MakeMyTrip clocks record $9.8 bn FY25 bookings; Q4 profit at $29 mn

MakeMyTrip reports record gross bookings of $9.8 bn in FY25, led by domestic and international travel growth; Q4 profit down due to last year's one-time gains

NASDAQ-listed online travel aggregator MakeMyTrip clocked record gross bookings of $9.8 billion in FY25, with $2.5 billion recorded in the March quarter, driven by sustained travel momentum that reflects growing demand for travel among Indians.

 

For the full year, the company posted a profit of $95.3 million. In the March quarter, profit stood at $29.2 million, significantly lower than $171.9 million in the year-ago period.

 

“Last year’s profit includes a one-time net credit of $126.1 million on recognition of deferred tax assets and a one-time gain of $30.6 million due to the change in carrying value of our convertible notes due 2028 measured at amortised cost. Excluding these one-time gains, profit for Q4 FY24 was $15.2 million,” the company stated in an earnings release. Excluding these gains, profit for FY24 was approximately $60 million.

 

 

Rajesh Magow, group chief executive officer at MakeMyTrip, said that the terror attack at Pahalgam, a popular summer tourist destination in Kashmir, and the subsequent escalation between India and Pakistan led to travel disruptions and a noticeable dip in bookings, particularly in northern India.

 

“This negative sentiment impacted bookings for a couple of weeks, affecting both leisure and corporate travel. With the ceasefire now in place and the situation stabilising, we are optimistic about recovering some of the lost momentum in the weeks ahead,” he said, adding that the company continued to monitor the broader geopolitical and macroeconomic landscape.

 

Commenting on earnings, he noted that investments in new demand segments and personalised customer experiences helped the platform grow its customer base and drive high repeat bookings. MakeMyTrip added over 9 million users in FY25, taking its lifetime transacted user base to 82 million, with many new users coming from Tier-II and Tier-III towns. The repeat rate per quarter stood at a healthy 70 per cent+, Magow said.

 

The travel portal’s growth was supported by rising demand across various services, including international flights and accommodations. Air ticketing revenue rose by 33 per cent, outpacing industry growth, while revenue from hotels and packages grew by nearly 28 per cent. “International hotels revenue grew by over 65 per cent year-on-year, making this one of our fastest-growing business segments. Our international business now contributes 25 per cent to overall revenue, up from 22 per cent in FY24,” Magow said.

 

He also noted the rise of ‘spiritual tourism’ as a significant growth driver in India’s domestic travel market, with pilgrimage city volumes rising 95 per cent Y-o-Y.

 

“We saw strong demand from both first-time and repeat travellers seeking culturally rich and spiritually meaningful experiences. Pilgrimage cities’ volume growth this fiscal included windfall gains from the once-in-144-years Maha Kumbh at Prayagraj, which led to 147 per cent Y-o-Y growth in Q4,” he said, adding that the company saw strong upside in January and February as it was the only player with accommodation inventory during the peak Maha Kumbh period.