you need to focus on revenue less service cost or even better yet total transactions. those are up 59% for hotels in 2015 and 36% for air travel in 2015. those are better indications of end demand.
its so early in the online game in india that to focus on net income at the expense of market share would be foolish. every single big winner in the internet space won the market share game first and foremost. think AMZN, PCLN, NFLX, etc etc