MakeMyTrip's Q3 revenue grows 25.6% YoY amid strong travel demand

Online services provider MakeMyTrip (MMT) reported a revenue growth of 25.6% YoY to $214.2 million in Q3 FY24—up from $170.5 million earned in the year-ago quarter.

The NASDAQ-listed company posted a 34.8% increase in air ticketing revenue to $51.7 million in the October-December quarter. Revenue from hotels and package holidays increased by 21.5% to $125.5 million in Q3 FY24. Moreover, bus ticketing revenues registered a 23.7% increase from $19.5 million in Q3 FY23 to $24.2 million in Q3 FY24.

Additionally, MMT's gross bookings rose by 20.1% YoY to over $2 billion in Q3 compared to $1.73 billion in the comparable quarter previous year.

The company's EBITDA (Earnings Before Tax, Depreciation, and Amortization) increased by 105.6% YoY to $29.4 million, while adjusted net profit more than doubled to $38.9 million, compared to $15.8 million earned in Q3 FY23.

The surge in revenue in Q3 FY24 was primarily attributed to the increased travel demand in India compared to Q3 in FY23, the company said.

“During this seasonally strong quarter, we witnessed robust demand for leisure travel across all domestic and international destinations, leading to the highest-ever quarterly gross bookings, revenue, and profit for the Group," said Rajesh Magow, Group Chief Executive Officer, MakeMyTrip.

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

"We are excited about the opportunities that lie ahead of us, as the travel and tourism sector is a  focus area for the Indian government and is expected to benefit from increased investments in travel infrastructure,” he added.

In December 2023, MMT India also acquired a majority stake in Savaari Car Rentals Private Limited, a provider of inter-city car rental services in India.

(Disclaimer: The cover image of the story has been updated.)