Online travel company MakeMyTrip on Tuesday posted net profit at $5.4 million for the fiscal fourth quarter ended March 2023, as against a loss of $4.1 million during the same period last year. The company’s gross bookings for the fourth quarter of FY23 stood at $1,673.9 million, up 65.4 per cent from $1,012.3 million in Q4FY22. In terms of full year, MakeMyTrip reduced the loss significantly to $11.2 million in FY23 in comparison to a loss of $45.6 million in FY22
The gross bookings for the current quarter grew by 80.7 per cent on-year in constant currency to $1.7 billion. MakeMyTrip delivered the highest ever-annual gross bookings in FY23, growing by 122 percent on-year in constant currency to $6.6 billion, it said. The travel demand, the company said, continued to be robust despite macroeconomic headwinds and Q4 being a seasonally slower quarter. Adjusted profit, meanwhile, was $19.0 million in the fourth quarter as against $12.0 million in the same quarter last year. This is the highest ever in the company’s history as compared to $23.2 million in FY22.
“We witnessed robust recovery in travel demand with significant improvement in consumer sentiment during the fiscal year ended March 31, 2023. We capitalized on this trend to deliver strong results with over 120 per cent YoY constant currency growth in Gross Bookings,” said Rajesh Magow, Group Chief Executive Officer, MakeMyTrip.
“We are glad that our strategy of investing in the right areas coupled with our initiatives to optimize certain costs has helped us to preserve and strengthen our moat. We remain well positioned for the next fiscal year with a strong pipeline of product innovation to further enhance customer experience,” he added.