| Over a month ago | ||||
Reports Q2 revenue… Reports Q2 revenue $21.1M, consensus $24.9M. "MakeMyTrip has begun its journey of business recovery after India's nationwide lockdown orders began to be lifted since May '20. 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," said Deep Kalra, Group Executive Chairman. | ||||
| Over a quarter ago | ||||
Reports Q1 revenue… Reports Q1 revenue $6.4M,revenue of $141.7 million in the quarter ended June 30, 2019. Our results for the 1Q21 have been significantly and negatively impacted by the COVID-19 pandemic and the resulting economic conditions caused the nationwide government imposed lockdown orders. Revenue for all our reportable segments were significantly impacted in 1Q21 by India's nationwide lockdown which began on March 25, 2020 and continued throughout 1Q21 with only some domestic travel and government approved international travel operations commencing since late May 2020. In view of the COVID-19 pandemic and significant erosion of travel demand due to nationwide travel restrictions and lockdown orders, our focus has been on cost reductions and minimizing operating losses. We implemented various cost saving measures in response to market conditions, including compensation cuts, optimizing our IT infrastructure costs and our office costs and various other general and administrative expense, in addition to a significant reduction in other variable costs. | ||||
MakeMyTrip reports Q4… MakeMyTrip reports Q4 gross bookings of $1.2B vs. $1.37B a year ago. Revenue was $104.9M and adjusted revenue was $137.2M in Q4, vs. $120.2M and $163.3M, respectively, a year ago. Deep Kalra, Group Executive Chairman, said: "MakeMyTrip entered the fiscal fourth quarter with continued focus on driving strong business growth coupled with narrowing of operating losses. However, our plans were disrupted by the unprecedented lockdown due to the COVID-19 pandemic starting to impact travel demand significantly from the month of March 2020 onwards. As the crisis unfolded and lockdown was imposed across the country, we quickly pivoted our short term plans to focus on conserving cash by reducing our spends. Our response to the COVID-19 pandemic have allowed us to remain resilient during these challenging times." | ||||
As previously reported,… As previously reported, BofA analyst Sachin Salgaonkar downgraded MakeMyTrip to Underperform from Neutral. The stock is up 38% since its recent lows even though India's COVID-19 cases continue to rise and are yet to peak, noted the analyst, who now expects a more gradual recovery for airline and hotel revenues. A weaker than expected Q4 could trigger cuts to consensus estimates, added Salgaonkar. | ||||
BofA analyst Sachin… BofA analyst Sachin Salgaonkar downgraded MakeMyTrip to Underperform from Neutral. | ||||
Deep Kalra, Group… Deep Kalra, Group Executive Chairman and Rajesh Magow, Group CEO, shared a message to company employees: "The last few weeks have been very tough for all of us with the sudden and sharp spread of COVID-19 in India. Our stellar performance in Q3 2020 was sadly short lived as the travel and tourism sector is one of the worst sectors that have been hit by this pandemic. There has been sharp drop in bookings with spiralling cancellations and the latest restrictions on domestic air/rail/bus travel has brought our industry to a virtual standstill. The entire country has now been put under lock down for the next three weeks to arrest the spread of this pandemic. These are incredibly tough times that we need to navigate through together! MMYT is known for its resilience, having survived the dot.com bust, 9/11 attacks, SARS epidemic, 2008-09 financial crisis and Indian aviation sector challenges in 2012 and 2019. Economic experts across the world are predicting it to be a global economic tsunami that will have far reaching implications for the global economy. Therefore, we need to focus on two critical areas (i) safety and well-being of our staff, customers and the society at large, and (ii) minimizing the impact to our business from these disruptions. We are reviewing our operating costs and plan to undertake multiple tough measures to keep overall expenses at a minimum. Being an online company, the majority of our costs are variable, however the situation demands that we take a hard look at all our fixed costs including people costs. This means we will continue to sharply reduce variable costs like advertising, sales promotions and payment gateway costs, along with optimizing IT infrastructure and expenses relating to the functioning of our offices and other establishments. We will immediately cancel all discretionary spends such as events, trainings, etc. and also suspend brand building expenses during the following quarter. On people costs front, both of us will take the lead and take zero salary effective April 2020, while the rest of our Leadership Team have also offered to take a reduction of approximately 50% in their compensation. All of the above makes us confident that we would together be able to weather this storm and come out stronger." |