MakeMyTrip posts $5.4M profit for Jan-Mar quarter

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%.

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"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."