Exhibit 99.1

MAKEMYTRIP LIMITED ANNOUNCES FISCAL 2022 THIRD QUARTER RESULTS

Financial Highlights for Fiscal 2022 Third Quarter

Gurugram, India and New York, January 25, 2022 — MakeMyTrip Limited (NASDAQ: MMYT), India’s leading online travel company, today announced its unaudited interim financial and operating results for its fiscal third quarter ended December 31, 2021.

“We reported our best Adjusted Operating Profit quarter during the ongoing pandemic supported by pent-up travel demand following the second wave of COVID-19 cases in India, coupled with festive travel and winter holidays seasonality.” said Deep Kalra, Group Executive Chairman. “While the current Omicron wave has impacted consumer sentiment for leisure travel from January 2022, we continue to observe demand for domestic essential travel”.

Impact of the COVID-19 Pandemic

The impact of the global COVID-19 pandemic has severely impacted travel demand in terms of affecting consumers’ sentiment and their willingness to travel, which has caused airlines and hotels in India and around the world to operate at significantly reduced service levels throughout much of calendar year 2020 and 2021. The COVID-19 pandemic also resulted in significant weakness in the macroeconomic environment and heightened volatility in financial markets. Although, our business started to recover gradually in the second and third quarters of fiscal year 2021 following the lifting of India’s nationwide lockdown in end May 2020, India witnessed a rapid resurgence of daily recorded case counts towards the end of the fourth quarter of fiscal year 2021, resulting in a second wave of COVID-19. The resulting economic conditions caused by the lockdowns and travel restriction orders imposed by several state governments in India from April 2021, some of which are still ongoing, resulted in a negative impact on revenue for all our reportable segments in the quarter ended December 31, 2021 as compared to revenue for the quarter ended December 31, 2019 (prior to the onset of the COVID-19 pandemic). The gradual lifting of travel restrictions in India (including the increase in domestic airline capacity) as a result of increase in the number of vaccinated people, has resulted in improved results across our operating segments mainly due to an increase in domestic travel, resulting in revenue increasing by 70.5% during the current quarter compared with the previous quarter ended September 30, 2021. We continued to focus on optimizing our costs by leveraging our highly variable and more efficient fixed cost structure during the quarter ended December 31, 2021.

The extent of the effects of the COVID-19 pandemic on our business, results of operations, cash flows and growth prospects remain uncertain and would be dependent on future developments. These include, but are not limited to, the severity, extent and duration of the pandemic, its impact on the travel industries and consumer spending, rates of vaccination, the occurrence of new mutations or variants and the effectiveness of vaccinations against various mutations or variants of the COVID-19 pandemic. While many countries including India have made progress in vaccinating their residents against COVID-19, the challenging logistics of distributing vaccines, efficacy of the vaccines against new mutations or variants of the virus and other factors may contribute to delays in economic recovery.

Fiscal 2022 Third Quarter Financial Results

Revenue. We generated revenue of $115.0 million in the quarter ended December 31, 2021, an increase of 102.5% (104.9% in constant currency⁽¹⁾) over revenue of $56.8 million in the quarter ended December 31, 2020, primarily as a result of an increase of 50.6% (52.5% in constant currency) in our Revenue – air ticketing, an increase of 175.6% (178.7% in constant currency) in our Revenue – hotels and packages, an increase of 45.3% (47.3% in constant currency) in our Revenue – bus ticketing, and an increase of 38.6% (40.6% in constant currency) in our Revenue – others, each as further described below. The increase in revenue was primarily due to strong recovery in domestic travel demand in India in the quarter ended December 31, 2021.

The table below summarizes our segment profitability in terms of revenue and Adjusted Margin in each segment. For more information, see “Information About Reportable Segments” in our condensed consolidated interim financial statements included elsewhere in this release. Also see “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release.

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Air Ticketing. Revenue from our air ticketing business increased by 50.6% (52.5% in constant currency) to $27.4 million in the quarter ended December 31, 2021 from $18.2 million in the quarter ended December 31, 2020. Adjusted Margin from our air ticketing business increased by 103.6% (105.9% in constant currency) to $52.9 million in the quarter ended December 31, 2021, from $26.0 million in the quarter ended December 31, 2020. Adjusted Margin – air ticketing includes customer inducement costs of $25.6 million in the quarter ended December 31, 2021 and $7.8 million in the quarter ended December 31, 2020, recorded as a reduction of revenue. These customer inducement costs added back to Adjusted Margin are intended to reflect the way we view our ongoing business. Under IFRS, these customer inducement costs are required to be recorded as a reduction of revenue. The increase in Revenue – air ticketing and Adjusted Margin – air ticketing was due to an increase in gross bookings of 94.9% (97.0% in constant currency) primarily driven by a 61.2% increase in the number of air ticketing flight segments year over year, primarily due to strong recovery in domestic travel demand in India in the quarter ended December 31, 2021. Further, our Adjusted Margin % (defined as Adjusted Margin as a percentage of gross bookings) was 7.8% in the quarter ended December 31, 2021 compared to 7.5% in the quarter ended December 31, 2020. The increase in Adjusted Margin % was due to incremental incentives from our air ticketing suppliers to drive travel growth in the quarter ended December 31, 2021.

Hotels and Packages. Revenue from our hotels and packages business increased by 175.6% (178.7% in constant currency) to $67.2 million in the quarter ended December 31, 2021, from $24.4 million in the quarter ended December 31, 2020. Our Adjusted Margin – hotels and packages increased by 114.9% (117.6% in constant currency) to $54.1 million in the quarter ended December 31, 2021 from $25.2 million in the quarter ended December 31, 2020. Adjusted Margin – hotels and packages includes customer inducement costs of $15.8 million in the quarter ended December 31, 2021 and $6.9 million in the quarter ended December 31, 2020, recorded as a reduction of revenue. These customer inducement costs added back to Adjusted Margin are intended to reflect the way we view our ongoing business. Under IFRS, these customer inducement costs are required to be recorded as a reduction of revenue. The increase in Revenue – hotels and packages and Adjusted Margin – hotels and packages was due to an increase in gross bookings by 122.7% (124.9% in constant currency) primarily driven by a 76.7% increase in the number of hotel-room nights year over year, primarily due to strong recovery in domestic travel demand in India in the quarter ended December 31, 2021. Our Adjusted Margin % in the quarter ended December 31, 2021 was 17.3% as compared to 17.9% in the quarter ended December 31, 2020. The decrease in Adjusted Margin % was primarily due to an increase in contribution from our packages business, which has comparatively lower margins than our hotels business, in the quarter ended December 31, 2021.

Bus Ticketing. Revenue from our bus ticketing business increased by 45.3% (47.3% in constant currency) to $14.7 million in the quarter ended December 31, 2021, from $10.1 million in the quarter ended December 31, 2020. Adjusted Margin from our bus ticketing business increased by 56.2% (58.4% in constant currency) to $14.1 million in the quarter ended December 31, 2021 from $9.0 million in the quarter ended December 31, 2020. Adjusted Margin – bus ticketing includes customer inducement costs of $0.7 million in the quarter ended December 31, 2021 and $0.1 million in the quarter ended December 31, 2020, recorded as a reduction of revenue. These customer inducement costs added back to Adjusted Margin are intended to reflect the way we view our ongoing business. Under IFRS, these customer inducement costs are required to be recorded as a reduction of revenue. The increase in Revenue – bus ticketing and Adjusted Margin – bus ticketing was due to an increase in gross bookings by 49.1% (50.6% in constant currency) driven by 39.2% increase in the number of bus tickets travelled year over year, primarily due to strong recovery in domestic travel demand in India in the quarter ended December 31, 2021. Our Adjusted Margin % in the quarter ended December 31, 2021 was 8.6% as compared to 8.2% in the quarter ended December 31, 2020.

Other Revenue. Other revenue increased by 38.6% (40.6% in constant currency) to $5.7 million in the quarter ended December 31, 2021, from $4.1 million in the quarter ended December 31, 2020. Our Adjusted Margin – others has increased to $5.9 million in the quarter ended December 31, 2021 from $4.1 million in the quarter ended December 31, 2020. The increase in Revenue – others and Adjusted Margin – others was primarily due to higher advertising revenue and other ancillary revenues in the quarter ended December 31, 2021, primarily due to strong recovery in domestic travel demand in India in the quarter ended December 31, 2021. Adjusted Margin – others includes customer inducement costs of $0.3 million in the quarter ended December 31, 2021 and $0.004 million in the quarter ended December 31, 2020, recorded as a reduction of revenue. These customer inducement costs added back to Adjusted Margin are intended to reflect the way we view our ongoing business. Under IFRS, these customer inducement costs are required to be recorded as a reduction of revenue.

Other Income. Other income increased to $2.6 million in the quarter ended December 31, 2021 from $0.5 million in the quarter ended December 31, 2020. The increase in other income was primarily due to a gain of $2.3 million recognized on the discontinuation of an equity-accounted investment on disposal in the quarter ended December 31, 2021.

Personnel Expenses. Personnel expenses increased by 14.3% to $30.4 million in the quarter ended December 31, 2021 from $26.6 million in the quarter ended December 31, 2020. This was primarily due to annual wage increases effected from April 2021 and higher share-based compensation costs in the quarter ended December 31, 2021.

Marketing and sales promotion expenses. Marketing and sales promotion expenses increased by 185.2% to $22.2 million in the quarter ended December 31, 2021 from $7.8 million in the quarter ended December 31, 2020. The increase in marketing and sales promotion expenses reflected the increase in variable costs and discretionary marketing and sales promotion spends such as events and brand building due to strong recovery in domestic travel demand in India in the quarter ended December 31, 2021.

Additionally, we incurred customer inducement costs recorded as a reduction of revenue and certain loyalty program costs of $42.4 million in the quarter ended December 31, 2021 and $14.8 million in the quarter ended December 31, 2020. The details are as follows:

Other Operating Expenses. Other operating expenses increased by 119.5% to $33.0 million in the quarter ended December 31, 2021 from $15.0 million in the quarter ended December 31, 2020, primarily due to a provision for litigations of $8.4 million in the quarter ended December 31, 2021 for a dispute related to a prior acquisition and an increase in payment gateway charges and outsourcing fees as a result of increased travel bookings due to strong recovery in domestic travel demand in India in the quarter ended December 31, 2021.

Depreciation, Amortization and Impairment. Our depreciation, amortization and impairment expenses were $7.8 million in the quarter ended December 31, 2021 in comparison to $7.9 million in the quarter ended December 31, 2020. This decrease was primarily due to an increase in fully amortized assets in the quarter ended December 31, 2021.

Results from Operating Activities. As a result of the foregoing factors, our results from operating activities were a loss of $6.2 million in the quarter ended December 31, 2021 as compared to a loss of $7.3 million in the quarter ended December 31, 2020. Our Adjusted Operating Profit was $13.2 million in the quarter ended December 31, 2021 as compared to $5.2 million in the quarter ended December 31, 2020. For a description of the components and calculation of “Adjusted Operating Profit (Loss)” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Results from operating activities”, see — “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release.

Net Finance Cost (Income). Our net finance cost was $3.4 million in the quarter ended December 31, 2021 as compared to net finance income of $3.9 million in the quarter ended December 31, 2020, primarily due to the interest expense on financial liabilities measured at amortized cost relating to convertible notes and net foreign exchange loss in quarter ended December 31, 2021.

Loss for the period. As a result of the foregoing factors, our loss for the quarter ended December 31, 2021 was $9.0 million as compared to a loss of $3.5 million in the quarter ended December 31, 2020. Our Adjusted Net Profit was $13.5 million in the quarter ended December 31, 2021, as compared to $7.7 million in the quarter ended December 31, 2020. For a description of the components and calculation of “Adjusted Net Profit (Loss)” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Profit (loss) for the period”, see — “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release.

Diluted Loss per share. Diluted loss per share was $0.08 for the quarter ended December 31, 2021 as compared to diluted loss per share of $0.03 in the quarter ended December 31, 2020. Our Adjusted Diluted Earnings per share was $0.12 in the quarter ended December 31, 2021, as compared to $0.07 in the quarter ended December 31, 2020. For a description of the components and calculation of “Adjusted Diluted Earnings (Loss) per Share” and a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure “Diluted earnings (loss) per share”, see — “About Key Performance Indicators and Non-IFRS Measures” elsewhere in this release.

Liquidity. As at December 31, 2021, the balance of cash and cash equivalents and term deposits on our balance sheet was $486.1 million. In addition, we have existing credit facilities of approximately $133.7 million, which includes a $70.0 million facility from an affiliate of our largest shareholder with the remaining amount from various commercial banks. As of December 31, 2021, these facilities remained undrawn.

Notes:

Share Repurchase

On November 6, 2012, our Board of Directors authorized the Company to purchase outstanding ordinary shares, par value $0.0005 per share, of the Company. On January 22, 2016, our Board of Directors authorized the Company to increase the share repurchase plan to an amount aggregating up to $150 million at a price per ordinary share not exceeding $21.50 until November 30, 2021 and on October 26, 2021, our Board of Directors authorized the Company to further extend the term of this share repurchase plan until November 30, 2023. There were no repurchases pursuant to the share repurchase plan during the third quarter of fiscal 2022. As of December 31, 2021, we had remaining authority to repurchase up to approximately $136.0 million of our outstanding ordinary shares.

Conference Call

MakeMyTrip will host a live Zoom webinar to discuss the Company’s results for the quarter ended December 31, 2021 beginning at 7:30 am EDT or 6:00 pm IST on January 25, 2022. To participate one can visit http://investors.makemytrip.com or use the following the link https://makemytrip.zoom.us/webinar/register/WN_U0iemTSWSjSU2ZXlliO9Lw to register for the live event.

Registered participants will receive a confirmation email containing the Zoom access link and alternative phone dial-in details.

A replay of the event will be available on the company’s Investor Relations website approximately two hours after the conclusion of the live event.

About Key Performance Indicators and Non-IFRS Measures

We evaluate our financial performance in each of our reportable segments based on our key performance indicator, Adjusted Margin, a segment profitability measure, which represents IFRS revenue after adding back customer inducement costs in the nature of customer incentives, customer acquisition costs and loyalty program costs which are reported as a reduction of revenue, and deducting the cost of acquisition of services primarily relating to sales to customers where the company acts as the principal. The presentation of these segment profitability measures and key performance indicators is not meant to be considered in isolation or as a substitute for our consolidated financial results prepared in accordance with IFRS as issued by the IASB. Our Adjusted Margin and Adjusted Margin % may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation.

As certain parts of our revenues are recognized on a “net” basis when we are acting as an agent, and other parts of our revenue are recognized on a “gross” basis when we are acting as the principal, we evaluate our financial performance in each of our reportable segments based on Adjusted Margin, which is a segment profitability measure, as we believe that Adjusted Margin reflects the value addition of the travel services that we provide to our customers. Income from packages, including income on airline tickets sold to customers as a part of tours and packages is accounted for on a gross basis as the Company controls the services before such services are transferred to travelers. Revenue from the packages business which is accounted for on a “gross” basis represents the total amount paid by customers for these travel services and products, while our cost of procuring the relevant services and products for sale to our customers in this business is classified as service cost.

Constant currency results are financial measures that are not prepared in accordance with IFRS, and assume constant currency exchange rates used for translation based on the rates in effect during the comparable period in the prior fiscal year.

We also refer to Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) and Adjusted Diluted Earnings (Loss) per Share which are non-IFRS measures and most directly comparable to results from operating activities, profit (loss) and diluted earnings (loss) per share for the year, respectively, each of which is an IFRS measure. We use financial measures that exclude share-based compensation expense, merger and acquisition related expenses, amortization of acquired intangibles, change in financial liability relating to acquisitions, share of loss (profit) of equity-accounted investees, interest expense on financial liabilities measured at amortized cost, gain on discontinuation of an equity-accounted investment on disposal, provision for litigations, and income tax expense (benefit) for our internal management reporting, budgeting and decision making purposes, including comparing our operating results to that of our competitors. Because of varying available valuation methodologies and subjective assumptions that companies can use when adopting IFRS 2 “Share based payment,” management believes that providing non-IFRS measures that exclude such expenses allows investors to make additional comparisons between our operating results and those of other companies. We believe that our current calculations of Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss), Adjusted Margin %, Adjusted Diluted Earnings (Loss) per Share and change in constant currency represent a balanced approach to adjusting for the impact of certain discrete, unusual or non-cash items which are useful in measuring our results and provide useful information to investors and analysts. We believe that investors and analysts use these non-IFRS measures and key performance indicators to compare our company and our performance to that of our global peers. However, the presentation of these non-IFRS measures and key performance indicators are not meant to be considered in isolation or as a substitute for our consolidated financial results prepared in accordance with IFRS as issued by the IASB. These non-IFRS measures and key performance indicators may not be comparable to similarly titled measures reported by other companies due to potential differences in the method of calculation. The IFRS measures most directly comparable to Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) and Adjusted Diluted Earnings (Loss) per Share are results from operating activities, profit (loss) for the period and diluted earnings (loss) per share, respectively.

A limitation of using Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) and Adjusted Diluted Earnings (Loss) per share instead of results from operating activities, profit (loss) and diluted earnings (loss) per share calculated in accordance with IFRS as issued by the IASB is that these non-GAAP financial measures exclude a recurring cost, namely share-based compensation. Management compensates for this limitation by providing specific information on the IFRS amounts excluded from Adjusted Operating Profit (Loss), Adjusted Net Profit (Loss) and Adjusted Diluted Earnings (Loss) per share.

Safe Harbor Statement

This release contains certain statements concerning the Company’s future growth prospects and forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company’s current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate", "believe", "estimate", "expect", "intend", "will", "project", "seek", "should" and similar expressions. Such statements include, among other things, quotations from management as well as MakeMyTrip’s (MMYT) strategic and operational plans. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, a slow-down of economic growth in India and the global economic downturn, general declines or disruptions in the travel industry, volatility in the trading price of MMYT’s shares, MMYT’s reliance on its relationships with travel suppliers and strategic alliances, failure to further increase MMYT’s brand recognition to obtain new business partners and consumers, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in India and overseas, failure to successfully develop MMYT’s corporate travel business, damage to or failure of MMYT's infrastructure and technology, loss of services of MMYT's key executives, and inflation in India and in other countries. These and other factors are more fully discussed in the “Risk Factors” section of MMYT's 20-F dated July 13, 2021, filed with the United States Securities and Exchange Commission. COVID-19, and the volatile regional and global economic conditions stemming from it, and additional or unforeseen effects from the COVID-19 pandemic, could also continue to give rise to or aggravate these risk factors, which in turn could continue to materially adversely affect our business, financial condition, liquidity, results of operations (including revenues and profitability) and/or stock price. Further, COVID-19 may also affect our operating and financial results in a manner that is not presently known to us or that we currently do not consider to present significant risks to our operations. All information provided in this release is provided as of the date of issuance of this release, and MMYT does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About MakeMyTrip Limited

MakeMyTrip Limited is India's leading travel group operating well-recognized travel brands including MakeMyTrip, Goibibo and redBus. Through our primary websites www.makemytrip.com, www.goibibo.com, www.redbus.in, and mobile platforms, travellers can research, plan and book a wide range of travel services and products in India as well as overseas. Our services and products include air ticketing, hotel and alternative accommodations bookings, holiday planning and packaging, rail ticketing, bus ticketing, car hire and ancillary travel requirements such as facilitating access to third-party travel insurance and visa processing.

We provide our customers with access to all major domestic full-service and low-cost airlines operating in India and all major airlines operating to and from India, a comprehensive set of domestic accommodation properties in India and a wide selection of properties outside India, Indian Railways and all major Indian bus operators. For more information, visit https://www.makemytrip.com/about-us/company_profile.php

For more details, please contact:

Vipul Garg

Vice President - Investor Relations

MakeMyTrip Limited

Vipul.garg@go-mmt.com

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

(UNAUDITED)

(Amounts in USD thousands)

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#Loan and borrowings includes lease liabilities amounting to $14.5 million as at December 31, 2021 (as at March 31, 2021: $15.6 million).

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

(UNAUDITED)

(Amounts in USD thousands, except per share data and share count)

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

(UNAUDITED)

(Amounts in USD thousands)

*less than 1

MAKEMYTRIP LIMITED

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

(UNAUDITED)

(Amounts in USD thousands)

MAKEMYTRIP LIMITED

INFORMATION ABOUT REPORTABLE SEGMENTS

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(Amounts in USD thousands)