MakeMyTrip Reports $5.4 Million Profit for January-March Quarter
- ByStartupStory | May 17, 2023
MakeMyTrip Ltd, an online travel service provider, has announced a profit of $5.4 million for the fourth quarter ending on March 31, 2023. This marks a significant improvement compared to the same quarter of the previous fiscal year, when the company reported a loss of $4.1 million. According to MakeMyTrip Ltd’s statement, “gross bookings for the fourth quarter reached $1,673.9 million, a notable increase from $1,012.3 million”.
Despite facing macroeconomic challenges, the travel demand remains strong, even during the seasonally slower fourth quarter, according to MakeMyTrip Ltd. In the fiscal year ended on March 31, 2023, the company reported a significant reduction in losses, with $11.2 million compared to $45.6 million in the previous fiscal year. Gross bookings for FY23 amounted to $6.6 billion, a substantial increase from $3.19 billion in FY22. The adjusted operating profit for FY23 reached $70.3 million, displaying a remarkable year-over-year growth of 203.0%, compared to $23.2 million in FY22.
“We witnessed robust recovery in travel demand with significant improvement in consumer sentiment during the fiscal year ended March 31, 2023,” MakeMyTrip Group CEO Rajesh Magow said.
He further said, “We are glad that our strategy of investing in the right areas coupled with our initiatives to optimize certain costs has helped us to preserve and strengthen our moat.”
On the outlook, Magow said, “We remain well positioned for the next fiscal year with a strong pipeline of product innovation to further enhance customer experience.”
Bhavesh Gupta, the former CEO of Paytm’s lending vertical, has been appointed as the President and Chief Operating Officer (COO) of One97 Communications Limited, the parent company of fintech leader Paytm.
In his new role as President and COO of One97 Communications Limited, Bhavesh Gupta will oversee and spearhead various verticals such as lending, insurance, and online/offline payments. He will play a crucial role in driving important initiatives related to user growth, operational risk management, fraud prevention, and compliance.
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