Following the foot steps of most successful new-age tech founders, Deep Kalra, who is among the first batch of internet entrepreneurs from India, has announced his stepping down from MakeMyTrip as Group CEO. He will now helm the role of Executive Chairman while Rajeev Magow will take on the role of Group CEO.
“We believe that separating the roles of Group CEO and Executive Chairman will allow us to focus more on long-term strategic opportunities within and outside India while maintaining our market leading position in our existing businesses,” said Deep Kalra, Founder of MakeMyTrip, during the earnings call.
In addition, he expressed his confidence in Magow taking the baton forward. “I have the utmost confidence in Rajesh’s capabilities in his elevated role to drive the next phase of growth for the Group through its three strong brands, MakeMyTrip, Goibibo and Redbus. In this role, he will continue to work closely with me,” he added.
The company also announced its earnings for the Quarter ending December 31st, which it calls Q3 2020. Mentioned below are the highlights from the earnings:
- Gross Bookings(5) increased 18.8% YoY in 3Q20 to $1.7 billion.
- Revenue for 3Q20 increased 15.9% YoY to $146.9 million and Adjusted Revenue(2) increased 13.4% YoY in 3Q20 to $206.7 million.
- Results from Operating Activities improved to a loss of $24.4 million in 3Q20 versus a loss of $36.6 million in 3Q19.
- Adjusted Operating Loss(3) was reduced to $11.0 million in 3Q20 versus Adjusted Operating Loss of $22.2 million in 3Q19, an improvement of $11.2 million YoY.
In terms of divisional numbers, revenue from air ticketing business increased by 10.1 (8.7% in constant currency) to $47.9 million in the quarter ended December 31, 2019 from $43.5 million in the quarter ended December 31, 2018. Revenue from hotels and packages business increased by 25.4% (23.2% in constant currency) to $73.0 million in the quarter ended December 31, 2019, from $58.2 million in the quarter ended December 31, 2018.
Revenue from our bus ticketing business increased by 20.8% (19.4% in constant currency) to $17.7 million in the quarter ended December 31, 2019, from $14.7 million in the quarter ended December 31, 2018. In terms of ‘other revenue’, that saw a 2.1% decrease (2.9% in constant currency) to $8.3 million in the quarter ended December 31, 2019, from $8.4 million in the quarter ended December 31, 2018. Detailed overview is available here.
At the time of writing, MMT was trading 1% up on NASDAQ.
Updated with Stock Price update