MMT Q1 Results: Co swings to black, posts $ 18.6 million profit; gross bookings at $1987.5 million

economictimes.indiatimes.com:

Nasdaq listed MakeMyTrip reported a profit of $ 18.6 million for the first quarter of fiscal year 2024 compared to a loss of $10 million in the corresponding period of the previous fiscal. The company clocked gross bookings of $ 1987.5 million for the first quarter of fiscal year 2024, up by 31.4% year on year. The company said travel 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.

MakeMyTrip reported an adjusted operating profit of $30.1 million in quarter one of financial year 2024, as compared to $16.5 million in quarter one of financial year 2023 registering a growth of 83% year on year. MakeMyTrip reported EBITDA of $25.9 million in quarter one of financial year 2024, a growth of 131.7% year on year. Rajesh Magow, group CEO of MakeMyTrip, said the company started the new financial year on a positive note, delivering its 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,” he added. For the hotels and packages segment, MakeMyTrip posted gross bookings of $ 85.6 million, in quarter one, up from $ 66.9 million in quarter one of the last fiscal.