MakeMyTrip reports $15M in adjusted operating profit in Sept quarter

MakeMyTrip on Tuesday reported a more than 2X rise in adjusted operating profit at $15.1 million for the second quarter ending September 30, 2022. The NASDAQ-listed company had posted an adjusted operating profit of $6.6 million in the same quarter a year ago.

Gross bookings also increased over two-fold to $1.5 billion from $734.1 million in the year-ago period.

Improving domestic travel demand helped in achieving strong growth even in a seasonally weak quarter, MakeMyTrip said in a statement.

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"Travel continues to rebound on the back of waning COVID-19 infections and positive consumer sentiment. We witnessed strong performance both in terms of revenue and profitability in a seasonally weak quarter," MakeMyTrip Group CEO Rajesh Magow added.

Moreover, revenue from the air ticketing business was at $75 million as against $38.6 million in the second quarter of last fiscal, the company said.

Similarly, hotels and packages clocked $57.4 million in revenue, up from $35.5 million in the same period a year ago, while bus ticketing also saw higher revenue at $16.9 million compared to $7.9 million.

Recently, the Competition Commission of India (CCI) slapped a fine of Rs 223.48 crore on MakeMyTrip-Goibibo (MMT-Go) for allegedly imposing a price parity in their agreements with hotel partners, according to a 131-page order.

On March 2022, MMT also introduced limited-edition NFTs (non-fungible tokens) to commemorate and celebrate India’s rich biodiversity. These limited-edition artworks will also feature meta-world landscapes of India’s well-known and lesser-known sites.

Founded in 2000, Gurugram-based MMT provides booking services for hotels, flights, buses, travel guides and holiday packages.