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2
Safe Harbor
Certain statements contained in this presentation are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations or forecasts of future events and our future performance and do not relate directly to historical or current events or our historical or current performance and are subject to risks and uncertainties, some of which are outside of our control, that could cause actual outcomes and results to differ materially from historical results or current expectations. Most of these statements contain words that identify them as forward looking, such as “anticipate”, “estimate”, “expect”, “project”, “intend”, “plan”, “believe”, “seek”, “will”, “may”, “should”, “opportunity”, “target” or other words that relate to future events, as opposed to past or current events. Among the factors that could cause actual results to differ materially include, but are not limited to, the slowdown of economic growth in India and the global economic downturn, general declines or disruptions in the travel industry, the inability to successfully integrate the businesses of MMYT and ibibo Group within the anticipated timeframe or at all, the risk that the acquisition will disrupt current plans and operations, increase in operating costs and potential difficulties in customer or supplier loss and employee retention as a result of the acquisition, the inability to recognize the anticipated benefits of the combination of MMYT and ibibo Group, including the realization of revenue and cost synergy benefits within the anticipated timeframe or at all, 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. In addition to the foregoing factors, a description of certain other risks and uncertainties which may cause actual results to differ materially can be found in the “Risk Factors” section of MMYT's 20-F dated July 18, 2017 and MMYT’s 6-K dated November 22, 2016, each filed with the U.S. Securities Exchange Commission (“SEC”), copies of which are available from the SEC, our website or our Investor Relations department.
We cannot assure you that the assumptions made in preparing any of the forward-looking statements will prove accurate or that any projections will be realized. We expect that there will be differences between projected and actual results. These forward-looking statements speak only as of the date of this presentation, and we do not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements attributable to us are expressly qualified in their entirety by the cautionary statements contained herein and in our future annual and quarterly reports as filed with the SEC.
3
Non-IFRS Metrics & Note on Unaudited Financials
The following non-IFRS metrics will be used in this presentation:
Gross Bookings represents total amount paid by our customers for travel services and products booked through us, including taxes, fees, and other charges, and are net of cancellation and refunds, but does not include other revenues that are generated from 3rd party advertisement on our website, commissions and fees earned from the sale of railway and bus operators and fees earned byfacilitating travel insurance policies to customers.
Net Revenues represents Revenues less Service Costs (costs of procuring the relevant services for sale to customers, including procurement costs paid to hotel and package suppliers for the acquisition of hotel rooms, sightseeing costs, local transport costs and on occasion the cost of air tickets when the company pre-purchases air ticket inventory in order to enjoy special negotiatedrates and revenues)
Net Revenue Margins is defined as Net Revenues as a percentage of Gross Bookings, and represents commissions, fees, incentive payments and other amounts earned in our business. We follow net revenue margin trends closely across our various lines of business to gain insight into the profitability of our various businesses.
Flight segment is defined as a flight between two cities, whether or not such flight is part of a larger or longer itinerary.
Room Nights, also referred to as a “hotel-room nights,” is the total number of hotel rooms occupied by a customer or group,multiplied by the number of nights that such customer or group occupies those rooms.
Constant Currency refers to our financial results assuming constant foreign exchange rates for the current fiscal period based on
the reporting for the historical average rate used in the prior year’s comparable fiscal period.
Fiscal Year End – March 31st
4
Investment Highlights
Leading OTA with Comprehensive Product Offerings via Multiple Brands
Driving Share Gains in India’s Underpenetrated Online Travel Market
Well Recognized Online Travel Brands with Superior Selection & Reach
Strong & Experienced Management Team
Strong Financial Profile with Strategic Investors Focused on High Growth6
1
2
3
4
5
Constant Product & Technology Innovations for Customers & Suppliers
5
191
526
350
702
US China India India
0
5
10
15
20
25
30
35
40
2015 2017 2019 2021 2023 2025
US
4% CAGR
US$ 28 Tn
China
7% CAGR
US$ 37 Tn
India
8% CAGR
US$ 18 Tn
USUS$ 18 Tn
ChinaUS$ 19 Tn
IndiaUS$ 8 Tn
GD
P a
t P
urc
has
ing
Po
wer
Par
ity
(US$
Tn
)
Among Top 3 Global Economies with Robust Growth1
Source: 1Euromonitor; 2United Nations; *Internet Live Stats, The Future of Internet in India” NASSCOM August 2016
47%
33%
32%
48%
52%
59%
6%
15%
10%
Age 0–24 Age 25–64 Age 65+
Largest Young Population Globally (2015)2
2nd Largest Smartphone Users
287
721
462
730
US China India India
89%
52%
35%
52%
US China India India
2020E2016 2020E2016 2020E2016
Room to Grow with Low Internet Penetration
2nd Highest Internet Users
Attractive Macro Growth Drivers
6
India’s Online Travel Opportunity
Source: Morgan Stanley Research, e=Morgan Stanley Research estimates.
($ in Billions)
Addressable Total Travel Market Growth Online Travel Market Growth
Segments 2015 2021e CAGR 2015 2021e CAGR
Domestic Air $5.4 $10.0 11% $2.7 $6.0 14%
International Air $3.0 $5.3 10% $1.5 $2.6 10%
Domestic Hotels $10.0 $25.2 17% $1.4 $10.1 39%
Outbound Travel $12.5 $21.9 10% $0.9 $3.3 25%
Domestic Bus $3.1 $5.0 8% $0.5 $1.5 22%
Total Booking $34.0 $67.4 12% $7.0 $23.5 23%
Large Addressable Market with +$67 billion in Travel Bookings by 2021
7
Multiple Brands & Comprehensive Offerings
• Wide Range of Travel Product Offerings• Expanded Combined Customer Reach• Cross Selling Opportunities Across all 3 Platforms
• 75+ Million Monthly Shopper Visits • 15+ Million Monthly Active Mobile Users
• 7.8 million Air Ticketing Flight Segments in 1Q FY18• 5.8 million Hotels Room Nights Stayed in 1Q FY18
Source: Company data as disclosed on Q1 FY2018 Earnings Call & SEC Form 6K Filed on August 9 2017
8
Multiple Long Term Growth Drivers
Investing in Underpenetrated Travel Segments for Long Term Growth
Domestic Hotels Alternative Accommodations International Hotels
International Outbound Flights Bus Ticketing SME Travel
9
Domestic Hotels & Alternative Accommodations Offerings Across All Brands
13,500+ Alternative
Accommodations properties45,000+ Domestic Hotel
properties
10
Enhancing Customer Experience via Product & Technology Innovations
Machine Learning & Big Data to Drive
Greater Personalization
Artificial Intelligence Powered
ChatBots for Customer Support
Online Wallets &
Referrals
Unique In App Travel Reviews &
Interactions with Suppliers
Location Based Services
Live Bus Tracking Feature
11
Mobile Continues to Lead Growth & Drive Online Penetration
Mobile Air
Ticketing*:
59%
Mobile Bus
Ticketing*:
47%
Mobile Hotel
Booking*:
78%
*Q1 FY2018 mobile transactions as % of total
• Top Ranked iOS &
Google Play Apps
• Driving Tier II & III
penetration
• 1 MB Lite App
Available
• 90+ million
cumulative app
downloads to date
• 15+ million monthly
average active
mobiles users
• 78% of Monthly
Shopper Visits via
Mobile App & Web
• BHIM ready – ICICI
Bank integration
12
Highly Experienced & Integrated Management Team
Deep Kalra Co-Founder, Chairman and Group CEO- Started MakeMyTrip in 2000- Chairman of the Board of Directors- 24+ Years of Experience- Prior Experience: GE Capital India, AMF Bowing Inc.
& ABN AMRO Bank- Board member & past President of The IndUS
Entrepreneurs (TIE) New Delhi chapter- Founding member of Ashoka University & serves on
Governing Council- Bachelor’s degree in Economics - St. Stephen’s College - MBA IIM Ahmedabad, India
Rajesh MagowCo-Founder and CEO India- Senior founding team member of MakeMyTrip- Member of the Board of Directors- Previously CFO and Chief Operating Officer- 23+ Years of Experience- Prior Experience: eBookers.com, Aptech Limited &
Voltas Limited- Ex Independent FlipKart.com Board Member- Chartered Accountant from Institute of
Chartered Accountants of India, Delhi
Mohit KabraGroup Chief Financial Officer - 22+ Years of Experience- Prior Experience: Kohler India, PepsiCo,
Colgate & Seagrams- Bachelor of Commerce - St. Joseph’s Junior
College - Chartered Accountant from Institute of
Chartered Accountants of India - Cost Accountant from Institute of
Cost Accountants of India
Ashish KashyapCo-Founder & President - Founded ibibo Group in 2007- Co-founder of PayU India- Founded e-Commerce and online travel
businesses at Indiatimes.com- 20+ Years of Experience- Prior Experience: Google India- Masters of Management-IMPM - McGill University,
Desautels Faculty Of Management- Diploma: IMPM (Insead) & Economics from
Kirorimal College, Delhi University India
13
Financial Overview
Results presented include the consolidation of ibibo group from February 1, 2017 onwards,
unless otherwise noted
14
Q1 FY2018 Financial Highlights
Source: Company data, SEC 6K Filed on August 9 2017. YoY % growth on pro forma basis as disclosed
15
48 66 57 62 72 76
119 11
18 28 40
63
87
140
3
4 4
4
5
6
15
$0
$50
$100
$150
$200
$250
$300
FY11 FY12 FY13 FY14 FY15 FY16 FY17
Air Ticketing Hotels and Packages Emerging Segments
45.8 48.2 54.4INR/USD 60.4 61.1 65.4 67.1
648 839
940 944
1,175 1,276
1,545 95
154
230 318
473
566
745
$0
$500
$1,000
$1,500
$2,000
$2,500
FY11 FY12 FY13 FY14 FY15 FY16 FY17
Air Ticketing Hotels and Packages
Strong Growth Driven by Hotels and Packages
Gross Bookings
(in $ million)
45.8 48.2 54.4INR/USD 60.4 61.1 65.4
Note: 1. Net revenues represent revenues minus service costs
CCG = Constant Currency Growth
(in $ million)
Net Revenue(1)
$1,842
$1,648
$1,261$1,170
$993
$742
$169
$139
$106
$88$88
$61
$2,290
67.1
$274
16
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
Driving Growth in Hotel & Packages
175.9 343.1 568.1
869.8 1,385.9
3,137.3
6,874.1
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
Hotel & Packages Transactions (in 000s)
18%21%
31%
38%
45%
51% 51%
0%
10%
20%
30%
40%
50%
60%
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
Hotel & Packages Contribution to Net Revenue Improved to +50%
Standalone Hotels Transactions (in 000s)
(% o
f to
tal n
et r
even
ue)
3,001
1,236
726427230
136
5,645
17
Improving Mix and Margins with Strategic Focus on Hotels and Packages
Air Ticketing Net Revenue Margin
Hotels and Packages Net Revenue Margin
• Commissions and volume incentives from airlines
• Convenience & Service fees from customers
• Fees from GDS partner
Effective Product Bundling & Scale
• Mark up on Net Rates
• Commissions & volume incentives from hoteliers
Multiple sources of Net Revenue
Combined Net Revenue Margin
*See Reconciliation of IFRS to Non-IFRS Metrics
7.9%8.5%
7.2%8.1% 8.1%
9.2%
11.3%
0%
2%
4%
6%
8%
10%
12%
FY11 FY12 FY13 FY14 FY15 FY16 FY17
7.4%7.9%
6.0%6.6%
6.1% 6.0%
7.7%
0%
2%
4%
6%
8%
10%
FY11 FY12 FY13 FY14 FY15 FY16 FY17
11.5% 11.9% 12.0% 12.6% 13.2%
15.3%
18.8%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
FY11 FY12 FY13 FY14 FY15 FY16 YTD FY17
18
1.9% 2.0% 2.0% 2.1% 1.9% 1.9% 2.0%
1.3% 1.3% 1.3% 1.4% 1.4% 1.4% 1.2%
2.5% 2.5% 2.7% 2.7%2.2% 2.3% 2.1%
1.7% 1.7% 1.7%2.2%
2.6%
5.9%
9.8%
0.3% 0.3% 0.3%
0.3%0.4%
0.4%
0.5%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
FY11 FY12 FY13 FY14 FY15 FY16 FY17
Personnel Expenses Payment Gateway SGA Marketing Depreciation & Amortization
7.7% 7.8% 8.0%8.7% 8.5%
11.9%
15.6%
Investing to Drive Higher Hotels & Packages Net Revenue Contribution %
of
Gro
ss B
oo
kin
gs
17.9% 20.7% 31.3% 37.6% 45.1%
Hotels and Packages Net Revenue Mix
51.1% 51.3%
19
Financial Summary in Constant Currency
Source: Company data
FY2013 FY2014 FY2015 FY2016 FY17
Air Ticketing yoy yoy yoy yoy yoy
Gross bookings growth 26% 11% 26% 16% 24%
Transactions growth 2% 5% 36% 28% 35%
Net Revenue growth -3% 21% 17% 14% 59%
Net Revenue to Bookings 6% 7% 6% 6% 7.7%
Hotels & Packages
Gross bookings growth 65% 48% 50% 28% 34%
Transactions growth 66% 53% 59% 126% 119%
Net Revenue growth 66% 54% 58% 45% 66%
Net Revenue to Bookings 12% 13% 13% 15% 18.8%
Hotel and Packages as a % of total net revenue
31% 38% 45% 51% 51%
Gross Bookings and Net Revenue Growth Rates are based on constant currency rates
20
Reconciliation of IFRS to Non-IFRS Metrics
Source: Company data
Reconciliation of Adjusted Operating Profit (Loss) Year ended March 31,
in thousand USD (Unaudited) 2010 2011 2012 2013 2014 2015 2016 2017
Result from operating activities as per IFRS (6,010) 4,062 4,005 (18,062) (15,322) (14,540) (66,827) (135,387)
Add: Employee share-based compensation costs 6,771 527 6,894 11,667 11,097 12,308 13,685 26,795
Less: Income on license acquired - - - - 115 - (886)
Less: Gain on bargain purchase - - - - (1,168) -
Add: Impairment of intangible assets - - - - - 2,167 15,168
Add: Merger and acquisitions related expenses - - 241 705 439 350 178 5,972
Add: Acquisition related intangibles amortization - - 64 572 1,389 1,700 1,554 3,741
Add: Severance cost related to a prior acquisition - - - - 638 -
Adjusted Operating Profit (Loss) 762 4,589 11,205 (5,118) (3,451) 456 (50,129) (83,711)