MakeMyTrip Ltd. Files 20-F for FY24

TL;DR

MakeMyTrip's 20-F is in! FY24 financials and biz ops detailed, including subsidiaries. Check it out!

AI Summary

MakeMyTrip Ltd. filed its annual 20-F report for the fiscal year ending March 31, 2024. The filing details financial performance and business operations, including references to subsidiaries like Savaari Car Rentals Private Limited and Saaranya Hospitality Technologies Private Limited. Key financial elements such as accumulated depreciation and amortization, employee stock options, and contract liabilities are presented.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of MakeMyTrip's financial health and strategic direction for the past fiscal year, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a foreign private issuer, MakeMyTrip's 20-F filing is a standard annual report, but the nature of the travel industry and its operations in specific markets can introduce inherent risks.

Key Numbers

• 20240331 — Fiscal Year End (The period covered by the 20-F report.)
• 20240702 — Filing Date (The date the 20-F report was officially filed with the SEC.)

Key Players & Entities

• MakeMyTrip Ltd. (company) — Filer of the 20-F report
• Savaari Car Rentals Private Limited (company) — Subsidiary mentioned in the filing
• Saaranya Hospitality Technologies Private Limited (company) — Subsidiary mentioned in the filing
• 0000950170-24-080082 (dollar_amount) — Accession number for the filing

FAQ

Key Financial Figures

• $0.0005 — f the Act. Ordinary Shares, par value $0.0005 per share MMYT Nasdaq Global Market
• $1.00 — ased on the middle rate of Rs.83.34 per $1.00 on March 31, 2024 as per rates availabl

Filing Documents

• mmyt-20240331.htm (20-F) — 9700KB
• mmyt-ex4_21.htm (EX-4.21) — 153KB
• mmyt-ex8_1.htm (EX-8.1) — 12KB
• mmyt-ex11_1.htm (EX-11.1) — 81KB
• mmyt-ex12_1.htm (EX-12.1) — 17KB
• mmyt-ex12_2.htm (EX-12.2) — 17KB
• mmyt-ex13_1.htm (EX-13.1) — 8KB
• mmyt-ex13_2.htm (EX-13.2) — 8KB
• mmyt-ex15_1.htm (EX-15.1) — 5KB
• mmyt-ex97_1.htm (EX-97.1) — 45KB
• img54525299_0.jpg (GRAPHIC) — 56KB
• 0000950170-24-080082.txt ( ) — 38482KB
• mmyt-20240331.xsd (EX-101.SCH) — 3730KB
• mmyt-20240331_htm.xml (XML) — 10267KB

Item 18

Item 17 Item 18 If this is an Annual Report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court: Yes No TABLE OF CONTENTS PAGE PART I

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 9

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 9

KEY INFORMATION

ITEM 3. KEY INFORMATION 9

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY 38

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS 65

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 66

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 98

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 111

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION 114

THE OFFER AND LISTING

ITEM 9. THE OFFER AND LISTING 128

ADDITIONAL INFORMATION

ITEM 10. ADDITIONAL INFORMATION 128

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 154

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 155 PART II

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 156

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 156

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES 156

[RESERVED]

ITEM 16. [RESERVED] 159

AUDIT COMMITTEE FINANCIAL EXPERT

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 159

CODE OF ETHICS

ITEM 16B. CODE OF ETHICS 159

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 159

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 160

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 160

CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT

ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 161

CORPORATE GOVERNANCE

ITEM 16G. CORPORATE GOVERNANCE 161

MINE SAFETY DISCLOSURE

ITEM 16H. MINE SAFETY DISCLOSURE 161

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS. 161

INSIDER TRADING POLICIES

ITEM 16J. INSIDER TRADING POLICIES 162

CYBERSECURITY

ITEM 16K. CYBERSECURITY 162 PART III

FINANCIAL STATEMENTS

ITEM 17. FINANCIAL STATEMENTS 164

FINANCIAL STATEMENTS

ITEM 18. FINANCIAL STATEMENTS 164

EXHIBITS

ITEM 19. EXHIBITS 165

SIGNATURES

SIGNATURES 168 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS F- 1 CONVENTIONS USED IN THIS ANNUAL REPORT In this Annual Report, we refer to information regarding the travel service industry and our competitors from market research reports, analyst reports and other publicly available sources, including the Directorate General of Civil Aviation, the Indian governmental regulatory body for civil aviation, or the DGCA; the World Economic Forum, or WEF; and the International Air Transport Association, or IATA. We conduct our business principally through our wholly-owned Indian subsidiaries, MakeMyTrip (India) Private Limited, or MMT India, and redBus India Private Limited, or redBus India. On February 1, 2023, we completed the transfer of our Goibibo business from ibibo Group Private Limited, or ibibo India, to MMT India pursuant to a scheme of arrangement between our wholly-owned Indian subsidiaries, MMT India and ibibo India. Our redBus business was retained by ibibo India and ibibo India was subsequently renamed redBus India. References to "MakeMyTrip", "Goibibo" and "redBus" in this Annual Report refer to our MakeMyTrip, Goibibo and redBus brands and platforms, respectively. Our other key operating subsidiaries include: ITC Bangkok Co., Ltd., Thailand, the main operating entity of the group of companies known as the ITC Group; Luxury Tours & Travel Pte. Ltd., Singapore, or Luxury Tours; MakeMyTrip Inc., or MMT USA; MakeMyTrip Travel & Tourism L.L.C, or MMT UAE; Bitla Software Private Limited, or Bitla; Quest 2 Travel.com India Private Limited, or Quest 2 Travel; Book My Forex Private Limited, or Book My Forex; Simplotel Technologies Private Limited, or Simplotel; Savaari Car Rentals Private Limited, or Savaari; and TripMoney Fintech Solutions Private Limited, or TripMoney. In this Annual Report, unless otherwise stated or unless the context otherwise requires, references to "we", "us", "our", "our company" or "our group" are to MakeM

IDENTITY OF DIRECTORS, S ENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, S ENIOR MANAGEMENT AND ADVISERS Not applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION A. [Reserved] B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. D. Risk Factors This Annual Report contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those described in the following risk factors and elsewhere in this Annual Report. If any of the following risks actually occur, our business, financial condition and results of operations could suffer. Risks Related to Us and Our Industry Disruptions or Adverse Developments, Events or Incidents in the Travel Industry Could Adversely Affect Our Business and Financial Performance. Our business and financial performance is affected by the health of the travel industry in India and worldwide. Events specific to the travel industry that could negatively affect our business include changes in supply and pricing, changes in the commercial aviation landscape, fare increases, travel-related strikes, aviation accidents or labor unrest, general civil unrest, fuel price volatility and bankruptcies or liquidations of our suppliers. For example, as the domestic Indian air travel industry is concentrated among a small base of domestic airlines, adverse market developments, particularly among the larger domestic airlines, are more likely to impact our business. Go Airlines (India) Limited, or Go First, being one of our top five domestic airline suppliers in recent years, has suspended all of its flight operations since May 3, 2023 and filed an application for voluntary insolvency resolution proceedings. Go First's flight operations remain suspended as of the date of this Annual Report. In addition, work stoppages and strikes among airline crew in India in the months of March and April of 2024 led to flight cancellations and delays. These events reduced the suppl

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View this 20-F filing on SEC EDGAR