Indian OTA MakeMyTrip is still in the red, but a good Q2 performance has given it the confidence to tell the markets that its full-year performance will be better than previously expected.
For the three months to end-Sept - which is MakeMyTrip's second quarter - operating losses came in at $3.3 million compared with a loss of $5.9 million in the same quarter last year.
It now expects "annual revenue less service cost guidance" to jump 28%-30% - $136 million to $138 million - for the year. At the end of the July quarter the guidance was for growth of 25%-28%.
MakeMyTrip highlighted the strength of its international outbound air ticketing business, with year-on-year transaction growth of 46%.
MakeMyTrip's mobile performance was also talked up on the earnings call.
Highlights picked out by group CEO Deep Kalra:
The results and a replay of the earning conference call are available here
- the app has been downloaded by more than 4 million customers across all popular operating systems
- more than one third of total online monthly unique visitors access MakeMyTrip via mobile
- mobile booking accounted for over 16% of total online transactions for domestic flights in the quarter and more than 34% of total online domestic hotel transactions
- 31% of the increase in downloads during the quarter can be attributed to a TV commercial.
- vernacular/dialect content added to extend reach beyond larger cities.