Business
MakeMyTrip announces quarterly results, gross bookings up by 23.8% – Times of India
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NEW DELHI: MakeMyTrip Limited announced its unaudited financial and operating resultsfor its fiscal second quarter ended September 30, 2023. According to the company, travel demand continues to be robust across categories. “We witnessed strong growth both in terms of gross bookings and profitability despite the second quarter of fiscal year being a seasonally weaker quarter for leisure travel,” the company said in a press statement.For Q2 FY24, MakeMyTrip said that gross bookings grew by 23.8% YoY to $1.8 billion from $1.5 billion in Q2 FY23.
The company’s adjusted operating profit was $28.2 million in Q2 FY24, as compared to $15.1 million in Q2 FY23 registering growth of 86.8% YoY. MakeMyTrip’s EBITDA for Q2 FY24 was $13.5 million, as compared to $10.7 million for Q2 FY23. Profit in Q2 FY24 was $2.0 million, as compared to a loss of $6.8 million in Q2 FY23.
Commenting on the results, Rajesh Magow, group CEO, MakeMyTrip, said, “While the second quarter of fiscal year tends to be a seasonally weaker period for leisure travel, we are pleased to report strong year-on-year revenue growth and expansion in adjusted operating profit. Our innovative travel solutions, brand strength and ability to deliver superior value to our customers and our partners are helping us to drive profitable growth.”
Meanwhile, MakeMyTrip has agreed to acquire a majority interest in Savaari Car Rentals Private Limited, provider of inter-city car rental services in India. The transaction is expected to be completed prior to December 31, 2023. This acquisition is intended to expand our presence in the inter-city car rental market in India, noted the company.
The company’s adjusted operating profit was $28.2 million in Q2 FY24, as compared to $15.1 million in Q2 FY23 registering growth of 86.8% YoY. MakeMyTrip’s EBITDA for Q2 FY24 was $13.5 million, as compared to $10.7 million for Q2 FY23. Profit in Q2 FY24 was $2.0 million, as compared to a loss of $6.8 million in Q2 FY23.
Commenting on the results, Rajesh Magow, group CEO, MakeMyTrip, said, “While the second quarter of fiscal year tends to be a seasonally weaker period for leisure travel, we are pleased to report strong year-on-year revenue growth and expansion in adjusted operating profit. Our innovative travel solutions, brand strength and ability to deliver superior value to our customers and our partners are helping us to drive profitable growth.”
Meanwhile, MakeMyTrip has agreed to acquire a majority interest in Savaari Car Rentals Private Limited, provider of inter-city car rental services in India. The transaction is expected to be completed prior to December 31, 2023. This acquisition is intended to expand our presence in the inter-city car rental market in India, noted the company.
