Shillong, August 1: Leading travel service provider MakeMyTrip has announced robust financial results for the first quarter of FY24, registering a profit of $18.6 million compared to a loss of $10 million in the same quarter of the previous year. The company reported strong growth in travel demand for both leisure and business travel during the quarter, resulting in the highest-ever gross bookings in its history, amounting to $2 billion.
In constant currency terms, the gross bookings for Q1 FY24 witnessed an impressive 31.4 per cent year-on-year growth. Additionally, the company’s EBITDA soared by 131.7 per cent YoY, reaching $25.9 million, while the Adjusted Operating Profit surged by 83 per cent YoY, reaching $30.1 million, compared to $16.5 million in Q1 FY23.
IANS reported that Rajesh Magow, the Group Chief Executive Officer of MakeMyTrip, expressed optimism about the strong start to the new financial year, attributing it to the firm’s broad range of travel-related offerings, quality customer experience, robust technology, and product innovations. He emphasized that their strong brand and ability to cater to evolving consumer preferences have kept them ahead in the market.
In their earlier report for the last fiscal year FY23, MakeMyTrip showcased remarkable growth, with gross bookings increasing by 122 per cent YoY, amounting to $6.6 billion. The company achieved a record-high adjusted operating profit of $70.3 million, exhibiting a significant YoY growth of 203 per cent. Moreover, they successfully reduced their losses to $11.2 million in FY23, down from $45.6 million in FY22, marking a reduction of $34.4 million.
