Form 6-K MakeMyTrip Ltd For: Mar 31

May 25, 2022 6:23 AM EDT

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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 and year ended March 31, 2022

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  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  

 

 

 

 


 

 

Other Events

Announcement of Unaudited Financial Results for the Quarter and Year ended March 31, 2022

On May 25, 2022, MakeMyTrip Limited (“MakeMyTrip”) issued an earnings release announcing its unaudited financial results for the fiscal fourth quarter of 2022 (i.e. quarter ended March 31, 2022) and for the full fiscal year of 2022 (i.e. year ended March 31, 2022). A copy of the earnings release dated May 25, 2022 is attached hereto as Exhibit 99.1.

 

 


 

 

Exhibit

 

99.1

 

Earnings release of MakeMyTrip Limited dated May 25, 2022.

 

 

 

 

 

 


 

 

EXHIBIT INDEX

 

 

 


 

 

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: May 25, 2022

 

MAKEMYTRIP LIMITED

 

 

 

By:

 

/s/ Rajesh Magow

Name:

 

Rajesh Magow

Title:

 

Group Chief Executive Officer

 

 

 

 

Exhibit 99.1

MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2022 FOURTH QUARTER AND FULL YEAR RESULTS

Financial Highlights for Fiscal 2022 Fourth Quarter and Full Year

Gross Bookings reached $1,012.3 million in 4Q22 versus $759.2 million in 4Q21 and $3,188.9 million in FY22 versus $1,635.4 million in FY21.

Revenue was $88.6 million for 4Q22 versus $79.2 million in 4Q21 and $303.9 million for FY22 versus $163.4 million in FY21.

 

Results from Operating Activities improved to a profit of $3.4 million in 4Q22 versus a profit of $0.3 million in 4Q21. Our Results from Operating Activities was a decreased loss of $30.4 million for FY22 versus a loss of $67.7 million for FY21.

 

Adjusted Operating Profit(2) improved to $12.0 million in 4Q22 versus $11.1 million in 4Q21. Adjusted Operating Profit(2) increased to $23.2 million for FY22 versus Adjusted Operating Loss(2) of $18.0 million for FY21.

Gurugram, India and New York, May 25, 2022 — MakeMyTrip Limited (NASDAQ: MMYT), India’s leading online travel company, today announced its unaudited financial and operating results for its fiscal fourth quarter and full fiscal year ended March 31, 2022.

“Our long-term cost rationalization helped us post full year Adjusted Operating Profit of $23.2 million and Q4 Adjusted Operating Profit of $12.0 million in a year where business was impacted particularly due to both the Delta and Omicron variants,” said Rajesh Magow, Group Chief Executive Officer. “Consumer sentiment remains strong especially for leisure travel and we hope to observe demand momentum for domestic travel by the first half of fiscal year 2023 and for international travel by the second half of fiscal year 2023.”

 

 


 

 

Other information

 

Impact of the COVID-19 Pandemic

 

The impact of the global COVID-19 pandemic has severely impacted travel demand in terms of affecting consumers’ sentiment and their willingness to travel, which has caused airlines and hotels in India and around the world to operate at significantly reduced service levels throughout much of fiscal years 2021 and 2022. The COVID-19 pandemic has also resulted in significant weakness in the macroeconomic environment and heightened volatility in financial markets. Although our business started to recover gradually in the second and third quarters of fiscal year 2021 following the lifting of India’s nationwide lockdown in end May 2020, India witnessed a rapid resurgence of daily recorded case counts towards the end of the fourth quarter of fiscal year 2021 which peaked in the first quarter of fiscal 2022, resulting in a second wave of COVID-19 in India. The resulting economic conditions caused by the lockdowns and travel restriction orders imposed by several state governments in India from April 2021, which continued for part of fiscal year 2022, and the emergence and spread of new variants of the COVID-19 virus, including for example the Omicron variant which emerged in December 2021, resulted in a third wave of COVID-19 in India and also had a negative impact on revenue for all our reportable segments in the quarter ended March 31, 2022, as compared to revenue for the quarter ended December 31, 2019 (prior to the onset of the COVID-19 pandemic).

 

However, the gradual lifting of travel restrictions in India (including the increase in domestic airline capacity) as a result of an increase in the number of vaccinated people has resulted in improved results across our operating segments, primarily due to the gradual recovery in domestic travel demand as a result of the diminishing impact of the COVID-19 pandemic in India in the quarter and year ended March 31, 2022 as compared to the quarter and year ended March 31, 2021. We continued to focus on optimizing our costs by leveraging our highly variable and more efficient fixed cost structure during the quarter ended March 31, 2022.

 

The extent of the effects of the COVID-19 pandemic on our business, results of operations, cash flows and growth prospects remain uncertain and would be dependent on future developments. These include, but are not limited to, the severity, extent and duration of the pandemic, its impact on the travel industry and consumer spending, rates of vaccination, the occurrence of new mutations or variants and the effectiveness of vaccinations against various mutations or variants of the COVID-19 virus. While many countries including India have made significant progress in vaccinating their populations against COVID-19, the challenging logistics of distributing vaccines, efficacy of the vaccines against new mutations or variants of the virus and other factors may contribute to delays in economic recovery.

 

Fiscal 2022 Fourth Quarter Financial Results  

Revenue. We generated revenue of $88.6 million in the quarter ended March 31, 2022, an increase of 11.8% (15.1% in constant currency(1)) over revenue of $79.2 million in the quarter ended March 31, 2021, primarily as a result of an increase of 4.6% (7.6% in constant currency) in revenue from our air ticketing business, an increase of 18.6% (22.0% in constant currency) in revenue from our hotels and packages business, an increase of 7.0% (10.2% in constant currency) in revenue from our bus ticketing business, and an increase of 6.9% (10.0% in constant currency) in revenue from our others business, each as further described below. The increase in revenue was primarily due to the gradual recovery in domestic travel demand as a result of the diminishing impact of the COVID-19 pandemic in India in the quarter ended March 31, 2022 as compared to the quarter and year ended March 31, 2021.

 


 

The table below summarizes our segment profitability in terms of revenue and Adjusted Margin in each segment. For more information, see “Information About Reportable Segments” in our condensed consolidated 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 March 31

 

 

 

 

Air ticketing

 

 

Hotels and packages

 

 

Bus ticketing

 

 

Others*

 

 

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

 

 

 

(Amount in USD thousands)

 

 

Revenue as per IFRS

 

 

24,216

 

 

 

25,328

 

 

 

38,062

 

 

 

45,132

 

 

 

11,809

 

 

 

12,640

 

 

 

5,134

 

 

 

5,487

 

 

Add: Customer inducement costs recorded as a reduction of revenue

 

 

14,316

 

 

 

19,683

 

 

 

9,855

 

 

 

12,996

 

 

 

432

 

 

 

682

 

 

 

71

 

 

 

289

 

 

Less: Service cost*

 

 

287

 

 

 

214

 

 

 

12,345

 

 

 

15,864

 

 

 

1,253

 

 

 

971

 

 

 

37

 

*

 

71

 

*

Adjusted Margin(2)

 

 

38,245

 

 

 

44,797

 

 

 

35,572

 

 

 

42,264

 

 

 

10,988

 

 

 

12,351

 

 

 

5,168

 

 

 

5,705

 

 

 

*

Certain loyalty program costs amounting to nil and $0.003 million have been excluded from service cost for the three months ended March 31, 2022 and March 31, 2021, respectively, relating to “Others”.

Air Ticketing. Revenue from our air ticketing business increased by 4.6% (7.6% in constant currency) to $25.3 million in the quarter ended March 31, 2022, from $24.2 million in the quarter ended March 31, 2021. Our Adjusted Margin – Air ticketing increased by 17.1% (20.5% in constant currency) to $44.8 million in the quarter ended March 31, 2022, from $38.2 million in the quarter ended March 31, 2021. Adjusted Margin – Air ticketing includes customer inducement costs of $19.7 million in the quarter ended March 31, 2022 and $14.3 million in the quarter ended March 31, 2021, recorded as a reduction of revenue. These customer inducement costs added back to Adjusted Margin 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. This increase in revenue from our air ticketing business and Adjusted Margin – Air ticketing was primarily due to an increase in gross bookings of 48.0% (52.0% in constant currency) primarily driven by a 16.7% increase in the number of air ticketing flight segments year over year, primarily due to the gradual recovery in domestic travel demand as a result of the diminishing impact of the COVID-19 pandemic in India in the quarter ended March 31, 2022 as compared to the quarter and year ended March 31, 2021. Further, our Adjusted Margin % (defined as Adjusted Margin as a percentage of gross bookings) – Air ticketing decreased to 7.1% in the quarter ended March 31, 2022 as compared to 8.9% in the quarter ended March 31, 2021. Adjusted Margin % – Air ticketing was higher in the quarter ended March 31, 2021 primarily due to incremental incentives received from our air ticketing suppliers to drive travel growth during that quarter.

Hotels and Packages. Revenue from our hotels and packages business increased by 18.6% (22.0% in constant currency) to $45.1 million in the quarter ended March 31, 2022, from $38.1 million in the quarter ended March 31, 2021. Our Adjusted Margin – Hotels and packages increased by 18.8% (22.2% in constant currency) to $42.3 million in the quarter ended March 31, 2022 from $35.6 million in the quarter ended March 31, 2021. Adjusted Margin – Hotels and packages includes customer inducement costs of $13.0 million in the quarter ended March 31, 2022 and $9.9 million in the quarter ended March 31, 2021, recorded as a reduction of revenue. These customer inducement costs added back to Adjusted Margin 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. 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 20.7% (24.1% in constant currency) primarily driven by a 2.4% increase in the number of hotel-room nights year over year, primarily due to the gradual recovery in domestic travel demand as a result of the diminishing impact of the COVID-19 pandemic in India in the quarter ended March 31, 2022 as compared to the quarter and year ended March 31, 2021. Our Adjusted Margin % – Hotels and packages decreased marginally to 17.7% in the quarter ended March 31, 2022 as compared to 18.0% in the quarter ended March 31, 2021.

 


 

Bus Ticketing. Revenue from our bus ticketing business increased by 7.0% (10.2% in constant currency) to $12.6 million in the quarter ended March 31, 2022, from $11.8 million in the quarter ended March 31, 2021. Our Adjusted Margin – Bus ticketing increased by 12.4% (15.7% in constant currency) to $12.4 million in the quarter ended March 31, 2022 from $11.0 million in the quarter ended March 31, 2021. Adjusted Margin – Bus ticketing includes customer inducement costs of $0.7 million in the quarter ended March 31, 2022 and $0.4 million in the quarter ended March 31, 2021, recorded as a reduction of revenue. These customer inducement costs added back to Adjusted Margin 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. The increase in revenue from our bus ticketing business and Adjusted Margin – Bus ticketing was due to higher commissions from our bus ticketing suppliers to drive travel volumes during the off-peak travel season in the quarter ended March 31, 2022. Gross bookings increased by 5.1% (8.0% in constant currency) primarily due to the gradual recovery in domestic travel demand as a result of the diminishing impact of the COVID-19 pandemic in India in the quarter ended March 31, 2022 as compared to the quarter and year ended March 31, 2021. Our Adjusted Margin % – Bus ticketing increased marginally to 8.8% in the quarter ended March 31, 2022 as compared to 8.2% in the quarter ended March 31, 2021.

Others. Revenue from our others business increased by 6.9% (10.0% in constant currency) to $5.5 million in the quarter ended March 31, 2022, from $5.1 million in the quarter ended March 31, 2021. Our Adjusted Margin – Others increased by 10.4% (13.6% in constant currency) to $5.7 million in the quarter ended March 31, 2022 from $5.2 million in the quarter ended March 31, 2021. Adjusted Margin – Others includes customer inducement costs of $0.3 million in the quarter ended March 31, 2022 and $0.1 million in the quarter ended March 31, 2021, recorded as a reduction of revenue. These customer inducement costs added back to Adjusted Margin 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. The increase in revenue from our others business and Adjusted Margin – Others was primarily due to an increase in other ancillary revenues of $0.9 million primarily due to the gradual recovery in domestic travel demand as a result of the diminishing impact of the COVID-19 pandemic in India in the quarter ended March 31, 2022 as compared to the quarter and year ended March 31, 2021, which was partially offset by a decrease of $0.3 million in facilitation fees and of $0.2 million in advertising revenue in the quarter ended March 31, 2022.

Other Income. Other income decreased by 85.3% to $0.2 million in the quarter ended March 31, 2022 from $1.4 million in the quarter ended March 31, 2021. Other income was higher in the quarter ended March 31, 2021 primarily due to gain on lease modification recorded in that quarter.

Personnel Expenses. Personnel expenses increased by 5.4% to $30.3 million in the quarter ended March 31, 2022 from $28.7 million in the quarter ended March 31, 2021, primarily due to higher share-based compensation costs and annual wage increases effected in the quarter ended March 31, 2022.

Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses increased by 2.5% to $12.1 million in the quarter ended March 31, 2022 from $11.8 million in the quarter ended March 31, 2021, primarily due to the increase in variable costs and discretionary marketing and sales promotion expenditures such as on events and brand building initiatives in response to the gradual recovery in domestic travel demand as a result of the diminishing impact of the COVID-19 pandemic in India in the quarter ended March 31, 2022 as compared to the quarter and year ended March 31, 2021.

Additionally, we incurred customer inducement costs recorded as a reduction of revenue and certain loyalty program costs of $33.7 million in the quarter ended March 31, 2022 and $24.7 million in the quarter ended March 31, 2021. The details are as follows:

 

 

 

For the three months ended

March 31

 

 

 

2021

 

 

2022

 

 

 

(Amounts in USD thousands)

 

Marketing and sales promotion expenses as per IFRS

 

 

11,768

 

 

 

12,062

 

Customer inducement costs recorded as a reduction of revenue

 

 

24,674

 

 

 

33,650

 

Certain loyalty program costs related to Others revenue

 

 

3

 

 

 

 

 

 


 

 

Other Operating Expenses. Other operating expenses increased by 4.9% to $19.0 million in the quarter ended March 31, 2022 from $18.1 million in the quarter ended March 31, 2021, primarily due to an increase of $4.3 million in payment gateway charges, website hosting charges and outsourcing fees as a result of higher bookings, primarily due to the gradual recovery in domestic travel demand as a result of the diminishing impact of the COVID-19 pandemic in India in the quarter ended March 31, 2022 as compared to the quarter and year ended March 31, 2021, which was partially offset by a reversal of $3.7 million in the quarter ended March 31, 2022, of expense relating to provision for litigations for a dispute related to a prior acquisition.

Depreciation, Amortization and Impairment. Our depreciation, amortization and impairment expenses decreased by 10.4% to $7.0 million in the quarter ended March 31, 2022 from $7.8 million in the quarter ended March 31, 2021, primarily due to an increase in fully amortized assets in the quarter ended March 31, 2022.

Results from Operating Activities. As a result of the foregoing factors, our results from operating activities were a profit of $3.4 million in the quarter ended March 31, 2022 as compared to a profit of $0.3 million in the quarter ended March 31, 2021. Our Adjusted Operating Profit was $12.0 million in the quarter ended March 31, 2022 as compared to $11.1 million in the quarter ended March 31, 2021. 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 Income (Costs). Our net finance cost was $6.9 million in the quarter ended March 31, 2022 as compared to $1.3 million in the quarter ended March 31, 2021. The increase in our net finance cost was primarily due to an increase in interest expense on financial liabilities measured at amortised cost and net foreign exchange loss in the quarter ended March 31, 2022, primarily due to the depreciation of the Indian Rupee against the U.S. dollar as at March 31, 2022 as compared to December 31, 2021.

Profit (Loss) for the Period. As a result of the foregoing factors, our loss for the quarter ended March 31, 2022 was $4.1 million as compared to a profit of $3.2 million in the quarter ended March 31, 2021. Our Adjusted Net Profit was $8.7 million in the quarter ended March 31, 2022, as compared to $12.1 million in the quarter ended March 31, 2021. 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. Diluted loss per share was $0.04 for the quarter ended March 31, 2022 as compared to diluted earnings per share of $0.03 in the quarter ended March 31, 2021. Our Adjusted Diluted Earnings per share was $0.08 in the quarter ended March 31, 2022, as compared to $0.11 in the quarter ended March 31, 2021. 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.

Fiscal 2022 Full Year Financial Results

Revenue. We generated revenue of $303.9 million in the year ended March 31, 2022, an increase of 86.0% (87.0% in constant currency) over revenue of $163.4 million in the year ended March 31, 2021, primarily as a result of an increase of 55.6% (56.4% in constant currency) in revenue from our air ticketing business, an increase of 131.4% (132.5% in constant currency) in revenue from our hotels and packages business, an increase of 60.3% (61.5% in constant currency) in revenue from our bus ticketing business, and an increase of 33.1% (34.0% in constant currency) in revenue from our others business, each as further described below. The increase in revenue was primarily due to the gradual recovery in domestic travel demand as a result of the diminishing impact of the COVID-19 pandemic in India in the year ended March 31, 2022 as compared to the year ended March 31, 2021.

 

 


 

 

The table below summarizes our segment profitability in terms of revenue and Adjusted Margin in each segment. For more information, see “Information About Reportable Segments” in our condensed consolidated financial statements included elsewhere in this release. Also see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release.

 

 

 

 

For the year ended March 31

 

 

 

 

Air ticketing

 

 

Hotels and packages

 

 

Bus ticketing

 

 

Others*

 

 

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

 

 

 

(Amount in USD thousands)

 

 

Revenue as per IFRS

 

 

57,013

 

 

 

88,712

 

 

 

67,976

 

 

 

157,267

 

 

 

24,895

 

 

 

39,896

 

 

 

13,556

 

 

 

18,047

 

 

Add: Customer inducement costs recorded as a reduction of revenue

 

 

23,513

 

 

 

67,090

 

 

 

18,652

 

 

 

41,545

 

 

 

667

 

 

 

1,814

 

 

 

76

 

 

 

798

 

 

Less: Service cost*

 

 

293

 

 

 

311

 

 

 

19,146

 

 

 

54,760

 

 

 

2,712

 

 

 

3,397

 

 

 

66

 

*

 

282

 

*

Adjusted Margin(2)

 

 

80,233

 

 

 

155,491

 

 

 

67,482

 

 

 

144,052

 

 

 

22,850

 

 

 

38,313

 

 

 

13,566

 

 

 

18,563

 

 

 

*

Certain loyalty program costs amounting to nil and $0.09 million have been excluded from service cost for the year ended March 31, 2022 and March 31, 2021, respectively, relating to “Others”.

Air Ticketing. Revenue from our air ticketing business increased by 55.6% (56.4% in constant currency) to $88.7 million in the year ended March 31, 2022 from $57.0 million in the year ended March 31, 2021. Our Adjusted Margin – Air ticketing increased by 93.8% (94.7% in constant currency) to $155.5 million in the year ended March 31, 2022, from $80.2 million in the year ended March 31, 2021. Adjusted Margin – Air ticketing includes customer inducement costs of $67.1 million in the year ended March 31, 2022 and $23.5 million in the year ended March 31, 2021, recorded as a reduction of revenue. These customer inducement costs added back to Adjusted Margin 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. This increase in revenue from our air ticketing business and Adjusted Margin – Air ticketing was primarily due to an increase in gross bookings of 97.9% (98.9% in constant currency) primarily driven by a 64.5% increase in the number of air ticketing flight segments year over year, primarily due to the gradual recovery in domestic travel demand as a result of the diminishing impact of the COVID-19 pandemic in India in the year ended March 31, 2022 as compared to the year ended March 31, 2021. Further, our Adjusted Margin % – Air ticketing decreased marginally to 8.0% in the year ended March 31, 2022 as compared to 8.2% in the year ended March 31, 2021.

Hotels and Packages. Revenue from our hotels and packages business increased by 131.4% (132.5% in constant currency) to $157.3 million in the year ended March 31, 2022, from $68.0 million in the year ended March 31, 2021. Our Adjusted Margin – Hotels and packages increased by 113.5 % (114.5% in constant currency) to $144.1 million in the year ended March 31, 2022 from $67.5 million in the year ended March 31, 2021. Adjusted Margin – Hotels and packages includes customer inducement costs of $41.5 million in the year ended March 31, 2022 and $18.7 million in the year ended March 31, 2021, recorded as a reduction of revenue. These customer inducement costs added back to Adjusted Margin 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. 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 113.8% (114.8% in constant currency) primarily driven by 82.7% increase in the number of hotel-room nights year over year, primarily due to the gradual recovery in domestic travel demand as a result of the diminishing impact of the COVID-19 pandemic in India in the year ended March 31, 2022 as compared to the year ended March 31, 2021. Our Adjusted Margin % – Hotels and packages of 17.9% in the year ended March 31, 2022 remained at similar level to our Adjusted Margin % – Hotels and packages of 17.9% in the year ended March 31, 2021.

Bus Ticketing. Revenue from our bus ticketing business increased by 60.3% (61.5% in constant currency) to $39.9 million in the year ended March 31, 2022, from $24.9 million in the year ended March 31, 2021. Our Adjusted Margin – Bus ticketing increased by 67.7% (69.0% in constant currency) to $38.3 million in the year ended March 31, 2022 from $22.9 million in the year ended March 31, 2021. Adjusted Margin – Bus ticketing includes customer inducement costs of $1.8 million in the year ended March 31, 2022 and $0.7 million in the year ended March 31, 2021, recorded as a reduction of revenue. These customer inducement costs added back to Adjusted Margin 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. The increase in revenue from our bus ticketing business and Adjusted Margin – Bus ticketing was primarily due to an increase in gross bookings by 59.2% (59.9% in constant currency) primarily driven by 47.8% increase in the number of bus tickets travelled year over year, primarily due to the gradual recovery in domestic travel demand as a result of the diminishing impact of the COVID-19 pandemic in India in the year ended March 31, 2022 as compared to the year ended March 31, 2021. Our Adjusted Margin % – Bus ticketing increased marginally to 8.7% in the year ended March 31, 2022 as compared to 8.2% in the year ended March 31, 2021.

 


 

Others. Revenue from our others business increased by 33.1% (34.0% in constant currency) to $18.0 million in the year ended March 31, 2022, from $13.6 million in the year ended March 31, 2021. Our Adjusted Margin – Others increased by 36.8% (37.7% in constant currency) to $18.6 million in the year ended March 31, 2022 from $13.6 million in the year ended March 31, 2021. Adjusted Margin – Others includes customer inducement costs of $0.8 million in the year ended March 31, 2022 and $0.1 million in the year ended March 31, 2021, recorded as a reduction of revenue. These customer inducement costs added back to Adjusted Margin 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. The increase in revenue from our others business and Adjusted Margin – Others was primarily due to an increase in advertising revenue and other ancillary revenues of $6.2 million primarily due to the gradual recovery in domestic travel demand as a result of the diminishing impact of the COVID-19 pandemic in India in the year ended March 31, 2022 as compared to the year ended March 31, 2021, which was partially offset by a decrease of $1.7 million in facilitation fees in the year ended March 31, 2022.

 

Other Income. Other income decreased by 5.0% to $3.5 million in the year ended March 31, 2022 from $3.7 million in the year ended March 31, 2021.

Personnel Expenses. Personnel expenses increased by 10.7% to $116.9 million in the year ended March 31, 2022 from $105.7 million in the year ended March 31, 2021, primarily due to higher share-based compensation costs and annual wage increases effected in the year ended March 31, 2022.

 

Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses increased by 124.4% to $51.0 million in the year ended March 31, 2022 from $22.7 million in the year ended March 31, 2021, primarily due to the increase in variable costs and discretionary marketing and sales promotion expenditures such as on events and brand building initiatives in response to the gradual recovery in domestic travel demand as a result of the diminishing impact of the COVID-19 pandemic in India in the year ended March 31, 2022 as compared to the year ended March 31, 2021.

Additionally, we incurred customer inducement costs recorded as a reduction of revenue and certain loyalty program costs of $111.2 million in the year ended March 31, 2022 and $43.0 million in the year ended March 31, 2021. The details are as follows:

 

 

 

For the year ended

March 31

 

 

 

2021

 

 

2022

 

 

 

(Amounts in USD thousands)

 

Marketing and sales promotion expenses as per IFRS

 

 

22,741

 

 

 

51,033

 

Customer inducement costs recorded as a reduction of revenue

 

 

42,908

 

 

 

111,247

 

Certain loyalty program costs related to Others revenue

 

 

91

 

 

 

 

 

Other Operating Expenses. Other operating expenses increased by 59.7% to $81.6 million in the year ended March 31, 2022 from $51.1 million in the year ended March 31, 2021, primarily due to an increase of $22.2 million in payment gateway charges, website hosting charges and outsourcing fees as a result of higher bookings, primarily due to the gradual recovery in domestic travel demand as a result of the diminishing impact of the COVID-19 pandemic in India in the year ended March 31, 2022 as compared to the year ended March 31, 2021. The increase in other operating expenses was also due to an increase of $4.7 million, in the year ended March 31, 2022, of expense relating to provision for litigations for a dispute related to a prior acquisition.

Depreciation, Amortization and Impairment. Our depreciation, amortization and impairment expenses decreased by 10.6% to $29.5 million in the year ended March 31, 2022 from $33.0 million year ended March 31, 2021, primarily due to an increase in fully amortized assets in the year ended March 31, 2022.

Results from Operating Activities. As a result of the foregoing factors, our results from operating activities were a loss of $30.4 million in the year ended March 31, 2022 as compared to a loss of $67.7 million in the year ended March 31, 2021. Our Adjusted Operating Profit was $23.2 million in the year ended March 31, 2022 as compared to an Adjusted Operating Loss of $18.0 million in the year ended March 31, 2021. 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 Income (Costs). Our net finance cost was $16.3 million in the year ended March 31, 2022 as compared to net finance income of $7.3 million in the year ended March 31, 2021. The increase in our net finance cost was primarily due to an increase in interest expense on financial liabilities measured at amortised cost and net foreign exchange loss in the year ended March 31, 2022, primarily due to the depreciation of the Indian Rupee against the U.S. dollar as at March 31, 2022 as compared to March 31, 2021.

Profit (Loss) for the Year. As a result of the foregoing factors, our loss for the year ended March 31, 2022 was $45.6 million as compared to a loss of $56.0 million in the year ended March 31, 2021. Our Adjusted Net Profit was $21.7 million in the year ended March 31, 2022, as compared to Adjusted Net Loss of $9.2 million in the year ended March 31, 2021. 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. Diluted loss per share was $0.42 for the year ended March 31, 2022 as compared to diluted loss per share of $0.52 in the year ended March 31, 2021. Our Adjusted Diluted Earnings per share was $0.20 in the year ended March 31, 2022, as compared to Adjusted Diluted Loss per share of $0.09 in the year ended March 31, 2021. 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 March 31, 2022, the balance of cash and cash equivalents and term deposits on our balance sheet was $477.5 million. In addition, we have existing credit facilities of approximately $132.5 million, which includes a $70.0 million facility from an affiliate of our largest shareholder with the remaining amount from various commercial banks. As of March 31, 2022, these facilities remained undrawn.

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 period in the prior fiscal year.

(2)

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). In addition, reconciliations of non-IFRS measures to IFRS financial measures, and operating results are included at the end of this release.

 

Share Repurchase

On November 6, 2012, our Board of Directors authorized the Company to purchase outstanding ordinary shares, par value $0.0005 per share, of the Company. On January 22, 2016, our Board of Directors authorized the Company to increase the share repurchase plan to an amount aggregating up to $150 million at a price per ordinary share not exceeding $21.50 until November 30, 2021. On October 26, 2021, our Board of Directors authorized the Company to further extend the term of this share repurchase plan until November 30, 2023. There were no repurchases pursuant to the share repurchase plan during the fourth quarter of fiscal year 2022. As of March 31, 2022, we had remaining authority to repurchase up to approximately $136.0 million of our outstanding ordinary shares.

Conference Call

MakeMyTrip will host a live Zoom webinar to discuss the Company’s results for the quarter and year ended March 31, 2022 beginning at 7:30 AM EDT or 5:00 PM IST on May 25, 2022 through the Company’s Investor Relations website at https://investors.makemytrip.com/. To participate, please use the following the link https://makemytrip.zoom.us/webinar/register/WN_IrCG4m78THCRM4lkLXMrug 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 evaluate our financial performance in each of our reportable segments based on our key performance indicator, Adjusted Margin, a segment profitability measure, which 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 the company acts as the principal.

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 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.

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 fiscal year.

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) and diluted earnings (loss) per share, respectively, each of which is an IFRS measure. We use financial measures that exclude share-based compensation expense, merger and acquisition related expenses, amortization of acquired intangibles, net change in financial liability relating to acquisitions, share of loss (profit) of equity-accounted investees, gain on discontinuation of equity accounted investment on disposal, interest expense on financial liabilities measured at amortized cost, income tax expense (benefit) and provision for litigations for our internal management reporting, budgeting and decision making purposes, including comparing our operating results to that of our competitors. 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 expenses allows investors to make additional comparisons between our operating results and those of other companies. We believe that our current calculations of Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss), Adjusted Margin %, Adjusted Diluted Earnings (Loss) per Share and change in constant currency represent a balanced approach to adjusting for the impact of certain discrete, unusual or non-cash items which are useful in measuring our results and provide useful information to investors and analysts.

We believe that investors and analysts 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.

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) 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, namely 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.

 


 

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 "anticipate", "believe", "estimate", "expect", "intend", "will", "project", "seek", "should" and 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, 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 13, 2021, filed with the United States Securities and Exchange Commission. COVID-19, and the volatile regional and global economic conditions stemming from it, and additional or unforeseen effects from the COVID-19 pandemic, could also continue to give rise to or aggravate these risk factors, which in turn could continue to materially adversely affect our business, financial condition, liquidity, results of operations (including revenues and profitability) and/or stock price. Further, COVID-19 may also affect our operating and financial results in a manner that is not presently known to us or that we currently do not consider to present significant risks to our operations. 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 and visa processing.

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

[email protected]

 


 

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(UNAUDITED)

(Amounts in USD thousands)

 

 

 

As at

March 31,

2021

 

 

As at

March 31,

2022

 

Assets

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

22,159

 

 

 

19,313

 

Intangible assets and goodwill

 

 

720,907

 

 

 

685,658

 

Trade and other receivables, net

 

 

2,154

 

 

 

3,713

 

Investment in equity-accounted investees

 

 

5,262

 

 

 

3,558

 

Other investments

 

 

5,508

 

 

 

4,031

 

Term deposits

 

 

25,043

 

 

 

6

 

Non-current tax assets

 

 

26,710

 

 

 

14,965

 

Other non-current assets

 

 

88

 

 

 

135

 

Total non-current assets

 

 

807,831

 

 

 

731,379

 

Inventories

 

 

40

 

 

 

11

 

Current tax assets

 

 

2

 

 

 

 

Trade and other receivables, net

 

 

25,177

 

 

 

35,910

 

Term deposits

 

 

129,825

 

 

 

264,179

 

Other current assets

 

 

51,069

 

 

 

77,982

 

Cash and cash equivalents

 

 

295,066

 

 

 

213,283

 

Total current assets

 

 

501,179

 

 

 

591,365

 

Total assets

 

 

1,309,010

 

 

 

1,322,744

 

Equity

 

 

 

 

 

 

 

 

Share capital

 

 

53

 

 

 

53

 

Share premium

 

 

2,021,197

 

 

 

2,034,663

 

Other components of equity

 

 

69,604

 

 

 

73,574

 

Accumulated deficit

 

 

(1,203,334

)

 

 

(1,214,156

)

Total equity attributable to owners of the Company

 

 

887,520

 

 

 

894,134

 

Non-controlling interests

 

 

3,667

 

 

 

2,341

 

Total equity

 

 

891,187

 

 

 

896,475

 

Liabilities

 

 

 

 

 

 

 

 

Loans and borrowings(#)

 

 

201,616

 

 

 

213,808

 

Employee benefits

 

 

7,479

 

 

 

9,086

 

Contract liabilities

 

 

453

 

 

 

27

 

Deferred tax liabilities, net

 

 

3,864

 

 

 

2,596

 

Other non-current liabilities

 

 

10,217

 

 

 

9,536

 

Total non-current liabilities

 

 

223,629

 

 

 

235,053

 

Loans and borrowings(#)

 

 

2,339

 

 

 

2,776

 

Trade and other payables

 

 

53,581

 

 

 

62,827

 

Contract liabilities

 

 

33,723

 

 

 

53,211

 

Other current liabilities

 

 

73,751

 

 

 

72,402

 

Provisions

 

 

30,800

 

 

 

 

Total current liabilities

 

 

194,194

 

 

 

191,216

 

Total liabilities

 

 

417,823

 

 

 

426,269

 

Total equity and liabilities

 

 

1,309,010

 

 

 

1,322,744

 

 

#

Loans and borrowings include lease liabilities amounting to $14.0 million as at March 31, 2022 (as at March 31, 2021: $15.6 million).

 


 

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED 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

March 31

 

 

For the year ended

March 31

 

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air ticketing

 

 

24,216

 

 

 

25,328

 

 

 

57,013

 

 

 

88,712

 

Hotels and packages

 

 

38,062

 

 

 

45,132

 

 

 

67,976

 

 

 

157,267

 

Bus ticketing

 

 

11,809

 

 

 

12,640

 

 

 

24,895

 

 

 

39,896

 

Other revenue

 

 

5,134

 

 

 

5,487

 

 

 

13,556

 

 

 

18,047

 

Total revenue

 

 

79,221

 

 

 

88,587

 

 

 

163,440

 

 

 

303,922

 

Other  income

 

 

1,417

 

 

 

208

 

 

 

3,672

 

 

 

3,490

 

Service cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Procurement cost of hotels and packages services

 

 

12,345

 

 

 

15,864

 

 

 

19,146

 

 

 

54,760

 

Other cost of providing services

 

 

1,580

 

 

 

1,256

 

 

 

3,162

 

 

 

3,990

 

Personnel expenses

 

 

28,746

 

 

 

30,289

 

 

 

105,661

 

 

 

116,924

 

Marketing and sales promotion expenses

 

 

11,768

 

 

 

12,062

 

 

 

22,741

 

 

 

51,033

 

Other operating expenses

 

 

18,120

 

 

 

19,013

 

 

 

51,075

 

 

 

81,575

 

Depreciation, amortization and impairment

 

 

7,762

 

 

 

6,958

 

 

 

33,010

 

 

 

29,496

 

Result from operating activities

 

 

317

 

 

 

3,353

 

 

 

(67,683

)

 

 

(30,366

)

Finance income

 

 

1,515

 

 

 

1,923

 

 

 

12,100

 

 

 

9,984

 

Finance costs

 

 

2,773

 

 

 

8,827

 

 

 

4,798

 

 

 

26,326

 

Net finance income (costs)

 

 

(1,258

)

 

 

(6,904

)

 

 

7,302

 

 

 

(16,342

)

Share of profit (loss) of equity-accounted investees

 

 

(26

)

 

 

51

 

 

 

(168

)

 

 

34

 

Loss before tax

 

 

(967

)

 

 

(3,500

)

 

 

(60,549

)

 

 

(46,674

)

Income tax benefit (expense)

 

 

4,168

 

 

 

(556

)

 

 

4,507

 

 

 

1,107

 

Profit (loss) for the period

 

 

3,201

 

 

 

(4,056

)

 

 

(56,042

)

 

 

(45,567

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Items that will not be reclassified subsequently to profit or loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Remeasurement of defined benefit liability, net of tax

 

 

(699

)

 

 

(569

)

 

 

(199

)

 

 

(426

)

Equity instruments at fair value through other comprehensive income (FVOCI) - net change in fair value, net of tax

 

 

525

 

 

 

 

 

 

1,825

 

 

 

33,543

 

 

 

 

(174

)

 

 

(569

)

 

 

1,626

 

 

 

33,117

 

Items that are or may be reclassified subsequently to profit or loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation differences on foreign operations, net of tax

 

 

(3,317

)

 

 

(9,742

)

 

 

13,497

 

 

 

(18,943

)

Other comprehensive income (loss) for the period, net of tax

 

 

(3,491

)

 

 

(10,311

)

 

 

15,123

 

 

 

14,174

 

Total comprehensive loss for the period

 

 

(290

)

 

 

(14,367

)

 

 

(40,919

)

 

 

(31,393

)

Profit (loss) attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owners of the Company

 

 

3,172

 

 

 

(4,065

)

 

 

(55,639

)

 

 

(45,405

)

Non-controlling interests

 

 

29

 

 

 

9

 

 

 

(403

)

 

 

(162

)

Profit (loss) for the period

 

 

3,201

 

 

 

(4,056

)

 

 

(56,042

)

 

 

(45,567

)

Total comprehensive income (loss) attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owners of the Company

 

 

(337

)

 

 

(14,318

)

 

 

(40,531

)

 

 

(31,216

)

Non-controlling interests

 

 

47

 

 

 

(49

)

 

 

(388

)

 

 

(177

)

Total comprehensive loss for the period

 

 

(290

)

 

 

(14,367

)

 

 

(40,919

)

 

 

(31,393

)

Earnings (loss) per share (in USD)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

0.03

 

 

 

(0.04

)

 

 

(0.52

)

 

 

(0.42

)

Diluted

 

 

0.03

 

 

 

(0.04

)

 

 

(0.52

)

 

 

(0.42

)

Weighted average number of shares (including Class B Shares)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

107,514,074

 

 

 

108,695,697

 

 

 

106,797,245

 

 

 

108,471,149

 

Diluted

 

 

109,774,760

 

 

 

108,695,697

 

 

 

106,797,245

 

 

 

108,471,149

 

 

 


 

 

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED 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, 2021

 

 

53

 

 

 

2,021,197

 

 

 

31,122

 

 

 

480

 

 

 

138,668

 

 

 

(100,666

)

 

 

(1,203,334

)

 

 

887,520

 

 

 

3,667

 

 

 

891,187

 

Total comprehensive income (loss) for the year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss for the year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(45,405

)

 

 

(45,405

)

 

 

(162

)

 

 

(45,567

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation differences

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,921

)

 

 

 

 

 

(18,921

)

 

 

(22

)

 

 

(18,943

)

Equity instruments at FVOCI - net change in fair value

 

 

 

 

 

 

 

 

 

 

 

33,543

 

 

 

 

 

 

 

 

 

 

 

 

33,543

 

 

 

 

 

 

33,543

 

Remeasurement of defined benefit liability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(433

)

 

 

(433

)

 

 

7

 

 

 

(426

)

Total other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

33,543

 

 

 

 

 

 

(18,921

)

 

 

(433

)

 

 

14,189

 

 

 

(15

)

 

 

14,174

 

Total comprehensive income (loss) for the year

 

 

 

 

 

 

 

 

 

 

 

33,543

 

 

 

 

 

 

(18,921

)

 

 

(45,838

)

 

 

(31,216

)

 

 

(177

)

 

 

(31,393

)

Transactions with owners, recorded directly in equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contributions by owners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based payment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36,645

 

 

 

 

 

 

 

 

 

36,645

 

 

 

 

 

 

36,645

 

Issue of ordinary shares on exercise of share based awards

 

*

 

 

 

13,466

 

 

 

 

 

 

 

 

 

(13,430

)

 

 

 

 

 

 

 

 

36

 

 

 

 

 

 

36

 

Transfer to accumulated deficit on expiry of share based awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(115

)

 

 

 

 

 

115

 

 

 

 

 

 

 

 

 

 

Equity instruments at FVOCI - transfer to accumulated deficit