For the quarter that concluded in FY24, MakeMyTrip (MMT), which is listed on the NASDAQ, saw a significant increase in the demand for leisure and business travel, which resulted in a record amount of gross bookings.
For the quarter ending June 30, 2023, the company’s unaudited financial and operating results showed that gross bookings increased by 31.4% YoY in constant currency to USD 2.0 billion. MMT’s adjusted operating profit increased by 83% year over year, from $16.5 million in Q1 FY23 to $30.1 million in Q1 FY24.
With Q1 FY24 EBITDA at USD 25.9 million, the company’s EBITDA saw increase of 131.7% YoY. In the same time last year, the company reported EBITDA of $11.2 million USD. In comparison to a deficit of USD 10.0 million in Q1 FY23, the company reported a profit of USD 18.6 million in Q1 FY24.
“With our strongest ever quarter and all-time high gross bookings and earnings, we are off to a good start in the new fiscal year. In a seasonally good quarter for leisure travel, travel demand across client groups remained strong, according to Rajesh Magow, Group CEO of MakeMyTrip.
“The breadth of travel-related offerings and quality customer experience that we deliver, powered by robust technology and product innovations, along with our strong brand, are helping us cater to the evolving consumer preferences and stay ahead of the market,” the speaker continued.
Source- Travel biz