash and cash equivalents at beginning of the period		213,283			284,018
Effect of exchange rate fluctuations on cash held		(926	)		(295	)
Cash and cash equivalents at end of the period		274,654			303,607

MAKEMYTRIP LIMITED

INFORMATION ABOUT REPORTABLE SEGMENTS

(UNAUDITED)

(Amounts in USD thousands)


	For the three months ended September 30
	Reportable segments
	Air ticketing				Hotels and packages				Bus ticketing				All other segments				Total
Particulars	2022		2023		2022		2023		2022		2023		2022		2023		2022			2023
Consolidated Revenue		39,608		48,597		68,246		89,366		16,088		19,789		7,312		10,938		131,254			168,690
Add: Customer inducement costs recorded as a reduction of revenue*		36,148		31,653		19,261		26,567		1,971		2,026		403		46		57,783			60,292
Less: Service cost		758		—		30,147		40,274		1,201		—		167		—		32,273			40,274
Adjusted Margin		74,998		80,250		57,360		75,659		16,858		21,815		7,548		10,984		156,764			188,708
Other income																		2,440			207
Personnel expenses																		(33,450	)		(34,996	)
Marketing and sales promotion expenses																		(24,756	)		(25,035	)
Customer inducement costs recorded as a reduction of revenue*																		(57,783	)		(60,292	)
Other operating expenses																		(32,543	)		(55,141	)
Depreciation and amortization																		(6,773	)		(6,737	)
Finance income																		3,020			5,459
Finance costs																		(14,129	)		(9,940	)
Share of profit (loss) of equity-accounted investees																		40			(49	)
Profit (loss) before tax																		(7,170	)		2,184


	For the six months ended September 30
	Reportable segments
	Air ticketing				Hotels and packages				Bus ticketing				All other segments				Total
Particulars	2022		2023		2022		2023		2022		2023		2022		2023		2022			2023
Consolidated Revenue		70,549		94,475		152,291		204,581		36,395		44,716		14,752		21,649		273,987			365,421
Add: Customer inducement costs recorded as a reduction of revenue*		66,339		60,308		43,227		56,518		4,171		4,376		870		254		114,607			121,456
Less: Service cost		1,266		—		71,233		99,872		2,945		—		175		—		75,619			99,872
Adjusted Margin		135,622		154,783		124,285		161,227		37,621		49,092		15,447		21,903		312,975			387,005
Other income																		2,488			529
Personnel expenses																		(65,438	)		(68,827	)
Marketing and sales promotion expenses																		(49,527	)		(55,622	)
Customer inducement costs recorded as a reduction of revenue*																		(114,607	)		(121,456	)
Other operating expenses																		(64,027	)		(102,242	)
Depreciation and amortization																		(13,699	)		(13,541	)
Finance income																		4,679			9,920
Finance costs																		(30,202	)		(14,994	)
Share of profit (loss) of equity-accounted investees																		65			(1	)
Profit (loss) before tax																		(17,293	)		20,771

* For purposes of reporting to the Chief Operating Decision Maker (CODM), the segment profitability measure i.e. Adjusted Margin is arrived at by adding back certain customer inducement costs including customer incentives, customer acquisition cost and loyalty program costs, which are recorded as a reduction of revenue and reducing service cost.

MAKEMYTRIP LIMITED

RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES AND KEY PERFORMANCE INDICATORS

(Unaudited)

(Amounts in USD thousands, except per share data)

The following tables reconcile our revenue (an IFRS measure) to Adjusted Margin (a segment profitability measure):


	For the three months ended September 30
	Air ticketing				Hotels and packages				Bus ticketing				Others
	2022		2023		2022		2023		2022		2023		2022		2023
Revenue as per IFRS		39,608		48,597		68,246		89,366		16,088		19,789		7,312		10,938
Add: Customer inducement costs recorded as a reduction of revenue		36,148		31,653		19,261		26,567		1,971		2,026		403		46
Less: Service cost		758		—		30,147		40,274		1,201		—		167		—
Adjusted Margin(2)		74,998		80,250		57,360		75,659		16,858		21,815		7,548		10,984


	For the six months ended September 30
	Air ticketing				Hotels and packages				Bus ticketing				Others
	2022		2023		2022		2023		2022		2023		2022		2023
	(Amounts in USD thousands)
Revenue as per IFRS		70,549		94,475		152,291		204,581		36,395		44,716		14,752		21,649
Add: Customer inducement costs recorded as a reduction of revenue		66,339		60,308		43,227		56,518		4,171		4,376		870		254
Less: Service cost		1,266		—		71,233		99,872		2,945		—		175		—
Adjusted Margin(2)		135,622		154,783		124,285		161,227		37,621		49,092		15,447		21,903

The following table reconciles our results from operating activities (an IFRS measure) to Adjusted Operating Profit (Loss) (a non-IFRS measure) for the periods indicated:


Reconciliation of Adjusted Operating Profit (Loss)	For the three months ended September 30					For the six months ended September 30
(Unaudited)	2022			2023		2022			2023
Results from operating activities as per IFRS		3,899			6,714		8,165			25,846
Add: Acquisition related intangibles amortization		3,225			3,000		6,559			6,135
Add: Employee share-based compensation costs		10,030			8,438		18,899			16,310
Less: Gain on discontinuation of equity accounted investment		(2,017	)		—		(2,017	)		—
Add: Impairment provision for non-financial assets		—			10,047		—			10,047
Adjusted Operating Profit (Loss)		15,137			28,199		31,606			58,338

The following table reconciles our profit (loss) for the period (an IFRS measure) to Adjusted Net Profit (Loss) (a non-IFRS measure) for the periods indicated:


Reconciliation of Adjusted Net Profit (Loss)	For the three months ended September 30					For the six months ended September 30
(Unaudited)	2022			2023		2022			2023
Profit (Loss) for the period as per IFRS		(6,776	)		2,000		(16,785	)		20,598
Add: Acquisition related intangibles amortization		3,225			3,000		6,559			6,135
Add: Employee share-based compensation costs		10,030			8,438		18,899			16,310
Less: Gain on discontinuation of equity accounted investment		(2,017	)		—		(2,017	)		—
Add: Impairment provision for non-financial assets		—			10,047		—			10,047
Add: Interest expense on financial liabilities measured at amortized cost		3,751			3,979		7,460			7,914
Add (Less): Income tax expense (benefit)		(394	)		184		(508	)		173
Add: Net change in value of financial liability in business combination		230			108		464			215
Add (Less): Share of loss (profit) of equity-accounted investees		(40	)		49		(65	)		1
Adjusted Net Profit (Loss)		8,009			27,805		14,007			61,393

The following table reconciles our diluted earnings (loss) per share for the period (an IFRS measure) to Adjusted Diluted Earnings (Loss) per Share (a non-IFRS measure) for the periods indicated:


Reconciliation of Adjusted Diluted Earnings (Loss) per Share	For the three months ended September 30					For the six months ended September 30
(Unaudited)	2022			2023		2022			2023
Diluted Earnings (Loss) per Share for the period as per IFRS		(0.06	)		0.02		(0.16	)		0.18
Add: Acquisition related intangibles amortization		0.03			0.03		0.06			0.06
Add: Employee share-based compensation costs		0.09			0.07		0.18			0.15
Less: Gain on discontinuation of equity accounted investment		(0.02	)		—		(0.02	)		—
Add: Impairment provision for non-financial assets		—			0.09		—			0.09
Add: Interest expense on financial liabilities measured at amortized cost		0.03			0.04		0.07			0.07
Add (Less): Income tax expense (benefit)	*			*		*			*
Add: Net change in value of financial liability in business combination	*			*		*			*
Add (Less): Share of loss (profit) of equity-accounted investees	*			*		*			*
Adjusted Diluted Earnings (Loss) per Share		0.07			0.25		0.13			0.55

* Less than $0.01.

The following tables reconcile our revenue (an IFRS measure) and Adjusted Margin (a segment profitability measure) in terms of reported amount and constant currency(1) amount:


(Unaudited)	For the three months ended September 30, 2023
	Revenue										Adjusted Margin
Reported Amount and Constant Currency Amount	Air Ticketing		Hotels and Packages		Bus Ticketing		Others		Total		Air Ticketing		Hotels and Packages		Bus Ticketing		Others
Reported Amount		48,597		89,366		19,789		10,938		168,690		80,250		75,659		21,815		10,984
Impact of Foreign Currency Translation		1,690		2,850		693		377		5,610		2,760		2,767		770		390
Constant Currency Amount		50,287		92,216		20,482		11,315		174,300		83,010		78,426		22,585		11,374


(Unaudited)	For the six months ended September 30, 2023
	Revenue										Adjusted Margin
Reported Amount and Constant Currency Amount	Air Ticketing		Hotels and Packages		Bus Ticketing		Others		Total		Air Ticketing		Hotels and Packages		Bus Ticketing		Others
Reported Amount		94,475		204,581		44,716		21,649		365,421		154,783		161,227		49,092		21,903
Impact of Foreign Currency Translation		4,539		9,191		2,174		1,049		16,953		7,356		8,077		2,399		1,062
Constant Currency Amount		99,014		213,772		46,890		22,698		382,374		162,139		169,304		51,491		22,965

The following tables reconcile our revenue (an IFRS measure) and Adjusted Margin (a segment profitability measure) in terms of reported growth and constant currency(1) growth:


(Unaudited)	For the three months ended September 30, 2023
	Revenue															Adjusted Margin
Reported Growth and Constant Currency Growth (YoY)	Air Ticketing			Hotels and Packages			Bus Ticketing			Others			Total			Air Ticketing			Hotels and Packages			Bus Ticketing			Others
Reported Growth		22.7	%		30.9	%		23.0	%		49.6	%		28.5	%		7.0	%		31.9	%		29.4	%		45.5	%
Impact of Foreign Currency Translation		4.3	%		4.2	%		4.3	%		5.1	%		4.3	%		3.7	%		4.8	%		4.6	%		5.2	%
Constant Currency Growth		27.0	%		35.1	%		27.3	%		54.7	%		32.8	%		10.7	%		36.7	%		34.0	%		50.7	%


(Unaudited)	For the six months ended September 30, 2023
	Revenue															Adjusted Margin
Reported Growth and Constant Currency Growth (YoY)	Air Ticketing			Hotels and Packages			Bus Ticketing			Others			Total			Air Ticketing			Hotels and Packages			Bus Ticketing			Others
Reported Growth		33.9	%		34.3	%		22.9	%		46.8	%		33.4	%		14.1	%		29.7	%		30.5	%		41.8	%
Impact of Foreign Currency Translation		6.4	%		6.1	%		5.9	%		7.1	%		6.2	%		5.5	%		6.5	%		6.4	%		6.9	%
Constant Currency Growth		40.3	%		40.4	%		28.8	%		53.9	%		39.6	%		19.6	%		36.2	%		36.9	%		48.7	%

MAKEMYTRIP LIMITED

SELECTED OPERATING AND FINANCIAL DATA

(Unaudited)


	For the three months ended September 30						For the six months ended September 30
	2022			2023			2022			2023
	(in thousands, except percentages)
Unit Metrics
Air Ticketing – Flight segments(1)		10,547			13,068			20,139			25,861
Hotels and Packages – Room nights(2)		6,046			7,238			12,612			15,114
Standalone Hotels – Online(3) – Room nights(2)		5,907			7,085			12,264			14,695
Bus Ticketing – Travelled tickets		16,349			19,403			35,068			41,626

Adjusted Margin
Air Ticketing(4)	$	74,998		$	80,250		$	135,622		$	154,783
Hotels and Packages		57,360			75,659			124,285			161,227
Bus Ticketing		16,858			21,815			37,621			49,092
Others		7,548			10,984			15,447			21,903

Gross Bookings
Air Ticketing(4)	$	1,019,837		$	1,187,567		$	2,007,160		$	2,400,285
Hotels and Packages		333,519			432,425			722,069			930,412
Bus Ticketing		188,312			219,708			424,914			496,492
	$	1,541,668		$	1,839,700		$	3,154,143		$	3,827,189

Adjusted Margin %
Air Ticketing(4)		7.4	%		6.8	%		6.8	%		6.4	%
Hotels and Packages		17.2	%		17.5	%		17.2	%		17.3	%
Bus Ticketing		9.0	%		9.9	%		8.9	%		9.9	%

Notes:

(1)

“Flight segments” means a flight between two cities, including flights booked as part of a longer itinerary or a package, and is reported net of cancellations.

(2)

In view of room bookings by hours being offered from the quarter ended December 31, 2022, “Room nights” is the total number of hotel rooms occupied by a customer or group, multiplied by the number of nights/days that such customer or group occupies those rooms and is reported net of cancellations. Prior to the quarter ended December 31, 2022, “Room nights” was the total number of hotel rooms occupied by a customer or group, multiplied by the number of nights that such customer or group occupied those rooms and was reported net of cancellations.

(3)

“Standalone Hotels – Online” refer to Standalone Hotels booked on desktops, laptops, mobiles and other online platforms. Hotels and Packages – Room nights includes Standalone Hotels – Online – Room nights and is reported net of cancellations.

(4)

Excludes flight segments booked as a component of bookings for our Hotels and Packages segment.

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