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MakeMyTrip Q4 profit rises 8% to $12 mn; gross bookings exceed $1 bn

MakeMyTrip Q4 results 2022: The Nasdaq-listed firm had posted an adjusted operating profit of USD 11.1 million in the same quarter previous fiscal

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Companies | MakeMyTrip  | Travel firms

Press Trust of India  |  New Delhi 



MakeMyTrip plans to double down on alternative accommodation business

Online travel firm Ltd on Wednesday reported an 8.1 per cent increase in its adjusted operating profit at USD 12 million in the fourth quarter ended on March 31, 2022.

The Nasdaq-listed firm had posted an adjusted operating profit of USD 11.1 million in the same quarter previous fiscal.

In the fourth quarter, gross bookings exceeded USD 1 billion and grew by 37 per cent year-on-year despite headwinds from the Omicron variant and inflationary pressures, said in a statement.

For FY22, adjusted operating profit was at USD 23.2 million. It has registered an adjusted operating loss of USD 18 million in FY21, the company added.

Gross bookings in FY22 grew by 95.9 per cent to USD 3.2 billion as compared to USD 1.6 billion in FY21, it said.

Commenting on the performance, Group Chief Executive Officer Rajesh Magow said, "Our long-term cost rationalisation helped us post full year adjusted operating profit of USD 23.2 million and Q4 adjusted operating profit of USD 12 million in a year where business was impacted particularly due to both the Delta and Omicron variants."

Stating that consumer sentiment remains strong especially for leisure travel, he said, "We hope to observe demand momentum for domestic travel by the first half of fiscal year 2023 and for international travel by the second half of fiscal year 2023.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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First Published: Thu, May 26 2022. 01:03 IST

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