Brands
Discover
Events
Newsletter
More

Follow Us

twitterfacebookinstagramyoutube
Youtstory

Brands

Resources

Stories

General

In-Depth

Announcement

Reports

News

Funding

Startup Sectors

Women in tech

Sportstech

Agritech

E-Commerce

Education

Lifestyle

Entertainment

Art & Culture

Travel & Leisure

Curtain Raiser

Wine and Food

YSTV

ADVERTISEMENT
Advertise with us

MakeMyTrip posts $5.4M profit for Jan-Mar quarter

NASDAQ-listed MakeMyTrip posted a loss of $4.1 million in the same quarter of the previous fiscal.

MakeMyTrip posts $5.4M profit for Jan-Mar quarter

Tuesday May 16, 2023 , 2 min Read

Online travel service provider MakeMyTrip Ltd on Tuesday reported a profit of $5.4 million in the fourth quarter ended March 31, 2023.

The NASDAQ-listed firm had posted a loss of $4.1 million in the same quarter of the previous fiscal, MakeMyTrip Ltd said in a statement.

Gross bookings in the fourth quarter were at $1,673.9 million as compared to $1,012.3 million, it added.

Travel demand continues to be robust despite macroeconomic headwinds and Q4 being a seasonally slower quarter, the company said.

For the fiscal ended March 31, 2023, the loss has reduced significantly to $11.2 million as compared to a loss of $45.6 million in FY22, it said.

FY23 gross bookings stood at $6.6 billion as compared to $3.19 billion in FY22.

The adjusted operating profit was $70.3 million in FY23, as compared to $23.2 million in FY22, with YoY growth of 203.0%.

Also Read
Agraga raises Rs 70 Cr in Series A led by IvyCap Ventures

"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."


Edited by Suman Singh