MakeMyTrip, the prominent travel service provider in India, has achieved remarkable success in its fiscal first quarter for the year 2023, which ended on June 30. The company recently released its unaudited financial and operating results, showcasing impressive growth in both gross bookings and profits.
During the first quarter of fiscal year 2024, MakeMyTrip witnessed a significant surge in travel demand for both leisure and business purposes. This strong growth contributed to the company achieving an all-time high in Gross Bookings, amounting to $2.0 billion, marking a remarkable YoY growth of 31.4% in constant currency.
The financial performance of the company also displayed substantial improvement. The Adjusted Operating Profit for Q1 FY24 stood at $30.1 million, compared to $16.5 million in the same quarter of the previous year, indicating a substantial YoY growth of 83.0%. Similarly, the EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the quarter reached $25.9 million, reflecting an impressive YoY growth of 131.7%. Additionally, the EBITDA margin expanded by approximately 530 basis points to 13.2% as compared to the same period in the previous year.
Perhaps the most noteworthy achievement for MakeMyTrip in this quarter was the significant turnaround in profitability. The company reported a profit of $18.6 million in Q1 FY24, which is a remarkable shift from the loss of $10.0 million in Q1 FY23.
Rajesh Magow, the Group Chief Executive Officer of MakeMyTrip, expressed his delight at the company’s outstanding performance. He attributed the success to the robust technology and product innovations, coupled with their focus on providing quality customer experiences. Magow also acknowledged the brand’s strength and its ability to cater to the evolving preferences of consumers, which has enabled MakeMyTrip to maintain its position as a market leader.
