MakeMyTrip Logs Record USD18.6 Million Profit Owing to Travel Demand Boost in First Quarter of FY24
Leading travel service provider MakeMyTrip on Tuesday reported a strong first quarter results for FY24, logging $18.6 million in profit as compared to a loss of $10 million in the year-ago quarter.
New Delhi, Aug 1 : Leading travel service provider MakeMyTrip on Tuesday reported a strong first quarter results for FY24, logging $18.6 million in profit as compared to a loss of $10 million in the year-ago quarter.
Travel demand for both leisure and business travel witnessed strong growth during the quarter leading to all-time high gross bookings in the company’s history, it said in a statement. JioBook Laptop Launched in India with Capable Specs and Affordable Pricing; Checkout Features, Connectivity and Pre-order Details.
For Q1 FY24, gross bookings grew by 31.4 per cent (on-year) in constant currency to $2 billion. EBITDA was $25.9 million, witnessing a growth of 131.7 per cent YoY. Adjusted Operating Profit was $30.1 million, as compared to $16.5 million in Q1FY23 -- registering a growth of 83 per cent YoY.
“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 Chief Executive Officer, MakeMyTrip. Samsung Galaxy F34 to Launch in India on August 7; Checkout Specs, Features, Colours and More.
“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,” he added.
The company earlier reported that gross bookings for the last fiscal year FY23 grew by 122 per cent (year-on-year) to reach $6.6 billion with adjusted operating profit at $70.3 million, a growth of 203 per cent (YoY) and highest-ever for the company. MakeMyTrip had said that the loss for FY23 was $11.2 million as compared to $45.6 million in FY22, being a reduction of $34.4 million.
(The above story first appeared on LatestLY on Aug 01, 2023 08:11 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).