MMT’s net profit at USD 18.6mn with record gross bookings of 31.4%
For the quarter ended FY24, NASDAQ-listed MakeMyTrip (MMT) has witnessed a strong growth in travel demand for leisure and business , leading to a record in gross bookings.
According to its unaudited financial and operating results for the quarter ending June 30, 2023, the company stated that its gross bookings grew by 31.4% YoY in constant currency to USD 2.0 billion. MMT’s adjusted operating profit stood at USD 30.1 million in Q1 FY24, as compared to USD16.5 million in Q1 FY23, registering a growth of 83% YoY.
The company’s EBITDA witnessed a growth of 131.7% YoY with Q1 FY24 EBITDA at USD 25.9 million. The company had reported an EBITDA of USD 11.2 million in the year-ago period. The company registered a profit of USD 18.6 million in Q1 FY24 as compared to a loss of USD 10.0 million in Q1 FY23.
“We have started the new financial year on a positive note, delivering our strongest ever quarter with all time high gross bookings and profits. Travel demand across customer segments stayed robust in a seasonally strong quarter for leisure travel,” said Rajesh Magow, Group CEO, MakeMyTrip.
He added, “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.”