MakeMyTrip's Q4 Sees 23% Gross Booking Growth, $172 Million Profit
Travel service provider MakeMyTrip reported robust financial performance for the January-March quarter of FY24, showcasing a 38.1% year-on-year revenue growth. Gross bookings surged by 23% to $2.03 billion, marking a significant uptick from $1.67 billion in the corresponding quarter of the previous fiscal year. The company's quarterly profit stood at $171.9 million, which includes a one-time credit of $126.1 million attributed to the recognition of deferred tax assets, along with a one-time gain of $30.6 million due to the adjusted carrying value of convertible notes due 2028.
Rajesh Magow, Group CEO of MakeMyTrip, highlighted the increasing enthusiasm among Indians for travel, with both leisure and business-related demand surpassing pre-pandemic levels. Magow credited the company's strategy of offering a diverse range of travel and ancillary products, coupled with personalized experiences, for driving these positive outcomes. Additionally, MakeMyTrip's global footprint has expanded to over 150 countries, including key markets like the UK, Germany, Japan, Italy, and France, further bolstering its position in the travel industry.
Expressing satisfaction with the company's performance, Magow emphasized that MakeMyTrip has rebounded strongly from the challenges posed by the Covid-19 pandemic, achieving its best-ever financial results during FY24 in terms of both gross bookings and profit. This achievement underscores MakeMyTrip's resilience and adaptability in navigating through turbulent times and capitalizing on emerging opportunities in the evolving travel landscape.
