MakeMyTrip Leaves Behind Losses, Achieves $18.6 Million Profit in Q1 FY24
MakeMyTrip Takes Flight, Records Soaring Gross Bookings of $2 Billion in Q1 FY24
2 August 2023
MakeMyTrip reports impressive Q1 FY24 performance with gross bookings surging by 31.4% YoY to USD 2 billion.
The company's adjusted operating profit soared by 83% YoY to USD 30.1 million, and EBITDA rose by 131.7% YoY to USD 25.9 million.
MakeMyTrip achieved a remarkable turnaround, recording a profit of USD 18.6 million in Q1 FY24, compared to a USD 10 million loss in Q1 FY23.
MakeMyTrip, the renowned online travel service provider, has announced its outstanding performance during the first quarter of the fiscal year 2024. The company's financial report reveals impressive figures, indicating a significant resurgence in travel demand for both leisure and business travel. During this period, MakeMyTrip's gross bookings surged by an impressive 31.4% year-over-year (YoY) in constant currency, reaching a remarkable milestone of USD 2 billion.
One of the key highlights of the quarter was MakeMyTrip's robust financial performance, with the company's adjusted operating profit soaring by a staggering 83% YoY, amounting to USD 30.1 million in Q1 FY24. The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) also experienced phenomenal growth, rising by 131.7% YoY to an impressive USD 25.9 million.
A noteworthy transformation occurred in MakeMyTrip's bottom line, with the company registering a profit of USD 18.6 million in Q1 FY24, as opposed to a loss of USD 10 million in the same quarter of the previous fiscal year. This positive shift reflects the company's effective strategies in navigating the challenges posed by the pandemic and its commitment to innovation and customer experience.
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Rajesh Magow, Group Chief Executive Officer of MakeMyTrip, expressed his delight with the company's performance and how it heralds the beginning of the new financial year on an optimistic note. He attributed the remarkable growth to the unwavering travel demand across customer segments, particularly in a seasonally strong quarter for leisure travel.
Magow emphasized that MakeMyTrip's success is a result of its depth in travel-related offerings, coupled with a relentless focus on delivering a quality customer experience. This is achieved through robust technology and product innovations, all bolstered by the company's strong brand presence in the market.
As a testament to its commitment to customer satisfaction and innovative solutions, MakeMyTrip achieved an all-time high in gross bookings and profits during this quarter. These achievements signify a testament to the company's resilience, adaptability, and ability to cater to evolving consumer preferences in the highly competitive online travel industry.