Online travel company, MakeMyTrip Ltd, reported a sharp decline in profit to $0.04 million for the quarter ended December 31, from last year's $1.63 million, mainly due to forex loss and an increase in personnel expenses as a result of the effects of employee share-based compensation costs.
Adjusted net income, which excluded employee share-based compensation costs and other items, climbed 69.5 per cent to $3 million during the third quarter from $1.77 million or $0.05 per share last year.
The company's quarterly revenues increased 50.3 per cent to $53.81 million from $35.79 million in the quarter ended December 31. At constant currency rate, revenues grew 67.6 per cent.
Revenue from the air ticketing business increased 59.9 per cent and revenue from hotels and packages business grew 45.8 per cent.
Mr Deep Kalra, Chairman and CEO said, “In the fiscal third quarter, we witnessed a rapid weakening of the rupee as well as volatility in the Indian aviation industry.” However, he said, demand remained strong during the past holiday travel season.