Cut-throat competition in the online travel agency business pushed the Nasdaq-listed MakeMyTrip further into the red, as the parent company reported a loss of $110 million for FY17, an increase of 24% over the loss of $88.5 million incurred during the previous financial year. The company, which owns and operates the online platform MakeMyTrip.com, also reported a loss of $73 million in the March-ending quarter of FY17, an increase of 46% over the loss it incurred in the corresponding quarter of the previous financial year.
The fourth quarterly result assumes significance as this is the first quarterly result reported by the company since it acquired the Naspers-owned Ibibo Group in January, 2017. The increase in loss also comes at a time when the company saw an increase in its generated revenue by 33.2% at $447.6 million in FY17, compared to the revenue of $336.1 million in the previous financial year. Expenses have increased primarily on account of personnel and marketing expenses. Personnel expenses increased by 178% to $32.7 million in the quarter ended March 31, 2017 compared to $11.8 million in the corresponding quarter of the previous financial year.