MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2025 FOURTH QUARTER AND FULL YEAR RESULTS (Form 6-K)

MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2025 FOURTH QUARTER AND FULL YEAR RESULTS

Gurugram, India and New York, May 14, 2025 - MakeMyTrip Limited (NASDAQ: MMYT), India's leading travel service provider, today announced its unaudited financial and operating results for its fiscal fourth quarter and full fiscal year ended March 31, 2025.

Notes:

Financial Highlights for Fiscal 2025 Fourth Quarter and Full Year

(Year over Year (YoY) growth % is based on constant currency(1))

Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, commenting on the results, said,

"We delivered record gross bookings and revenue this fiscal year with robust growth and expanding margins underscoring the strength of our platform, the popularity of our brands, and the sustained momentum in both domestic and international travel demand. Our investments in new demand segments and personalized customer experiences across our platform have helped us to grow our customer base as well as drive high repeat bookings."

Mohit Kabra, Group Chief Financial Officer, MakeMyTrip, commenting on the results, said,

"Our strong customer-centric focus - especially in offering an ever-expanding range of personalized travel services - is enabling us to consistently deliver strong financial performance. At the same time, we remain committed to driving operational efficiency and leveraging our fixed cost base. This has helped us to expand margins while we continue to strategically reinvest in key growth areas across our platform."

Fiscal 2025 Fourth Quarter Financial Results

Revenue. We generated revenue of $245.5 million in the quarter ended March 31, 2025, an increase of 21.0% (25.6% in constant currency(1)) over revenue of $202.9 million in the quarter ended March 31, 2024, primarily as a result of an increase of 11.9% (16.2% in constant currency) in revenue from our air ticketing business, an increase of 16.9% (21.4% in constant currency) in revenue from our hotels and packages business, an increase of 40.8% (45.4% in constant currency) in revenue from our bus ticketing business, and an increase of 46.0% (51.6% in constant currency) in revenue from our others business, each as further described below. The increase in revenue was primarily due to the robust travel demand in India for both domestic and international outbound travel in the quarter ended March 31, 2025 as compared to the quarter ended March 31, 2024.

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 financial statements included elsewhere in this release.

Air Ticketing. Revenue from our air ticketing business increased by 11.9% (16.2% in constant currency) to $61.6 million in the quarter ended March 31, 2025, from $55.1 million in the quarter ended March 31, 2024. Our Adjusted Margin - Air ticketing increased by 12.5% (16.8% in constant currency) to $94.2 million in the quarter ended March 31, 2025, from $83.7 million in the quarter ended March 31, 2024. Adjusted Margin - Air ticketing includes customer inducement costs of $32.6 million in the quarter ended March 31, 2025 and $28.6 million in the quarter ended March 31, 2024, 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 19.4% (24.3% in constant currency) primarily driven by a 15.1% 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 the robust travel demand in India for both domestic and international outbound travel in the quarter ended March 31, 2025 as compared to the quarter ended March 31, 2024. Further, our Adjusted Margin % (defined as Adjusted Margin as a percentage of Gross Bookings) - Air ticketing decreased marginally to 6.2% in the quarter ended March 31, 2025 as compared to 6.5% in the quarter ended March 31, 2024.

Hotels and Packages. Revenue from our hotels and packages business increased by 16.9% (21.4% in constant currency) to $123.3 million in the quarter ended March 31, 2025, from $105.5 million in the quarter ended March 31, 2024. Our Adjusted Margin - Hotels and packages increased by 23.3% (28.4% in constant currency) to $109.6 million in the quarter ended March 31, 2025 from $88.9 million in the quarter ended March 31, 2024. Adjusted Margin - Hotels and packages includes customer inducement costs of $41.0 million in the quarter ended March 31, 2025 and $31.5 million in the quarter ended March 31, 2024, 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 22.6% (27.7% in constant currency) primarily driven by a 23.2% increase in the number of hotel-room nights in the quarter ended March 31, 2025 as compared to the quarter ended March 31, 2024, primarily due to the robust travel demand in India for both domestic and international outbound travel in the quarter ended March 31, 2025 as compared to the quarter ended March 31, 2024. Our Adjusted Margin % - Hotels and packages increased marginally to 18.0% in the quarter ended March 31, 2025 as compared to 17.9% in the quarter ended March 31, 2024.

Bus Ticketing. Revenue from our bus ticketing business increased by 40.8% (45.4% in constant currency) to $33.5 million in the quarter ended March 31, 2025, from $23.8 million in the quarter ended March 31, 2024. During the quarter ended March 31, 2025, we began recognizing bus ticketing revenue at the time of issuance of bus tickets due to changes in underlying arrangements with our suppliers. Previously, we recognized bus ticketing revenue on the date of the bus journey. Our Adjusted Margin - Bus ticketing increased by 39.6% (44.3% in constant currency) to $36.5 million in the quarter ended March 31, 2025 from $26.1 million in the quarter ended March 31, 2024. Adjusted Margin - Bus ticketing includes customer inducement costs of $3.0 million in the quarter ended March 31, 2025 and $2.3 million in the quarter ended March 31, 2024, recorded as a reduction of revenue. The increase in revenue from our bus ticketing business and Adjusted Margin - Bus ticketing was due to an increase in gross bookings by 31.0% (36.2% in constant currency) driven by a 27.0% increase in the number of bus tickets year over year, primarily due to the robust travel demand in India travel in the quarter ended March 31, 2025 as compared to the quarter ended March 31, 2024. Our Adjusted Margin % - Bus ticketing increased marginally to 10.7% in the quarter ended March 31, 2025 as compared to 10.0% in the quarter ended March 31, 2024.

Others. Revenue from our others business increased by 46.0% (51.6% in constant currency) to $27.1 million in the quarter ended March 31, 2025, from $18.5 million in the quarter ended March 31, 2024. Our Adjusted Margin - Others increased by 51.2% (56.6% in constant currency) to $20.9 million in the quarter ended March 31, 2025 from $13.8 million in the quarter ended March 31, 2024. Adjusted Margin - Others includes customer inducement costs of $1.3 million in the quarter ended March 31, 2025 and $0.04 million in the quarter ended March 31, 2024, 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 the robust travel demand in India in the quarter ended March 31, 2025 as compared to the quarter ended March 31, 2024.

Other Income. Other income was $0.1 million in the quarter ended March 31, 2025 and $0.2 million in the quarter ended March 31, 2024.

Service Cost. Service cost increased by 17.5% to $62.1 million in the quarter ended March 31, 2025 from $52.9 million in the quarter ended March 31, 2024, primarily due to the robust travel demand in India particularly in our packages business and an increase in $2.7 million in service cost related to our car booking business in the quarter ended March 31, 2025 as compared to the quarter ended March 31, 2024.

Personnel Expenses. Personnel expenses decreased by 1.2% to $42.8 million in the quarter ended March 31, 2025 from $43.3 million in the quarter ended March 31, 2024, primarily due to a decrease in share-based compensation costs in the quarter ended March 31, 2025 as compared to the quarter ended March 31, 2024, partially offset by the annual wage increases effected in the quarter ended June 30, 2024.

Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses increased by 33.2% to $42.1 million in the quarter ended March 31, 2025 from $31.6 million in the quarter ended March 31, 2024, primarily due to an increase in variable costs and discretionary expenditures such as expenses on events and brand building initiatives in response to the robust travel demand in India in the quarter ended March 31, 2025 as compared to the quarter ended March 31, 2024. Additionally, we incurred customer inducement costs recorded as a reduction of revenue of $77.8 million in the quarter ended March 31, 2025 and $62.5 million in the quarter ended March 31, 2024. The details are as follows:

Other Operating Expenses. Other operating expenses increased by 16.8% to $60.3 million in the quarter ended March 31, 2025 from $51.7 million in the quarter ended March 31, 2024, primarily due to an increase in operating expenses, including distribution costs, payment gateway charges, website hosting charges and outsourcing expenses linked to an increase in bookings in the quarter ended March 31, 2025 as compared to the quarter ended March 31, 2024.

Depreciation, Amortization and Impairment. Our depreciation, amortization and impairment expenses were $7.0 million in the quarter ended March 31, 2025 and $7.0 million in the quarter ended March 31, 2024.

Results from Operating Activities. As a result of the foregoing factors, our results from operating activities were a profit of $31.2 million in the quarter ended March 31, 2025 as compared to a profit of $16.7 million in the quarter ended March 31, 2024. Our Adjusted Operating Profit was $44.7 million in the quarter ended March 31, 2025 as compared to $32.4 million in the quarter ended March 31, 2024. For a description of the components and calculation of "Adjusted Operating Profit" 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 $0.3 million in the quarter ended March 31, 2025 as compared to net finance income of $31.3 million in the quarter ended March 31, 2024, primarily due to a gain of $30.6 million due to the change in carrying value of our 2028 Notes, measured at amortized cost, in the quarter ended March 31, 2024.

Income Tax Benefit (Expense). Our income tax expense was $1.7 million in the quarter ended March 31, 2025 as compared to income tax benefit of $123.9 million in the quarter ended March 31, 2024. The income tax expense in the quarter ended March 31, 2025 is primarily due to a net reversal of deferred tax assets, recognized in the quarter ended March 31, 2024. We recognized deferred tax assets of $126.1 million on tax losses carried forward (including unabsorbed depreciation) and other temporary differences mainly related to share-based payments and employee benefits in the quarter ended March 31, 2024.

Profit for the Period. As a result of the foregoing factors, our profit for the quarter ended March 31, 2025 was $29.2 million as compared to $171.9 million in the quarter ended March 31, 2024. Our Adjusted Net Profit was $48.1 million in the quarter ended March 31, 2025 as compared to $36.9 million in the quarter ended March 31, 2024. For a description of the components and calculation of "Adjusted Net Profit" and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure "Profit for the period", see "About Key Performance Indicators and Non-IFRS Measures" elsewhere in this release.

Diluted Earnings per Share. As a result of the foregoing factors, diluted earnings per share was $0.25 for the quarter ended March 31, 2025 as compared to $1.26 in the quarter ended March 31, 2024. Our Adjusted Diluted Earnings per share was $0.42 in the quarter ended March 31, 2025 as compared to $0.38 in the quarter ended March 31, 2024. For a description of the components and calculation of "Adjusted Diluted Earnings per Share" and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure "Diluted earnings per share", see "About Key Performance Indicators and Non-IFRS Measures" elsewhere in this release.

Fiscal 2025 Full Year Financial Results

Revenue. We generated revenue of $978.3 million in the year ended March 31, 2025, an increase of 25.0% (27.4% in constant currency(1)) over revenue of $782.5 million in the year ended March 31, 2024, primarily as a result of an increase of 20.0% (22.4% in constant currency) in revenue from our air ticketing business, an increase of 19.5% (21.8% in constant currency) in revenue from our hotels and packages business, an increase of 28.8% (31.1% in constant currency) in revenue from our bus ticketing business, and an increase of 82.9% (86.7% in constant currency) in revenue from our others business, each as further described below. The increase in revenue was primarily due to the robust travel demand in India for both domestic and international outbound travel in the year ended March 31, 2025 as compared to the year ended March 31, 2024.

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 "Information About Reportable Segments" and "About Key Performance Indicators and Non-IFRS Measures" in our condensed consolidated financial statements included elsewhere in this release.

Air Ticketing. Revenue from our air ticketing business increased by 20.0% (22.4% in constant currency) to $241.5 million in the year ended March 31, 2025, from $201.2 million in the year ended March 31, 2024. Our Adjusted Margin - Air ticketing increased by 17.4% (19.7% in constant currency) to $373.1 million in the year ended March 31, 2025, from $317.7 million in the year ended March 31, 2024. Adjusted Margin - Air ticketing includes customer inducement costs of $131.6 million in the year ended March 31, 2025 and $116.4 million in the year ended March 31, 2024, 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 18.7% (21.3% in constant currency) primarily driven by a 14.8% 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 the robust travel demand in India for both domestic and international outbound travel in the year ended March 31, 2025 as compared to the year ended March 31, 2024. Further, our Adjusted Margin % (defined as Adjusted Margin as a percentage of Gross Bookings) - Air ticketing remained at 6.4% in the year ended March 31, 2025 as compared to 6.4% in the year ended March 31, 2024.

Hotels and Packages. Revenue from our hotels and packages business increased by 19.5% (21.8% in constant currency) to $520.4 million in the year ended March 31, 2025, from $435.5 million in the year ended March 31, 2024. Our Adjusted Margin - Hotels and packages increased by 23.1% (25.7% in constant currency) to $429.5 million in the year ended March 31, 2025 from $348.9 million in the year ended March 31, 2024. Adjusted Margin - Hotels and packages includes customer inducement costs of $155.6 million in the year ended March 31, 2025 and $123.7 million in the year ended March 31, 2024, 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 21.8% (24.3% in constant currency) primarily driven by a 18.9% increase in the number of hotel-room nights in the year ended March 31, 2025 as compared

to the year ended March 31, 2024, primarily due to the robust travel demand in India for both domestic and international outbound travel in the year ended March 31, 2025 as compared to the year ended March 31, 2024. Our Adjusted Margin % - Hotels and packages increased marginally to 17.8% in the year ended March 31, 2025 as compared to 17.6% in the year ended March 31, 2024.

Bus Ticketing. Revenue from our bus ticketing business increased by 28.8% (31.1% in constant currency) to $119.4 million in the year ended March 31, 2025, from $92.7 million in the year ended March 31, 2024. During the quarter ended March 31, 2025, we began recognizing bus ticketing revenue at the time of issuance of bus tickets due to changes in underlying arrangements with our suppliers. Previously, we recognized bus ticketing revenue on the date of the bus journey. Our Adjusted Margin - Bus ticketing increased by 28.2% (30.6% in constant currency) to $131.0 million in the year ended March 31, 2025 from $102.1 million in the year ended March 31, 2024. Adjusted Margin - Bus ticketing includes customer inducement costs of $11.6 million in the year ended March 31, 2025 and $9.4 million in the year ended March 31, 2024, recorded as a reduction of revenue. The increase in revenue from our bus ticketing business and Adjusted Margin - Bus ticketing was due to an increase in gross bookings by 21.7% (24.3% in constant currency) driven by an 22.7% increase in the number of bus tickets year over year, primarily due to the robust travel demand in India in the year ended March 31, 2025 as compared to the year ended March 31, 2024. Our Adjusted Margin % - Bus ticketing increased marginally to 10.5% in the year ended March 31, 2025 as compared to 9.9% in the year ended March 31, 2024.

Others. Revenue from our others business increased by 82.9% (86.7% in constant currency) to $97.0 million in the year ended March 31, 2025, from $53.0 million in the year ended March 31, 2024. Our Adjusted Margin - Others increased by 47.7% (50.7% in constant currency) to $72.0 million in the year ended March 31, 2025 from $48.8 million in the year ended March 31, 2024. Adjusted Margin - Others includes customer inducement costs of $2.8 million in the year ended March 31, 2025 and $0.4 million in the year ended March 31, 2024, 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 the robust travel demand in India in the year ended March 31, 2025 as compared to the year ended March 31, 2024.

Other Income. Other income was $0.3 million in the year ended March 31, 2025 and $0.8 million in the year ended March 31, 2024.

Service Cost. Service cost increased by 27.6% to $274.3 million in the year ended March 31, 2025 from $215.1 million in the year ended March 31, 2024, primarily due to the robust travel demand particularly in our packages business in India and an increase of $23.1 million in service cost related to our car booking business in the year ended March 31, 2025 as compared to the year ended March 31, 2024.

Personnel Expenses. Personnel expenses increased by 8.5% to $160.1 million in the year ended March 31, 2025 from $147.6 million in the year ended March 31, 2024, primarily due to the annual wage increases effected in the quarter ended June 30, 2024, partially offset by a decrease in share-based compensation costs in the year ended March 31, 2025 as compared to the year ended March 31, 2024.

Marketing and Sales Promotion Expenses. Marketing and sales promotion expenses increased by 34.1% to $165.3 million in the year ended March 31, 2025 from $123.3 million in the year ended March 31, 2024, primarily due to an increase in variable costs and discretionary expenditures such as expenses on events and brand building initiatives in response to the robust travel demand in India in the year ended March 31, 2025 as compared to the year ended March 31, 2024. Additionally, we incurred customer inducement costs recorded as a reduction of revenue of $301.6 million in the year ended March 31, 2025 and $250.0 million in the year ended March 31, 2024. The details are as follows:

Other Operating Expenses. Other operating expenses increased by 13.2% to $231.9 million in the year ended March 31, 2025 from $204.8 million in the year ended March 31, 2024, primarily due to an increase in operating expenses, including distribution costs, payment gateway charges, website hosting charges and outsourcing expenses linked to an increase in bookings in the year ended March 31, 2025 as compared to the year ended March 31, 2024, partially offset by $10.0 million impairment provision for non-financial assets recorded and reported in the quarter ended September 30, 2023.

Depreciation, Amortization and Impairment. Our depreciation, amortization and impairment expenses marginally decreased by 0.5% to $27.1 million in the year ended March 31, 2025 from $27.3 million in the year ended March 31, 2024.

Results from Operating Activities. As a result of the foregoing factors, our results from operating activities were a profit of $119.9 million in the year ended March 31, 2025 as compared to a profit of $65.2 million in the year ended March 31, 2024. Our Adjusted Operating Profit was $167.3 million in the year ended March 31, 2025 as compared to $124.2 million in the year ended March 31, 2024. For a description of the components and calculation of "Adjusted Operating Profit" 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 $3.9 million in the year ended March 31, 2025 as compared to net finance income of $27.7 million in the year ended March 31, 2024, primarily due to a gain of $30.6 million due to the change in carrying value of our 2028 Notes, measured at amortized cost, in the quarter ended March 31, 2024 and an increase in net foreign exchange loss of $5.8 million in the year ended March 31, 2025, primarily due to an increase in unrealized foreign exchange losses resulting from translations of monetary assets and liabilities from U.S. dollars to Indian Rupees as at March 31, 2025 as compared to March 31, 2024, partially offset by an increase of $3.2 million in interest income on term deposits in the year ended March 31, 2025 as compared to the year ended March 31, 2024.

Income Tax Benefit (Expense). Our income tax expense was $20.6 million in the year ended March 31, 2025 as compared to income tax benefit of $123.8 million in the year ended March 31, 2024. The income tax expense in the year ended March 31, 2025 is primarily due to a net reversal of deferred tax assets, recognized in the quarter ended March 31, 2024. We recognized deferred tax assets of $126.1 million on tax losses carried forward (including unabsorbed depreciation) and other temporary differences mainly related to share-based payments and employee benefits in the quarter ended March 31, 2024.

Profit for the Year. As a result of the foregoing factors, our profit for the year ended March 31, 2025 was $95.3 million as compared to $216.7 million in the year ended March 31, 2024. Our Adjusted Net Profit was $178.2 million in the year ended March 31, 2025 as compared to $137.2 million in the year ended March 31, 2024. For a description of the components and calculation of "Adjusted Net Profit " and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure "Profit for the period", see "About Key Performance Indicators and Non-IFRS Measures" elsewhere in this release.

Diluted Earnings per Share. As a result of the foregoing factors, diluted earnings per share was $0.83 in the year ended March 31, 2025 as compared to $1.74 in the year ended March 31, 2024. Our Adjusted Diluted Earnings per share was $1.56 in the year ended March 31, 2025 as compared to $1.22 in the year ended March 31, 2024. For a description of the components and calculation of "Adjusted Diluted Earnings per Share" and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure "Diluted earnings per share", see "About Key Performance Indicators and Non-IFRS Measures" elsewhere in this release.

Liquidity. As at March 31, 2025, cash and cash equivalents and term deposits (including restricted cash and cash equivalents and term deposits of $9.6 million) on our balance sheet was $763.3 million. As at March 31, 2025, we had $0.5 million in bank overdrafts.

Recent Developments

Resignation and Appointment of Directors

Mrs. Savinilorna Payandi Pillay Ramen notified the board of directors of MakeMyTrip of her intention to resign as a director of the Company with effect from May 14, 2025. Mrs. Ramen indicated that her decision to resign was based on personal reasons and was not a result of any disagreement with the Company on any matter relating to its operations, policies or practices.

The board of directors of MakeMyTrip accepted the resignation of Mrs. Ramen and approved the appointment of Mr. Hashim Joomye as one of the Company's resident directors in Mauritius in place of Mrs. Ramen.

Mr. Joomye is the founder and managing director of Advisory Capital Ltd, a Mauritius-based firm specializing in investment and risk appraisals. He has more than a decade of experience in managing investments for large corporates, pension funds, mutual funds and high net worth individuals and currently serves as the non-executive chairman and an independent director of IQ EQ Investment Advisors (Mauritius) Limited. He serves as an independent non-executive director of a number of private equity funds and on the investment committee of a number of global investment funds and a statutory pension fund. Mr. Joomye is a Fellow Member of the Mauritius Institute of Directors and a Member of the American Chamber of Commerce in Mauritius. He holds a Masters in Investment Analysis from the University of Stirling in the United Kingdom and is a Fellow of the Association of Chartered Certified Accountants of the United Kingdom.

There will be no changes to the composition of the audit committee and the compensation committee as a result of such resignation and appointment of directors.

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.

Pursuant to the share repurchase plan, we repurchased 236,012 ordinary shares for an aggregate amount of $21.7 million during fiscal 2025 (including repurchases of 233,712 ordinary shares for an aggregate amount of $21.5 million during the fourth quarter of fiscal 2025). There were no repurchases of 2028 Notes during fiscal 2025. As at March 31, 2025, we had remaining authority to repurchase an aggregate of up to $114.3 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 and year ended March 31, 2025 beginning at 7:30 AM EDT or 5:00 PM IST on May 14, 2025 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_HA8ViakPS1SANXxUlMKWjg 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", "Adjusted Net Profit ", "Adjusted Diluted Earnings 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 procurement 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, Adjusted Net Profit and Adjusted Diluted Earnings per Share which are non-IFRS measures and most directly comparable to results from operating activities, profit for the period and diluted earnings 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, gain on change in carrying value of financial liabilities measured at amortized cost, 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, Adjusted Net Profit and Adjusted Diluted Earnings per Share instead of results from operating activities, profit for the period and diluted earnings 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, Adjusted Net Profit and Adjusted Diluted Earnings 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, Adjusted Net Profit, Adjusted Diluted Earnings 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.