Shares of MakeMyTrip (MMYT -4.08%) fell today, down by 10% as of 3:20 p.m. EDT, after the India-based travel company reported fiscal second-quarter results. The figures came in better than expected, so it's not exactly clear why investors are so disappointed.
Revenue in the fiscal second quarter jumped 79% to $152.9 million, which translated into a net loss per share of $0.45 on a non-IFRS (International Financial Reporting Standards) basis. Analysts were modeling for an adjusted net loss of $0.61 per share.
Gross bookings included $621.7 million in air ticketing, and $342.3 million in hotels and packages. MakeMyTrip finished the quarter with $441.5 million in cash on the balance sheet.
"The strong results delivered in the fiscal second quarter reflect the successful execution of our strategy to deliver high growth with increased operational efficiency leveraging increasing scale," CEO Deep Kalra said in a statement. "We also embarked on a comprehensive multi brand strategy to leverage the strengths of our various brands in differentiated customer segments and travel services."
MakeMyTrip continues to post strong growth in transactions, with air ticketing transactions jumping 61% while hotels and packages transactions soared 141%. Costs continue to rise precipitously, however; despite a significant increase in top-line revenue, the company's net loss widened compared to a year ago.