MakeMyTrip posts $18.6M profit in Q1 FY24, records highest ever gross bookings
The NASDAQ-listed firm stated that its gross bookings grew by 31.4% YoY in constant currency to $2.0 billion.
Online travel service providerLimited said it witnessed a strong growth in travel demand for both leisure and business travel during the quarter Q1 FY24, leading to an all-time high gross booking in the company’s history.
According to its unaudited financial and operating results for the fiscal first quarter ending June 30, 2023, the company stated that its gross bookings grew by 31.4% YoY in constant currency to $2.0 billion.
MMT's adjusted operating profit stood at $30.1 million in Q1 FY24, as compared to $16.5 million in Q1 FY23, registering a growth of 83% YoY. The company's EBITDA witnessed a growth of 131.7% YoY with Q1 FY24 EBITDA at $25.9 million.
The company had reported an EBITDA of $ 11.2 million in the year-ago period.
The NASDAQ-listed firm registered a profit of $18.6 million in Q1 FY24 as compared to 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 the evolving consumer preferences and stay ahead of the market,” he added.
Edited by Megha Reddy