Nasdaq listed MakeMyTrip Limited (MMYT) generated revenues of $21.1 million in the fiscal second quarter of 2021 ended September 30, a decrease of 82.2% over revenues of $118 million in the corresponding quarter of the previous fiscal, the company announced on Tuesday.
Its results from operating activities clocked a loss of $26.1 million during the period under review compared to a loss of $31.9 million in the corresponding quarter of the previous fiscal.
The company said its results for the fiscal second quarter have continued to be significantly and negatively impacted by the Covid-19 pandemic and the resulting economic conditions.
Air ticketing revenue decreased 76.4% year on year to $10.9 million, hotels and packages revenue decreased by 90.6% to $4.4 million, revenues from bus ticketing declined 81.4% to $ 2.7 million while other revenue decreased by 71.3% to $ 3.1 million.
MakeMyTrip said since nationwide government-imposed lockdown orders had been slowly lifted in late May, it had seen a gradual recovery in travel demand, with sequential month on month improvements across all its lines of business. The company’s adjusted operating loss was $12.9 million in the second quarter of 2021 versus a loss of $19.3 million in the second quarter of 2020, reflecting an improvement of $6.4 million years on year, it stated.
“MakeMyTrip has begun its journey of business recovery after India’s nationwide lockdown orders began to be lifted since May 2020,” said Deep Kalra, group executive chairman. “We are well poised operationally and financially, with ongoing product and technology innovations to offer superior customer experience as we recover from the severe travel demand disruption caused by Covid-19 in the coming quarters,” he added.
The company said adjusted margin from its air ticketing business decreased by 81.9% to $11.9 million in the quarter ended September
30, 2020, from $66.0 million in the quarter ended September 30, 2019. This decrease in adjusted margin was due to a decrease in gross bookings of 83.7% primarily driven by a 79% decrease in the number of air ticketing flight segments year over year, due to the continued impact of the Covid-19 pandemic, including lower travel demand due to travel restrictions.
The adjusted margin for hotels and packages decreased by 93.6% to $5.5 million in the quarter ended September 30, 2020, from $87.1 million in the quarter ended September 30, 2019. MakeMyTrip said gross bookings decreased by 91.5% primarily driven by an 88.6% decrease in the number of hotel-room nights a year over year, due to the continued impact of the pandemic.
For bus ticketing, the adjusted margin decreased by 85.0% to $2.5 million in the quarter ended September 30, 2020, from $16.6 million in the quarter ended September 30, 2019.
Gross bookings decreased by 84.0% driven by an 83.2% decrease in the number of bus tickets traveled year over year.