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MakeMyTrip aiming 30% growth in revenues in FY13

Press Trust of India/New Delhi 04 Jul 12 | 06:29 PM

Nasdaq-listed travel services provider MakeMytrip today said it is looking at 32% growth in revenues at nearly Rs 560 rpt 560 crore in the current fiscal on account of new initiatives for expansion.

"We are aiming at a growth between 30-32% for FY13 on account of the initiatives for both organic and inorganic expansion," MakeMytrip Founder and CEO Deep Kalra told PTI.

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The travel firm that picked up stake in three companies last year said it is on the lookout for enhancing its product offerings.

"With $88 million on balance sheet and with zero debt we are always looking for acquisitions. We are mainly looking for small and medium size companies," Kalra said.

In August last year, the firm along with SAIF Partners had bought 76.6% stake for $18.5 million in Le Travenues Technology, which operates online travel search engine www.Ixigo.Com.

Earlier in May 2011, the company had also acquired 79% equity stake in Singapore-based Luxury Tours & Travel Pte Ltd for $3 million.

It had also picked 29% stake in Delhi-based My Guest House Accommodations (MGH) for around $one million.

In another major initiative the company is planning to reduce its dependence on air side of business and strengthen its hotels and packages segment.

"We plan to enhance the revenues from hotels and packages to be nearly 50% of the total in next four years. It is time we give more focus on non-air side of the business," he added.

The focus on hotels and packages is necessitated because of higher margins and long term defensibility of the segment, Kalra said.

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