Exhibit 99.4

MakeMyTrip Limited

Consolidated Financial Statements

March 31, 2025

With Independent Auditors’ Report Thereon

MakeMyTrip Limited

Consolidated Financial Statements

March 31, 2025


Table of Contents	Page
Corporate Data	3
Corporate Governance Report	4 – 12
Commentary of the Directors	13
Certificate from the Secretary	14
Independent Auditors' Report	15 – 20
Consolidated Statement of Financial Position	21
Consolidated Statement of Profit or Loss and Other Comprehensive Income	22
Consolidated Statement of Changes in Equity	23–25
Consolidated Statement of Cash Flows	26
Notes to the Consolidated Financial Statements	27 – 96

MakeMyTrip Limited

Corporate Data


S. No.	Name of Director	Date of Appointment	Date of Resignation
1.	Deep Kalra	October 9, 2001	-
2.	Aditya Tim Guleri	April 3, 2007	-
3.	Rajesh Magow	November 6, 2012	-
4.	James Jianzhang Liang	January 27, 2016	July 2, 2025
5.	Paul Laurence Halpin	April 30, 2018	July 2, 2025
6.	Jane Jie Sun	August 30, 2019	-
7.	Cindy Xiaofan Wang	August 30, 2019	May 15, 2024
8.	Xing Xiong	August 30, 2019	-
9.	Xiangrong Li	September 6, 2019	May 15, 2024
10.	Savinilorna Payandi Pillay Ramen	September 15, 2023	May 14, 2025
11.	May Yihong Wu	May 15, 2024	-
12.	Moshe Rafiah	May 15, 2024	July 2, 2025
13.	Hashim Joomye	May 14, 2025	-
14.	Vivek N. Gour	July 2, 2025	-
15.	Savinilorna Payandi Pillay Ramen	July 2, 2025	-
16.	Mohit Kabra	July 2, 2025	-

Corporate Secretary

C/o IQ EQ Corporate Services (Mauritius) Ltd

33, Edith Cavell Street

Port Louis, 11324

Republic of Mauritius

Registered office

C/o IQ EQ Corporate Services (Mauritius) Ltd

33, Edith Cavell Street

Port Louis, 11324

Republic of Mauritius

Auditors

KPMG

KPMG Centre

31, Cybercity

Ebène

Republic of Mauritius

Banker

HSBC Bank Mauritius Ltd

6th Floor HSBC Centre

18, Cybercity

Ebène

Republic of Mauritius

MakeMyTrip Limited

Corporate Governance Report

General Information

MakeMyTrip Limited (the “Company”) is a company domiciled in the Republic of Mauritius. The address of the Company’s registered office is C/o IQ EQ Corporate Services (Mauritius) Limited, 33, Edith Cavell Street, Port Louis, 11324, Republic of Mauritius. As at March 31, 2025, the Company had three (3) significant subsidiaries as mentioned below:


S. No.	Name of Subsidiary	Date of Incorporation	Place of Incorporation
1.	MakeMyTrip (India) Private Limited	April 13, 2000	India
2.	Ibibo Group Holdings (Singapore) Pte. Ltd.	November 30, 2012	Singapore
3.	redBus India Private Limited	March 23, 2012	India

MakeMyTrip Limited together with its subsidiaries and associates is collectively referred to as “Group”.

The Board of Directors

The Board is composed of ten (10) directors coming from different sectors. Every director has drawn from his professional background and expertise in positively contributing to the Board’s activities. The Board is currently made up of total ten (10) directors, and amongst them seven (7) are non-executive directors and 4 (four) are independent directors as per the criteria for independent director adopted by the Company under Nasdaq Listing.

Directors

Independent

1. Aditya Tim Guleri

2. May Yihong Wu

3. Vivek N. Gour

4. Hashim Joomye

Non-Executive

1. Aditya Tim Guleri

2. Savinilorna Payandi Pillay Ramen

3. Vivek N. Gour

4. Jane Jie Sun

5. May Yihong Wu

6. Xing Xiong

7. Hashim Joomye

MakeMyTrip Limited

Corporate Governance Report (Continued)

The Board of Directors (Continued)

Directors (Continued)

Executive

1. Deep Kalra

2. Rajesh Magow

3. Mohit Kabra

The Board is responsible for directing the affairs of the Company in the best interests of shareholders, in conformity with legal and regulatory framework, and consistent with its constitution and best governance practices.

The Directors profile

Unless otherwise indicated, the business address of our directors and executive officers is 19th Floor, Building No. 5, DLF Cyber City, Gurugram, 122002, India.

Deep Kalra is our founder, group chairman and chief mentor and was appointed to our board of directors on October 9, 2001. Mr. Kalra’s responsibilities as our group executive chairman from February 11, 2020 to March 31, 2022 included executing our business strategy and managing the overall performance and growth of our company. Effective April 1, 2022, Mr. Kalra transitioned to his new role as group chairman and chief mentor and will devote his time to providing mentorship to our leadership team, as well as continuing to pursue strategic initiatives such as product innovation and expansion. Mr. Kalra has over 33 years of work experience in e-commerce, sales, marketing, corporate banking, financial analysis and senior management roles. Prior to founding our company in April 2000, Mr. Kalra worked with GE Capital India, a subsidiary of the General Electric Company, where he was vice president, business development. Prior to that, he also worked with AMF Bowling Inc. and ABN AMRO Bank NV. Mr. Kalra is the chair of World Travel and Tourism India Chapter and also the co-chair of National Committee on Tourism and Hospitality at Confederation of Indian Industry. He is a founding member of IndiaTech.Org, an industry body representing the interests of Indian digital companies and is a co-founder of Ashoka University, a liberal arts college in Sonipat, near New Delhi and serves on their board and governing council. Mr. Kalra is a founding member of ‘I am Gurgaon’— an NGO focused on improving the quality of life in Gurugram and also serves on the board of the Gurugram Metropolitan Development Authority. Mr. Kalra holds a Bachelor’s degree in Economics from St. Stephen’s College, Delhi University, India, and a Master’s degree in Business Administration from the Indian Institute of Management, Ahmedabad, India.

Rajesh Magow is our co-founder and group chief executive officer and was appointed to our board of directors on November 6, 2012. Mr. Magow has also previously held the positions of chief financial officer and chief operating officer at our company. Mr. Magow has over 32 years of experience in the information technology and internet industries. After having been a part of our senior management team in 2001 for a few months, Mr. Magow worked as a part of senior management at Tecnovate eSolutions Private Limited, a wholly-owned subsidiary of eBookers.com (a United Kingdom-based online travel company that was listed on the Nasdaq Stock Market until it was acquired by the Cendant group in February 2005) from 2001 to June 2006.

MakeMyTrip Limited

Corporate Governance Report (Continued)

The Board of Directors (Continued)

The Directors profile (Continued)

Rajesh Magow (Continued)

Before leaving Tecnovate eSolutions, he was the acting chief executive officer of that company. Mr. Magow was part of the senior management team that set up eBookers’ call center and back office operations in India and was a board member of Tecnovate from January 2001 to June 2006. Prior to Tecnovate, he also worked with Aptech Limited and Voltas Limited. Mr. Magow rejoined our company in 2006. He serves as the Chairman of FICCI Tourism Committee. Mr. Magow is a qualified Chartered Accountant from the Institute of Chartered Accountants of India.

Aditya Tim Guleri was appointed to our board of directors on April 3, 2007 as a nominee of Sierra Ventures VIII-A, L.P., Sierra Ventures VIII-B, L.P. and Sierra Ventures Associates VIII, LLC, or the Sierra Ventures entities. He has remained on our board following the lapse of Sierra Ventures entities’ right of nomination upon the completion of our initial public offering in August 2010. Mr. Guleri is the Managing Director of Sierra Ventures. Mr. Guleri’s investment focus is primarily information technology software companies. As a venture capitalist, Mr. Guleri has helped to complete strategic exits from numerous companies including several public companies. Mr. Guleri currently serves on the board of directors of Enable, Cimulate, Cicero, Appcues, Astronomer, Balto, Phenom People and Sedai. Prior to Sierra, Mr. Guleri founded and served as chief executive officer of Octane Software from 1996 to 2000. He successfully led Octane’s merger with Epiphany (NASDAQ: EPNY) in 2000. Before Octane, Mr. Guleri was vice president of field operations at Scopus Technology. Mr. Guleri holds a Master of Science degree in Engineering and Operating Research from Virginia Polytechnic Institute and State University; and a Bachelor of Science degree in Electrical Engineering from Punjab Engineering College, Chandigarh, India.

Hashim Joomye was appointed to our board of directors on May 14, 2025 as an independent director. He is the Founder and Managing Director of Advisory Capital Ltd, a firm specialised in Investment & Risk Appraisals based in Mauritius. He currently serves on several boards and Investment Committees including pension fund, private equity funds and global business companies. Previously, Hashim has been managing investments for large corporates, pension funds, mutual funds and high net worth individuals for more than a decade. He is a Fellow Member of the Mauritius Institute of Directors and a Member of the American Chamber of Commerce in Mauritius. Hashim received a Masters Degree in Investment Analysis from the University of Stirling in United Kingdom and is a Fellow Chartered Certified Accountant.

Jane Jie Sun was appointed to our board of directors on August 30, 2019 as a nominee of Trip.com. Ms. Sun is the chief executive officer of Trip.com, as well as a member of the board of directors of Trip.com, from November 2016. Prior to that, she was a co-president of Trip.com from March 2015, chief operating officer since May 2012, and chief financial officer from 2005 to 2012. Prior to joining Trip.com, Ms. Sun worked as the head of the SEC and External Reporting Division of Applied Materials, Inc. from 1997. Prior to that, she worked with KPMG LLP as an audit manager in Silicon Valley, California for five years. Ms. Sun is a member of the American Institute of Certified Public Accountants and a State of California Certified Public Accountant. Ms. Sun received her Bachelor’s degree from the business school of the University of Florida with high honors. She also obtained her LLM degree from Peking University Law School.She is a graduate of the Standard Executive Program and an alumni of Stanford University's graduate school of business. She is also a graduate of the Standard Executive Program and an alumni of Standard University’s graduate school of business.

MakeMyTrip Limited

Corporate Governance Report (Continued)

The Board of Directors (Continued)

The Directors profile (Continued)

Mohit Kabra was appointed to our board of directors on July 2, 2025. Mohit Kabra is also our group chief financial officer. Prior to joining us in July 2011, Mr. Kabra served as a Director, Finance at Kohler India where he worked from 2006 to June 2011. He has approximately 31 years of work experience and has held various positions in the India businesses of PepsiCo, Colgate and Seagram. Mr. Kabra has a Bachelor of Commerce degree and is a qualified Chartered Accountant from the Institute of Chartered Accountants of India as well as a qualified Cost Accountant from the Institute of Cost Accountants of India.

Vivek N. Gaur was appointed to our board of directors on July 2, 2025, as an independent director. Mr. Gour is an independent director with over 21 years of experience as a board member of companies in India, USA and the Middle East across diverse industries such as e-commerce, IT enabled services and aviation. He also serves on the boards of IndiaMart Intermesh Ltd, Cyient Ltd & Affle 3i Ltd and previously served on our board of directors from May 2010 to September 2019. Mr. Gour served as chief financial officer of Genpact Limited from January 2005 to February 2010. Currently, he works as a social impact investor in large projects creating employment for rural youth and providing pediatric medical care for the underprivileged. He is a graduate of Harvard Business School’s OPM programme. He has a Master of Business Administration from FMS, University of Delhi and a Bachelor of Commerce degree from University of Mumbai.

May Yihong Wu was appointed to our board of directors on May 15, 2024 as an independent director. She has served as a co-founder and an executive director of Shanghai Sunnyview Eldercare Company Limited since May 2023, an independent non-executive director and chairwoman of the audit committee of Alibaba Health Information Technology Limited (HKEX: 00241) since August 2023 and an independent non-executive director and chairwoman of the audit committee of Swire Properties Limited (HKEX: 01972) since May 2017. Ms. Wu has also served as an independent non-executive director of Noah Holdings Limited (NYSE: NOAH; HKEX: 6686) since November 2010 and as the chairwoman of the compensation committee since May 2015, as well as the chairwoman of the audit committee between November 2010 to May 2015. Ms. Wu held a number of roles at Homeinns Hotel Group, the shares of which were publicly listed (NASDAQ: HMIN) from October 2006 until April 2016, when it merged with Beijing Tourist Hotel (Group) Co Ltd, including as chief financial officer between July 2006 to April 2010, chief strategy officer between May 2010 to June 2019 and board adviser between July 2019 to May 2023. Ms. Wu obtained her MBA degree from the Kellogg School of Management at Northwestern University in Illinois in the United States, her Master’s degree in Economics from Brooklyn College of the City University of New York in the United States.

MakeMyTrip Limited

Corporate Governance Report (Continued)

The Board of Directors (Continued)

The Directors profile (Continued)

Xing Xiong was appointed to our board of directors on August 30, 2019 as a nominee of Trip.com. Mr. Xiong is currently chief operating officer of Trip.com Group. He joined Trip.com Group as Senior R&D Director in 2013 and became the vice president of Technology. He was appointed as the chief executive officer of the Trip.com Group Air Ticketing in 2014. In 2015, he became the Trip.com Senior Vice President, and in 2016 he was made the Trip.com Group Executive Vice President. Currently, Mr. Xiong is in charge of air ticketing, accommodation, corporate travel, technology, international business, and other areas within the group. Prior to joining Trip.com Group, Mr. Xiong held several management positions in the research and development teams of Microsoft and Expedia. Mr. Xiong has over 21 years of technology and management experience. He holds a Bachelor’s degree in Computer Science from Peking University and a Master’s degree in Computer Science from Northeastern University in Boston, Massachusetts, United States.

10.

Savinilorna Payandi Pillay Ramen was appointed to our board of directors on July 2, 2025. Mrs. Ramen is the Head of Corporates, Private and Institutional Asset Owners and leads the Business Implementation unit at IQ EQ Corporate Services (Mauritius) Limited, or IQ-EQ Mauritius. She has approximately 22 years of work experience in advising clients of IQ-EQ Mauritius in different capacities. Mrs. Ramen is a Chartered Secretary from the Chartered Governance Institute (previously known as The Institute of Chartered Secretaries and Administrators), United Kingdom and holds a Master of Business Administration and a Bachelor of Arts in Psychology from Southeastern Louisiana University, United States. Mrs. Ramen previously served on our board of directors from September 2023 to May 2025. Mrs. Ramen is one of our resident directors in Mauritius.

MakeMyTrip Limited

Corporate Governance Report (Continued)

Constitution

Public Limited Company.

Committees of the Board of Directors

We have established two committees under our board of directors: an audit committee and a compensation committee. Each committee’s members and functions are described below.

Audit Committee

The audit committee consists of two members, May Yihong Wu and Aditya Tim Guleri and one non-voting observer, Jane Jie Sun. The chairperson is May Yihong Wu. Each member of the audit committee satisfies the independence requirements of applicable Nasdaq Rules and the independence requirements of Rule 10A-3 under the Exchange Act. Our board of directors has determined that May Yihong Wu qualifies as an audit committee financial expert within the meaning of the SEC rules, and that each of May Yihong Wu and Aditya Tim Guleri is financially literate. Our audit committee oversees our accounting and financial reporting processes and the audit of the financial statements of our company. Our audit committee is responsible for, among other things:

•

selecting our independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by our independent auditors;

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annually reviewing the independence of our independent auditors;

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reviewing and approving all related party transactions on an ongoing basis;

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reviewing and discussing the annual audited financial statements with management and our independent auditors;

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such other matters that are specifically delegated to our audit committee by our board of directors from time to time;

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meeting separately and periodically with management and our independent auditors; and

•

reporting regularly to our full board of directors.

Under the Terms of Issue, at any time the Permitted Holders (as defined in the Terms of Issue) beneficially own 10% or more of our issued and outstanding voting securities and no Class B director (representing Trip.com director) serves on the audit committee, the Class B Members (representing Trip.com members) shall have the right to appoint a representative to attend audit committee meetings as an observer.

MakeMyTrip Limited

Corporate Governance Report (Continued)

Committees of the Board of Directors (Continued)

Audit Committee (Continued)

The Nasdaq Rules provide that foreign private issuers may follow home country practice in lieu of the corporate governance requirements of the Nasdaq Stock Market LLC, subject to certain exceptions and requirements and except to the extent that such exemptions would be contrary to US federal securities laws and regulations. We follow home country practice that permits its audit committee to consist of less than three members, in lieu of complying with Rule 5605(c)(2)(A) of the Nasdaq Rules that requires each company to have an audit committee of at least three members. Our audit committee currently consists of two members and a non-voting observer.

Compensation Committee

The compensation committee consists of three members, Aditya Tim Guleri, May Yihong Wu, and Jane Jie Sun. The chairman is Aditya Tim Guleri. Each member of the compensation committee satisfies the independence requirements of the Nasdaq Rules. Our compensation committee approves the compensation of our employee-directors and executive officers. The compensation committee is responsible for, among other things:

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reviewing the compensation plans, policies and programs adopted by the management;

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reviewing and approving corporate goals and objectives relevant to the compensation of our chief executive officer, evaluating the performance of our chief executive officer in light of those goals and objectives, and setting the compensation level of our chief executive officer based on this evaluation; and

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reviewing and approving or making recommendations to the board regarding any compensation plans, equity-based plans and similar arrangements.

We currently do not have in place a nominations committee, and the actions ordinarily taken by such committee are resolved by a majority of the independent directors on our board. As a foreign private issuer, we are permitted to follow home country corporate governance practices under Rule 5615(a)(3) of the Nasdaq Rules. Our home country practice differs from Rule 5605(e) of the Nasdaq Rules regarding implementation of a nominations committee charter or board resolution, because our company, as a holder of Global Business License issued by the Financial Services Commission of Mauritius, is not required under Mauritius Companies Act to establish a nominations committee.

MakeMyTrip Limited

Corporate Governance Report (Continued)

Duties of Directors

Under Mauritius Companies Act, our directors have a duty to our company to exercise their powers honestly in good faith in the best interests of our company. Our directors also have a duty to our company to exercise the degree of care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. Where a director of a public company also holds office as an executive, the director is required under Mauritius Companies Act to exercise that degree of care, diligence and skill which a reasonably prudent and competent executive in that position would exercise. In fulfilling their duty of care to our company, our directors must ensure compliance with the Mauritius Companies Act and our Constitution, as amended from time to time. A shareholder has the right to seek damages against our directors if a duty owed by our directors to him as a shareholder is breached.

The functions and powers of our board of directors include, among others:

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convening shareholders’ annual meetings and reporting its work to shareholders at such meetings;

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authorizing dividends and distributions;

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appointing officers and determining the term of office of officers;

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exercising the borrowing powers of our company and mortgaging the property of our company, provided that shareholders’ approval shall be required if any transaction is a major transaction for our company under section 130 of the Mauritius Companies Act; and

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approving the issuance and transfer of shares of our company, including the recording of such shares in our share register.

Identification of key risks for the Company

The Board is ultimately responsible for the Company’s system of internal control and for reviewing its effectiveness. The Board confirms that there is an ongoing process for identifying, evaluating and managing the various risks faced by the Company.

Related party transactions

The related party transactions have been set out in note 37 of these consolidated financial statements.

MakeMyTrip Limited

Corporate Governance Report (Continued)

Directors’ liability insurance

We have a liability policy to insure our directors and officers from various liabilities arising out of the general performance of their duties.

Code of Business Conduct and Ethics

Our code of business conduct and ethics provides that our directors and officers are expected to avoid any action, position or interest that conflicts with the interests of our Company or gives the appearance of a conflict. Directors and officers have an obligation under our code of business conduct and ethics to advance our Company’s interests when the opportunity to do so arises.

Environment

Due to the nature of its activities, the Company has no adverse impact on environment.

Corporate social responsibility and donations

During the year, the Company has not made any donations.

Nature of business

The principal activity of the Company is as defined in our Global Business License – which is investment activities.

Auditors Report and Accounts

The auditors’ report is set out on pages 15 to 20 and the consolidated statement of profit or loss and other comprehensive income is set out on page 22 of these consolidated financial statements.

Fees for financial statement audit and other services

The fees payable to statutory auditor (KPMG Mauritius) for the financial statement audit for the year amounted to USD 20,000 (2024: USD 20,000). Additionally, a fee of USD 3,250 (2024: USD 3,250) is payable to KPMG Mauritius for the issuance of a regulatory agreed upon procedure report.

Further, the fee for the audit and other services rendered by KPMG Assurance and Consulting Services LLP and its affiliates, including the subsidiaries, are as follows :

Audit fee: USD 661,371 (2024: USD 669,966)

Other services fee: USD 190,768 (2024: USD 181,580)

Appreciation

The Board expresses its appreciation and gratitude to all those involved for their contribution during the year.

MakeMyTrip Limited

Commentary of the Directors

Results

The results for the years ended March 31, 2024 and 2025 are as follows:

(in ‘USD 000’)


	For the year ended March 31
Particulars	2024			2025
Total income		783,294			978,653
Total expenses		(718,080	)		(858,764	)
Finance income		24,365			28,256
Finance costs		3,307			(32,191	)
Share of profit (loss) of equity -accounted investees		52			(64	)
Income tax benefit (expense)		123,805			(20,616	)
Profit for the year		216,743			95,274

Statement of Directors’ responsibilities in respect of the consolidated financial statements

Mauritius Companies Act requires the directors to prepare consolidated financial statements for each financial year, which present fairly the consolidated financial position, consolidated financial performance and the consolidated cash flows of the Company. The directors are also responsible for keeping accounting records which:

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correctly record and explain the transactions of the Company;

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disclose with reasonable accuracy at any time the financial position of the Company; and

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would enable them to ensure that the consolidated financial statements are in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and in compliance with the requirements of the Mauritius Companies Act.

The directors confirm that they have complied with the above requirements in preparing the consolidated financial statements.

The directors have made an assessment of the Company and its subsidiaries' ability to continue as going concern and have no reason to believe that the businesses will not be going concern for the year ahead.

Auditors

The auditors, KPMG, have expressed their willingness to continue in office.

MakeMyTrip Limited

CERTIFICATE FROM THE SECRETARY

To the shareholders of MakeMyTrip Limited under section 166(d) of the Mauritius Companies Act.

We certify to the best of our knowledge and belief that we have filed with the Registrar of Companies all such returns as are required of MakeMyTrip Limited under the Mauritius Companies Act for the year ended March 31, 2025.

…………………………………………………………

For IQ EQ Corporate Services (Mauritius)

Corporate Secretary

Registered office:

C/o IQ EQ Corporate Services (Mauritius) Ltd

33, Edith Cavell Street

Port Louis, 11324

Republic of Mauritius

Date: July 22, 2025

INDEPENDENT AUDITORS’ REPORT

TO THE SHAREHOLDERS OF MAKEMYTRIP LIMITED

Report on the Audit of the Consolidated Financial Statements

Opinion

We have audited the consolidated financial statements of MakeMyTrip Limited (the Group), which comprise the consolidated statement of financial position as at 31 March 2025 and the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and the notes to the consolidated financial statements, comprising material accounting policies and other explanatory information, as set out on pages 21 to 96.

In our opinion, the accompanying consolidated financial statements give a true and fair view of the consolidated financial position of MakeMyTrip Limited as at 31 March 2025, and of its consolidated financial performance and consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and in compliance with the requirements of the Mauritius Companies Act.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

INDEPENDENT AUDITORS’ REPORT

TO THE SHAREHOLDERS OF MAKEMYTRIP LIMITED

Report on the Audit of the Consolidated Financial Statements (Continued)


Recoverability of Deferred Tax Assets Refer to the following material accounting policies and notes to the consolidated financial statements: Material accounting policies 2d(i), 2d(ii),3n and note 20
Key audit matter	How the matter was addressed in our audit
The Group has recognised deferred tax assets amounting to USD106,431 thousands as at the reporting date. The Group recognises deferred tax assets for unused tax losses and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be utilised. Auditor judgement was required to assess the adjusted margin growth rate and earnings before interest, tax, depreciation and amortisation (EBITDA) margin assumptions used to forecast the future taxable profits due to the inherent uncertainty associated with the future outcome of operations underlying these assumptions. We have identified the evaluation of the recoverability of deferred tax assets as a key audit matter.	The following are the primary procedures we performed to address this key audit matter: • We evaluated the design and implementation and tested the operating effectiveness of internal controls over the Group’s process for assessing the recoverability of deferred tax assets. This included controls related to the determination of the adjusted margin growth rate and EBITDA margin assumptions used to forecast future taxable profits. • We performed a sensitivity analysis over the adjusted margin growth rate and EBITDA margin assumptions to evaluate the impact of changes on the recoverability of deferred tax assets. • We compared the Group’s historical forecasted adjusted margin growth rate and the EBITDA margin with the actual results to assess the Group's ability to accurately forecast. We assessed the reasonableness of the inputs into the EBITDA margin assumption by comparing to historical experience. • We involved valuation professionals with specialised skills and knowledge, who assisted in evaluating the reasonableness of management’s adjusted margin growth rate and EBITDA margin by comparing them with the industry trends.

INDEPENDENT AUDITORS’ REPORT

TO THE SHAREHOLDERS OF MAKEMYTRIP LIMITED

Report on the Audit of the Consolidated Financial Statements (Continued)


Revenue from Customers Refer to the following material accounting policies and notes to the consolidated financial statements: Material accounting policies 3(j) and note 10
Key audit matter	How the matter was addressed in our audit
The Group provides travel products and services and its main revenue streams are air ticketing, hotel and packages, and bus ticketing. The revenue from rendering these services is recognised in profit or loss upon transfer of control of promised services to customers in an amount that reflects the consideration the Group expects to receive in exchange for those services. Revenue consists of a significant volume of low-value transactions processed through multiple custom information technology (IT) systems. We identified the audit approach required to ensure sufficient appropriate audit evidence was obtained in respect of revenue from customers related to air ticketing, hotels and packages, and bus ticketing as a key audit matter. This matter required significant auditor attention because the Group’s revenue recognition process is highly automated using custom IT systems and involves the interface of significant volumes of data across multiple IT systems. Auditor judgement was required in determining the nature and extent of audit evidence obtained over the IT systems that process revenue transactions. Involvement of professionals with specialised skills and knowledge was required to assist with the determination of IT applications subject to testing and the performance and evaluation of related procedures.	The following are the primary procedures we performed to address this key audit matter: • We applied auditor judgement to determine the nature and extent of procedures to be performed over each of these main revenue streams. • We evaluated the design and implementation and tested the operating effectiveness of relevant internal controls related to the revenue recognition process. • We involved IT professionals with specialised skills and knowledge, who assisted in testing controls related to the Group’s general information technology and application controls related to the systems utilised within the revenue recognition process. • For a sample of revenue transactions, we evaluated the amounts recognised for consistency with underlying documentation, including contracts with customers.

INDEPENDENT AUDITORS’ REPORT

TO THE SHAREHOLDERS OF MAKEMYTRIP LIMITED

Report on the Audit of the Consolidated Financial Statements (Continued)

Other Information

The directors are responsible for the other information. The other information comprises the Corporate Data, Corporate Governance Report, Commentary of the Directors and Certificate from the Secretary, but does not include the consolidated financial statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Directors for the Consolidated Financial Statements

The directors are responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and in compliance with the requirements of the Mauritius Companies Act, and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the directors are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

INDEPENDENT AUDITORS’ REPORT

TO THE SHAREHOLDERS OF MAKEMYTRIP LIMITED

Report on the Audit of the Consolidated Financial Statements (Continued)

Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements (Continued)

As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

•

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

•

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.

•

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

•

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

•

Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

•

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.

INDEPENDENT AUDITORS’ REPORT

TO THE SHAREHOLDERS OF MAKEMYTRIP LIMITED

Report on the Audit of the Consolidated Financial Statements (Continued)

Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements (Continued)

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Use of our Report

This report is made solely to the Group's shareholders as a body, in accordance with Section 205 of the Mauritius Companies Act. Our audit work has been undertaken so that we might state to the Group’s shareholders as a body, those matters that we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Group and the Group’s shareholders as a body, for our audit work, for this report, or for the opinions we have formed.

Report on other legal and regulatory requirements

Mauritius Companies Act

We have no relationship with or interests in the Group other than in our capacity as auditor.

We have obtained all the information and explanations we have required.

In our opinion, proper accounting records have been kept by the Group as far as it appears from our examination of those records.

     KPMG
Ebene, Mauritius

Date: 22 July 2025

     Siddhartha A. Guha
Licensed by FRC

MAKEMYTRIP LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(Amounts in USD thousands)


		As at March 31
	Note	2024			2025
Assets
Property, plant and equipment	18		25,895			26,457
Intangible assets and goodwill	19		613,386			597,791
Trade and other receivables	21		7,696			8,879
Investment in equity-accounted investees	8		2,022			1,914
Other investments	9		1,361			972
Term deposits	23		966			2,130
Non-current tax assets, net			22,071			18,044
Deferred tax assets, net	20		129,317			106,431
Other non-current assets	25		85			402
Total non-current assets			802,799			763,020
Inventories			218			363
Contract assets	10		253			507
Current tax assets, net			4,947			9,140
Trade and other receivables	21		91,950			141,143
Term deposits	23		279,722			252,286
Other current assets	24		153,123			152,931
Cash and cash equivalents	22		327,065			508,898
Total current assets			857,278			1,065,268
Total assets			1,660,077			1,828,288
Equity
Share capital	26		55			56
Share premium	26		2,161,217			2,203,445
Other components of equity	26		(29,899	)		(71,003	)
Accumulated deficit			(1,020,518	)		(929,868	)
Total equity attributable to owners of the Company			1,110,855			1,202,630
Non-controlling interests			5,563			5,347
Total equity			1,116,418			1,207,977
Liabilities
Loans and borrowings	28		216,818			13,895
Employee benefits	32		11,662			14,705
Contract liabilities	10		408			175
Deferred tax liabilities, net	20		4,754			2,526
Other non-current liabilities	30		12,443			12,396
Total non-current liabilities			246,085			43,697
Bank overdraft	22		—			536
Loans and borrowings	28		4,806			222,142
Trade and other payables	31		118,548			146,999
Contract liabilities	10		92,958			120,098
Other current liabilities	29		81,262			86,839
Total current liabilities			297,574			576,614
Total liabilities			543,659			620,311
Total equity and liabilities			1,660,077			1,828,288

These consolidated financial statements have been approved by the Board of Directors on July 22, 2025 and signed in its behalf by:

      
     /s/Rajesh Magow

     /s/Savinilorna Payandi Pillay Ramen

      
     Rajesh Magow      
Director

     Savinilorna Payandi Pillay Ramen
Director

The notes on pages 27 to 96 form an integral part of these consolidated financial statements.

MAKEMYTRIP LIMITED

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

(Amounts in USD thousands, except per share data)


		For the year ended March 31
	Note	2023			2024			2025
Revenue
Air ticketing			147,793			201,246			241,529
Hotels and packages			337,686			435,542			520,411
Bus ticketing			74,873			92,693			119,361
Other revenue	11		32,684			53,043			97,035
Total revenue			593,036			782,524			978,336
Other income	12		2,798			770			317
Service cost
Procurement cost of hotels and packages services			168,387			210,357			246,550
Other cost of providing services			9,180			4,732			27,798
Personnel expenses	13		131,968			147,587			160,065
Marketing and sales promotion expenses			101,601			123,304			165,324
Other operating expenses	14		133,698			204,833			231,905
Depreciation, amortization and impairment	15		27,396			27,267			27,122
Results from operating activities			23,604			65,214			119,889
Finance income	16		10,974			24,365			28,256
Finance costs	16		46,732			(3,307	)		32,191
Net finance income (costs)			(35,758	)		27,672			(3,935	)
Share of profit (loss) of equity-accounted investees	8		10			52			(64	)
Profit (loss) before tax			(12,144	)		92,938			115,890
Income tax benefit (expense)	17		976			123,805			(20,616	)
Profit (loss) for the year			(11,168	)		216,743			95,274
Other comprehensive income (loss), net of tax
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit liability			468			(964	)		(642	)
Equity instruments at fair value through other comprehensive income (FVOCI) - net change in fair value			—			—			(452	)
			468			(964	)		(1,094	)
Items that are or may be reclassified subsequently to profit or loss:
Foreign currency translation differences on foreign operations			(48,879	)		(9,862	)		(20,898	)
			(48,879	)		(9,862	)		(20,898	)
Other comprehensive loss for the year, net of tax			(48,411	)		(10,826	)		(21,992	)
Total comprehensive income (loss) for the year			(59,579	)		205,917			73,282
Profit (loss) attributable to:
Owners of the Company			(11,321	)		216,801			95,101
Non-controlling interests			153			(58	)		173
Profit (loss) for the year			(11,168	)		216,743			95,274
Total comprehensive income (loss) attributable to:
Owners of the Company			(59,176	)		206,059			73,255
Non-controlling interests			(403	)		(142	)		27
Total comprehensive income (loss) for the year			(59,579	)		205,917			73,282
Earnings (loss) per share (in USD)
Basic	27		(0.10	)		1.95			0.84
Diluted	27		(0.10	)		1.74			0.83

The notes on pages 27 to 96 form an integral part of these consolidated financial statements.

MAKEMYTRIP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(Amounts in USD thousands)


	Attributable to owners of the Company
					Other components of equity
	Share Capital #		Share Premium #		Equity Component of Convertible Notes #		Fair Value Reserves #		Share Based Payment Reserve #			Foreign Currency Translation Reserve #			Accumulated Deficit			Total			Non- Controlling Interests			Total Equity
Balance as at April 1, 2022		53		2,034,663		31,122		368		161,768			(119,684	)		(1,214,156	)		894,134			2,341			896,475
Total comprehensive income (loss) for the year
Profit (loss) for the year		—		—		—		—		—			—			(11,321	)		(11,321	)		153			(11,168	)
Other comprehensive income (loss)
Foreign currency translation differences		—		—		—		—		—			(48,322	)		—			(48,322	)		(557	)		(48,879	)
Remeasurements of defined benefit liability		—		—		—		—		—			—			467			467			1			468
Total other comprehensive income (loss)		—		—		—		—		—			(48,322	)		467			(47,855	)		(556	)		(48,411	)
Total comprehensive income (loss) for the year		—		—		—		—		—			(48,322	)		(10,854	)		(59,176	)		(403	)		(59,579	)
Transactions with owners of the Company
Contributions by owners
Share based payment		—		—		—		—		35,617			—			—			35,617			26			35,643
Issue of ordinary shares on exercise of share based awards	^			22,699		—		—		(20,499	)		—			—			2,200			—			2,200
Transfer to accumulated deficit on expiry of share based awards		—		—		—		—		(50	)		—			50			—			—			—
Total contributions by owners	^			22,699		—		—		15,068			—			50			37,817			26			37,843
Changes in ownership interests
Acquisition of non-controlling interest without a change in control (refer note 7 (a))		—		—		—		—		—			(218	)		1,522			1,304			(1,304	)		—
Acquisition of subsidiaries with non-controlling interest (refer note 7 (b) and 7 (c))		—		—		—		—		—			—			—			—			5,830			5,830
Recognition of financial liability for acquisition of non-controlling interest (refer note 7 (c))		—		—		—		—		—			—			(4,411	)		(4,411	)		—			(4,411	)
Change in fair value of financial liability for acquisition of non-controlling interest (refer note 7 (c) and 34)		—		—		—		—		—			35			(137	)		(102	)		—			(102	)
Total changes in ownership interests		—		—		—		—		—			(183	)		(3,026	)		(3,209	)		4,526			1,317
Total transactions with owners of the Company	^			22,699		—		—		15,068			(183	)		(2,976	)		34,608			4,552			39,160

Balance as at March 31, 2023		53		2,057,362		31,122		368		176,836			(168,189	)		(1,227,986	)		869,566			6,490			876,056
^less than 1
# refer note 26

The notes on pages 27 to 96 form an integral part of these consolidated financial statements.

MAKEMYTRIP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY- (Continued)

(Amounts in USD thousands)


	Attributable to owners of the Company
					Other components of equity
	Share Capital #		Share Premium #		Equity Component of Convertible Notes #		Fair Value Reserves #		Share Based Payment Reserve #			Foreign Currency Translation Reserve #			Accumulated Deficit			Total			Non- Controlling Interests			Total Equity
Balance as at April 1, 2023		53		2,057,362		31,122		368		176,836			(168,189	)		(1,227,986	)		869,566			6,490			876,056
Total comprehensive income (loss) for the year
Profit (loss) for the year		—		—		—		—		—			—			216,801			216,801			(58	)		216,743
Other comprehensive income (loss)
Foreign currency translation differences		—		—		—		—		—			(9,777	)		—			(9,777	)		(85	)		(9,862	)
Remeasurements of defined benefit liability		—		—		—		—		—			—			(965	)		(965	)		1			(964	)
Total other comprehensive income (loss)		—		—		—		—		—			(9,777	)		(965	)		(10,742	)		(84	)		(10,826	)
Total comprehensive income (loss) for the year		—		—		—		—		—			(9,777	)		215,836			206,059			(142	)		205,917
Transactions with owners of the Company
Contributions by owners
Share based payment		—		—		—		—		37,962			—			—			37,962			27			37,989
Issue of ordinary shares on exercise of share based awards		2		103,855		—		—		(97,862	)		—			—			5,995			—			5,995
Transfer to accumulated deficit on expiry of share based awards		—		—		—		—		(52	)		—			52			—			—			—
Total contributions by owners		2		103,855		—		—		(59,952	)		—			52			43,957			27			43,984
Changes in ownership interests
Acquisition of non-controlling interest without a change in control (refer note 7 (a))		—		—		—		—		—			(229	)		(418	)		(647	)		(1,762	)		(2,409	)
Acquisition of subsidiary with non-controlling interest (refer note 7 (d))		—		—		—		—		—			—			—			—			950			950
Recognition of financial liability for acquisition of non-controlling interest (refer note 7 (d))		—		—		—		—		—			—			(7,311	)		(7,311	)		—			(7,311	)
Change in fair value of financial liability for acquisition of non-controlling interests (refer note 7 (c), 7 (d) and 34)		—		—		—		—		—			(78	)		(691	)		(769	)		—			(769	)
Total changes in ownership interests		—		—		—		—		—			(307	)		(8,420	)		(8,727	)		(812	)		(9,539	)
Total transactions with owners of the Company		2		103,855		—		—		(59,952	)		(307	)		(8,368	)		35,230			(785	)		34,445

Balance as at March 31, 2024		55		2,161,217		31,122		368		116,884			(178,273	)		(1,020,518	)		1,110,855			5,563			1,116,418
# refer note 26

The notes on pages 27 to 96 form an integral part of these consolidated financial statements.

MAKEMYTRIP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY- (Continued)

(Amounts in USD thousands)


	Attributable to owners of the Company
					Other components of equity
	Share Capital #		Share Premium #		Equity Component of Convertible Notes #		Treasury Shares Reserve #		Fair Value Reserves #			Share Based Payment Reserve #			Foreign Currency Translation Reserve #			Accumulated Deficit			Total			Non- Controlling Interests			Total Equity
Balance as at April 1, 2024		55		2,161,217		31,122		—		368			116,884			(178,273	)		(1,020,518	)		1,110,855			5,563			1,116,418
Total comprehensive income (loss) for the year
Profit (loss) for the year		—		—		—		—		—			—			—			95,101			95,101			173			95,274
Other comprehensive income (loss)
Foreign currency translation differences		—		—		—		—		—			—			(20,767	)		—			(20,767	)		(131	)		(20,898	)
Equity instruments at FVOCI - net change in fair value		—		—		—		—		(452	)		—			—			—			(452	)		—			(452	)
Remeasurements of defined benefit liability		—		—		—		—		—			—			—			(627	)		(627	)		(15	)		(642	)
Total other comprehensive income (loss)		—		—		—		—		(452	)		—			(20,767	)		(627	)		(21,846	)		(146	)		(21,992	)
Total comprehensive income (loss) for the year		—		—		—		—		(452	)		—			(20,767	)		94,474			73,255			27			73,282
Transactions with owners of the Company
Contributions by owners
Share based payment		—		—		—		—		—			36,783			—			—			36,783			92			36,875
Issue of ordinary shares on exercise of share based awards		1		42,228		—		—		—			(35,220	)		—			—			7,009			—			7,009
Transfer to accumulated deficit on expiry of share based awards		—		—		—		—		—			(35	)		—			248			213			(213	)		—
Settlement of share based arrangement (refer note 33 (d) (i))		—		—		—		—		—			—			—			—

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