MakeMyTrip Limited (MMYT) is an India based online travel company.

Its services and

products include air tickets, customized holiday packages, hotel bookings, railway tickets, bus
tickets, car hire mainly for travel within India and the US.
Solid First Quarter Results

On June 30, MakeMyTrip reported the results for the first quarter of its fiscal 2015. The
company generated revenue of $94.8 million in the quarter up 22.9% (31.3% in constant
currency) over the same quarter last year.

Revenue from the Air Ticketing business grew 23.9% year-on-year in constant currency terms,
driven largely by strong transaction growth in the international Air Ticketing business. Domestic
air transaction also grew by over 12% year-on-year, thanks primarily to discounted seasonal
fares.

Hotels and Packages business, revenue surged 70.9% growth year-on-year in constant
currency terms, driven largely by 106.5% growth in transactions. According to the management,
strong uptake in domestic hotel bookings, particularly through mobile platforms, as well as a
strong growth in international hotel bookings led to the growth in transactions.
Positive Earnings Estimates Revisions
After impressive earnings, Zacks Consensus Estimates for current and the next fiscal year
estimates have improved to a loss of ($0.36) per share and ($0.19) per share respectively, from
a loss of ($0.43) per share and ($0.22 per share), 7 days ago.
Rising estimates sent the stock back to Zacks Rank #1 (Strong Buy) earlier this month.
The Bottom Line
E-commerce industry is going through a rapid change in India as internet usage, mainly through
mobile devices has been surging. Aviation market is India continues to expand with rising
middle class incomes. Recent entry of Air-Asia and license issuance to Tata Airlines will further
drive the growth of domestic air industry.

Plans to liberalize the airline industry and ongoing price war among airlines in India are also
very supportive for online travel companies.

Further, with the new business-friendly, reform-oriented government in India, longer-term
outlook for promising Indian companies looks quite positive.

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Buy this stock to profit from the rapidly growing online travel industry in India.