MakeMyTrip Q1 Results: Net profit at $18.6 million, gross booking surges 31% to $2 billion

livemint.com:

NASDAQ-listed travel services platform MakeMyTrip on Tuesday reported an EBITDA of $25.9 million in the first quarter of FY24 ended June. The company had reported an EBITDA of $11.2 million in the year-ago period.

In a statement, the company said that demand for both leisure and business travel witnessed strong growth during the quarter leading to all-time high gross bookings in the company's history. For Q1 FY24, gross bookings grew by 31.4 per cent YoY in constant currency to $2 billion, the company added.

It stated that the adjusted operating profit was $30.1 million in Q1 FY24, as compared to $16.5 million in Q1 FY23, registering a growth of 83 per cent YoY. "EBITDA was $25.9 million in Q1 FY24, witnessing a growth of 131.7 per cent YoY.

EBITDA margin was at 13.2 per cent for the current quarter, an expansion of about 530 basis points as compared to the same quarter last year," MakeMyTrip stated. Profit for the period was $18.6 million in Q1 FY24 as compared to a loss of $10 million in Q1 FY23, it added.