INSUBCONTINENT EXCLUSIVE:
expenses, along with a corresponding rise across its three major business segments
For the quarter to June, the Nasdaq-listed company reported a net loss of $51.2 million, or 50 cents a diluted share, down from $68.4
million, or 70 cents a diluted share a year ago
Adjusted net loss for the quarter came in at $38.1 million, or 37 cents a share, compared with $52.1 million, or 53 cents a share
Revenue for the quarter was $137.4 million, compared to $192.1 million a year ago
The company said the decline in revenue was primarily due to the adoption of a new revenue recognition standard, IFRS 15, wherein promotion
expenses, which were previously recorded as marketing and sales promotion costs, were now being recorded as a reduction of revenue.
On an
adjusted basis, revenue increased more than 20% to $170.1 million, from $141.2 million in the year-ago period
Air ticketing revenue rose 19% to $54.4 million, while hotels and packages revenue went up more than 15% to $93.8 million during the period,
also on an adjusted basis
and the company was looking to expand the number of products on both platforms
Additionally, in July, Flipkart had introduced a recharge tab in its mobile app, which redirects users to its payments platform, PhonePe,
pitting it directly against Alibaba-backed Paytm, as companies in consumer internet business are looking to tap into high-frequency
