MakeMyTrip Achieves Record $18.6M Profit in Q1 FY24 with Highest-Ever Gross Bookings
- ByStartupStory | August 2, 2023
MakeMyTrip Limited, an online travel service provider, reported a significant surge in travel demand for both leisure and business travel during Q1 FY24. This resulted in the company achieving an all-time high gross booking in its history. According to the unaudited financial and operating results for the quarter ending June 30, 2023, MakeMyTrip’s gross bookings grew by 31.4% YoY in constant currency, amounting to $2.0 billion.
The company’s performance in Q1 FY24 showcased impressive growth figures. The adjusted operating profit reached $30.1 million, an 83% YoY increase compared to $16.5 million in Q1 FY23. EBITDA witnessed substantial growth as well, reaching $25.9 million, a growth of 131.7% YoY, compared to $11.2 million in the same period last year. Additionally, MakeMyTrip recorded a profit of $18.6 million in Q1 FY24, a significant improvement from a loss of $10.0 million in Q1 FY23.
“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. 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 evolving consumer preferences and stay ahead of the market,” he added.
Magow attributed the company’s success to its diverse travel offerings, high-quality customer experience, robust technology and product innovations, and strong brand presence, which collectively cater to evolving consumer preferences and keep the company ahead in the market.
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