MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2025 THIRD QUARTER RESULTS

Gurugram, India and New York, January 23, 2025 — MakeMyTrip Limited (NASDAQ: MMYT), India’s leading travel service
provider, today announced its unaudited interim financial and operating results for its fiscal third quarter ended December 31, 2024.

For the three For the three For the nine For the nine
months months YoY months months YoY
ended ended Change ended ended Change
December December YoY in constant December December YoY in constant
(in thousands) 31, 2023 31, 2024 Change currency(1) 31, 2023 31, 2024 Change currency(1)
Financial Summary as per IFRS
Revenue $ 214,216 $ 267,362 24.8 % 26.2 % $ 579,637 $ 732,874 26.4% 28.0 %
Air Ticketing $ 51,695 $ 61,336 18.6 % 20.2 % $ 146,170 $ 179,901 23.1% 24.7 %
Hotels and Packages $ 125,482 $ 147,089 17.2 % 18.4 % $ 330,063 $ 397,133 20.3% 21.8 %
Bus Ticketing $ 24,177 $ 31,836 31.7 % 32.8 % $ 68,893 $ 85,861 24.6% 26.1 %
Others $ 12,862 $ 27,101 110.7 % 113.4 % $ 34,511 $ 69,979 102.8% 104.6 %
Results from Operating Activities $ 22,645 $ 34,687 53.2 % $ 48,491 $ 88,657 82.8%
Profit (loss) for the period $ 24,217 $ 27,069 11.8 % $ 44,815 $ 66,054 47.4%
Financial Summary as per non-IFRS measures
Adjusted Margin(2)
Air Ticketing $ 79,177 $ 93,762 18.4 % 20.0 % $ 233,960 $ 278,900 19.2% 20.8 %
Hotels and Packages $ 98,789 $ 121,860 23.4 % 24.9 % $ 260,016 $ 319,869 23.0% 24.7 %
Bus Ticketing $ 26,911 $ 35,028 30.2 % 31.3 % $ 76,003 $ 94,492 24.3% 25.9 %
Others $ 13,011 $ 19,792 52.1 % 53.9 % $ 34,914 $ 51,107 46.4% 48.3 %
Adjusted Operating Profit(2) $ 33,444 $ 46,004 37.6 % $ 91,782 $ 122,610 33.6%
Adjusted Net Profit(2) $ 38,905 $ 44,910 15.4 % $ 100,298 $ 130,120 29.7%
Gross Bookings(3) $ 2,088,273 $ 2,612,414 25.1 % 26.8 % $ 5,915,462 $ 7,250,001 22.6% 24.3 %

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
fiscal period in the prior fiscal year. 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). Reconciliations of IFRS
measures to non-IFRS financial measures and operating results are included at the end of this release.
(2) This is a non-IFRS measure. For more information, see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release. Reconciliations of IFRS
measures to non-IFRS financial measures and operating results are included at the end of this release.
(3) From April 1, 2024, we have added a gross bookings category for our other transport services (comprising Car Bookings and Rail Ticketing) as these are emerging
transport services.

Financial Highlights for Fiscal 2025 Third Quarter

(Year over Year (YoY) growth % is based on constant currency(1))
• Gross Bookings(3) increased by 26.8% YoY in 3Q25 to $2,612.4 million.
• Adjusted Margin(2) – Air Ticketing increased by 20.0% YoY in 3Q25 to $93.8 million.
• Adjusted Margin(2) – Hotels and Packages increased by 24.9% YoY in 3Q25 to $121.9 million.
• Adjusted Margin(2) – Bus Ticketing increased by 31.3% YoY in 3Q25 to $35.0 million.
• Adjusted Margin(2) – Others increased by 53.9% YoY in 3Q25 to $19.8 million.
• Adjusted Operating Profit(2) improved to $46.0 million in 3Q25 versus $33.4 million in 3Q24, reflecting an improvement of $12.6
million YoY.
• Adjusted Net Profit(2) improved to $44.9 million in 3Q25 versus $38.9 million in 3Q24, reflecting an improvement of $6.0 million
YoY.

Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, commenting on the results, said,
“The Indian travel and tourism sector is witnessing robust growth, reflecting a strong desire among travelers to explore new horizons. While
Indian destinations continue to shine, many countries have made significant efforts to attract Indian travelers. Our strong performance this
quarter reflects these macro trends, along with our focused execution and commitment to customer centricity.”
Mohit Kabra, Group Chief Financial Officer, MakeMyTrip, commenting on the results, said,
“Our robust financial performance this quarter across all lines of business underscores our strong execution of strategic priorities and the
resilience of the travel sector. Our disciplined approach to cost management, combined with targeted investments in technology and
customer experience, has enabled us to capitalize on growing travel demand and drive profitable growth.”
Fiscal 2025 Third Quarter Financial Results
Revenue. We generated revenue of $267.4 million in the quarter ended December 31, 2024, an increase of 24.8% (26.2% in constant
currency(1)) over revenue of $214.2 million in the quarter ended December 31, 2023, primarily as a result of an increase of 18.6% (20.2%
in constant currency) in revenue from our air ticketing business, an increase of 17.2% (18.4% in constant currency) in revenue from our
hotels and packages business, an increase of 31.7% (32.8% in constant currency) in revenue from our bus ticketing business, and an increase
of 110.7% (113.4% in constant currency) in revenue from our others business, each as further described below. The increase in revenue
was primarily due to strong travel demand in India for both domestic and international outbound travel in the quarter ended December 31,
2024 as compared to the quarter ended December 31, 2023.

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

For the three months ended December 31

Air ticketing Hotels and packages Bus ticketing Others
2023 2024 2023 2024 2023 2024 2023 2024
(Amounts in USD thousands)
Revenue as per IFRS 51,695 61,336 125,482 147,089 24,177 31,836 12,862 27,101
Add: Customer inducement costs recorded
as a reduction of revenue 27,482 32,426 35,674 44,059 2,734 3,192 149 781
Less: Service cost — — 62,367 69,288 — — — 8,090
Adjusted Margin(2) 79,177 93,762 98,789 121,860 26,911 35,028 13,011 19,792
Air Ticketing. Revenue from our air ticketing business increased by 18.6% (20.2% in constant currency) to $61.3 million in the quarter
ended December 31, 2024, from $51.7 million in the quarter ended December 31, 2023. Our Adjusted Margin – Air ticketing increased by
18.4% (20.0% in constant currency) to $93.8 million in the quarter ended December 31, 2024, from $79.2 million in the quarter ended
December 31, 2023. Adjusted Margin – Air ticketing includes customer inducement costs of $32.4 million in the quarter ended December
31, 2024 and $27.5 million in the quarter ended December 31, 2023, recorded as a reduction of revenue. The increase in revenue from our
air ticketing business and Adjusted Margin – Air ticketing was primarily due to an increase in gross bookings of 21.4% (23.1% in constant
currency) primarily driven by a 17.3% increase in the number of air ticketing flight segments year over year (excluding flight segments
booked as a component of bookings for our Hotels and Packages segment), primarily due to strong travel demand in India for both domestic
and international outbound travel in the quarter ended December 31, 2024 as compared to the quarter ended December 31, 2023. Further,
our Adjusted Margin % (defined as Adjusted Margin as a percentage of gross bookings) – Air ticketing decreased marginally to 6.1% in
the quarter ended December 31, 2024 as compared to 6.3% in the quarter ended December 31, 2023.

Hotels and Packages. Revenue from our hotels and packages business increased by 17.2% (18.4% in constant currency) to $147.1 million
in the quarter ended December 31, 2024, from $125.5 million in the quarter ended December 31, 2023. Our Adjusted Margin – Hotels and
packages increased by 23.4% (24.9% in constant currency) to $121.9 million in the quarter ended December 31, 2024 from $98.8 million
in the quarter ended December 31, 2023. Adjusted Margin – Hotels and packages includes customer inducement costs of $44.1 million in
the quarter ended December 31, 2024 and $35.7 million in the quarter ended December 31, 2023, 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 21.9% (23.4% in constant currency) primarily driven by a 19.3% increase in the number of hotel-room nights in the
quarter ended December 31, 2024 as compared to the quarter ended December 31, 2023, primarily due to strong travel demand in India for
both domestic and international outbound travel in the quarter ended December 31, 2024 as compared to the quarter ended December 31,
2023. Our Adjusted Margin % – Hotels and packages increased marginally to 17.9% in the quarter ended December 31, 2024 as compared
to 17.7% in the quarter ended December 31, 2023.

Bus Ticketing. Revenue from our bus ticketing business increased by 31.7% (32.8% in constant currency) to $31.8 million in the quarter
ended December 31, 2024, from $24.2 million in the quarter ended December 31, 2023. Our Adjusted Margin – Bus ticketing increased by
30.2% (31.3% in constant currency) to $35.0 million in the quarter ended December 31, 2024 from $26.9 million in the quarter ended
December 31, 2023. Adjusted Margin – Bus ticketing includes customer inducement costs of $3.2 million in the quarter ended December
31, 2024 and $2.7 million in the quarter ended December 31, 2023, 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 21.9% (23.6% in constant
currency) driven by a 22.5% increase in the number of bus tickets travelled year over year, primarily due to strong travel demand in India
in the quarter ended December 31, 2024 as compared to the quarter ended December 31, 2023. Our Adjusted Margin % – Bus ticketing
increased marginally to 10.7% in the quarter ended December 31, 2024 as compared to 10.0% in the quarter ended December 31, 2023.
Others. Revenue from our others business increased by 110.7% (113.4% in constant currency) to $27.1 million in the quarter ended
December 31, 2024, from $12.9 million in the quarter ended December 31, 2023. Our Adjusted Margin – Others increased by 52.1% (53.9%
in constant currency) to $19.8 million in the quarter ended December 31, 2024 from $13.0 million in the quarter ended December 31, 2023.
Adjusted Margin – Others includes customer inducement costs of $0.8 million in the quarter ended December 31, 2024 and $0.1 million in
the quarter ended December 31, 2023, 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 travel services and marketing alliances primarily due to strong travel demand in
India in the quarter ended December 31, 2024 as compared to the quarter ended December 31, 2023.

Other Income. Other income was $0.04 million in the quarter ended December 31, 2024 and $0.06 million in the quarter ended December
31, 2023.

Service Cost. Service cost increased by 24.1% to $77.4 million in the quarter ended December 31, 2024 from $62.4 million in the quarter
ended December 31, 2023, primarily due to strong travel demand particularly in our packages business in India and an increase of $8.1
million in service cost related to our car booking business in the quarter ended December 31, 2024 as compared to the quarter ended
December 31, 2023.

Personnel Expenses. Personnel expenses increased by 11.9% to $39.7 million in the quarter ended December 31, 2024 from $35.5 million
in the quarter ended December 31, 2023, primarily due to the annual wage increases effected in the quarter ended June 30, 2024.

Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses increased by 31.2% to $47.3 million in the quarter
ended December 31, 2024 from $36.1 million in the quarter ended December 31, 2023, primarily due to an increase in variable costs and
discretionary expenditures such as expenses on events and brand building initiatives in response to strong travel demand in India in the
quarter ended December 31, 2024 as compared to the quarter ended December 31, 2023. Additionally, we incurred customer inducement
costs recorded as a reduction of revenue of $80.5 million in the quarter ended December 31, 2024 and $66.0 million in the quarter ended
December 31, 2023. The details are as follows:

For the three months ended December 31

2023 2024
(Amounts in USD thousands)
Marketing and sales promotion expenses 36,084 47,345
Customer inducement costs recorded as a reduction of revenue 66,039 80,458
Other Operating Expenses. Other operating expenses increased by 20.8% to $61.5 million in the quarter ended December 31, 2024 from
$50.9 million in the quarter ended December 31, 2023, primarily due to an increase in operating expenses, including distribution costs,
payment gateway charges and outsourcing expenses linked to an increase in bookings in the quarter ended December 31, 2024 as compared
to the quarter ended December 31, 2023.

Depreciation and Amortization. Our depreciation and amortization expenses were $6.8 million in the quarter ended December 31, 2024 and
$6.7 million in the quarter ended December 31, 2023.

Results from Operating Activities. As a result of the foregoing factors, our results from operating activities were a profit of $34.7 million in
the quarter ended December 31, 2024 as compared to a profit of $22.6 million in the quarter ended December 31, 2023. Our Adjusted
Operating Profit was $46.0 million in the quarter ended December 31, 2024 as compared to $33.4 million in the quarter ended December
31, 2023. 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 $4.8 million in the quarter ended December 31, 2024 as compared to net finance
income of $1.5 million in the quarter ended December 31, 2023, primarily due to an increase of $5.7 million in unrealized foreign exchange
losses resulting from translations of monetary assets and liabilities from Indian Rupees to U.S. dollars in the quarter ended December 31,
2024 as compared to the quarter ended December 31, 2023.

Income Tax Benefit (Expense). Our income tax expense was $2.8 million in the quarter ended December 31, 2024 as compared to income
tax benefit of $0.05 million in the quarter ended December 31, 2023, primarily due to a net reversal of deferred tax assets, recognized in the
quarter ended March 31, 2024.

Profit (Loss) for the Period. As a result of the foregoing factors, our profit for the quarter ended December 31, 2024 was $27.1 million as
compared to $24.2 million in the quarter ended December 31, 2023. Our Adjusted Net Profit was $44.9 million in the quarter ended
December 31, 2024, as compared to $38.9 million in the quarter ended December 31, 2023. 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. As a result of the foregoing factors, diluted earnings per share was $0.23 for the quarter ended December
31, 2024 as compared to $0.22 in the quarter ended December 31, 2023. Our Adjusted Diluted Earnings per share was $0.39 in the quarter
ended December 31, 2024 as compared to $0.35 in the quarter ended December 31, 2023. 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 December 31, 2024, cash and cash equivalents and term deposits (including restricted cash and cash equivalents and term
deposits of $9.4 million) on our balance sheet was $705.5 million. As at December 31, 2024, we had $0.6 million in bank overdraft.

Recent Developments

During the third quarter of the fiscal year 2025, our wholly-owned subsidiary, MakeMyTrip (India) Private Limited (“MakeMyTrip India”),
entered into a business transfer agreement to acquire a corporate travel and expense management business on a going concern basis, operated
through the “HAPPAY” brand from VA Tech Ventures Private Limited, for a consideration of up to INR 1.0 billion (or $11.7 million),
which is subject to certain adjustments. The acquisition is subject to customary closing conditions and is expected to occur during the fourth
quarter of the fiscal year 2025. Following the closing of the acquisition, the “HAPPAY” brand and its expense management business will
be owned by MakeMyTrip India and HAPPAY’S dedicated team will become employees of MakeMyTrip India.

Repurchases of Shares and Convertible Notes

The Company’s share repurchase plan, pursuant to which the Company can repurchase its ordinary shares at any price determined by its
board of directors from time to time, remains effective until March 31, 2026. Furthermore, the board of directors has authorized the Company
to repurchase its 2028 Notes from time to time through open market purchases, privately negotiated transactions with individual holders or
otherwise, in accordance with applicable securities laws (including Rule 14e-5 of the U.S. Securities Exchange Act of 1934). The aggregate
amount of ordinary shares and aggregate amount of 2028 Notes that may be repurchased by the Company pursuant to this existing program
shall not exceed $136.0 million and the aggregate amount of ordinary shares that may be repurchased by the Company shall not exceed
$60.0 million during each fiscal year. The price and timing of any such repurchases will depend on prevailing market conditions, liquidity
requirements, contractual restrictions and other factors as determined by the board of directors from time to time. There can be no assurance
that we will execute any such repurchase pursuant to this existing program.
There were no repurchases of ordinary shares pursuant to the share repurchase plan or repurchases of 2028 Notes during the third quarter
of fiscal year 2025. As at December 31, 2024, we had remaining authority to repurchase an aggregate of up to $135.8 million of our
outstanding ordinary shares and 2028 Notes.

Conference Call
MakeMyTrip will host a live Zoom webinar to discuss the Company’s results for the quarter ended December 31, 2024 beginning at 7:30
AM EDT or 6:00 PM IST on January 23, 2025 through the Company’s Investor Relations website at https://investors.makemytrip.com/. To
participate, please use the following the following link
https://makemytrip.zoom.us/webinar/register/WN_1XMmOkMtROezj0BmKN2cYg#/registration 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 refer to certain non-IFRS measures in various places within this release, including “Adjusted Operating Profit (Loss)”, “Adjusted Net
Profit (Loss)”, “Adjusted Diluted Earnings (Loss) per Share” and constant currency results. Our key performance indicators are “Adjusted
Margin” and “Adjusted Margin %” which are also non-IFRS measures referred to in various places within this release.

We evaluate our financial performance in each of our reportable segments based on our key performance indicators, Adjusted Margin and
Adjusted Margin %, which are non-IFRS measures and segment profitability measures. Adjusted Margin 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 we
act as the principal. Adjusted Margin % represents Adjusted Margin as a percentage of gross bookings.

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 non-IFRS measure and 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.

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) for the period and diluted earnings (loss)
per share for the period, respectively, each of which is an IFRS measure. We use financial measures that exclude share-based compensation
costs, amortization of acquired intangibles, impairment provision for non-financial assets, net change in financial liability relating to
acquisitions, share of loss (profit) of equity-accounted investees, interest expense on financial liabilities measured at amortized cost, and
income tax expense (benefit) for our internal management reporting, budgeting and decision making purposes, including comparing our
operating results to that of our competitors.

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) for the period 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, for example, 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. 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 expense allows investors to make additional comparisons between our operating results
and those of other companies. In addition, reconciliations of IFRS measures to non-IFRS financial measures and operating results are
included at the end of this release.

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 period. Because the impact of changing
foreign currency exchange rates may not provide an accurate baseline for analyzing trends in our business, management believes percentage
growth in constant currency is an important metric for evaluating our operations. Constant currency is a non-IFRS measure and it should
not be considered as a substitute for measures prepared in accordance with IFRS.

We believe that our current calculations of Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss), Adjusted Diluted Earnings (Loss)
per Share, Adjusted Margin, Adjusted Margin % and change in constant currency represent a balanced approach to adjusting for the impact
of certain discrete, unusual or non-cash items and other items such as customer inducement costs in the nature of customer incentives,
customer acquisition costs and loyalty program costs, which we believe are representative of our operating results and provide useful
information to investors and analysts. We believe that investors and analysts in our industry 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.

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 “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “intend”, “plan”, “believe”, “potential”, “continue”,
“is/are likely to”, “project”, “seek”, “should” or other similar expressions. Such statements include, among other things, quotations from
management as well as the Company’s 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 the Company’s shares, the Company’s reliance on its
relationships with travel suppliers and strategic alliances, failure to further increase the Company’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 the Company’s corporate travel business, damage to or failure of the Company’s infrastructure and technology, loss
of services of the Company’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 the Company’s 20-F dated July 2, 2024, filed with the United States Securities and Exchange Commission.
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, foreign exchange 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 INTERIM STATEMENT OF FINANCIAL POSITION
(UNAUDITED)
(Amounts in USD thousands)

As at As at
March 31, December 31,
2024 2024
Assets
Property, plant and equipment 25,895 25,896
Intangible assets and goodwill 613,386 587,825
Trade and other receivables 7,696 9,111
Investment in equity-accounted investees 2,022 1,867
Other investments 1,361 960
Term deposits 966 1,703
Non-current tax assets 22,071 27,929
Deferred tax assets, net 129,317 107,798
Other non-current assets 85 181
Total non-current assets 802,799 763,270
Inventories 218 313
Contract assets 253 9,720
Current tax assets 4,947 61
Trade and other receivables 91,950 143,035
Term deposits 279,722 312,579
Other current assets 153,123 191,951
Cash and cash equivalents 327,065 391,263
Total current assets 857,278 1,048,922
Total assets 1,660,077 1,812,192
Equity
Share capital 55 56
Share premium 2,161,217 2,201,612
Other components of equity (29,899 ) (59,854 )
Accumulated deficit (1,020,518 ) (955,515 )
Total equity attributable to owners of the Company 1,110,855 1,186,299
Non-controlling interests 5,563 5,625
Total equity 1,116,418 1,191,924
Liabilities
Loans and borrowings(#) 216,818 226,546
Employee benefits 11,662 13,660
Contract liabilities 408 251
Deferred tax liabilities, net 4,754 2,866
Other non-current liabilities 12,443 12,575
Total non-current liabilities 246,085 255,898
Bank overdraft — 570
Loans and borrowings(#) 4,806 5,531
Trade and other payables 118,548 165,720
Contract liabilities 92,958 109,846
Other current liabilities 81,262 82,703
Total current liabilities 297,574 364,370
Total liabilities 543,659 620,268
Total equity and liabilities 1,660,077 1,812,192

# Loans and borrowings include lease liabilities amounting to $15.2 million as at December 31, 2024 (as at March 31, 2024: $16.7 million).
 MAKEMYTRIP LIMITED
CONDENSED CONSOLIDATED INTERIM 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 For the nine months ended
December 31 December 31
2023 2024 2023 2024
Revenue
Air ticketing 51,695 61,336 146,170 179,901
Hotels and packages 125,482 147,089 330,063 397,133
Bus ticketing 24,177 31,836 68,893 85,861
Other revenue 12,862 27,101 34,511 69,979
Total revenue 214,216 267,362 579,637 732,874
Other income 58 37 587 229
Service cost
Procurement cost of hotels and packages services 62,367 69,288 162,239 191,850
Other cost of providing services — 8,090 — 20,390
Personnel expenses 35,509 39,736 104,336 117,314
Marketing and sales promotion expenses 36,084 47,345 91,706 123,221
Other operating expenses 50,931 61,502 153,173 171,556
Depreciation and amortization 6,738 6,751 20,279 20,115
Results from operating activities 22,645 34,687 48,491 88,657
Finance income 7,710 6,634 17,630 21,098
Finance costs 6,228 11,437 21,222 24,714
Net finance income (costs) 1,482 (4,803) (3,592) (3,616)
Share of profit (loss) of equity-accounted investees 42 (19) 41 (108)
Profit (loss) before tax 24,169 29,865 44,940 84,933
Income tax benefit (expense)* 48 (2,796) (125) (18,879)
Profit (loss) for the period 24,217 27,069 44,815 66,054
Other comprehensive income (loss), net of tax
Items that will not be reclassified to profit or loss:
Remeasurement of defined benefit liability — — (369) (466)
Equity instruments at fair value through other comprehensive income (FVOCI) -
net change in fair value — — — (452)
— — (369) (918)
Items that are or may be reclassified subsequently to profit or loss:
Foreign currency translation differences on foreign operations 155 (19,113) (7,658) (22,535)
Other comprehensive income (loss) for the period, net of tax 155 (19,113) (8,027) (23,453)
Total comprehensive income for the period 24,372 7,956 36,788 42,601
Profit (loss) attributable to:
Owners of the Company 24,262 27,020 44,791 65,903
Non-controlling interests (45) 49 24 151
Profit (loss) for the period 24,217 27,069 44,815 66,054
Total comprehensive income (loss) attributable to:
Owners of the Company 24,423 8,027 36,856 42,600
Non-controlling interests (51) (71) (68) 1
Total comprehensive income for the period 24,372 7,956 36,788 42,601
Earnings (loss) per share (in USD)
Basic 0.22 0.24 0.40 0.59
Diluted 0.22 0.23 0.40 0.57
Weighted average number of shares (including Class B Shares)
Basic 111,048,490 113,031,070 110,855,929 112,408,095
Diluted 112,677,530 115,448,770 112,413,794 114,775,785

* Income tax expense for the three months and nine months ended December 31, 2024 primarily includes net reversal of deferred tax assets,
recognized in the quarter ended March 31, 2024.
 MAKEMYTRIP LIMITED
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
(UNAUDITED)
(Amounts in USD thousands)
Attributable to owners of the Company
Other components of equity
Equity
Component Share Foreign
of Treasury Fair Based Currency Non-
Share Share Convertible Shares Value Payment Translation Accumulated Controlling Total
Capital Premium Notes Reserve Reserves Reserve Reserve Deficit Total Interests Equity
Balance as at April 1, 2024 55 2,161,217 31,122 — 368 116,884 (178,273 ) (1,020,518 ) 1,110,855 5,563 1,116,418
Total comprehensive income (loss) for the period
Profit (loss) for the period — — — — — — — 65,903 65,903 151 66,054
Other comprehensive income (loss)
Foreign currency translation differences — — — — — — (22,385 ) — (22,385 ) (150 ) (22,535 )
Equity instruments at FVOCI - net change in fair value — — — — (452 ) — — — (452 ) — (452 )
Remeasurement of defined benefit liability — — — — — — — (466 ) (466 ) — (466 )
Total other comprehensive income (loss) — — — — (452 ) — (22,385 ) (466 ) (23,303 ) (150 ) (23,453 )
Total comprehensive income (loss) for the period — — — — (452 ) — (22,385 ) 65,437 42,600 1 42,601
Transactions with owners of the Company
Contributions by owners
Share-based payment — — — — — 26,146 — — 26,146 61 26,207
Issue of ordinary shares on exercise of share based awards 1 40,395 — — — (33,387 ) — — 7,009 — 7,009
Transfer to accumulated deficit on expiry of share based awards — — — — — (33 ) — 33 — — —
Treasury shares acquired — — — (181 ) — — — — (181 ) — (181 )
Total contributions by owners 1 40,395 — (181 ) — (7,274 ) — 33 32,974 61 33,035
Changes in ownership interests
Change in fair value of financial liability for acquisition of non-
controlling interests — — — — — — 337 (467 ) (130 ) — (130 )
Total changes in ownership interests in subsidiaries — — — — — — 337 (467 ) (130 ) — (130 )
Total transactions with owners of the Company 1 40,395 — (181 ) — (7,274 ) 337 (434 ) 32,844 61 32,905
Balance as at December 31, 2024 56 2,201,612 31,122 (181 ) (84 ) 109,610 (200,321 ) (955,515 ) 1,186,299 5,625 1,191,924
 MAKEMYTRIP LIMITED
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
(UNAUDITED)
(Amounts in USD thousands)

For the nine months ended December 31

2023 2024
Profit (loss) for the period 44,815 66,054
Adjustments for non-cash items 58,035 69,449
Changes in working capital 24,107 (38,062)
Net cash generated from operating activities 126,957 97,441
Net cash used in investing activities (96,047) (27,216)
Net cash generated from (used in) financing activities (4,800) 943
Increase in cash and cash equivalents 26,110 71,168
Cash and cash equivalents at beginning of the period 284,018 327,065
Effect of exchange rate fluctuations on cash held (375) (7,540)
Cash and cash equivalents (net of bank overdraft) at end of the period 309,753 390,693
 MAKEMYTRIP LIMITED
INFORMATION ABOUT REPORTABLE SEGMENTS
(UNAUDITED)
(Amounts in USD thousands)
For the three months ended
December 31
Reportable segments
Hotels and All other
Air ticketing packages Bus ticketing segments Total
Particulars 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024
Consolidated Revenue 51,695 61,336 125,482 147,089 24,177 31,836 12,862 27,101 214,216 267,362
Add: Customer inducement costs recorded as a reduction of
revenue* 27,482 32,426 35,674 44,059 2,734 3,192 149 781 66,039 80,458
Less: Service cost — — 62,367 69,288 — — — 8,090 62,367 77,378
Adjusted Margin 79,177 93,762 98,789 121,860 26,911 35,028 13,011 19,792 217,888 270,442
Other income 58 37
Personnel expenses (35,509 ) (39,736 )
Marketing and sales promotion expenses (36,084 ) (47,345 )
Customer inducement costs recorded as a reduction of
revenue* (66,039 ) (80,458 )
Other operating expenses (50,931 ) (61,502 )
Depreciation and amortization (6,738 ) (6,751 )
Finance income 7,710 6,634
Finance costs (6,228 ) (11,437 )
Share of profit (loss) of equity-accounted investees 42 (19 )
Profit before tax 24,169 29,865

For the nine months ended

December 31
Reportable segments
Hotels and All other
Air ticketing packages Bus ticketing segments Total
Particulars 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024
Consolidated Revenue 146,170 179,901 330,063 397,133 68,893 85,861 34,511 69,979 579,637 732,874
Add: Customer inducement costs recorded as a reduction of
revenue* 87,790 98,999 92,192 114,586 7,110 8,631 403 1,518 187,495 223,734
Less: Service cost — — 162,239 191,850 — — — 20,390 162,239 212,240
Adjusted Margin 233,960 278,900 260,016 319,869 76,003 94,492 34,914 51,107 604,893 744,368
Other income 587 229
Personnel expenses (104,336) (117,314)
Marketing and sales promotion expenses (91,706) (123,221)
Customer inducement costs recorded as a reduction of
revenue* (187,495) (223,734)
Other operating expenses (153,173) (171,556)
Depreciation and amortization (20,279) (20,115)
Finance income 17,630 21,098
Finance costs (21,222) (24,714)
Share of profit (loss) of equity-accounted investees 41 (108)
Profit before tax 44,940 84,933

* For purposes of reporting to the Chief Operating Decision Maker (CODM), the segment profitability measure i.e. Adjusted Margin is
arrived at by adding back certain customer inducement costs including customer incentives, customer acquisition cost and loyalty program
costs, which are recorded as a reduction of revenue and reducing service cost.
 MAKEMYTRIP LIMITED
RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES AND KEY PERFORMANCE INDICATORS
(Unaudited)
(Amounts in USD thousands, except per share data)

The following tables reconcile our revenue (an IFRS measure) to Adjusted Margin (a segment profitability measure) for the periods
indicated:

For the three months ended December 31

Air ticketing Hotels and packages Bus ticketing Others
2023 2024 2023 2024 2023 2024 2023 2024
Revenue as per IFRS 51,695 61,336 125,482 147,089 24,177 31,836 12,862 27,101
Add: Customer inducement costs recorded as a
reduction of revenue 27,482 32,426 35,674 44,059 2,734 3,192 149 781
Less: Service cost — — 62,367 69,288 — — — 8,090
Adjusted Margin(2) 79,177 93,762 98,789 121,860 26,911 35,028 13,011 19,792

For the nine months ended December 31

Air ticketing Hotels and packages Bus ticketing Others
2023 2024 2023 2024 2023 2024 2023 2024
Revenue as per IFRS 146,170 179,901 330,063 397,133 68,893 85,861 34,511 69,979
Add: Customer inducement costs recorded
as a reduction of revenue 87,790 98,999 92,192 114,586 7,110 8,631 403 1,518
Less: Service cost — — 162,239 191,850 — — — 20,390
Adjusted Margin(2) 233,960 278,900 260,016 319,869 76,003 94,492 34,914 51,107

The following table reconciles our results from operating activities (an IFRS measure) to Adjusted Operating Profit (Loss) (a non-IFRS
measure) for the periods indicated:
For the three months For the nine months
Reconciliation of Adjusted Operating Profit (Loss) ended December 31 ended December 31
(Unaudited) 2023 2024 2023 2024
Results from operating activities as per IFRS 22,645 34,687 48,491 88,657
Add: Acquisition related intangibles amortization 2,938 2,845 9,073 8,595
Add: Employee share-based compensation costs 7,861 8,472 24,171 25,358
Add: Impairment provision for non-financial assets — — 10,047 —
Adjusted Operating Profit (Loss) 33,444 46,004 91,782 122,610

The following table reconciles our profit (loss) for the period (an IFRS measure) to Adjusted Net Profit (Loss) (a non-IFRS measure) for
the periods indicated:

For the three months For the nine months

Reconciliation of Adjusted Net Profit (Loss) ended December 31 ended December 31
(Unaudited) 2023 2024 2023 2024
Profit (Loss) for the period as per IFRS 24,217 27,069 44,815 66,054
Add: Acquisition related intangibles amortization 2,938 2,845 9,073 8,595
Add: Employee share-based compensation costs 7,861 8,472 24,171 25,358
Add: Impairment provision for non-financial assets — — 10,047 —
Add: Interest expense on financial liabilities measured at amortized cost 3,979 3,709 11,893 11,126
Add (Less): Income tax expense (benefit) (48) 2,796 125 18,879
Add: Net change in value of financial liability in business combination — — 215 —
Add (Less): Share of loss (profit) of equity-accounted investees (42) 19 (41) 108
Adjusted Net Profit (Loss) 38,905 44,910 100,298 130,120
The following table reconciles our diluted earnings (loss) per share for the period (an IFRS measure) to Adjusted Diluted Earnings (Loss)
per Share (a non-IFRS measure) for the periods indicated:

For the three months ended For the nine months ended
Reconciliation of Adjusted Diluted Earnings (Loss) per Share December 31 December 31
(Unaudited) 2023 2024 2023 2024
Diluted Earnings (Loss) per share for the period as per IFRS 0.22 0.23 0.40 0.57
Add: Acquisition related intangibles amortization 0.03 0.02 0.08 0.07
Add: Employee share-based compensation costs 0.06 0.07 0.21 0.22
Add: Impairment provision for non-financial assets — — 0.09 —
Add: Interest expense on financial liabilities measured at
amortised cost 0.04 0.04 0.11 0.11
Add (Less): Income tax expense (benefit) * 0.03 * 0.16
Add: Net change in value of financial liability in business
combination — — * —
Add (Less): Share of loss (profit) of equity-accounted investees * * * *
Adjusted Diluted Earnings (Loss) per share 0.35 0.39 0.89 1.13
* Less than $0.01.

The following tables reconcile our revenue (an IFRS measure) and Adjusted Margin (a segment profitability measure) in terms of reported
amount and constant currency(1) amount:
(Unaudited) For the three months ended December 31, 2024
Revenue Adjusted Margin
Reported Amount and Constant Air Hotels and Bus Air Hotels and Bus
Currency Amount Ticketing Packages Ticketing Others Total Ticketing Packages Ticketing Others
Reported Amount 61,336 147,089 31,836 27,101 267,362 93,762 121,860 35,028 19,792
Impact of Foreign Currency
Translation 808 1,452 276 345 2,881 1,223 1,523 318 236
Constant Currency Amount 62,144 148,541 32,112 27,446 270,243 94,985 123,383 35,346 20,028

(Unaudited) For the nine months ended December 31, 2024

Revenue Adjusted Margin
Reported Amount and Constant Air Hotels and Bus Air Hotels and Bus
Currency Amount Ticketing Packages Ticketing Others Total Ticketing Packages Ticketing Others
Reported Amount 179,901 397,133 85,861 69,979 732,874 278,900 319,869 94,492 51,107
Impact of Foreign Currency
Translation 2,373 5,015 1,046 632 9,066 3,608 4,418 1,169 654
Constant Currency Amount 182,274 402,148 86,907 70,611 741,940 282,508 324,287 95,661 51,761

The following tables reconcile our revenue (an IFRS measure) and Adjusted Margin (a segment profitability measure) in terms of reported
growth and constant currency(1) growth:
(Unaudited) For the three months ended December 31, 2024
Revenue Adjusted Margin
Reported Growth and Constant Air Hotels and Bus Air Hotels and Bus
Currency Growth (YoY) Ticketing Packages Ticketing Others Total Ticketing Packages Ticketing Others
Reported Growth 18.6% 17.2% 31.7% 110.7% 24.8% 18.4% 23.4% 30.2% 52.1%
Impact of Foreign Currency
Translation 1.6% 1.2% 1.1% 2.7% 1.4% 1.6% 1.5% 1.1% 1.8%
Constant Currency Growth 20.2% 18.4% 32.8% 113.4% 26.2% 20.0% 24.9% 31.3% 53.9%

(Unaudited) For the nine months ended December 31, 2024

Revenue Adjusted Margin
Reported Growth and Constant Air Hotels and Bus Air Hotels and Bus
Currency Growth (YoY) Ticketing Packages Ticketing Others Total Ticketing Packages Ticketing Others
Reported Growth 23.1% 20.3% 24.6% 102.8% 26.4% 19.2% 23.0% 24.3% 46.4%
Impact of Foreign Currency
Translation 1.6% 1.5% 1.5% 1.8% 1.6% 1.6% 1.7% 1.6% 1.9%
Constant Currency Growth 24.7% 21.8% 26.1% 104.6% 28.0% 20.8% 24.7% 25.9% 48.3%
 MAKEMYTRIP LIMITED
SELECTED OPERATING AND FINANCIAL DATA
(Unaudited)

For the three months ended For the nine months ended
December 31 December 31
2023 2024 2023 2024
(in thousands, except percentages)
Unit Metrics
Air Ticketing – Flight segments(1) 12,469 14,665 38,330 43,926
Hotels and Packages – Room nights 8,240 9,834 23,354 27,446
Standalone Hotels – Online(2) – Room nights 7,967 9,549 22,662 26,720
Bus Ticketing – Travelled tickets 22,470 27,522 64,096 77,638

Adjusted Margin
Air Ticketing(3) $ 79,177 $ 93,762 $ 233,960 $ 278,900
Hotels and Packages 98,789 121,860 260,016 319,869
Bus Ticketing 26,911 35,028 76,003 94,492
Others 13,011 19,792 34,914 51,107

Gross Bookings
Air Ticketing(3) $ 1,259,314 $ 1,528,854 $3,659,599 $4,336,882
Hotels and Packages 559,206 681,474 1,489,618 1,810,023
Bus Ticketing 269,753 328,859 766,245 908,291
Other Transport Services(4) — 73,227 — 194,805
$ 2,088,273 $ 2,612,414 $5,915,462 $7,250,001

Adjusted Margin %
Air Ticketing(3) 6.3% 6.1% 6.4% 6.4%
Hotels and Packages 17.7% 17.9% 17.5% 17.7%
Bus Ticketing 10.0% 10.7% 9.9% 10.4%
Notes:
(1) “Flight segments” means a flight between two cities, including flights booked as part of a longer itinerary or a package, and is reported
net of cancellations.
(2) “Standalone Hotels – Online” refer to Standalone Hotels booked on desktops, laptops, mobiles and other online platforms. Hotels and
Packages – Room nights includes Standalone Hotels – Online – Room nights and is reported net of cancellations.
(3) Excludes flight segments booked as a component of bookings for our Hotels and Packages segment.
(4) From April 1, 2024, we have added a gross bookings category for our other transport services (comprising Car Bookings and Rail
Ticketing) as these are emerging transport services.