MakeMyTrip logs highest-ever quarterly gross bookings at $2.08 billion

The online travel services platform delivered its highest-ever quarterly gross bookings during Q3 FY24

Global travel service provider MakeMyTrip (MMT) on Tuesday reported a growth of 21.7 per cent on gross bookings year-on-year (Y-o-Y) that reached $2.08 billion — its highest-ever — for the company's fiscal third quarter that ended on December 31.

The company earned an adjusted operating profit of $33.4 million in Q3 FY24, as compared to $19.7 million in Q3 FY23, over revenue of $214.2 million (versus $170.5 million in Q3 FY23).

The company's EBITDA grew by 105.6 per cent YoY to $29.4 million in Q3 FY24 compared to $14.3 million in Q3 FY23.

Profit for the period was $24.2 million, as compared to $0.2 million during the same quarter last year. According to the company, demand for leisure travel and tourism improved on the back of peak seasonality.

"During this seasonally strong quarter, we witnessed robust demand for leisure travel across all domestic and international destinations, leading to the highest-ever quarterly gross bookings, revenue, and profit for the group," Rajesh Magow, group chief executive officer, MakeMyTrip, said.

"We are excited about the opportunities that lie ahead of us, as the travel and tourism sector is a focus area for the Indian government and is expected to benefit from increased investments in travel infrastructure," he said.

"Additionally, from a consumer perspective, the growing disposable incomes of the middle class in India are expected to continue driving India's travel and hospitality growth in the coming years. We remain committed to excellence and innovation, aiming to meet and exceed the diverse travel aspirations of Indian consumers," Magow added.