Page 4 - Makemytrip

MakeMyTrip posts $2 million profit in Sep quarter on elevated travel demand

Travel services provider MakeMyTrip on Tuesday reported a profit of USD 2 million for the September quarter, on the back of sustained elevated travel demand in India. The company, listed on Nasdaq, had reported a loss of USD 6.8 million in the year-ago period, it said in a regulatory filing. It also reported an EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of USD 13.5 million for the quarter under review, as against USD 10.7 million in the second quarter of FY23. "We witnessed strong growth both in terms of Gross Bookings and profitability despite the second quarter of fiscal year being a seasonally weaker quarter for leisure travel. For Q2 FY24, Gross Bookings grew by 23.8 per cent YoY (Year-on-Year) in constant currency to USD 1.8 billion from USD 1.5 billion in Q2 FY23," the company stated. Adjusted Operating Profit was USD 28.2 million in Q2 FY24 as compared to USD 15.1 million in Q2 FY23, registering a growth of 86.8 per cent YoY, it added. The comp

DGCA approves wet lease for domestic carriers to meet festive season demand

IndiGo and SpiceJet are likely to wet-lease 20 aircraft. While IndiGo will source 11 Airbus A320 aircraft from SmartLynx Airline, SpiceJet will induct nine Boeing 737Max aircraft from Corendon Airline

Zoho surpasses 100 million users across over 55 business applications

Zoho has added at least 50 million users. Its user base has grown from 1 million users in 2008 to 100 million in 2023

Seeing positive trends in travel, investing in tech: MakeMyTrip Group CTO

Travel is back with a vengeance after the difficult Covid years and online travel company MakeMyTrip has moved beyond the traditional business-to-consumer segment to line up new offerings and new partners, says its group CTO Sanjay Mohan. Over the last few years, we have expanded beyond our usual B2C space, and have become a travel platform, offering travel products to channels outside of our popular, consumer-facing, travel super-app, Mohan told PTI, citing new features such as myBiz for corporate, myPartner for travel agents and myAffiliate for affiliate partners. Moving swiftly to capitalise on the Indian diaspora in the Gulf countries where the brand is quite well-known, MakeMyTrip has also entered the Gulf market, he said. MakeMyTrip, which has a total transacted customer base of over 60 million, continues to invest in technology at a steady pace, he added. "Even during the Covid years, we were investing in technology and building interesting use cases for the ...

MakeMyTrip, Ministry of tourism unveil 600+ travel destinations in India

Promoting lesser-known tourist destinations in the country, MakeMyTrip in collaboration with the Ministry of Tourism has launched the "Traveller Map of India"

MakeMyTrip Q1FY24 results: Net profit at $18.6 million, revenue up 37%

The company's Ebitda saw a rise of 131.25% to $25.9 million in Q1FY24, as compared to $11.2 million YoY

MakeMyTrip Foundation pledges Rs 5 crore to aid flood relief efforts

The foundation is working with government bodies, experts, and local partners to provide relief to Himachal Pradesh and Uttarakhand

'Onus of deducting TCS on overseas hotel bookings should be on banks'

The onus of deducting TCS should be banks, in case a person makes an overseas hotel booking using the e-commerce portal of tour operators, said a senior official of MakeMyTrip, a leading online travel service provider. MakeMyTrip Group Vice President-Taxation Tajinder Singh said, in case a tour package is booked from the e-commerce portal, the company will take an undertaking from its customers, on whether the total amount remitted abroad so far has exceeded the threshold of Rs 7 lakh in the fiscal year. The government has said that from October 1, a 5 per cent Tax Collected at Source (TCS) will be levied on tour packages up to Rs 7 lakh in a fiscal. The rate will go up to 20 per cent for spending beyond the threshold. Currently, 5 per cent TCS is levied on overseas tour packages irrespective of spending. Singh said TCS collection on overseas tour spendings has two aspects -- one where a tour package is booked using the e-commerce portal and secondly, when the customer uses the por

Cruise ship holidays: Affordable and accessible than ever before

Make a short Mumbai-Goa trip or travel for days as the ship takes you to multiple cities

Skip Manali, pick these hill stations for your annual summer break

To get away from the maddening crowds in popular holiday destinations, head to lesser known hill stations in Tamil Nadu, Arunachal, Sikkim

RedBus partners MakeMyTrip to conduct free eye screening for 4k bus drivers

redBus, Indias largest online bus ticketing platform, has screened 4,000 bus drivers across India, for vision and other health issues associated with the onset of diabetes

NASDAQ-listed firm MakeMyTrip posts $5.4 million profit for Jan-Mar quarter

Online travel service provider MakeMyTrip Ltd on Tuesday reported a profit of USD 5.4 million in the fourth quarter ended March 31, 2023. The NASDAQ-listed firm had posted a loss of USD 4.1 million in the same quarter of the previous fiscal, MakeMyTrip Ltd said in a statement. Gross bookings in the fourth quarter were at USD 1,673.9 million as compared to USD 1,012.3 million, it added. Travel demand continues to be robust despite macroeconomic headwinds and Q4 being a seasonally slower quarter, the company said. For the fiscal ended March 31, 2023, the loss has reduced significantly to USD 11.2 million as compared to a loss of USD 45.6 million in FY22, it said. FY23 gross bookings stood at USD 6.6 billion as compared to USD 3.19 billion in FY22. "We witnessed robust recovery in travel demand with significant improvement in consumer sentiment during the fiscal year ended March 31, 2023," MakeMyTrip Group CEO Rajesh Magow said. He further said, "We are glad that our strategy of ..

MakeMyTrip brings generative AI for travel bookings, ties up with Microsoft

MakeMyTrip plans to expand the platform to other Indian languages, such as Bhojpuri and various southern dialects, in the near future

MakeMyTrip, Europamundo collaborates for intl' holiday packages in India

Digital travel firm MakeMyTrip on Monday said it has partnered with Europamundo, a leading global player in tourism and travel industry, for bringing the latter's international holiday packages in India online. With this partnership, over 600 new itineraries will be added to MakeMyTrip's existing catalogue of nearly 5,000 holiday package options, the company said in a statement. "The partnership further strengthens our portfolio and bolsters our capability to unlock global destinations in new combinations to cater to every traveller's preference," MakeMyTrip Business Head, Holidays & Experiences, Jasmeet Singh said. "We have been working closely and developing the market together over the years, and we have achieved this integration to offer an even more complete and personalised experience to customers," Europamundo CEO Alejandro de la Osa said. Holiday packages, as part of this partnership, are available starting from a price range of Rs 49,500 (excluding flights) across ...

MakeMyTrip to grow franchise base by over 50% this year to expand reach

Online travel services provider, MakeMyTrip on Wednesday said it plans to grow its franchise base by over 50 per cent this year to expand its reach in smaller cities and towns across India. The company is seeking to tap into the opportunities provided by the government's initiative to increase the number of airports in India by adding 80 airports over the next three years, taking the number to 220 by 2025, MakeMyTrip (MMT) said in a statement. MMT said it started 2023 with 146 active franchisees and the aim is to grow by more than 50 per cent to reach 220 by the end of the calendar year. "The franchise network expansion is part of our broader strategy to serve customers in the top 100 plus cities of India. The franchise network will help serve those customers who may be more comfortable talking to someone they trust," MakeMyTrip Co-Founder and Group CEO Rajesh Magow said. On the opportunities in the country, he said India has emerged as one of the world's fastest-growing aviation .

Start-up funding winter a reality, going to be short & sharp: MMT chairman

The start-up funding 'winter' is a reality but it is going to be short and sharp, and it has been exacerbated by the banking crisis in the US and Europe, travel services provider MakeMyTrip Chairman Deep Kalra said on Tuesday. With domestic players in travel in India reporting more than 100 per cent recovery from pre-COVID period, the industry will witness steady secular growth, he said while speaking at the Times Network India Digital Fest here. "I think the startup winter, which we're talking about or the funding winter that we're talking about is a reality, but it's going to be short, but sharp," Kalra said. He further said, "And today, it's not only because of the overheated part of it, but now we have the banks crisis, not just in the US but also in Europe, which really exacerbates most of this but I've seen cycles now being shorter, sharper and it will come back. Kalra was responding to a query on the churn witnessed by the start-up ecosystem where valuations have dropped and

MakeMyTrip experimenting with ChatGPT to boost customer experience

Global travel service provider MakeMyTrip is experimenting with AI chatbot ChatGPT to see if its integration can make customer experiences and their vacation planning better on the platform

MakeMyTrip reports highest ever gross booking, operating profit in Q3

Nasdaq-listed firm says demand for travel and tourism improved during the quarter on peak seasonality. Gross booking grew 64% YoY in constant currency terms to $1.74 billion

MakeMyTrip logs highest-ever quarterly gross bookings at $1.75 billion

Demand for leisure travel and tourism improved on the back of peak seasonality, according to the company

Have adequate funds to survive any Covid curbs: MakeMyTrip CEO Magow

In an interview with Business Standard, MakeMyTrip CEO Rajesh Magow talks about the steps the company took to emerge stronger from the Covid setback will help them withstand any uncertainty