MakeMyTrip, India’s leading online travel service provider, reported robust financial performance in its fiscal second quarter ended September 30, 2024, despite it being a traditionally slow travel season. The company posted a revenue increase of 26.5 per cent year-on-year (YoY) to USD 211 million, compared to USD 168.7 million in Q2 FY24.
Gross bookings also grew by 24.3 per cent to USD 2.26 billion during the quarter, signaling sustained demand for travel services. MakeMyTrip’s Adjusted Operating Profit (also referred to as Adjusted EBIT) surged 32.9 per cent YoY to USD 37.5 million, up from USD 28.2 million in Q2 FY24, while profit for the period jumped to USD 17.9 million, a significant leap from the USD 2.0 million reported in the same quarter last year.
Rajesh Magow, Group Chief Executive Officer of MakeMyTrip, expressed satisfaction with the company’s performance. “We are pleased to have achieved sustained growth in a seasonally slow quarter. Our unwavering focus on innovation, powered by advanced technology to deliver a differentiated customer experience, has been a key driver of this progress,” he said.
Segment performance:
-Air ticketing: Revenue from air ticketing increased by 21.1 per cent YoY to USD 96 million, up from USD 80.3 million in Q2 FY24.
– Hotels and packages: This segment recorded a 21.4 per cent increase in revenue, reaching USD 90.7 million, compared to USD 75.7 million last year.
– Bus ticketing: The bus ticketing business saw a strong 25.6 per cent growth YoY, with revenue rising to USD 27.1 million.
– Other services: Revenue from other services surged by 51 per cent, totaling USD 16.4 million compared to USD 11 million in Q2 FY24.
Looking ahead, Magow reaffirmed MakeMyTrip’s commitment to India’s growing travel and tourism market, stating, “We continue to be positive about the long-term outlook and remain focused on expanding our supply partnerships and deepening engagement with our customers.”
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