Online travel agency MakeMyTrip posted its fiscal first quarter earnings and posted its highest ever quarterly gross bookings and profits during the quarter. MakeMyTrip clocked a profit of $18.6 million as against a loss of $10 million during the corresponding quarter of last year. The online travel services platform delivered its highest ever quarterly gross bookings during the first quarter of financial year 2023-24.
“We have started the new financial year on a positive note, delivering our strongest ever quarter with alltime high gross bookings and profits. Travel demand across customer segments stayed robust in a seasonally strong quarter for leisure travel,” said Rajesh Magow, Group Chief Executive Officer, MakeMyTrip.
Gross bookings for Q1FY24 stood at $1,987.5 million, up 31.4 per cent on-year in comparison to $1,612.5 million a year ago. “Travel demand for both leisure and business travel witnessed strong growth during the quarter leading to all-time high gross bookings in our company’s history,” it said.
The company EBITDA stood at Rs $25.9 million. “EBITDA was $25.9 million in Q1FY24, witnessing a growth of 131.7 per cent YoY. EBITDA margin was at 13.2 per cent for the current quarter, an expansion of about 530 basis points as compared to the same quarter last year,” the company said in a statement.
The adjusted operating profit during the quarter in review was $30.1 million in comparison to $16.5 million in Q1FY23, posting a growth of 83 per cent YoY.
“The depth 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,” said Rajesh Magow.