MakeMyTrip Witnesses Highest Quarterly Gross Bookings & Profits in Q1 FY24
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MakeMyTrip Limited announces its unaudited financial and operating results for its fiscal first quarter ended June 30, 2023.
Travel demand for both leisure and business travel witnessed strong growth during the quarter leading to all-time high Gross Bookings in company’s history. For Q1 FY24, Gross Bookings grew by 31.4% YoY in constant currency to $2.0 billion. Adjusted Operating Profit was $30.1 million in Q1 FY24, as compared to $16.5 million in Q1 FY23 registering a growth of 83.0% YoY.
EBITDA was $25.9 million in Q1 FY24, witnessing a growth of 131.7% YoY. EBITDA margin was at 13.2% for the current quarter, an expansion of about 530 basis points as compared to the same quarter last year. Profit for the period was $18.6 million in Q1 FY24 as compared to a loss of $10.0 million in Q1 FY23.
Commenting on the results, Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, said, “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. 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.