MakeMyTrip announced its quarterly results for Q1 2023. The company reported strong growth in the quarter, driven by a rise in travel demand for both leisure and business. MakeMyTrip’s gross booking grew by 31.4%, which is an all-time high for the company. The company also registered a profit of $18.6 million in the first quarter, which is also the highest-ever in its history. This is a significant improvement from the corresponding quarter last year when the company registered a loss of $10 million.
The strong performance could be down to a number of factors, including the easing of travel restrictions, the pent-up demand for travel, and the increasing popularity of online travel booking. MakeMyTrip also said that it is expanding its product offerings and investing in technology to further grow its business.
The company’s results are a positive sign for the travel industry, which has been struggling in recent years due to the pandemic. MakeMyTrip’s strong performance suggests that travel demand is recovering and that the industry is on track to return to pre-pandemic levels.
The adjusted operating profit was $30.1 million in the quarter as compared to $16.5 million in Q1 FY23, registering a growth of 83.0% YoY.
MakeMyTrip’s revenue from air ticketing increased by 30.4% year-over-year, reaching $74.5 million. The company’s revenue from hotels and packages increased by almost 36% to $85.6 million. Meanwhile, bus ticketing and other sources contributed close to $38 million in revenue.
The company’s strong performance in air ticketing is likely due to the continued growth of the Indian aviation industry.
Rajesh Magow, group chief executive officer, MakeMyTrip, said, “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. 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.”
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