MakeMyTrip logs highest-ever quarterly gross bookings at $1.75 bn
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Global travel service provider MakeMyTrip on Tuesday reported a growth of 64.4 per cent on gross bookings (year-on-year) that reached $1.75 billion -- its highest-ever -- for the company's fiscal third quarter that ended on December 31.
The company earned adjusted operating profit of $19.7 million in Q3 FY23, as compared to $13.2 million in Q3 FY22, over the revenue of $170.5 million (versus $115 million in 3Q22).
Profit for the period was $0.2 million as compared to a loss of $9 million during the same quarter last year.
Demand for leisure travel and tourism improved on the back of peak seasonality, according to the company.
"Positive consumer sentiment and peak seasonality on the back of festivals and holidays led to improved travel demand during this quarter," said Rajesh Magow, Group CEO, MakeMyTrip.
As a result, "we recorded our highest ever quarterly gross bookings and adjusted operating profit. Strong growth across air, hotels and bus bookings reaffirms our position as a trusted travel super-app in India," he said in a statement.
The company posted good results as the travel and tourism industry has sought assistance from the government in the Union Budget for FY24 in enhancing the structural transformation that is needed to build a stronger, more sustainable and resilient tourism industry.
Magow had said that the Indian travel and tourism industry has shown great resilience, domestic leisure travel has recovered well past pre-pandemic levels, though the long-haul international travel still lags.
